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AcquisitionsIllinoisMidwestRetail

Mid-America Brokers Sale of Mattoon Marketplace Shopping Center in Southern Illinois

by Kristin Harlow

MATTOON, ILL. — Mid-America Real Estate Corp. has brokered the sale of Mattoon Marketplace, a community shopping center located in the southern Illinois city of Mattoon. The sales price was undisclosed. The property is 98 percent leased to tenants such as PetSmart, Dollar Tree, Cato, Hibbett Sporting Goods, Aspen Dental, Buffalo Wild Wings, Verizon and Shoe Sensation. Rick Drogosz and Emily Gadomski of Mid-America represented the seller, United American Properties. Chase Properties was the buyer.

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DevelopmentIllinoisIndustrialMidwest

Principle Construction Begins Tenant Improvements for Industrial Dry-Cleaning Facility in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — Principle Construction Corp. has begun tenant improvements for a 282,588-square-foot building located at 2000 Deerpath Road in Aurora. The tenant, Tailored Brands, owns brands such as Men’s Wearhouse, Jos. A. Bank and family retailer K&G Fashion Superstore. The Aurora facility will support the company’s clothing rental business, including infrastructure for dry cleaning, laundry, repair and storage of tuxedos and other formalwear. Principle will add a 13,491-square-foot boiler and dry-cleaning room with a dedicated structural pipe support mezzanine. The team is also installing 20 new 25-ton rooftop air conditioning units, 14 interlocking exhaust fans and 29 docks. Partners in Design is the project architect. Completion is slated for February 2024.

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IllinoisLeasing ActivityMidwestRetail

GoodVets to Open 2,656 SF Location at Optima Lakeview Apartments in Chicago

by Kristin Harlow

CHICAGO — GoodVets, a Chicago-based full-service veterinary care provider, has leased ground-floor retail space at Optima Lakeview, a 198-unit luxury apartment community in Chicago’s Lakeview neighborhood. The tenant is scheduled to open the 2,656-square-foot location in December. GoodVets offers a comprehensive range of veterinary services, including preventive care, surgery, dentistry and wellness programs. The Lakeview location represents the sixth Chicago-area office for GoodVets and its second within an Optima Inc. apartment building. Designed by David Hovey Sr. and completed in 2022, Optima Lakeview occupies the site of a shuttered Treasure Island Foods grocery store.

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IndustrialMarket ReportsMidwestMidwest Market ReportsMissouri

National, Regional Developers Eye St. Louis Industrial Market

by Kristin Harlow

By Mary Lamie, Bi-State Development The industrial real estate market continues to show its strength in the St. Louis region as new investments by industrial developers hold steady.  Coming off a record year in 2022, with more than 7 million square feet of completions entering the market and 6.5 million square feet absorbed, the region’s new construction has leveled off a bit, with 1.1 million square feet of industrial space delivered so far in 2023 and 3.6 million square feet of space still under construction, according to the latest numbers from Colliers. Speculative construction rates remain high, with 65 percent of construction since 2019 being speculative builds. This growth in industrial construction is being fueled by national and regional developers who believe St. Louis has the industrial activity levels needed to drive construction investments. Data included in the “St. Louis Regional Industrial Real Estate Market Indicators & Workforce Report,” released by the St. Louis Regional Freightway in May, shows the St.Louis region now has 182 million square feet of space available.  According to the report, the region offers the largest amount of manufacturing space available on the market compared to other Midwestern cities, along with one of the lowest triple …

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DevelopmentIllinoisIndustrialMidwest

Peak Construction Underway on 219,041 SF Spec Warehouse in Joliet, Illinois

by Kristin Harlow

JOLIET, ILL. — Peak Construction Corp. is underway on Rock Run Crossing 2 within Rock Run Crossings Business Park in Joliet. The 219,041-square-foot speculative warehouse will feature a clear height of 36 feet, 24 dock doors, two drive-in doors, parking for 209 cars, 63 trailer parking stalls and 2,000 square feet of office space. Completion is slated for the end of the year. The project team includes architect Ware Malcomb, civil engineer Jacob & Hefner Associates Inc. and developer IDI Logistics.

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AcquisitionsIllinoisIndustrialMidwest

Clear Height Properties, Harbert Acquire 103,686 SF Industrial Property in Park City, Illinois

by Kristin Harlow

PARK CITY, ILL. — A joint venture between Clear Height Properties and Harbert US Real Estate has acquired an industrial property located at 700-750 Chestnut Ave. in Park City, a far north suburb of Chicago. The purchase price was undisclosed. The property consists of two buildings totaling 103,686 square feet that are leased to Reyes Coca-Cola Bottling. In addition to the two buildings, the property also features gated outside parking and storage for semi-truck cabs, semi-truck trailers and fleet delivery vehicles. Paige Gunn of Stream Realty Partners represented the buyer. Jason Lev, John Suerth and Jimmy Kowalczyk of CBRE have been retained for leasing.

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DevelopmentIllinoisIndustrialMidwestOffice

Summit Breaks Ground on Farm Foundation’s Innovation, Education Center in Suburban Chicago

by Kristin Harlow

LIBERTYVILLE, ILL. — Summit Design + Build has broken ground on Farm Foundation’s Innovation and Education Center located on the Casey family farm in Libertyville. The nonprofit will occupy a 4,000-square-foot educational barn on a 14-acre site. The project will be home to a media room, demonstration kitchen and office space. There will also be various educational programs aimed to address the critical issues shaping the future of agriculture and food systems. Kahler Slater is the architect, and JLL is the property manager.

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AcquisitionsHospitalityMidwestMinnesota

Marcus & Millichap Brokers Sale of 58-Room Hotel in Baxter, Minnesota

by Kristin Harlow

BAXTER, MINN. — Marcus & Millichap has brokered the sale of the AmericInn Baxter Brainerd, a 58-room hotel in Baxter, a city in central Minnesota. The sales price was undisclosed. Built in 1973, the property is located at 7836 Fairview Road. The hotel was rebranded to AmericInn in 2017. Jake Erickson, Joseph Ferguson, Jared Plamann and Jon Ruzicka of Marcus & Millichap represented the seller. Erickson procured the buyer, which plans to refresh and renovate the property.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Buys 37,601 SF Industrial Building in Elmhurst, Illinois

by Kristin Harlow

ELMHURST, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 37,601-square-foot industrial building in Elmhurst for an undisclosed price. The acquisition was structured as a sale-leaseback. Built in 1969, the property features a clear height of 18 feet, two docks, two drive-in doors and parking for 45 cars. Ted Gates and David Prell of CBRE represented the undisclosed seller. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group. The fund targets industrial acquisitions in the Chicago, Northeast and Florida markets.

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AcquisitionsMidwestMinnesotaMultifamily

Weidner Acquires 253-Unit Apartment Tower in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Weidner has acquired The Nic on Fifth, a 253-unit apartment tower in Minneapolis. The property is located at 465 Nicollet Mall near the Nicollet Mall Station and provides direct access to the Minneapolis Skyway System. The 26-story building features amenities such as a community gourmet kitchen, pool, Zen garden, outdoor kitchen, spa, indoor pickleball court, yoga studio, fitness center and 25,404 square feet of commercial space. Abe Appert, Keith Collins and Ted Abramson of CBRE represented the seller, AEW Capital Management. The sales price was undisclosed.

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