Midwest

LAKE ZURICH, ILL. — PREMIER Design + Build Group has completed an 88,000-square-foot headquarters facility for Alpha Tekniko in Lake Zurich, a northwest suburb of Chicago. Alpha Tekniko is a contract manufacturer serving the healthcare industry. The firm designs, develops and produces sophisticated support surfaces, including high-tech mattresses, cushions and pads to fit an array of medical equipment like hospital beds, operating room tables and wheelchairs. The company launched in 2008 and continued to outgrow its spaces. In March 2022, the founders purchased land at 1400 Rose Road in Lake Zurich and selected PREMIER to manage design and build services for a permanent home. Construction began in October 2022. The new facility is primarily designed for manufacturing operations with some additional space devoted to offices. The building features eight dock positions and two drive-in doors. The new headquarters is fully solar powered with 444 solar panels. Additional sustainable features include high-efficiency rooftop HVAC units, high R-value precast concrete panels that increase insulating effectiveness, special emissions towers for air purification, motion-sensitive lighting and VOC-free paints. Project partners included Cornerstone Architects Ltd. and civil engineer SpaceCo.

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CHICAGO — Gibsons Restaurant Group (GRG) has signed a 15,000-square-foot, ground-floor retail lease at 919 W. Fulton St. in Chicago’s Fulton Market. Fulton Street Cos. is currently developing the 400,000-square-foot, 11-story office building. The lease marks the 13th location for GRG in the Chicago area. The tenant has yet to decide on the new restaurant concept. GRG operates Gibsons Bar & Steakhouse, Gibsons Italia, Hugo’s Frog Bar & Fish House, LUXBAR and Quartino Ristorante & Wine Bar. Alex Najem and Ross Babel negotiated the lease on behalf of Fulton Street on an internal basis. The property is slated for completion in the first quarter of 2025.

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CHICAGO — Marcus & Millichap has brokered the sale of a 2,700-square-foot retail property net leased to 7-Eleven in Chicago for $3.5 million. The retailer occupies space at 191 W. Adams St. on the ground floor of the JW Marriott hotel, which recently underwent a major restoration. Nicholas Kanich of Marcus & Millichap represented the seller, a Chicago-based private investor, and the buyer, an investment group based in California.   

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Matt Mrva Pharmaceutical Manufacturing Site Selection Quote

Pharmaceutical companies have captured the interest of many developers and with good reason. Softening demand for traditional office space has planners looking for alternative uses to fill out business parks and multiuse developments, and drug makers represent a promising source of highly valuable occupancy. Speculative construction that accelerated during the pandemic has given pharmaceutical manufacturers plenty of options and enabled them to be choosy in site selection. However, to compete for end users, developers must ensure their properties offer the features and amenities drug makers seek, says Matt Mrva, northeast director of planning and landscape architecture at Bohler, a land development consulting and site design firm. “Simply adding a life sciences label on conventional flex space is unlikely to lure pharma companies. Research, lab and pharmaceutical manufacturing facilities often require specialized infrastructure and site layouts,” Mrva says. “Even if a property is zoned to allow for life sciences, design and development teams need to understand the proposed operations in order to optimize the facility.” Unique Facility Requirements Depending on anticipated needs, tenants may require advanced climate control and ventilation, redundant electrical feeds, high-volume water and sewer service, on-site wastewater pretreatment, backup power generation, reinforced floors to handle the weight of …

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CHAMPAIGN, ILL. — IPA Capital Markets, a division of Marcus & Millichap, has arranged an $11.5 million loan for the acquisition of Baytowne Shoppes & Square in Champaign, a city in central Illinois. The property is 99 percent leased to tenants such as PetSmart, Staples, Ulta, Dollar Tree, Party City, Rally House and Citi Trends. Adam Mengacci of IPA arranged the 10-year CMBS loan, which features a fixed interest rate of 6.97 percent and interest-only payments for the entire term. Stonefield Investment Advisors was the borrower.

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WAUKESHA, WIS. — Bernard Financial Group (BFG) has secured a $10.1 million CMBS loan for the acquisition of a 112,010-square-foot shopping center in Waukesha, a western suburb of Milwaukee. Dennis Bernard and Joshua Bernard of BFG arranged the loan. The borrower was an entity doing business as Meadowbrook Marketplace Associates LLC.

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ONALASKA, WIS. — Coldwell Banker Commercial River Valley has brokered the $10 million sale of a three-story, 66,000-square-foot office building in Onalaska, a city in western Wisconsin. The property is located at 2700 Midwest Drive. The buyer was Kwik Trip Inc., which will use the building for its training department, part of its accounting department and other office employees. Kwik Trip’s corporate headquarters will remain at its current location on the far north side of La Crosse, where the company’s production facilities are also located. Kwik Trip operates roughly 880 convenience stores primarily in Wisconsin, Minnesota and Iowa. Chuck Olson of Coldwell Banker Commercial River Valley represented the seller, Ron Houser, owner of Midwest Investment I LLC. Houser developed the property and began utilizing it in 1993. He later sold the asset but then repurchased it a few years ago.

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SCHAUMBURG, ILL. — Bianco Properties has acquired Schaumburg Plaza, a 61,000-square-foot shopping center in the Chicago suburb of Schaumburg. The sales price and seller were undisclosed. Tenants include Starbucks, O’Reilly Auto Parts, Lou Malnati’s Pizzeria and Joann Fabrics. Nirav Express Market is set to open later this year. St. Louis-based Bianco focuses on retail and industrial investment opportunities.

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ALTOONA, IOWA — Ann Taylor Factory Store has opened at the Outlets of Des Moines in Altoona. The store marks the first Ann Taylor Factory Store in the state of Iowa. The 4,000-square-foot store offers a wide selection of dresses, suits, separates and casual wear in regular and petite sizes as well as shoes and accessories. Outlets of Des Moines is home to retailers such as Coach Outlet, Nike Factory Store, J. Crew Factory, Under Armour Factory House, Levi’s Outlet Store, American Eagle and Victoria’s Secret.

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OVERLAND PARK, KAN. — Ryan Cos. has broken ground on The OsLo, a 413-unit luxury apartment complex in the Kansas City suburb of Overland Park. The four-story project will be situated at the intersection of 135th Street and Antioch Road. Completion is slated for late 2025. The OsLo is being built in partnership with operating partner EPC Real Estate Group. Smart technology will be fully integrated for residents, enabling them to use a smartphone app for accessing the building and individual units, controlling thermostats and receiving package delivery notifications. A focus on health and wellness will be incorporated into the property to align with the Scandinavian-themed architecture. There will be a spa, yoga studio, golf simulator and sound studio. Additionally, residents will have access to coworking areas, group gathering places, a pool, pond and dog park. Ryan is serving as the developer, builder and capital markets provider. NSPJ Architects is the architect, Olsson is the civil engineer, Lankford & Associates is the mechanical, electrical and plumbing engineer and Bob D. Campbell is the structural engineer. Security Bank provided construction financing.

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