CHICAGO — Marcus & Millichap has arranged the sale of a 7,466-square-foot medical property occupied by Oak Street Health in Chicago for $3.6 million. The net-leased building is located at 6918 W. Archer Ave. and recently received a new roof along with interior and exterior renovations. Oak Street Health signed a new 20-year lease for the location. Austin Weisenbeck, Sean Sharko and Daniel Chumbley of Marcus & Millichap represented the seller, a limited liability company. Jack Hopkins of Marcus & Millichap represented the buyer, a California-based private investor. Oak Street Health, which operates 170 locations in 21 states, was acquired by CVS earlier this year for $10.6 billion.
GRAND RAPIDS, MICH. — Radiant Smiles has opened a 2,489-square-foot dental office at 4650 Plainfield Ave. in Grand Rapids. Hillary Taatjes Woznick and Doug Taatjes of NAI Wisinski of West Michigan represented the landlord, Comprehensive Engineering, in the lease. Ryan Gillespie of CARR Realty represented the tenant. Comprehensive Engineering purchased the building in 2021 and also occupies space within it.
INDIANAPOLIS — Pure Development and Third Street Ventures have broken ground on the next phase of North Mass District in Indianapolis. Stenz Construction Corp. is the general contractor. On the heels of its Box Factory project, the development team is moving forward with two new projects: The Penn Electric Switch and The Ingram Apartments. The Penn Electric Switch is an adaptive reuse project that will be home to creative office spaces and Shindig, the latest restaurant concept from Indianapolis-based Cunningham Restaurant Group. The $12 million project is being supported by up to $3 million in developer-backed tax-increment finance bonds issued by the City of Indianapolis after the project received unanimous approval from the Indianapolis City-County Council and Metropolitan Development Commission (MDC) in September. Construction is slated to begin in spring 2024. The Ingram is a $47 million apartment project that will feature more than 180 units. Plans call for onsite parking, bike storage and a host of other amenities for residents. The development received unanimous public financing from the City-County Council and the MDC to issue $6 million in developer-backed tax-increment finance bonds. Construction is expected to begin in summer 2024.
CHICAGO — Spa provider Bathhouse has signed a 40,000-square-foot, build-to-suit lease at 1010 W. Madison St. in Chicago. The property will feature two levels of amenities as well as a rooftop pool and restaurant. The design of the concrete and glass building will pay homage to old-world bathhouses. Bathhouse offers hot saunas, cold plunges and massages. Guests can choose between day passes and specific treatments. The developer of the project, Fulton Street Cos., acquired the site in September 2020 from a private investor. It was a parking lot at the time.
BENSENVILLE, ILL. — Dayton Street Partners (DSP) has acquired an industrial property situated on 11 acres at 700 Larsen Lane in the Chicago suburb of Bensenville. The purchase price was undisclosed. The property features a 37-door truck terminal, two truck maintenance facilities and a warehouse with one acre of outdoor storage. The asset, which is located directly across the street from the Chicago O’Hare International Airport, was 85 percent leased at the time of sale. Jack Brennan of CBRE represented the seller, a private investor, and will market the property for lease. DSP will commence a multi-million-dollar renovation of the terminal in November.
CHICAGO — Beity, a culinary concept inspired by Lebanese and French cuisines, and Voodoo Doughnuts, an Oregon-based doughnut chain, have signed new retail leases in Chicago’s Fulton Market. The Feil Organization owns both properties. Beity signed a 3,700-square-foot lease at 813 W. Fulton Market, a retail and residential development. Voodoo signed a 2,734-square-foot lease at 945 W. Randolph, a one-story, 12,400-square-foot retail space. Beity, which means “home” in Arabic, is the debut restaurant concept from Chef Ryan Fakih. Inspired by the cooking of his upbringing and the French cuisine that he honed while at Le Cordon Bleu in Paris, Fakih seeks to redefine French-Lebanese cuisine. The restaurant is expected to open in November. Quinn Thomas of Goldstreet Partners represented Beity in the lease. Voodoo’s lease marks its first location in Illinois. The doughnut company is known for its imaginative and creative confections. The Illinois location is scheduled to open in December. Sean Bossy and Ali Hicks of Tether Advisors represented Voodoo in the lease. Nick Dries represented Feil on an internal basis in both leases. The asking rent was $125 per square foot in both transactions.
SOUTHFIELD, MICH. — Friedman Real Estate has brokered the sale of a 62,752-square-foot office building in Southfield for an undisclosed price. The property is located at 16500 W. 12 Mile Road. Robert Moon of Friedman represented the seller, Atlas Holding Corp. The buyer, Kensington Community Church, will occupy the building.
MONTGOMERY, ILL. — DSI Group has broken ground on a 500,000-square-foot industrial facility for Ravago in Montgomery, a far west suburb of Chicago. The project will anchor the 200-acre Karis Center for Commerce. Founded in 1961 in Belgium, Ravago is a polymer and chemical distribution company. The new facility will support Ravago’s polymer distribution activities in greater Chicago and North America. The building will feature a clear height of 40 feet, 22 dock positions, four drive-in doors and 12,776 square feet of office space. The site offers 268 railcar positions, and 207 future railcar positions have been earmarked for Ravago’s project. Karis Industrial is the owner and developer of Karis Center for Commerce.
CRYSTAL LAKE, ILL. — Developer Heartland Real Estate Partners is underway on Water’s Edge, a mixed-use redevelopment project in the Chicago suburb of Crystal Lake. The 30-acre project will transform a former shopping center that used to anchored by Walmart before the retailer relocated in town. Plans call for 40,000 square feet of commercial space, 260 multifamily units, public open spaces and a direct connection to Three Oaks Recreation Area. A timeline for completion was not provided.
PLAINFIELD, IND. — Smart Warehousing has signed a 190,440-square-foot industrial lease renewal at 909 Whitaker Road in the Indianapolis suburb of Plainfield. John Sharpe, Steve Beals and Richard King of Lee & Associates represented the tenant, which is a warehousing, fulfillment and logistics solutions company headquartered in Kansas City. Brian Seitz of JLL represented the owner, Nuveen Industrial. The transaction marks Smart Warehousing’s second renewal on the space, which is located adjacent to the Indianapolis International Airport and near I-70.