Midwest

Transwestern Negotiates Three Office Leases Totaling 45,242 SF at SPS Tower in Minneapolis

by Kristin Harlow March 31, 2023

MINNEAPOLIS — Transwestern Real Estate Services has negotiated three office leases totaling 45,242 square feet at SPS Tower in Minneapolis. Jim Montez and Reed Christianson of Transwestern represented the owner, Sumitomo, in the transactions. Kinney & Lange signed a 10-year lease for 13,000 square feet. The intellectual property law firm previously operated out of the Third & Third building. Jaclyn May and Paul Donovan of Cushman & Wakefield represented the tenant. Mercer, an international insurance consulting firm, extended its 24,242-square-foot lease for two years. The firm has been a tenant in the building since 2013. Kevin Salmen of Transwestern represented Mercer. Navitaire, an e-commerce platform for airlines and rail systems, signed a five-year lease for 8,000 square feet. Bruce Schuman of Savills represented the company. SPS Tower is a 31-story office building that totals 655,070 square feet. The property features the Turf Club, the largest green space in the central business district of Minneapolis that hosts special events, lawn games, happy hours and live music. Additional amenities include concierge services, a fitness center, conferencing center and onsite parking. The building is currently 90 percent leased.

March 31, 2023

Build-to-Rent Development Midwest Single-Family Rental Wisconsin

Heyday Begins Pre-Leasing for 170-Unit Build-to-Rent Community in Sun Prairie, Wisconsin

by Kristin Harlow March 31, 2023

SUN PRAIRIE, WIS. — Heyday has launched pre-leasing efforts for Heyday Sun Prairie, a 170-unit build-to-rent community in the Madison suburb of Sun Prairie. Completion is slated for later this spring or early summer. The 41-acre, pet-friendly community features activated open spaces and walking paths. Each of the single-family attached rental homes features ample storage, private patios, high-speed electric vehicle charging outlets in garages, multipurpose rooms and built-in desks. Daniel Management Group will serve as the property manager. Heyday has additional projects planned in Wisconsin, such as a 130-unit built-to-rent community in Oak Creek that is slated to open in late 2024.

March 31, 2023

Development Leasing Activity Midwest Missouri Office

KNOWiNK Opens New 16,000 SF Office Headquarters in Creve Coeur, Missouri

by Kristin Harlow March 31, 2023

CREVE COEUR, MO. — Election technology firm KNOWiNK has opened its new office headquarters in the St. Louis suburb of Creve Coeur. The office project was a renovation of the former American Heart Association building at 460 N. Lindbergh Blvd. KNOWiNK employs 154 people, with 60 employees based in St. Louis. The company’s national voting technology currently serves more than 1,700 election jurisdictions in 36 states and Washington, D.C., accounting for more than 50 percent of registered voters in the U.S. Designed by Remiger Design and built by ISC Contracting, the two-story headquarters features a collaborative open office space. The main level features private offices and huddle rooms, as well as space for sales and marketing, product development, quality control and client training. The lower level includes a game room, break room, town hall gathering space for company-wide meetings, a professional services and customer support office and a small warehouse. There is also an outdoor deck for company functions. The new office is triple the size of KNOWiNK’s existing office in St. Louis.

March 31, 2023

Acquisitions Kansas Midwest Retail

FunCity Adventure Park Buys Former Sports Authority Building in Wichita

by Kristin Harlow March 31, 2023

WICHITA, KAN. — FunCity Adventure Park has purchased a 52,259-square-foot building formerly home to a Sports Authority store in North Wichita for an undisclosed price. The property is located at 6959 E. 21st St. FunCity, an indoor adventure park operator, maintains 18 locations and several sites under construction across the country. FunCity is actively seeking to acquire or lease vacant retail buildings. By this summer, the company expects to have 25 locations open and operating. Don Mace of KeyPoint Partners advised FunCity on the acquisition in Wichita.

March 31, 2023

Indiana Leasing Activity Midwest Retail

At Home Opens New Store in Fort Wayne, Indiana

by Kristin Harlow March 31, 2023

FORT WAYNE, IND. — Home décor retailer At Home is opening a new store at 4120 Illinois Road in Fort Wayne. A ribbon-cutting ceremony will take place Tuesday, April 4. Dallas-based At Home now operates 262 stores in 40 states. At Home sells a variety of merchandise such as furniture, mirrors, rugs and seasonal décor with collections from designers such as Laila Ali, Tracey Boyd, Willow Crossley, Grace Mitchell and Ty Pennington.

March 31, 2023

Development Leasing Activity Midwest Minnesota Retail

Dick’s Sporting Goods to Open at Rosedale Center in Roseville, Minnesota

by Kristin Harlow March 30, 2023

ROSEVILLE, MINN. — Dick’s Sporting Goods has signed a lease to open a new store at Rosedale Center, a 1.1 million-square-foot shopping center in Roseville, a suburb of the Twin Cities. The retailer will occupy a new building at the parcel formerly home to Herberger’s. Construction of the new store has begun, with completion slated for late 2024. JLL’s retail development partner, Poag Development Group, is overseeing construction management. Holly Rome of JLL leads the leasing efforts for Rosedale Center and secured the lease with Dick’s. Recent tenant additions at Rosedale Center include Aspen Dental, PNC Bank, Caribou Coffee, Raising Cane’s, Shake Shack and Panera Bread.

March 30, 2023

Illinois Leasing Activity Midwest Office

CBRE Negotiates Office Headquarters Lease for Chicago Red Stars Soccer Club

by Kristin Harlow March 30, 2023

CHICAGO — CBRE has negotiated a new office headquarters lease on behalf of the Chicago Red Stars of the National Women’s Soccer League. The tenant will occupy 10,417 square feet at 820 W. Jackson in Chicago’s West Loop neighborhood. The team’s new office space features a front office, offices for leadership, conference areas and common areas. Bill Sheehy and Rachel Galindez of CBRE represented the Chicago Red Stars. The landlord was undisclosed.

March 30, 2023

Affordable Housing Indiana Loans Midwest Multifamily

JLL Provides $18.2M Acquisition Loan for Affordable Housing Community in Lafayette, Indiana

by Kristin Harlow March 30, 2023

LAFAYETTE, IND. — JLL Capital Markets has provided an $18.2 million Freddie Mac loan for the acquisition of Cambridge Estates, a 358-unit affordable housing community in Lafayette. About 41 percent of the units are covered by a long-term, project-based Section 8 Housing Assistance Payments contract. Constructed between 1973 and 1977, Cambridge Estates includes 40 buildings and is located at 3605 Brandywine Court. Brock Yaffe, Tony Nargi and Nelson Almond of JLL originated the fixed-rate loan on behalf of the borrower, Brikwell.

March 30, 2023

Illinois Industrial Leasing Activity Midwest

O2C Brands Signs 75,036 SF Industrial Lease in Zion, Illinois

by Kristin Harlow March 30, 2023

ZION, ILL. — O2C Brands, a Chicago-based designer and manufacturer of consumer products, has signed a 75,036-square-foot industrial lease in Zion, a city in Northeast Illinois. O2C’s products are sold in brick-and-mortar, e-commerce, healthcare, international and promotional channels under five different brands: O2COOL, Treva, LunchBots, Ecovessel and Ukonserve. O2C Brands retained Entre Commercial Realty in early 2022 for site selection services to support its growing business and distribution requirements. Dan Benassi and Sam Deihs of Entre represented the tenant in its lease at 451 Trumpet Road in Zion. The facility, constructed in 2009, features a clear height of 30 feet, eight exterior truck docks and an office buildout. Pat Hake, Ned Frank and Chris Volkert of Colliers represented the landlord, LINK Logistics.

March 30, 2023

Acquisitions Indiana Midwest Retail

Quantum Brokers $4M Sale of Retail Center in Portage, Indiana

by Kristin Harlow March 30, 2023

PORTAGE, IND. — Quantum Real Estate Advisors Inc. has brokered the $4 million sale of a 26,500-square-foot retail center in Portage, a city in Northwest Indiana. Built in the mid-2000s, the property was 89 percent leased at the time of sale to tenants such as Rush Physical Therapy, Indiana Farm Bureau and Edible Arrangements. Chad Firsel of Quantum represented the seller, an Illinois-based developer. A Colorado-based private investor completing a 1031 exchange was the buyer.

March 30, 2023

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