Midwest

Hampton, Lenzini & Renwick Signs 15,129 SF Office Lease at Fisher Corporate Center in Elgin, Illinois

by Kristin Harlow July 28, 2023

ELGIN, ILL. — Civil engineering firm Hampton, Lenzini & Renwick has signed a 15,129-square-foot office headquarters lease at Fisher Corporate Center in Elgin. The firm will relocate its executive team and office functions from its current space at 380 Shepard Drive in Elgin once the new lease begins in September. The company will continue to use 380 Shepard Drive as a field office. Built in 1993 and located at 1707 N. Randall Road, Fisher Corporate Center rises four stories and totals 436,000 square feet. Amenities include onsite food service, a fitness center and conference center. Jonathon Connor and Steve Kling of Colliers represented the owner, John B. Sanfilippo & Son Inc. David Rogers of RVG Commercial Real Estate represented the tenant.

July 28, 2023

Development Midwest Minnesota Multifamily

Opus Opens 167-Unit Dash Downers Grove Apartment Complex in Metro Chicago

by Kristin Harlow July 27, 2023

DOWNERS GROVE, ILL. — The Opus Group has opened Dash Downers Grove, a 167-unit apartment complex in the Chicago suburb of Downers Grove. The seven-story, 259,000-square-foot building is located at 926 Maple Ave. Residents have started moving in. Amenities include work-from-home suites, a clubroom, fitness center, conference room, coffee bar, outdoor pool, pet spa, outdoor dog run and gaming areas. Monthly rents start at $1,917. As part of the development, Opus is providing 71 dedicated covered parking spaces to neighboring First Baptist Church of Downers Grove. Opus served as developer, design-builder, interior designer, architect and structural engineer. Greystar is the property manager. Opus has completed 15 projects in Downers Grove over the last 40 years.

July 27, 2023

Affordable Housing Development Illinois Midwest Multifamily

POAH Breaks Ground on Fifth City Commons Affordable Housing Development in Chicago

by Kristin Harlow July 27, 2023

CHICAGO — Preservation of Affordable Housing (POAH) has broken ground on Fifth City Commons, an affordable housing development located on a long-vacant site in the city’s East Garfield Park area. Phase I will consist of 4,300 square feet of commercial space and 43 one-, two- and three-bedroom apartment units. Completion is slated for mid-2024. The City of Chicago selected POAH for this project in 2019 as part of the C40 Reinventing Cities competition, an international competition designed to attract highly sustainable development examples to urban sites. POAH has used the time since then for extensive community outreach to ensure the final product reflects the community’s desires. The project is named for The Fifth City Human Development Project, a community development organization active in the area. Fifth City Commons, located blocks from the Chicago Transit Authority’s Green Line and the Blue Line Kedzie train stations, will be reserved for families earning 30 to 80 percent of the area median income. The three-story building part of Phase I will include community rooms, a resident terrace, fitness room, three laundry rooms and onsite management offices. Phase II will be built across the street on the north side of Fifth Avenue and is slated …

July 27, 2023

Affordable Housing Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $18.3M HUD-Insured Loan for Rehabilitation of St. Paul Affordable Housing Property

by Kristin Harlow July 27, 2023

ST. PAUL, MINN. — Colliers Mortgage has provided an $18.3 million HUD 221(d)(4) loan for the substantial rehabilitation of Sherman Forbes Housing in St. Paul. The Section 8 multifamily property features 104 one- and two-bedroom units. Amenities include onsite laundry, a playground, community patio and leasing office. In addition to the HUD-insured first mortgage, the project will utilize 4 percent Low Income Housing Tax Credits and tax-exempt bonds. Colliers Securities LLC, an affiliate of Colliers Mortgage, underwrote the bonds. The 40-year loan features a 40-year amortization schedule. Sherman Forbes Housing Partners LLC, an affiliate of Vitus Group LLC, was the borrower.

July 27, 2023

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $4M Sale of Multifamily Portfolio in Chicago

by Kristin Harlow July 27, 2023

CHICAGO — Kiser Group has brokered the sale of a four-building, 53-unit multifamily portfolio in Chicago for $4 million. Situated in the city’s Chicago Lawn neighborhood, the portfolio features seven one-bedroom units, 34 two-bedroom units, 10 three-bedroom residences, one four-bedroom apartment and one five-bedroom unit. All are fully occupied. John George and Joe Bianchi of Kiser brokered the sale. Buyer and seller information was not provided.

July 27, 2023

Leasing Activity Michigan Midwest Retail

New 48,700 SF Ashley Furniture Store to Open in Shelby Township, Michigan

by Kristin Harlow July 27, 2023

SHELBY TOWNSHIP, MICH. — The Dufresne Spencer Group LLC dba Ashley HomeStore has signed a lease for 48,700 square feet of retail space in Shelby Township, a northern suburb of Detroit. Dufresne Spencer Group is the largest Ashley Furniture licensee globally, owning and operating more than 163 Ashley retail stores, 29 distribution centers and three corporate offices. The Shelby Township store is slated to open in the fourth quarter. Brian Whitfield of Colliers Detroit represented the tenant in the lease.

July 27, 2023

Acquisitions Hospitality Midwest Minnesota Mixed-Use Office Top Stories

CBRE Arranges $225M Sale of Office Portion of RBC Gateway Tower in Minneapolis

by Katie Sloan July 27, 2023

MINNEAPOLIS — CBRE has arranged the $225 million sale of the office component of RBC Gateway Tower, a newly constructed mixed-use development located at 250 Nicollet Mall in Minneapolis. The portion acquired by San Francisco-based Spear Street Capital includes 525,000 square feet of office space, a ground-floor office lobby and 296 below-grade parking spaces. Ryan Watts, Tom Holtz, Brandon McMenomy, Steven Ward, Greg Greene and Harrison Wagenseil of CBRE represented the seller, United Properties, in the transaction. The office portion of the property was 99 percent leased at the time of sale to six tenants including RBC Capital Markets, United Properties and Pohlad Cos. The 1.2 million-square-foot tower also includes the 222-room Four Seasons Hotel Minneapolis — Minnesota’s first five-star hotel, according to CBRE — and 34 luxury Four Seasons Private Residences on the uppermost floors. Three restaurants are also on-site, including a full-service restaurant and bar, Mara, and Socca Café. “RBC Gateway Tower is a crown jewel in the Gateway District, with unmatched location and amenities,” says Watts of CBRE. “Premier properties like this offer exceptional workspaces that cater to the needs of modern employees, making them highly desirable as companies adapt to new workplace trends.” Minneapolis-based United Properties …

July 27, 2023

Content Partner Development Features Industrial Leasing Activity Lee & Associates Loans Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ Second-Quarter 2023 Economic Review by Sector

by Sarah Daniels July 27, 2023

Lee & Associates’ newly released 2023 Q2 North America Market Report outlines industrial, office, retail and multifamily outlooks trends in the United States. This sector-based review of commercial real estate trends for the second quarter of the year examines the difficulties facing each property type and where opportunities in the landscape may be emerging. Troubles with absorption dogged each sector, with the exception of retail, throughout the first half of 2023. Scheduled deliveries for industrial, office and multifamily indicate this trend will continue throughout much of the United States for the foreseeable future. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city). The summaries from each sector below provide high-level considerations of the overall outlook and challenges in the market. Industrial Overview: Industrial Growth on Track for Least Gain in Years In a reversal from the ballooning logistics capacities required during the pandemic, demand for industrial space has slowed across North America. After continuously rebuilding inventories from the fall of 2021 through the third quarter of last year, many retailers and wholesalers are taking a breather, pausing further inventory accumulation out of caution over …

July 27, 2023

Acquisitions Indiana Midwest Retail

IPA Arranges Sale of Marwood Plaza Shopping Center in Indianapolis

by Kristin Harlow July 26, 2023

INDIANAPOLIS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Marwood Plaza in Indianapolis for an undisclosed price. The Kroger-anchored shopping center totals 107,080 square feet. The property was originally developed in 1972 and completely refurbished in 2021. Kroger occupies 42 percent of the property’s gross leasable area. Bill Rose, Erin Patton, Scott Wiles and Craig Fuller of IPA represented the seller, Citivest Commercial, and procured the buyer, Core Marwood Plaza LLC. The shopping center was 93.5 percent occupied at the time of sale. Tenants include Buyer’s Market, Laundry & Tan Connection, Chase Bank, Los Patios Mexican restaurant, China One restaurant and H&R Block.

July 26, 2023

Development Illinois Industrial Midwest

Seefried Properties Breaks Ground on Two-Building Spec Industrial Development in Elgin, Illinois

by Kristin Harlow July 26, 2023

ELGIN, ILL. — Seefried Properties has broken ground on a two-building speculative industrial development in Elgin. The 465,360-square-foot project is slated for completion in the third quarter of 2024. The buildings will feature clear heights ranging from 32 to 36 feet, 185-foot-deep truck courts and 236 trailer parking spaces. The project team includes Harris Architects, FCL Builders and Spaceco as civil engineer. Jason West and Doug Pilcher of Cushman & Wakefield are marketing the project for lease.

July 26, 2023

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