Midwest

UPS Inks 210,600 SF Industrial Lease at Hunt Midwest Business Center in Kansas City

by Kristin Harlow December 20, 2022

KANSAS CITY, MO. — UPS Supply Chain Solutions has signed a 210,600-square-foot industrial lease at Hunt Midwest Business Center in Kansas City. An additional 268,000 square feet remain available for lease at the building, which features a clear height of 36 feet, 68 trailer parking spots and 245 car parking stalls. Owner Hunt Midwest plans to break ground on a fifth building at the industrial park in 2023. Additionally, infrastructure improvements will help facilitate the development of a new 135-acre phase of the industrial park that will accommodate buildings ranging in size from 300,000 to 1 million square feet. The improvements will also enable a new north entrance to SubTropolis, the world’s largest underground business complex. Austin Baier and Mike Mitchelson of CBRE represented Hunt Midwest in the lease with UPS.

December 20, 2022

Leasing Activity Midwest Ohio Retail

Easton Town Center in Columbus Welcomes 10 New Retailers, Restaurants

by Kristin Harlow December 20, 2022

COLUMBUS, OHIO — Shopping destination Easton Town Center has welcomed 10 new retailers and restaurants. Co-developed by L Brands, The Georgetown Co. and Steiner + Associates, Easton Town Center was recently expanded to include an additional 140,000 square feet of entertainment and retail space as well as 125,000 square feet of office space. Here are the highlights of the 10 new tenants: Parachute is a home décor company that operates more than 20 retail stores nationwide. Easton is the first Ohio store for the brand. Amazon Style has opened its second store in the U.S. following its first in Los Angeles. Shoppers can utilize the Amazon Shopping app during their in-store experience. FREEBIRD is a luxury handmade footwear brand known for its boots. This is the first store in Ohio for the brand. Bridal store Vow’d has also opened its first location in Ohio. Garage sells women’s apparel, particularly denim and cargo bottoms. Clean Origin, which exclusively sells lab-grown diamonds, has opened its first store in Ohio. Dos Hermanos has opened its first standalone location in Columbus. The Mexican restaurant also offers cooking classes. Pacas has opened its first brick-and-mortar location. The company sells alpaca fleece socks as well as …

December 20, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $2.7M Sale of Apartment Building on Chicago’s West Side

by Kristin Harlow December 20, 2022

CHICAGO — Interra Realty has brokered the sale of a 35-unit apartment building in Chicago’s Austin neighborhood for $2.7 million. Built in the late 1920s, the property is located at 5550 W. North Ave. and features a mix of one- and two-bedroom units as well as ground-floor retail space. The building has undergone renovations within the past 10 years. Lucas Fryman, Ted Stratman and Sam Gutierrez of Interra represented the seller, New York-based real estate investment group Raskin Risers. The group also represented the buyer, a local real estate investor and manager that plans to make modest upgrades to the property.

December 20, 2022

Kansas Leasing Activity Midwest Retail

Goldfish Swim School, Blush Bootcamp Open at Lenexa Point Shopping Center in Kansas

by Kristin Harlow December 20, 2022

LENEXA, KAN. — Goldfish Swim School and Blush Bootcamp have opened at the Lenexa Point shopping center in Lenexa. Goldfish Swim School, which occupies 9,081 square feet, is an indoor swim instruction facility for children ages 4 months old to 12 years. The Lenexa location is the second in the Kansas City market for Goldfish Swim School, which operates more than 175 locations in North America. Blush Bootcamp occupies 4,928 square feet and is a women-only fitness center owned by Brian and Rita Haaraoja. This location is one of 25 in eight different states. An additional 13 sites are scheduled to open soon. Goldfish Swim School and Blush Bootcamp join Sprouts and Urban Air Adventure Park at the now fully leased shopping center owned by Copaken Brooks.

December 20, 2022

Illinois Leasing Activity Midwest Office

BMO Financial Group Consolidates Headquarters in Downtown Chicago

by Kristin Harlow December 19, 2022

CHICAGO — BMO Financial Group has consolidated offices from three buildings into a new headquarters at 320 South Canal in downtown Chicago. IA Interior Architects is designing BMO’s 500,000-square-foot space. Phase I of the project, which wrapped up this year, encompasses 250,000 square feet across floors 11 through 17 as well as ground-floor retail banking space. Phase II of the project, which is slated for completion in 2024, encompasses 250,000 square feet on floors four through 10. The 16th floor is an executive area equipped with a conference room and meeting room. On the 17th floor, employees have access to a flexible conference center, café, lounge and open terrace. Recently developed by Riverside Investment & Development and Convexity Properties, 320 South Canal rises 51 stories.

December 19, 2022

Affordable Housing Loans Midwest Multifamily Wisconsin

Associated Bank Structures $14.1M in Construction Financing for Affordable Housing Development in Madison

by Kristin Harlow December 19, 2022

MADISON, WIS. — Associated Bank has structured $14.1 million in construction financing for The Shield Apartments, a 44-unit affordable housing development in Madison. The financing includes a $6.9 million construction loan and $7.2 million in Low-Income Housing Tax Credit equity. The Salvation Army is the developer. The project will include 16 studio and 28 one-bedroom units for residents earning 30 to 60 percent of the area median income. Twenty-two of the units will be set aside for survivors of domestic violence and 11 will be designated for persons prone to homelessness. Amenities will include an onsite leasing office, community room and offices for supportive services. The project is part of the Salvation Army’s goal of transforming its existing Madison building from a standalone shelter for women and families into a multi-building campus that offers affordable housing and community support services. Teresa Rubio and Stefanie Bachrach of Associated Community Development LLC managed the loan and equity closings.

December 19, 2022

Acquisitions Midwest Missouri Retail

Newmark Arranges Sale of 92,613 SF Retail Building in Jefferson City, Missouri

by Kristin Harlow December 19, 2022

JEFFERSON CITY, MO. — Newmark has arranged the sale of a 92,613-square-foot retail building net leased to Orscheln Farm & Home in Jefferson City. The sales price was undisclosed, but the asking price of $6.7 million represented a cap rate of 5.5 percent. Matt Berres, Samer Khalil, Karick Brown, Michael VanBuskirk and Chris Robertson of Newmark represented the seller, a private developer, and procured the undisclosed buyer. Orscheln Farm & Home took occupancy of the property in 2017 and signed a new 15-year lease in 2021. The retailer operates 175 stores in 11 states.

December 19, 2022

Acquisitions Industrial Michigan Midwest

Dominion Brokers Sale of 8,870 SF Industrial Building in Troy, Michigan

by Kristin Harlow December 19, 2022

TROY, MICH. — Dominion Real Estate Advisors has brokered the sale of an 8,870-square-foot industrial building located at 1237 E. 14 Mile Road in Troy for an undisclosed price. Barry Landau and Eric Banks of Dominion represented the long-time owner, Expert Collision. Matt Cole of L. Mason Capitani/CORFAC International represented the buyer, S.C. Warren Auto & Glass Inc., which will continue to use the building as an automotive paint and repair shop.

December 19, 2022

Illinois Leasing Activity Lee & Associates Midwest Retail

NAPA Auto Parts Signs 6,310 SF Retail Lease in Joliet, Illinois

by Kristin Harlow December 19, 2022

JOLIET, ILL. — NAPA Auto Parts has signed a 6,310-square-foot retail lease at the Caton Farm Plaza shopping center in Joliet. The property is situated along Illinois Route 59. Michael Petrik and Rick Scardino of Lee & Associates represented the landlord, Dreamspace Properties. Sean McCourt of CBRE represented the tenant.

December 19, 2022

Development Illinois Midwest Restaurant Retail

Structured Development, Burnt City Brewing Open District Brew Yards in Suburban Chicago

by Kristin Harlow December 16, 2022

WHEELING, ILL. — Structured Development and Burnt City Brewing have opened a second District Brew Yards location at 700 N. Milwaukee Ave. in the Chicago suburb of Wheeling. Occupying the former Ram Restaurant & Brewery, which shuttered in 2019, the 11,668-square-foot space features five breweries: Burnt City Brewing, Around the Bend Beer Co., Casa Humilde Cerveceria, Twisted Hippo Brewing and Histrionic Brewlab. Guests can sample a range of beers and are charged by the ounce with a cashless system. Guests can also enjoy barbecue from Lillie’s Q, fried chicken and fish from Salt & Scratch and Mexican cuisine from Chicano Taqueria. The first District Brew Yards location opened in Chicago’s West Town neighborhood in 2019. The Wheeling location features a taproom with communal tables, bottle shop and outdoor beer garden that seats more than 100 people.

December 16, 2022

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