MANTENO, ILL. — Gotion has unveiled plans to build a $2 billion electric vehicle (EV) lithium battery manufacturing plant in Manteno, a southern suburb of Chicago located in Kankakee County. According to a press release from the state of Illinois, the company’s decision was bolstered by a Reimagining Energy and Vehicles (REV) Illinois incentive package and the new Invest in Illinois fund. The plant is expected to begin production in 2024. The facility will focus on lithium-ion battery cell, battery pack production and energy storage system integration. Gotion’s total incentive package from the state, which includes REV, Invest in Illinois and other incentives, is valued at $536 million. Through REV, Gotion is eligible to receive tax benefits totaling $213 million over 30 years. The REV agreement specifies a minimum company investment of $1.9 billion and the creation of 2,600 full-time jobs that are paid at least 120 percent of the average wage of similar job classifications in Kankakee County. Local authorities also approved Gotion for property tax abatement for 30 years. As part of the state’s commitment to build out comprehensive EV hubs and support Illinois’ workforce, the state will also fund a new manufacturing training academy nearby, as well …
ROSEAU, MINN. — Kraus-Anderson has completed Phase II of an overall $43 million renovation for Roseau Community Schools in Roseau, a city in northern Minnesota. Kraus-Anderson began the 141,000-square-foot project in July 2020 following the approval of a bond referendum that voters passed by nearly 75 percent. Designed by JLG Architects, the project included the renovation and expansion of the K-12 school complex, consisting of 81,000 square feet of new construction and a 60,000-square-foot remodel. Phase I included two stories of new construction and extensive remodeling, including classroom spaces for English, language and social studies, along with site improvements. Phase II featured 16,416 square feet of new construction, remodeling and reconstruction. There are new spaces for educational programming and activities. The high school received new classrooms, including Career and Technology Education (CTE), a music suite for band and choir, administrative and common areas. The project also provides improved and enlarged gymnasium spaces to meet physical education, co-curricular and community programming needs. Kraus-Anderson also replaced aging building and major systems, including ventilation, heating, electrical, lighting, roofing, exterior walls and insulation.
WOODRIDGE, ILL. — Standard Real Estate Investments LP is making an equity investment through its new $150 million investment vehicle in the Woodridge Industrial Center, a 217,000-square-foot logistics facility being developed by Trammell Crow Co. in suburban Chicago. The project is located on a 17-acre site in Woodridge and is slated for completion in summer 2024. The building will feature 22 dock doors, 130-foot truck courts and 270 parking spaces. The project team includes Harris Architects, general contractor FCL and civil engineer SpaceCo.
CHICAGO — ACO Commercial has arranged the sale of a five-acre development site located at 3000-3052 S. Pitney Court in Chicago’s Bridgeport neighborhood for $8 million. George Toscas and Linda Hatter of ACO represented the seller, St. Louis-based SOHO Investments Inc. The buyer was the Chinese American Service League Inc. The nonprofit plans to develop the site into a comprehensive community care campus with affordable seniors housing, an adult day service center for seniors, an early childcare center and an industrial/commercial kitchen for senior meals and culinary training programs. Additionally, a community center will offer sports programs and outdoor garden space along the river as well as space for meetings. People’s Gas and Coke Co. formerly owned the riverfront property for more than 100 years.
MILWAUKEE — Marcus & Millichap has brokered the sale of a 12,900-square-foot retail property occupied by CVS Pharmacy in Milwaukee for $3.1 million. The net-leased building was constructed in 2007. Jeff Rowlett of Marcus & Millichap’s The Rowlett Group represented the seller, a local investor group. The Rowlett Group also procured the buyer, a Delaware-based REIT. At the time of sale, there were just under 10 years remaining on the initial 25-year ground lease.
CINCINNATI AND BOISE, IDAHO — Kroger Co. (NYSE: KR) and Albertsons Cos. Inc. (NYSE: ACI) have agreed to sell 413 stores across 17 states and Washington, D.C., as part of the $24.6 billion merger between the two grocery giants. The buyer is C&S Wholesale Grocers, a New Hampshire-based grocery supply company overseeing brands including Piggly Wiggly and Grand Union. According to multiple news outlets including USA Today and Crain’s, the sales price is roughly $1.9 billion. In addition to the 400-plus grocery stores, C&S will also acquire eight distribution centers and two office properties that Kroger or Albertsons operate, as well as five private label brands. No store closures are expected to occur as a result of this selloff. The brands that will change ownership include Quality Food Centers (QFC), a regional operator in the Pacific Northwest; Mariano’s, which operates 44 stores in Illinois; and Alaska-based Carrs. Kroger owns QFC and Mariano’s, while Albertsons owns Carrs after acquiring the brand from Safeway and changing the name to Carrs-Safeway. Lastly, under the terms of the agreement, C&S will receive exclusive licensing rights to the Albertsons brand name in four states: Arizona, California, Colorado and Wyoming. In addition, Kroger will divest the …
LANSING, MICH. — Waramaug Hospitality has opened the DoubleTree by Hilton Lansing, a 256-room hotel in Lansing. Waramaug acquired the property in 2021 and decided to rebrand it and renovate all guestrooms and corridors, the lobby, Made Market, restaurants and bar, meeting rooms and pre-function spaces. The hotel also features a fitness center and two-story indoor pool. The second floor of the property connects to the Lansing Center, the city-owned 125,000-square-foot convention center. The property marks the eighth within Waramaug’s portfolio that is under the Hilton umbrella.
JACKSON, MICH. — Marcus & Millichap has brokered the $8 million sale of a grocery-anchored retail center in Jackson, located about midway between Kalamazoo and Ann Arbor. Kroger and Big Lots are the anchor tenants. Ashish Vakhariya, Seth Haron and Darin Gross of Marcus & Millichap represented the all-cash buyer and seller. Additional terms of the transaction were not provided.
CHICAGO — Tiny Giants has acquired a 24,563-square-foot commercial building located at 2801 W. Montrose Ave. in Chicago. The family-owned company plans to redevelop the site into a mixed-use project with a 10,000-square-foot daycare on the ground floor and apartments above. Longtime tenant Ruby Dry Cleaners relocated to a new location several blocks away. Chris Irwin of Colliers represented the buyer, while Craig Wolf and Dale Strauss of Strauss Realty Ltd. represented the sellers, private investors. The sales price was undisclosed.
TROY, MICH. — Continental Realty Corp. (CRC) has signed leases totaling nearly 35,000 square feet with five retail tenants at Oakland Plaza in Troy. The 172,000-square-foot shopping center is now 97 percent occupied. CRC acquired the asset in 2021 when it was 68 percent leased. The most recent leases are with Kid’s Empire (14,579 square feet), Rally House (9,000 square feet), Meat Up BBQ (4,646 square feet), Paris Banh Mi (3,600 square feet) and Mochinut (2,571 square feet). Daniel Stern, Eric Unatin, Jared Gell and Eric Birnholtz of Mid-America Real Estate represented the landlord in all five leases.