Midwest

WAUWATOSA, WIS. — M&R Development has opened 2929 on Mayfair, a 258-unit luxury apartment complex in the Milwaukee suburb of Wauwatosa. M&R co-developed the project with Campbell Capital Group. RMK Management is the property manager. Located at 2929 N. Mayfair Road, the property is just down the street from The Mayfair Collection, a 69-acre mixed-use development. Illinois-based M&R has now opened three apartment communities in Wisconsin in the last three years. Units at 2929 on Mayfair range from 453 to 1,282 square feet. Monthly rents range from $1,250 to $2,610. A three-story clubhouse is at the center of the community with an adjoining courtyard and outdoor pool. The shared spaces include an entertainment kitchen, coffee bar, lounge, fitness center, yoga room, business center with private conference rooms and workstations, a pet washing station and package room. There is also a three-level parking garage with car wash and electric vehicle charging stations.

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GREENFIELD, IND. — CBRE has brokered the $13.4 million sale of Building 4 within Mount Comfort Logistics Center in Greenfield, an eastern suburb of Indianapolis. The building totals 120,336 square feet and is a build-to-suit warehouse for U.S. AutoForce, a wholesale automotive tires, parts and lubricants distributor. Built in 2021, the property features a clear height of 30 feet, 22 dock doors, two drive-in doors and ample car and trailer parking. Kevin Foley and Jared Scaringe of CBRE Investment Properties represented the seller, Ambrose Property Group. Gary Stache, Chris Martin and Bill Maher of CBRE Investment Properties represented the private California-based buyer, which completed a 1031 exchange.

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KANSAS CITY, KAN. — Iconex, a provider of label solutions and paper receipts, has renewed its 88,461-square-foot industrial lease at Cambridge Business Park in Kansas City. Copaken Brooks owns Cambridge Business Park, which totals 13 buildings and 464,521 square feet of light industrial and office space. There are more than 45 long-standing tenants at the property. Iconex has been a tenant since 2007. Its new lease goes through 2030. John Stafford of Colliers represented Iconex, while Jeremiah Dean represented Copaken Brooks on an internal basis.

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By David Berglund, JLL The Minneapolis-St. Paul industrial real estate market continues to show strength as tenant demand and leasing activity keep vacancies low and absorption steady. In the second quarter of 2023, there were more than 4 million square feet of leasing and 523,641 square feet of net absorption, which pushed vacancy rates down slightly to 3.6 percent.  In addition, roughly 800,000 square feet of speculative development was removed from the market. Currently, there is just 2.7 square foot of available space for every square foot of tenant demand. Year-to-date absorption was nearly 2 million square feet, led by the Northwest submarket with nearly 1.3 million square feet of that total since January. The Northwest submarket has been leading in absorption in four of the past six quarters. Asking rents increased to $6.21 per square foot and first-year rents continued to climb to $9.13 per square foot, reflecting an 11.5 percent growth over 2022. With very low vacancy and limited supply coming, we are continuing to see favorable conditions for landlords in the Twin Cites industrial market. New high-water marks for rents will likely continue into 2024. Investment sales, however, tapered off significantly as the impact of several incremental …

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SHAWNEE, KAN. — Standard Motor Products has leased Building II at Hunt Midwest’s Heartland Logistics Park in Shawnee. The global manufacturer and distributor of premium automotive parts will relocate from Edwardsville, Kan., to the 574,732-square-foot facility. The new space provides the tenant with 200,000 more square feet than its current footprint. The 113-acre Heartland Logistics Park will support more than 1 million square feet of industrial space. Plans call for a third building totaling 846,450 square feet and a fourth building spanning 187,200 square feet. The project team for Building II included Renaissance Infrastructure Consulting for civil engineering, Finkle + Williams Architecture for building design and Brinkmann Constructors as the general contractor. Louis Pascuzzi and Mark Long of Newmark Zimmer represented Standard Motor Products in the lease. Ed Elder and John Stafford of Colliers are handling leasing of the park.

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PARK HILLS, MO. — An affiliate of Phoenix Investors has acquired a 515,913-square-foot industrial facility at 1000 Taylor Ave. in Park Hills, about 65 miles south of St. Louis. The property was constructed in 1976 and received additions and upgrades in 2018. The building features 18 docks, 16 overhead drive-in doors and clear heights up to 40 feet. The facility was formerly inhabited by PGP Glass USA Inc. (PGP) and owned by Piramal Glass, an Indian company owned by Blackstone Capital. Once the city’s largest employer, PGP closed in March 2022. The purchase price was undisclosed.

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AURORA, ILL. — Meridian Design Build has completed construction of a 392,973-square-foot speculative industrial project on behalf of developer Logistics Property Co. in Aurora. The building features a clear height of 36 feet, 56 loading docks, two drive-in doors, 403 auto parking stalls and 26 exterior trailer parking stalls. An undisclosed tenant leased the entire building prior to completion. NAI Hiffman marketed the building for lease. The project team included Partners in Design Architects and civil engineer Webster McGrath & Ahlberg.

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WAUKESHA, WIS. — Marcus & Millichap has brokered the $14.9 million sale of a 112,010-square-foot shopping center in Waukesha, a western suburb of Milwaukee. Sendek’s Grocery Store anchors the property, which is also home to Walgreens, McDonald’s and Cost Cutters. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a limited liability company. The team also procured and represented the buyer, a Michigan-based limited liability company.

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CHICAGO — Maverick Commercial Mortgage Inc. has arranged a first mortgage loan totaling $7.5 million for a multi-tenant industrial building located at 1120 E. 89th St. in Chicago. The property is fully leased to two tenants, Chicago Transit Authority and SCR Transportation. The borrower was 1788 Holdings LLC, a Maryland-based real estate investment firm specializing in purchasing and repositioning older light industrial properties and industrial outdoor storage properties. A regional bank provided the five-year loan, which will be swapped at closing to provide a competitive five-year, fixed-rate loan. A portion of the loan proceeds will be used for capital improvements to the property post-closing.

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EDINA, MINN. — JLL Capital Markets has brokered the $74.7 million sale of Millennium Edina, a 227-unit apartment complex in the Minneapolis suburb of Edina. Completed in 2021, the property features studio, one-, two- and three-bedroom units averaging 905 square feet. Amenities include a green roof, yoga studio, game room, golf simulator, movie theater, fitness center, sunset terrace, outdoor pool and coworking spaces. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Devon Dvorak of JLL represented the seller, a joint venture between Dakota Pacific Real Estate and Landmark Cos. The team also procured the buyer, a private investor. Brock Yaffe led the JLL capital markets debt advisory team that originated acquisition financing through Fannie Mae.

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