Midwest

CBRE Arranges JV Partnership for 627,980 SF Industrial Portfolio in Metro Minneapolis

by Kristin Harlow October 25, 2022

MINNEAPOLIS — CBRE has arranged a joint venture partnership between Capital Partners and Eagle Realty Group on a five-building industrial portfolio totaling 627,980 square feet in metro Minneapolis. Two of the newly constructed buildings are fully occupied, while the remaining three are still under construction. Judd Welliver and Bentley Smith of CBRE arranged the partnership on behalf of their client, Minneapolis-based Capital Partners. There is potential for a second phase of the partnership with an additional 550,000 square feet of development.

October 25, 2022

Acquisitions Illinois Midwest

MB Real Estate Negotiates Sale of Historic Building in Chicago’s Uptown Neighborhood

by Kristin Harlow October 25, 2022

CHICAGO — MB Real Estate (MBRE) has negotiated the sale of Preston Bradley Center in Chicago’s Uptown neighborhood for an undisclosed price. The building at 941 W. Lawrence Ave. has been listed on the National Register of Historic Places since 2000 and has served as the home of the Peoples Church of Chicago since construction was completed in 1926. The 50,000-square-foot building features a 1,300-seat auditorium, offices and community space. David Kimball and Jay Beadle of MBRE represented the seller, the Peoples Church of Chicago. James Hodur and Ben Miotti of Coldwell Banker Commercial NRT represented the buyer, real estate investor Steven Ivankovich and his brother Dr. Dan Ivankovich. The buyer plans to restore the property while maintaining its original use and character. The Peoples Church of Chicago will maintain offices within the building and continue worshipping at the property on a long-term basis.

October 25, 2022

Illinois Industrial Leasing Activity Midwest

Luxe Weavers Signs 28,436 SF Industrial Lease in Woodridge, Illinois

by Kristin Harlow October 25, 2022

WOODRIDGE, ILL. — Rug company Luxe Weavers has signed a 28,436-square-foot industrial lease at Park 355 in the Chicago suburb of Woodridge. The building, which is located at 2145 Internationale Parkway, is now fully leased. Reinier Pranger and Joshua Hearne of Cawley Chicago represented the tenant. Sean Henrick, Jason West and Ryan Klink of Cushman & Wakefield represented the undisclosed landlord.

October 25, 2022

Acquisitions Industrial Midwest Self-Storage Wisconsin

Marcus & Millichap Brokers Sale of 24,480 SF Self-Storage Facility in Kenosha, Wisconsin

by Kristin Harlow October 25, 2022

KENOSHA, WIS. — Marcus & Millichap has brokered the sale of Safe Storage Club, a 24,480-square-foot self-storage facility in Kenosha. The sales price was undisclosed. The property features 348 parking spaces. Brett Hatcher, Gabriel Coe and Nathan Coe of Marcus & Millichap represented the seller, a limited liability company. The team also secured and represented the buyer, an individual trust. The sale closed above list price.

October 25, 2022

Development Illinois Midwest Mixed-Use Multifamily Restaurant Retail Seniors Housing Top Stories

Centennial Expands Redevelopment Plans for Hawthorn Mall in Vernon Hills, Illinois

by Jeff Shaw October 25, 2022

VERNON HILLS, ILL. – Dallas-based real estate firm Centennial has revealed plans to expand on its Hawthorn 2.0 redevelopment of Hawthorn Mall, a super-regional shopping center in Vernon Hills, a northern suburb of Chicago. Built in 1973, the mall currently houses over 120 retailers. Centennial first announced the redevelopment of Hawthorn Mall in 2019, which included new retail and dining options, luxury multifamily housing and indoor/outdoor gathering spaces. The expanded plans nearly triple the new development at the property and include 162 units of seniors housing, a 25,000-square-foot grocery store and 109,000 square feet of open-air retail. The center started its redevelopment with the 2020 unveiling of Center Park, a 15,190 square-foot outdoor space in the mall’s former Center Court. Center Park features both lawn games and soft furnishings. The expanded plan calls for the relocation of 250 apartments to create a larger outdoor public plaza to increase pedestrian access to the mall and a new main entrance for the shopping center. Hawthorn 2.0 will also create more retail, restaurant and entertainment space surrounding the exterior of the Hawthorn Row integrated streetscape. “The expansion of our Hawthorn 2.0 plans enhances the original vision we had for the center as a …

October 25, 2022

Bohler Content Partner Development Features Midwest Northeast Southeast Texas Western

Prep for Success: Site Civil Engineering Design Streamlines Construction, Avoids Snags

by Sarah Daniels October 25, 2022

Can you dig it? Possibly, but site civil engineers can help determine if construction can rock on without running into rocky situations. Thorough site civil due diligence is the foundation for developing a project with minimal delays. Keeping land development projects moving forward — especially during construction — requires highly informed due diligence processes and expertise when it comes to approvals and plans. Site civil engineering design with constructability in mind can support general contractors while streamlining the overall bidding and construction process. But what are best practices when it comes to ensuring a successful project? REBusinessOnline spoke to two experts who specialize in high-quality construction documents: Benjamin Plumb, P.E. project manager, and Keith Simpson, director of engineering, work for Bohler, a land development consulting and technical design company. You Never Know What You’ll Find Before You Dig — However, These Tips Can Help Uncertainty is part of any development project, but Simpson outlines two scenarios that make up the majority of the challenges he sees: 1. Existing underground utilities that are not reflected in plans. 2. Soils that differ from what was expected from the geotechnical report. In some cases, slowdowns are unavoidable and will cause delays, but due diligence can …

October 25, 2022

Acquisitions Indiana Midwest Retail

First National Realty Partners Acquires Southern Plaza Shopping Center in Indianapolis

by Kristin Harlow October 24, 2022

INDIANAPOLIS — First National Realty Partners (FNRP) has acquired Southern Plaza in Indianapolis for an undisclosed price. A 59,500-square-foot Kroger store anchors the 268,000-square-foot shopping center. A tenant at the center since 1990, Kroger recently updated its storefront and renovated the interior. Additional tenants at the property include Ross Dress for Less, Harbor Freight, Oak Street Health, Goodwill, Rue 21, Qdoba, Cosmo Prof, BMO Bank and Sally Beauty. John May of Prodigy Real Estate Group represented the undisclosed seller.

October 24, 2022

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $11.3M Sale of Townhome Property in Plymouth, Minnesota

by Kristin Harlow October 24, 2022

PLYMOUTH, MINN. — Marcus & Millichap has brokered the $11.3 million sale of a 64-unit townhome rental property in the Twin Cities suburb of Plymouth. Built in 1995, the property is situated along 18th Avenue near Parker Lake. Abe Roberts and Scott Harris represented the buyer and seller, neither of which were disclosed.

October 24, 2022

Illinois Industrial Leasing Activity Midwest

Two Tenants Sign Lease Renewals at Industrial Property in Morton Grove, Illinois

by Kristin Harlow October 24, 2022

MORTON GROVE, ILL. — Two tenants have signed industrial lease renewals at 8220 Austin Ave. in Morton Grove, a northern suburb of Chicago. Dynamic Group, a contract cabinet manufacturer, signed a 45,000-square-foot renewal. Johnson & Quin expanded its offsite storage facility to 17,500 square feet at the property. Johnson & Quin is a large volume, personalized direct mail company that has operated in the Chicago area for 146 years. Sam Badger of CBRE represented Johnson & Quin, while Brendan Green and Patrick Turner of Colliers represented ownership, Clear Height Properties.

October 24, 2022

Acquisitions Kansas Midwest Retail

Quantum Arranges $3.5M Sale of Retail Strip Center in Lawrence, Kansas

by Kristin Harlow October 24, 2022

LAWRENCE, KAN. — Quantum Real Estate Advisors Inc. has arranged the sale of a multi-tenant retail strip center in Lawrence for $3.5 million. Jersey Mike’s, which recently signed a new 10-year lease, anchors the property, which is located at 4801 Bauer Farm Drive. Zack Hilgendorf of Quantum represented the undisclosed buyer. The property sold to a family office based in Wichita.

October 24, 2022

Newer Posts

Older Posts