Midwest

AIT Worldwide Logistics Signs 56,808 SF Lease for Global Headquarters in Itasca, Illinois

by Kristin Harlow January 30, 2023

ITASCA, ILL. — AIT Worldwide Logistics has signed a 56,808-square-foot office lease at Two Pierce Place in Itasca. The office will serve as the global headquarters for the transportation management provider, which maintains more than 100 locations worldwide, including regional headquarters in London and Hong Kong. Rob Lundin and John Norris of Newmark represented the landlord, Sovereign Partners LLC. Eric Kunkel, Steve Spinell and Darren Eades of JLL represented the tenant. Two Pierce Place rises 25 stories and totals 490,000 square feet. The property features a newly completed amenity center, including a tenant lounge, outdoor patio, putting green, bocce court, fitness center, full-service deli and conference facility.

January 30, 2023

Affordable Housing Development Midwest Minnesota Multifamily

American Legion Post 435 Proposes $67.5M Redevelopment of Headquarters in Richfield, Minnesota

by Kristin Harlow January 30, 2023

RICHFIELD, MINN. — American Legion Post 435 has proposed a $67.5 million redevelopment of its headquarters in Richfield, a southern suburb of Minneapolis. The proposed project, Veterans Village 435, would deliver 195 apartment units with priority for veteran residents. Slightly more than 20 percent of the units would be priced for those earning up to 50 percent of the area median income. The development would also house the Post’s administrative offices and a banquet facility that would double as the Post’s membership meeting space. Plans call for a privately operated restaurant and dedicated space for agencies serving the needs of veterans. The project would also include several extended-stay units for the families of veterans staying at the Minneapolis VA Medical Center. Post leadership is seeking a $10 million state funding appropriation to help pay for construction of the project. Elwyn Tinklenberg, who formerly served as the state’s commissioner of transportation, is working through his own organization, The Tinklenberg Group, with the proposed project developer, St. Louis-based JPL Development.

January 30, 2023

Development Iowa Midwest Retail

Queen Casino & Entertainment Receives Approval to Move Iowa’s Casino Queen Marquette to Land

by Kristin Harlow January 30, 2023

MARQUETTE, IOWA — The Queen Casino & Entertainment, which acquired Casino Queen Marquette in 2017, has received permission from the Iowa Racing and Gaming Commission to move the riverboat casino to land. The casino is located at 100 Anti Monopoly St., along the banks of the Mississippi River in Marquette. The commission approved the request during a hearing on Thursday, Jan. 26. The Queen Casino & Entertainment plans to move the 17,000-square-foot gambling floor ashore, including more than 400 slot machines, two blackjack tables and several other table games. As part of the remodel, the property will receive an additional 12,000 square feet to its current dockside building; an enhanced single-level gaming floor easily accessible from the main entrance with the latest in gaming technology; and new dining outposts, including a dedicated sports bar.

January 30, 2023

Acquisitions Healthcare Indiana Midwest

Marcus & Millichap Brokers $2.5M Sale of Medical Office Building in Valparaiso, Indiana

by Kristin Harlow January 30, 2023

VALPARAISO, IND. — Marcus & Millichap has brokered the $2.5 million sale of a 7,433-square-foot medical office building in Valparaiso, a city in Northwest Indiana. The newly constructed property, located at 4400 Calumet Ave., is leased to a dentist and an ophthalmology practice. Mitchell Kiven of Marcus & Millichap represented the seller, the property’s original developer. Kiven also procured the Indiana-based buyer. Dean Giannakopoulos and Frank Montalto of Marcus & Millichap Capital Corp. arranged acquisition financing on behalf of the buyer.

January 30, 2023

Indiana Leasing Activity Midwest Retail

Dollar General Renews 8,000 SF Retail Lease in Wabash, Indiana

by Kristin Harlow January 30, 2023

WABASH, IND. — Dollar General has renewed its 8,000-square-foot retail lease at 1156 Cass St. in Wabash, about 50 miles southwest of Fort Wayne. Dave Horacek, Madison Wallace and Bill Drinkall of Bradley Co. represented the landlord, A&R Indiana LLC. The representative of the tenant was not provided.

January 30, 2023

Acquisitions Industrial Midwest Southeast Top Stories

Arch Street, Brennan Sell 2 MSF Industrial Portfolio

by Taylor Williams January 30, 2023

NEW YORK CITY AND CHICAGO — A partnership between New York City-based Arch Street Capital Advisors and Chicago-based Brennan Investment Group has sold a national portfolio of 11 industrial properties totaling approximately 2 million square feet. The sales price and buyer were not disclosed. The partnership acquired the portfolio in 2017 for $100 million and implemented a value-add program. The assets are primarily located throughout major markets in the Midwest and Southeast, including Chicago; Minneapolis; Jacksonville, Fla.; and Birmingham, Ala. Arch Street and Brennan launched their partnership in 2011. Since that time, the duo of investment firms has executed seven such ventures in which it acquires, operates and disposes of a portfolio of industrial assets. The partnership will continue to primarily target single-tenant, net-leased industrial assets and/or portfolios as the cornerstone of its investment strategy. “The success of this portfolio demonstrates the unique benefits of this strategy, which provides both residual upside and consistent yield,” says Christopher Collins, vice president of asset management at Arch Street. “We continue to remain bullish on warehouse, distribution and manufacturing assets in both the U.S. and Europe.” Arch Street is a full-service real estate investment and advisory firm that specializes in advising investors on …

January 30, 2023

Illinois Industrial Midwest

Provender Partners, StepStone Real Estate Recapitalize 1 MSF Cold Storage Portfolio

by Kristin Harlow January 27, 2023

BERKELEY AND BOLINGBROOK, ILL. — Provender Partners and StepStone Real Estate (SRE), the real estate arm of private markets investment firm StepStone Group, have completed a $158 million recapitalization of a 1 million-square-foot cold storage portfolio. Provender acquired the properties over the last three years in a joint venture with an investment management firm that recently sold its interests to SRE. Two of the properties are located in the Illinois cities of Berkeley and Bolingbrook. Additional buildings are in California, Nevada and Alabama. Tenants include local and regional wholesale food logistics companies, food service providers and frozen food packagers with a remaining average lease term of approximately six years. Michael Leggett, Sher Hafeez and Josh Lieberman of JLL advised Provender on the formation of the joint venture. Brian Torp and Peter Thompson of JLL sourced the debt financing.

January 27, 2023

Illinois Loans Midwest Retail

JLL Arranges $40M Loan for Refinancing of Target-Anchored Shopping Center in Chicago

by Kristin Harlow January 27, 2023

CHICAGO — JLL Capital Markets has arranged a $40 million loan for the refinancing of Edens Collection in Chicago. The Target-anchored shopping center totals 142,740 square feet. Built in 2020, the property is 94 percent leased to tenants such as Ross Dress for Less, Starbucks, LA Fitness, Five Below, Chipotle, Smashburger, May Nail Spa and Eyecare Services Partners. Keith Largay and Christopher Knight of JLL arranged the five-year, floating-rate loan on behalf of the borrower, The Jaffe Cos. Pacific Life Insurance Co. provided the loan.

January 27, 2023

Acquisitions Hospitality Midwest Ohio

Spark GHC Acquires Hampton Inn Hotel in Downtown Cleveland

by Kristin Harlow January 27, 2023

CLEVELAND — Spark GHC, a private real estate joint venture focused on hospitality assets in the Midwest, has acquired the Hampton Inn by Hilton-Downtown Cleveland for an undisclosed price. The transaction marks the 11th acquisition for Spark GHC since 2018 and increases its assets under management to above $100 million. Spark GHC plans to significantly upgrade the 25-year-old hotel with a multi-million-dollar capital improvement plan. Spark GHC is a joint venture between Spark Hotels, a developer, acquirer and operator of Ohio-based hospitality assets, and Green Harvest Capital, an asset manager of Northeast Ohio-based multifamily assets.

January 27, 2023

Illinois Leasing Activity Midwest Office

Globetrotters Engineering Renews 23,376 SF Office Lease in Downtown Chicago

by Kristin Harlow January 27, 2023

CHICAGO — Globetrotters Engineering Corp. has renewed its 23,376-square-foot office lease at 300 South Wacker in Chicago’s central business district. The engineering firm is relocating to the building’s third and fourth floors after having previously occupied the second and fourth floors. The tenant, which has occupied space at the building since the 1980s, is also redesigning its workspace. Josh Feldman of Cushman & Wakefield represented the tenant in the 11-year lease. Sandy Macaluso of Golub represented the landlord on an internal basis. Globetrotters maintains more than 175 employees at 300 South Wacker.

January 27, 2023

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