COLUMBUS, OHIO — Colliers Mortgage has provided a $10.8 million Fannie Mae loan for the acquisition of The View on Grant, an 86-unit apartment complex in Columbus. The property, situated in the Discovery District, is an adaptive reuse of a former five-story steel pressing factory. The community features a public café and a 43-space, automatic stacked parking garage. Zach Shope of Colliers originated the 10-year loan on behalf of the borrower, VOG Owner LLC.
STERLING, ILL. — Quantum Real Estate Advisors Inc. has brokered the $1.9 million sale of a 40,880-square-foot retail center in Sterling, a city in Northwest Illinois. Some of the tenants include Joann Fabrics, Sherwin-Williams and CosmoProf. Jason Lenhoff of Quantum represented the seller, a national private real estate investor. The buyer was a private real estate investor based in Illinois.
EDGERTON, KAN. — Contegra Construction Co. has started construction of Inland Port 9, a 1 million-square-foot distribution center located in the Kansas City suburb of Edgerton. NorthPoint Development is leading the the project, which is situated within Logistics Park Kansas City (LPKC), a 3,000-acre, master-planned development that was launched 10 years ago. Inland Port 9 will feature a clear height of 40 feet, 100 dock doors and four drive-through doors. The building will also include flexible space for a single tenant or multiple tenants with options for office space. The facility includes eight make-up air units and exhaust fans, as well as 14 high-volume, low-speed fans for continuous air circulation. Parking will be available for 479 cars and 352 trailers. The project is scheduled for completion in February 2024. LPKC is a rail-served facility approximately 25 miles southwest of downtown Kansas City. The park currently hosts more than 14.4 million square feet of industrial space and has the capacity for a total of 30 million square feet. BNSF Railway’s intermodal facility anchors the property. Inland Port 9 will be the second distribution center that Contegra has built at LPKC. The company previously constructed an 850,000-square-foot project for Northpoint Development at the …
WAUKEE, IOWA — GreenLake Asset Management LLC has provided a $35.3 million construction loan for KeeTown Loop, a 40-acre master-planned entertainment district in Waukee, a western suburb of Des Moines. The project will be anchored by a 3,500-seat Live Nation concert venue. Additional plans call for an 88-unit apartment complex and two hotels: Aloft Hotel by Marriott and Home2 Suites by Hilton. There will also be 22,000 square feet of office space and 51,000 square feet of retail space. Spaces for Starbucks and McDonald’s are currently under construction. Future plans call for additional restaurants, a microbrewery and a variety of other retail concepts. GreenLake’s funding will enable the borrower to complete construction of the Live Nation venue and to purchase the land to be used for parking.
ST. LOUIS — Berkadia has negotiated the sale of Majestic Stove Lofts, a 120-unit multifamily property in St. Louis. The sales price was undisclosed. Located at 2017 Washington Ave. and built in 2006, the community was 96 percent occupied at the time of sale. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia represented the seller, St. Louis-based Regency Realty Co. LLC. The asset sold to a California-based buyer.
MATTOON, ILL. — Mid-America Real Estate Corp. has brokered the sale of Mattoon Marketplace, a community shopping center located in the southern Illinois city of Mattoon. The sales price was undisclosed. The property is 98 percent leased to tenants such as PetSmart, Dollar Tree, Cato, Hibbett Sporting Goods, Aspen Dental, Buffalo Wild Wings, Verizon and Shoe Sensation. Rick Drogosz and Emily Gadomski of Mid-America represented the seller, United American Properties. Chase Properties was the buyer.
AURORA, ILL. — Principle Construction Corp. has begun tenant improvements for a 282,588-square-foot building located at 2000 Deerpath Road in Aurora. The tenant, Tailored Brands, owns brands such as Men’s Wearhouse, Jos. A. Bank and family retailer K&G Fashion Superstore. The Aurora facility will support the company’s clothing rental business, including infrastructure for dry cleaning, laundry, repair and storage of tuxedos and other formalwear. Principle will add a 13,491-square-foot boiler and dry-cleaning room with a dedicated structural pipe support mezzanine. The team is also installing 20 new 25-ton rooftop air conditioning units, 14 interlocking exhaust fans and 29 docks. Partners in Design is the project architect. Completion is slated for February 2024.
CHICAGO — GoodVets, a Chicago-based full-service veterinary care provider, has leased ground-floor retail space at Optima Lakeview, a 198-unit luxury apartment community in Chicago’s Lakeview neighborhood. The tenant is scheduled to open the 2,656-square-foot location in December. GoodVets offers a comprehensive range of veterinary services, including preventive care, surgery, dentistry and wellness programs. The Lakeview location represents the sixth Chicago-area office for GoodVets and its second within an Optima Inc. apartment building. Designed by David Hovey Sr. and completed in 2022, Optima Lakeview occupies the site of a shuttered Treasure Island Foods grocery store.
By Mary Lamie, Bi-State Development The industrial real estate market continues to show its strength in the St. Louis region as new investments by industrial developers hold steady. Coming off a record year in 2022, with more than 7 million square feet of completions entering the market and 6.5 million square feet absorbed, the region’s new construction has leveled off a bit, with 1.1 million square feet of industrial space delivered so far in 2023 and 3.6 million square feet of space still under construction, according to the latest numbers from Colliers. Speculative construction rates remain high, with 65 percent of construction since 2019 being speculative builds. This growth in industrial construction is being fueled by national and regional developers who believe St. Louis has the industrial activity levels needed to drive construction investments. Data included in the “St. Louis Regional Industrial Real Estate Market Indicators & Workforce Report,” released by the St. Louis Regional Freightway in May, shows the St.Louis region now has 182 million square feet of space available. According to the report, the region offers the largest amount of manufacturing space available on the market compared to other Midwestern cities, along with one of the lowest triple …
JOLIET, ILL. — Peak Construction Corp. is underway on Rock Run Crossing 2 within Rock Run Crossings Business Park in Joliet. The 219,041-square-foot speculative warehouse will feature a clear height of 36 feet, 24 dock doors, two drive-in doors, parking for 209 cars, 63 trailer parking stalls and 2,000 square feet of office space. Completion is slated for the end of the year. The project team includes architect Ware Malcomb, civil engineer Jacob & Hefner Associates Inc. and developer IDI Logistics.
