Midwest

Colliers Arranges Sale of 182,000 SF UPS Distribution Center Near Toledo, Ohio

by Kristin Harlow November 15, 2023

ROSSFORD, OHIO — Colliers has arranged the sale of a 182,000-square-foot distribution center in Rossford near Toledo for an undisclosed price. UPS Mail Innovations Inc., a wholly owned subsidiary of UPS Inc., occupies the facility on a new seven-year double net lease with two five-year renewal options. Located at 29940 Glenwood Road directly off I-75, the newly built property features a clear height of 32 feet and 32 dock doors. Alex Cantu and Alex Davenport of Colliers represented the buyer, an entity doing business as Congaree River LLC. Scannell Properties, which developed the facility in 2022, was the seller.

November 15, 2023

Acquisitions Industrial Midwest Minnesota

Clear Height, Harbert Acquire 121,684 SF Industrial Property in Bloomington, Minnesota

by Kristin Harlow November 15, 2023

BLOOMINGTON, MINN. — A joint venture between Clear Height Properties and Harbert US Real Estate has acquired a 121,684-square-foot industrial property in the Minneapolis suburb of Bloomington. Located at 9201 E. Bloomington Freeway, the complex is home to 14 tenants. The facility features 20 dock-high doors and five drive-in doors. Bentley Smith and Judd Welliver of CBRE brokered the transaction. The sales price and seller were undisclosed.

November 15, 2023

Leasing Activity Midwest Minnesota Retail

Toys ‘R’ Us Set to Open Flagship Store at Mall of America in Suburban Minneapolis

by Kristin Harlow November 14, 2023

BLOOMINGTON, MINN. — WHP Global, the parent company of Toys ‘R’ Us, is set to open a flagship store at the Mall of America in Bloomington just before Thanksgiving. The store marks the first flagship store in partnership with Go! Retail Group. Additional flagship locations are opening next year. Currently, Toys ‘R’ Us maintains a global flagship store at American Dream, a shopping destination in New Jersey. Additionally, through a partnership with Macy’s, there are more than 452 Toys ‘R’ Us shop-in-shops located inside Macy’s stores nationwide. The new store at Mall of America spans more than 11,000 square feet and offers a wide assortment of toys and games. Beginning in 2024, the store will offer new features such as Geoffrey’s Café and ice cream parlor as well as interactive experiences and product demonstrations from popular toy vendors. Built in 1992 and totaling 5.6 million square feet, Mall of America is the largest shopping and entertainment complex in North America.

November 14, 2023

Development Michigan Midwest Multifamily Student Housing

Brinkmann Constructors Breaks Ground on 729-Bed Student Housing Community in Ann Arbor

by Kristin Harlow November 14, 2023

ANN ARBOR, MICH. — Brinkmann Constructors has broken ground on VERVE Ann Arbor, a 729-bed student housing community near the University of Michigan in Ann Arbor. St. Louis-based Subtext is developing the 13-story, 350,000-square-foot project. Amenities at the 217-unit development will include a fitness center, terrace, rooftop pool and coworking spaces. WDG Architecture is the project architect. A timeline for completion was not provided.

November 14, 2023

Acquisitions Michigan Midwest Multifamily

Friedman Brokers $25.7M Sale of Multifamily Property in Brownstown, Michigan

by Kristin Harlow November 14, 2023

BROWNSTOWN, MICH. — Friedman Real Estate has brokered the $25.7 million sale of a 180-unit multifamily property in Brownstown, a southwest suburb of Detroit. The community is located at 21901 Stratford Place Blvd. Peter Jankowski and Rich Deptula of Friedman represented the undisclosed seller and the buyer, Four Corners Development Group.

November 14, 2023

Acquisitions Illinois Midwest Office

Marcus & Millichap Arranges $5M Sale of Office Property in Palatine, Illinois

by Kristin Harlow November 14, 2023

PALATINE, ILL. — Marcus & Millichap has arranged the $5 million sale of Palatine Center, a 46,095-square-foot office property in the Chicago suburb of Palatine. Located at 865-909 E. Wilmette Road, the three-building property was fully leased at the time of sale to five tenants. Roughly 85 percent of the tenants have occupied the building for 17 to 27 years. A specialized school occupies 69.6 percent of the space. Tammy Saia and Tami Andrew of Marcus & Millichap represented the seller, a private investor. The duo also secured the buyer, a Texas-based limited liability company.

November 14, 2023

Development Midwest Minnesota Restaurant Retail

Kraus-Anderson Completes $2M Renovation for Modist Brewing in Minneapolis

by Kristin Harlow November 14, 2023

MINNEAPOLIS — Kraus-Anderson has completed a $2 million renovation of the 7,000-square-foot headquarters and taproom for Modist Brewing Co. in Minneapolis. The project included new event space, a quality control lab and employee workplaces. The Minneapolis studio of Perkins & Will designed a two-story event space, mezzanine and catwalk that can accommodate 120 people for corporate and private events. The design aesthetic is “punk rock chic” and includes bold colors, neon sculpture lights, dichroic glass that changes colors, glitter concrete epoxy flooring and mirrored ceilings.

November 14, 2023

Development Midwest Multifamily Wisconsin

Wingspan Development Group Opens 231-Unit Luxury Apartment Complex in Brookfield, Wisconsin

by Kristin Harlow November 13, 2023

BROOKFIELD, WIS. — Wingspan Development Group has opened The Ruby at Brookfield Square, a 231-unit luxury apartment complex in the Milwaukee suburb of Brookfield. The property is nearly 30 percent leased, and first move-ins began in early October. The community, which features two four-story buildings connected by a skybridge, is the first new Class A rental property in Brookfield since 2019, according to Wingspan. Located adjacent to Brookfield Square Mall, the complex features a mix of floor plans ranging from 381 to 1,407 square feet. Amenities include a resort-style pool, dog park, fitness center, yoga studio, pet spa, entertainment lounge, golf simulator, business center and package room. Monthly rents start at $1,595, according to the property’s website.

November 13, 2023

Industrial Loans Midwest Ohio

iBorrow Provides $12.7M Acquisition Loan for Sale-Leaseback of Industrial Facility in Toledo, Ohio

by Kristin Harlow November 13, 2023

TOLEDO, OHIO — iBorrow has provided a $12.7 million loan to finance the sale-leaseback of a 208,968-square-foot industrial facility in Toledo. The property was previously owned by a subsidiary of Stellantis, a manufacturer of brands such as Jeep, Chrysler and Dodge. To facilitate the transaction, iBorrow customized the financing package to accommodate potential re-leasing activities, including a future funding component for light capital expenditures and other costs, and incorporated the ability for the borrower to refinance with long-term debt in the future. The building supports warehousing and logistics operations for a 3 million-square-foot Stellantis manufacturing facility, which is also located in Toledo. The property features a clear height of 34 feet, 102 truck doors and roughly 292 parking spaces. The single-tenant facility is fully leased. The borrower is an owner and operator of industrial real estate properties nationwide.

November 13, 2023

Illinois Leasing Activity Midwest Office

Spot Opens 31,000 SF Office in Chicago’s Marshall Field & Co. Building

by Kristin Harlow November 13, 2023

CHICAGO — Logistics company Spot has opened a 31,000-square-foot office at 24 E. Washington St., also known as the Marshall Field & Co. Building, in Chicago. The landmark property is home to Macy’s and the Tiffany Dome Ceiling. Spot, which previously occupied a temporary space within the building, now occupies the 11th floor of the building. Allen Rogoway, Michael Marrion and Tim O’Brien of Cresa represented Spot in the lease, while Jack O’Brien and Caroline Colnon of Telos represented ownership, Brookfield Properties. The project team for the office build-out included architect Lamar Johnson Collaborative, general contractor Bear Construction, furniture vendor Office Revolution and property manager JLL. Spot has more than 600 employees across its locations in Indianapolis, Charlotte, N.C., Tempe, Ariz., Tampa, Fla. and Chicago.

November 13, 2023

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