Midwest

Airshare to Move Headquarters to Aspiria Campus in Overland Park, Kansas

by Kristin Harlow April 6, 2023

OVERLAND PARK, KAN. — Airshare, a private jet operator, has unveiled plans to move its headquarters from Lenexa to the Aspiria campus in Overland Park. Airshare expects to take occupancy of its new space this summer. The company is more than doubling its square footage and anticipates a 50 percent increase in staff. Occidental Management owns Aspiria, which is the redevelopment of the former Sprint campus. Ryan Schneider of JLL represented Airshare, while Hunter Johnson represented ownership on an internal basis.

April 6, 2023

Acquisitions Midwest Ohio

Pickard Commercial Group, NAI Pleasant Valley Complete Merger

by Kristin Harlow April 6, 2023

MEDINA, OHIO — Pickard Commercial Group (PCG) and NAI Pleasant Valley (NAI PVC) have merged under the NAI Pleasant Valley name effective April 1. As a result of the merger, the newly combined company will offer a wide range of services and expertise to an expanded client base, including leasing, sales and property management. Construction and facility management services will be offered through parent company Pleasant Valley Corp. The combined company will retain the NAI PVC name and continue to operate out of its Akron office at 540 White Pond Drive and Cleveland office on Rockside Road, while maintaining a headquarters in Medina. President Alec Pacella leads NAI PVC.

April 6, 2023

Acquisitions Illinois Industrial Midwest

Brown Commercial Group Negotiates Sales of Two Industrial Buildings Totaling 48,171 SF in Suburban Chicago

by Kristin Harlow April 6, 2023

DOWNERS GROVE AND ADDISON, ILL. — Brown Commercial Group has negotiated the sales of two industrial buildings totaling 48,171 square feet in suburban Chicago for undisclosed prices. Mike Antonelli and Matt Hanson of Brown represented the sellers in both transactions, while Trinity Scurto of Brown represented the buyers. In the first transaction, Bilmar Investments LLC sold a 25,575-square-foot building in Downers Grove. The seller completed extensive renovations over the past several years. In the second deal, 330 Fay LLC sold a 22,596-square-foot building at 330 W. Fay Ave. in Addison to Absolute Electronics, which is expanding from a 7,200-square-foot space in Elk Grove Village. Absolute Electronics will occupy half of the building. The other half is leased to Air Gas, a long-term tenant.

April 6, 2023

Acquisitions Industrial Midwest Wisconsin

Founders 3 Brokers $1.6M Sale of Industrial Building in Bristol, Wisconsin

by Kristin Harlow April 6, 2023

BRISTOL, WIS. — Founders 3 Real Estate Services has brokered the $1.6 million sale of a 29,747-square-foot industrial building in Bristol, a city in Southeast Wisconsin. The property is located at 8320 193rd Ave. Paul McBride of Founders 3 represented the seller, Standex Electronics Magnetics. Newlane Management was the buyer.

April 6, 2023

Industrial Market Reports Midwest Midwest Market Reports Ohio

Diverse User Demand Buoys Columbus in Uncertain Global Market

by Kristin Harlow April 6, 2023

By Beau Taggart, Cushman & Wakefield Historically, Columbus was a steady-performing, secondary industrial market that saw minimal rent increases. Often, it was overshadowed by “big brother” cities such as Indianapolis and Chicago that were perceived as more appealing to institutional investors. After the great recession of 2008, though, Columbus began to mature economically, and the region began its meteoric rise as a leading big-box industrial market in the U.S. Located at the intersection of Interstates 70 and 71, within a day’s drive of 46 percent of the U.S. population and containing one of the only freight-only airports in the country, Rickenbacker Airport, Columbus began to attract more and more major retailers such as Zulily, Lululemon, Macy’s and Sam’s Club as well as e-commerce giant Amazon, which has opened several bulk facilities throughout the region. Additionally, three major intermodal terminals and major UPS and FedEx hubs strategically located throughout the area boosted Columbus from its secondary status to a primary inland hub on every major distributor’s radar. Like many markets, 2021 was Columbus’s most prolific year. Interest rates were at an all-time low, and users were compensating for COVID-fueled consumer demand. Asking rates grew by 14 percent and vacancy shot down …

April 6, 2023

Acquisitions Illinois Indiana Midwest Nebraska Ohio Wisconsin

Fidelis Realty Partners Acquires 1.5 MSF Portfolio of Former Sears Assets in Central US

by Kristin Harlow April 5, 2023

HOUSTON — An affiliate of Houston-based Fidelis Realty Partners has acquired an 11-property, 1.5 million-square-foot portfolio consisting of former Sears retail properties located in eight states across the central U.S. The portfolio is 90 percent leased by tenants such as Nordstrom Rack, Ulta Beauty, Total Wine, Dick’s Sporting Goods, Five Below, HomeGoods, The Dump, At Home, Ross Dress for Less, Dollar Tree and Best Buy. The properties are located in Tennessee, Wisconsin, Ohio, Illinois, Indiana, Nebraska, Texas and Arizona. Colby Mueck, Michael King, Christopher Knight and Jack Britton of JLL arranged acquisition financing on behalf of Fidelis through Symetra Life Insurance Co.

April 5, 2023

Acquisitions Midwest Minnesota Retail

JLL Brokers Sale of 357,115 SF Retail Power Center in Suburban Twin Cities

by Kristin Harlow April 5, 2023

ROSEVILLE, MINN. — JLL Capital Markets has brokered the sale of Crossroads Center of Roseville for an undisclosed price. The 357,115-square-foot retail power center is located in the Twin Cities suburb of Roseville. Built in 1985, Crossroads Center of Roseville is 97 percent leased. Some of the tenants include Best Buy, Dick’s Sporting Goods and Kohl’s. Matt Hazelton, Cory Villaume, Bill Krebsbach, Dave Monahan and Michael Nieder of JLL represented the undisclosed seller. HJ Development was the buyer.

April 5, 2023

Acquisitions Industrial Midwest Wisconsin

NAI Greywolf Arranges Sale of 36,154 SF Industrial Building in Grafton, Wisconsin

by Kristin Harlow April 5, 2023

GRAFTON, WIS. — NAI Greywolf has arranged the sale of a 36,154-square-foot industrial building in Grafton, a northern suburb of Milwaukee. The sales price was undisclosed. The property, which features both manufacturing and office space, is located at 1000 Hickory St. near Highway 60 and I-43. David Hodge of NAI Greywolf represented the undisclosed seller.

April 5, 2023

Acquisitions Illinois Industrial Midwest

Venture One Purchases 26,661 SF Industrial Property in Addison, Illinois

by Kristin Harlow April 5, 2023

ADDISON, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has purchased a 26,661-square-foot industrial property in the Chicago suburb of Addison for an undisclosed price. Constructed in 1976, the building features a clear height of 15 feet, one dock, two drive-in doors, parking for 28 cars and 3,421 square feet of office space. The property is leased to one tenant. Joe Karmin, Justin Lerner and Ross Lehrman of Transwestern 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.

April 5, 2023

Acquisitions Indiana Midwest Office

Marcus & Millichap Negotiates $1.1M Sale of Office Building in Avon, Indiana

by Kristin Harlow April 5, 2023

AVON, IND. — Marcus & Millichap has negotiated the $1.1 million sale of Avon Executive Offices, a 21,600-square-foot office building in the western Indianapolis suburb of Avon. The property is 94 percent leased by tenants such as the Hendricks County Community Foundation and the Firefighters Union. Julia Evinger of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a local private investor. The sales price represented a cap rate of 8.6 percent.

April 5, 2023

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