Midwest

Cawley Chicago Brokers Sale of 49,418 SF Office Building in Tinley Park, Illinois Slated for Industrial Use

by Kristin Harlow January 19, 2023

TINLEY PARK, ILL. — Cawley Chicago has brokered the sale of a 49,418-square-foot office building in the Chicago suburb of Tinley Park for an undisclosed price. Rawly Lantz and Justin Harris of Cawley Chicago represented the seller, a private local investor, and marketed the property for industrial reuse. The single-story property, built in 2001 and located at 18410 Crossing Drive, features 218 parking spaces and a clear height of 18 feet. Ted Gates of CBRE represented the buyer, a multi-national laboratory group.

January 19, 2023

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges Sale of 12,000 SF Retail Strip Center in Springfield, Illinois

by Kristin Harlow January 19, 2023

SPRINGFIELD, ILL. — Marcus & Millichap has arranged the sale of a 12,000-square-foot retail strip center in Springfield for an undisclosed price. FedEx Office and Verizon are the anchor tenants at the fully leased property, which is located at 3422 Freedom Drive. Brian Parmacek of Marcus & Millichap represented the seller, Chicago-based Tartan Realty Group Inc. Buyer information was not provided.

January 19, 2023

Affordable Housing Development Illinois Midwest Multifamily Top Stories

Related Midwest Underway on 43-Story Multifamily Tower in Chicago’s Fulton Market District

by Katie Sloan January 19, 2023

CHICAGO — Related Midwest has released detailed plans for The Row Fulton Market, a 43-story multifamily development currently underway at 164 N. Peoria St. in Chicago’s Fulton Market district. The community will offer 300 units in one-, two- and three-bedroom configurations upon completion, currently scheduled for this June. Standard units will range in size from 617 to 1,929 square feet. The community is also set to offer six premium penthouse residences, which will range in size from 2,358 to 3,418 square feet in three- and four-bedroom configurations. Shared amenities at the development will include a fitness center and yoga studio; children’s play suite; reservable entertainment suite with an adjacent terrace including an outdoor kitchen with seating; multiple lounge and co-working spaces; a lap pool with lounge seating; three outdoor kitchens with dining and seating areas; green space with hammocks; and two fire pits offering views of the Chicago skyline. The property will offer a 24-hour concierge and door attendant, alongside services such as move-in coordination, housekeeping, package storage, on-site dry cleaning, and walking, grooming and daycare services for pets. The community will also feature 146 parking spaces, including 12 electric vehicle charging stations and complimentary bike storage. The property will …

January 19, 2023

Market Reports Midwest Midwest Market Reports Missouri Office

In St. Louis’ Post-Pandemic Office Market, Quality Is Key

by Kristin Harlow January 19, 2023

By Artie Kerckhoff and Joshua Allen, CBRE For businesses, the conversation around the return to office has shifted. Most companies find themselves considering how to entice workers back instead of when to call them back. It’s an interesting dynamic, born out of stopgap remote-working policies and catalyzed by an employee’s market. Where does this leave the St. Louis office market? The metro’s overall office vacancy rate remained steady at 12.9 percent at the end of the third quarter. Yet, leasing velocity has shown significant improvement with leases signed at newly constructed buildings like Forsyth Pointe & Commerce Tower in Clayton and Edge@West in Creve Coeur. In addition, a handful of tenants have signed new leases at existing prime Class A, amenity-rich buildings such as Centene Plaza C Building, The Plaza in Clayton and Shaw Park Plaza. The reason for this uptick is a trend that’s playing out in St. Louis and across the country: an overall flight to quality. Prime at a premium At the onset of the pandemic, office users signed short-term extensions and took a wait-and-see approach to get through the immediate crisis. Now, as those extensions expire, they’re migrating to prime Class A office space with collaborative, …

January 19, 2023

Development Illinois Midwest Office

Skender Completes Renovation of 31-Story Office Tower in Chicago

by Kristin Harlow January 18, 2023

CHICAGO — Skender has completed a renovation of 225 W. Wacker Drive, a 31-story office tower totaling 651,000 square feet in Chicago’s West Loop. San Francisco-based Spear Street Capital owns the building. Valerio Dewalt Train served as architect and Kohn Pedersen Fox Associates was the designer. Skender began the process of renovating the building’s lower lobby and Franklin Street entrance, fourth-floor amenity space and roof deck in summer 2021. Connected to the fourth-floor interior space is a completely redesigned open-air terrace with gardens. Cushman & Wakefield served as manager and owner’s representative on the project. OvS served as landscape architect for the terrace.

January 18, 2023

Kansas Leasing Activity Midwest Office

Hill’s Pet Nutrition Relocates Headquarters to Aspiria Campus in Overland Park, Kansas

by Kristin Harlow January 18, 2023

OVERLAND PARK, KAN. — Hill’s Pet Nutrition has unveiled plans to relocate its global and U.S. headquarters to the Aspiria campus in Overland Park. The company is currently based in Topeka and will continue to invest in its science, technology and manufacturing hubs in Topeka. Hill’s expects to move offices in the fourth quarter of this year and will occupy roughly 100,000 square feet. Occidental Management owns Aspiria, which is the redevelopment of the former Sprint campus.

January 18, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $13M Sale of Multifamily Property in Suburban Chicago

by Kristin Harlow January 18, 2023

OAK LAWN, ILL. — Interra Realty has brokered the $13 million sale of reVerb Oak Lawn, an 84-unit multifamily property in the Chicago suburb of Oak Lawn. Located on South Harlem Avenue, the community was originally built in 1971 and renovated in 2017. The property was 97 percent occupied at the time of sale. Joe Smazal, Patrick Kennelly and Paul Waterloo of Interra represented the private seller and the undisclosed buyer.

January 18, 2023

Acquisitions Industrial Michigan Midwest

DealPoint Merrill Acquires 95,000 SF Industrial Facility in Redford, Michigan

by Kristin Harlow January 18, 2023

REDFORD, MICH. — DealPoint Merrill has acquired a 95,000-square-foot industrial facility in Redford, a western suburb of Detroit. The purchase price and seller were undisclosed. DealPoint Merrill plans a $9 million renovation that is expected to commence this quarter. David Frank and Sterling McGregor of DealPoint Merrill negotiated the transaction and handled the due diligence for the sale, respectively. Jason Limbert and Tyler Bendicksen of DealPoint Merrill completed the acquisition and underwriting, while Dave Rumsey of DealPoint Merrill’s capital markets division assisted with the equity-backed securities. Anthony Pellegrino III of P.A. Commercial represented the seller.

January 18, 2023

Loans Midwest Nebraska Northmarq Retail

Northmarq Arranges $5.3M Loan for Refinancing of Retail Strip Center in Omaha

by Kristin Harlow January 18, 2023

OMAHA, NEB. — Northmarq has arranged a $5.3 million loan for the refinancing of Clocktower Village in Omaha. The retail strip center spans 44,000 square feet and is located at 605 N. 98th St. John Reed of Northmarq arranged the fixed-rate loan, which features a 10-year term and a 25-year amortization schedule. A local credit union provided the loan.

January 18, 2023

Acquisitions Midwest Missouri Multifamily Northmarq

Northmarq Brokers $23.8M Sale of Apartment Complex in Kansas City

by Kristin Harlow January 17, 2023

KANSAS CITY, MO. — Northmarq has brokered the sale of Province at Briarcliff in Kansas City for $23.8 million. The 120-unit multifamily property, built in 2002, is located at 1282 Northwest Vivion Road within the Briarcliff West neighborhood. Amenities include a business center, clubhouse, fitness center, pool and sundeck. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, Forum Real Estate Group, and the buyer, Peak Capital Partners.

January 17, 2023

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