Midwest

Venture One Acquires 94,262 SF Industrial Building in Elk Grove Village, Illinois

by Kristin Harlow February 17, 2023

ELK GROVE VILLAGE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 94,262-square-foot industrial building in the Chicago suburb of Elk Grove Village. The acquisition was structured as a sale-leaseback. The sales price was undisclosed. Located at 2121 Landmeier Road and constructed in 1966, the building features a clear height of 18 feet, six exterior docks, four interior docks, two drive-in doors and parking for more than 100 cars and 10 trailers. Phil Reiff of JLL represented the undisclosed seller. VK Industrial VI LP is a partnership between Venture One and Kovitz Investment Group.

February 17, 2023

Illinois Leasing Activity Life Sciences Midwest

Dimension Inx Signs 6,410 SF Life Sciences Lease at Fulton Labs in Chicago

by Kristin Harlow February 17, 2023

CHICAGO — Dimension Inx, a biomaterials platform company that develops therapeutic products to restore tissue and organ function, has signed a 6,410-square-foot life sciences lease at Fulton Labs in Chicago. Owned by Trammell Crow Co. (TCC) and located in the city’s Fulton Market district, the campus spans two buildings and 725,000 square feet. Dimension Inx will occupy a science-ready lab suite at 1375 W. Fulton. The company currently operates out of two locations, one being at Illinois Tech’s University Technology Park and the other at Portal Innovations, which is part of Fulton Labs. Dimension Inx will move into its new headquarters space in March and will still maintain its presence at Portal Innovations. TCC’s science-ready lab suites are private labs available for immediate occupancy that range in size from 3,000 to 7,000 square feet. Tenants have access to building technology and amenities, including a shared lab equipment room, as well as flexible lease terms. Jonathan Metzl and Jack Keenan of Cushman & Wakefield represented Dimension Inx. CBRE handles the leasing and marketing for Fulton Labs.

February 17, 2023

Acquisitions Industrial Midwest Ohio Self-Storage

Franklin Street Arranges Sale of 100-Unit Self-Storage Facility in Wauseon, Ohio

by Kristin Harlow February 17, 2023

WAUSEON, OHIO — Franklin Street has arranged the sale of a 100-unit self-storage facility in Wauseon, about 30 miles west of Toledo. The sales price was undisclosed. Built in phases between 1989 and 1994, the value-add property features 10 parking spaces and newly installed security cameras. The transaction includes 0.3 acres of developable land for potential expansion. David Perlleshi and Frank DeSalvo of Franklin Street represented the seller, HZ Capital Partners LLC. Missouri-based On Track Storage, which currently operates facilities in Missouri and Kansas, was the buyer.

February 17, 2023

Development Midwest Mixed-Use Wisconsin

Cobalt Partners Breaks Ground on Loomis Crossing Mixed-Use Development in Greenfield, Wisconsin

by Kristin Harlow February 16, 2023

GREENFIELD, WIS. — Cobalt Partners has broken ground on Loomis Crossing, a new mixed-use development located at the Loomis Road interchange along I-894 in Greenfield, a southwest suburb of Milwaukee. Comprising more than 38 acres, the project will feature medical office, retail, luxury apartment units, a business park and The TURF Skatepark. Construction is underway on the 267-unit apartment component as well as a 40,288-square-foot medical office building. Cobalt is partnering with Milwaukee-based healthcare developer Hammes on the medical office component. Some physician groups, including Eye Physician Associates SC, have signed leases for the building, which is slated for completion later this year. Rinka is the architect and CG Schmidt is the construction manager. The Boerke Co. is handling leasing and marketing.

February 16, 2023

Acquisitions Illinois Midwest Multifamily Seniors Housing

Lifespace Communities Acquires 257-Unit Continuing Care Retirement Community in Geneva, Illinois

by Kristin Harlow February 16, 2023

GENEVA, ILL. — Lifespace Communities has acquired GreenFields of Geneva, a nonprofit, 257-unit continuing care retirement community (CCRC) in Geneva, approximately 40 miles west of downtown Chicago. Friendship Senior Options (FSO) sold the property for an undisclosed price. FSO will continue to provide management services through June, at which time the community will fully transition onto Lifespace management, systems and support. The sale brings Lifespace’s total portfolio to 18 communities, including three in metro Chicago. Located on 26 acres bordering two championship golf courses, GreenFields includes walking paths, a fishing pond and a 3.5-acre native prairie. More than 200 residents call the community home. GreenFields opened its doors in 2012.

February 16, 2023

Development Leasing Activity Michigan Midwest Mixed-Use

Dancing Pine Korean Steakhouse Joins Tenant Lineup at Sakura Novi Mixed-Use Project in Michigan

by Kristin Harlow February 16, 2023

NOVI, MICH. — The Dancing Pine Korean Steakhouse has signed a lease to join the tenant lineup at Sakura Novi, an Asian-themed mixed-use development in Novi. Sakura Novi will feature a collection of Asian-themed restaurants, high-end retail shops, 117 townhome apartments as well as a Japanese-themed garden path, pond and public plaza. The Dancing Pine is a steakhouse brought to market by Seven York Inc., the owner behind many restaurants across metro Detroit such as Kimchi Box, Dae Jang Keum, Tomo Sushi, The Seoul, Blue Fish Asian Cuisine and Mama Satto. Cindy Ciura of CC Consulting assisted in bringing The Dancing Pine to the development. Sakura Novi LLC, an affiliate of Robert B. Aikens & Associates LLC, specializes in culturally themed real estate development, the creation of restaurant collections and mixed-use real estate development. Sakura Novi LLC has executed a joint venture agreement with Robertson Brothers Homes to construct the project’s rental townhome community. The units will feature private entrances, one- and two-car attached garages, first-floor offices and two- or three-bedroom layouts. The demolition of the buildings on the project site took place last fall. Prior to then, the project had been caught up in the pre-development process for multiple …

February 16, 2023

Acquisitions Midwest Missouri Retail

Marcus & Millichap Brokers $1.2M Sale of Dollar General-Occupied Property in Troy, Missouri

by Kristin Harlow February 16, 2023

TROY, MO. — Marcus & Millichap has brokered the $1.2 million sale of a 9,026-square-foot retail property occupied by Dollar General in Troy, about 55 miles northwest of St. Louis. The net-leased building is located at 6054 Creech Lane. Karl Hinkel, Dan Yozwiak and Darpan Patel of Marcus & Millichap represented the seller, a limited liability company. The property sold to a 1031 exchange buyer at 100 percent of the list price. Dollar General had more than seven years remaining on its lease term at the time of sale.

February 16, 2023

Leasing Activity Michigan Midwest Retail

Warehouse Pilates Signs 1,600 SF Retail Lease at Brookdale Square in South Lyon, Michigan

by Kristin Harlow February 16, 2023

SOUTH LYON, MICH. — Fitness concept Warehouse Pilates has signed a 1,600-square-foot retail lease at Brookdale Square in South Lyon, about 40 miles northwest of Detroit. The shopping center is located near the intersection of 9 Mile Road and Pontiac Trail. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, Beztak Properties. Rob and Reece Hughes of RH Commercial Realty represented the tenant.

February 16, 2023

Indiana Market Reports Midwest Midwest Market Reports Multifamily

Indianapolis Is Emerging Star of Midwest Region

by Kristin Harlow February 16, 2023

By Steve LaMotte Jr., CBRE With 2021, a record year for asset appreciation and fundamentals, 2022 marked a turning point in the apartment space across the nation. Multifamily leasing velocity, rent growth and occupancy levels have seemingly reached their current peak levels and begun to cool. Instability in the capital markets throughout much of 2022 encouraged many on both the buy and sell sides to wait it out, looking for signs of stability. However, despite the turbulence and the pause, the multifamily sector has remained resilient and is expected to maintain its claim as the preferred asset classification in 2023. Further, metro Indianapolis has been a standout performer in every meaningful measurement. Now widely regarded as an emerging star of the Midwest, metro Indianapolis has earned its place as the nation’s rent growth leader in the back-to-back months of October and November of 2022, according to Yardi Matrix. The metro has outperformed many major markets while maintaining its characteristic affordability. According to research from CBRE Econometric Advisors, the average metro rent of $1,200 per unit ($1.30 per square foot) shows that metro Indianapolis will deliver outsized rent growth in times of distress while remaining one of the most affordable metro’s …

February 16, 2023

Acquisitions Illinois Midwest Multifamily Seniors Housing

PEF Advisors Acquires 198-Unit Affordable Seniors Housing Community in Homewood, Illinois

by Kristin Harlow February 15, 2023

HOMEWOOD, ILL. — Preservation Equity Fund Advisors LLC (PEF Advisors) has acquired Freedom Village, a 198-unit affordable seniors housing community in Homewood, a southern suburb of Chicago. The purchase price and seller were undisclosed. Originally built in 1998 with tax credits from the Illinois Housing Development Authority, the property rises three stories. All of the units are reserved for residents who earn up to 60 percent of the area median income. As of November 2022, the community was 98.5 percent leased. Amenities include a community kitchen, outdoor patio, fitness center, game room, library and laundry facilities.

February 15, 2023

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