Midwest

CIM Group Negotiates Three Leases Totaling 108,975 SF at 40-Story Office Tower in Chicago

by Kristin Harlow December 22, 2022

CHICAGO — Owner CIM Group has negotiated three new leases totaling 108,975 square feet at 425 S. Financial Place, a 40-story, 1 million-square-foot office tower in Chicago’s Central Loop. Loop Capital, a full-service investment bank, brokerage and advisory firm, leased 36,676 square feet on the 26th and 27th floors. The company is relocating its Chicago operations. Chicago Trading Co., which has occupied space at 425 S. Financial Place since 2009, is expanding within the building taking an additional 46,343 square feet on the seventh and eighth floors. The company is a proprietary trading firm and consists of a collaborative group of traders, quants, technologists and operations team members. TICG Management, which offers a range of products including mortgage loans, real estate services and a line of insurance, renewed its lease for 25,956 square feet. The company has occupied space on the 20th floor since 2014. In 2015, 425 S. Financial Place underwent renovations, including the addition of a full-service cafeteria, conference centers, concierge services, a tenant lounge and outdoor terrace. The property also houses the Buckingham.AC, a private social and athletic club, as well as the 21-room Buckingham Hotel.

December 22, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges $27M Sale of Multifamily Portfolio in Chicago

by Kristin Harlow December 22, 2022

CHICAGO — Interra Realty has arranged the sale of a 204-unit multifamily portfolio in Chicago’s Kenwood neighborhood for $27 million. The six buildings are located at 811 E. 46th St., 4500 S. Drexel Blvd., 4001 S. Ellis Ave., 4433 S. Greenwood Ave., 4727 S. Ingleside Ave. and 4746 S. Ingleside Ave. Originally built in the 1920s, the properties house studio, one-, two-, three-, four- and five-bedroom units. The portfolio was 90 percent leased at the time of sale. Some of the units are set aside for renters meeting affordable housing guidelines set by the Illinois Housing Development Authority and the City of Chicago. Lucas Fryman, Ted Stratman and Sam Gutierrez of Interra represented the seller, New York-based real estate investment group Raskin Risers. The team also procured the undisclosed buyer.

December 22, 2022

Acquisitions Midwest Retail Wisconsin

Colliers Brokers Sale of Newly Constructed Retail Building in Greendale, Wisconsin

by Kristin Harlow December 22, 2022

GREENDALE, WIS. — Colliers has brokered the sale of a newly constructed retail building on 76th Street in Greendale, a southern suburb of Milwaukee. The sales price was undisclosed. The property is fully leased to Summit Credit Union, AT&T, Crumbl Cookies and Tropical Smoothie Café. Adam Connor, Heather Dorfler and Josh Minkin of Colliers represented the undisclosed seller and procured the California-based buyer. A local credit union provided acquisition financing.

December 22, 2022

Leasing Activity Michigan Midwest Retail

Dog Groomer Leases 1,412 SF at Shopping Center in Waterford Township, Michigan

by Kristin Harlow December 22, 2022

WATERFORD, MICH. — Tammy’s Four Paws Dog Grooming has leased 1,412 square feet at the Excalibur Square shopping center located on Highland Road in Waterford Township, about 38 miles north of Detroit. Michael Murphy of Gerdom Realty & Investment represented the tenant in the lease transaction. Petar Elieff of Iconic Real Estate represented the undisclosed landlord.

December 22, 2022

Civic Development Indiana Midwest

Clayco to Renovate, Expand East Terminal at Fort Wayne International Airport in Indiana

by Kristin Harlow December 21, 2022

FORT WAYNE, IND. — Clayco will renovate and expand the East Terminal at Fort Wayne International Airport in Indiana. Construction is scheduled to begin in May and includes the renovation of approximately 10,500 square feet of concourse area as well as the expansion of roughly 5,000 square feet of space designated for airport operations. Mead & Hunt is the project architect. Plans also call for relocating all airline gates and passenger boarding bridges to the second level, expanding the TSA security checkpoint area, relocating the airport restaurant, and creating a new frequent flyer lounge. Clayco will demolish existing interior and structural components to expand the building outward and vertically over the first floor. Completion of the project is slated for June 2025.

December 21, 2022

Acquisitions Indiana Industrial Iowa Midwest Nebraska

Phoenix Investors Acquires Four Former Eaton Industrial Facilities Across Three States

by Kristin Harlow December 21, 2022

NEBRASKA, IOWA AND INDIANA — An affiliate of Phoenix Investors has acquired a four-property industrial property located in Nebraska, Iowa and Indiana for an undisclosed price. The facilities were formerly home to Eaton Corp., an intelligent power management company. A property at 300 E. 39th St. in Hastings, Neb., totals 107,940 square feet with two cranes, a clear height of 28 feet, parking for up to 150 vehicles and outdoor storage. Renovated in 2019, a property at 700 Luick’s Lane in Belmond, Iowa, spans 270,500 square feet with a clear height of 40 feet. The other two facilities are located in Auburn, Ind. One totals 345,000 square feet while the other spans 15,000 square feet. Adam Wolinetz of CBRE brokered the sale. Eaton was the seller.

December 21, 2022

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges Sales of Two Retail Centers in Suburban Chicago for $27.1M

by Kristin Harlow December 21, 2022

ORLAND PARK AND ELGIN, ILL. — Marcus & Millichap has arranged the sales of two retail centers in suburban Chicago for a combined $27.1 million. Anchored by Chipotle and Panera, the retail center at 15011-15081 S. La Grange Road in Orland Park sold for $17.6 million. The property consists of three single-tenant buildings and one multi-tenant building for a total of 20,732 square feet. Newly constructed on the site of a former Toys ‘R’ Us store, the buildings are fully occupied by national tenants such as BJ’s Brewhouse, Raising Cane’s and Smashburger. The 24,000-square-foot Galleria of Elgin sold for $9.5 million. The two-building property houses tenants such as Dairy Queen, Edward Jones Investments, Country Donuts, Maciano’s Pizza and Pastaria and Sammy’s Mexican Grill and Bar. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented both of the sellers. Buyer and seller information was not provided.

December 21, 2022

Acquisitions Midwest Missouri Retail

Block & Co. Purchases 100,000 SF Shoppes at Shoal Creek in Kansas City

by Kristin Harlow December 21, 2022

KANSAS CITY, MO. — Block & Co. Inc. Realtors has purchased the Shoppes at Shoal Creek in Kansas City for an undisclosed price. Pine Tree Development sold the approximately 100,000-square-foot shopping center, which is fully leased to tenants such as Best Buy, Lukas Liquors, La-Z-Boy, Chipotle and America’s Best. Block & Co. originally developed the property in 2014 before selling it to Pine Tree. David Block of Block & Co. negotiated the transaction on behalf of the buyer and CBRE represented the seller.

December 21, 2022

Acquisitions Industrial Michigan Midwest

Matthews Brokers $5.6M Sale of PepsiCo Distribution Center in Traverse City, Michigan

by Kristin Harlow December 21, 2022

TRAVERSE CITY, MICH. — Matthews Real Estate Investment Services has brokered the sale of a PepsiCo distribution center in Traverse City for $5.6 million. The build-to-suit property is located at 4248 Cherry Pepsi Way. Brett Davis and Alexander Harrold of Matthews represented the seller, a private investor. The California-based buyer completed a 1031 exchange. The facility spans 32,100 square feet and was built in 2018, according to LoopNet.

December 21, 2022

Industrial Leasing Activity Midwest Ohio

Brooks Running Signs 598,754 SF Industrial Lease in Ashville, Ohio

by Kristin Harlow December 20, 2022

ASHVILLE, OHIO — Brooks Running has signed a 598,754-square-foot industrial lease to occupy an entire building at 10302 Transport St. within the Rickenbacker Logistics Park in Ashville, about five miles south of Columbus. The Seattle-based company, known for its running shoes, will relocate from a nearby facility in the second quarter of next year. The property features a clear height of 40 feet, 18 docks, 60 drive-in doors and parking for 117 trailers. The facility can be expanded up to 1 million square feet. Jim Hazard and Brad Struck of Cresa along with Michael Cantor of Allegro represented the tenant. Dan Wendorf and Brian Marsh of JLL represented the landlord, CT Investors. Rickenbacker Logistics Park spans 382 acres and 5 million square feet.

December 20, 2022

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