Midwest

Trammell Crow, Beacon Capital Partners Break Ground on 302,388 SF Hyde Park Labs in Chicago

by Kristin Harlow February 23, 2023

CHICAGO — Trammell Crow Co. and Beacon Capital Partners have broken ground on Hyde Park Labs in Chicago’s Hyde Park neighborhood. The project will feature 302,388 square feet of lab and office space as well as ground-floor retail and community space. Completion is slated for late 2024. Project costs are estimated at $225 million, according to Crain’s Chicago Business. The University of Chicago has pre-leased one-and-a-half floors of the building totaling 55,000 square feet, a portion of which will house researchers from the Pritzker School of Molecular Engineering. Space will also be used to develop an incubator program to support startup companies focused on the life sciences. Hyde Park Labs will rise 14 stories. The project marks the second phase of development at Harper Court, which currently features a hotel, office building housing many UChicago administrative offices and retail space. Tenants of Hyde Park Labs will have access to nearly 40,000 square feet of amenities, including a fifth-floor terrace dubbed “The Lawn.” The project team includes Elkus Manfredi Architects, Interactive Design Architects, Power Construction, Ujamaa and Trinal. Dan Lyne and Brandon Green of CBRE are marketing the project for lease.

February 23, 2023

Development Illinois Midwest Multifamily

Lendlease Begins Preleasing at The Reed at Southbank Residential Tower in Chicago’s South Loop

by Kristin Harlow February 23, 2023

CHICAGO — Lendlease has begun pre-leasing at The Reed at Southbank in Chicago’s South Loop. The 41-story residential tower includes both rental units and for-sale homes. The Reed is the second building Lendlease is developing as part of Southbank, a seven-acre master plan community situated along the Chicago River. The Reed features 224 apartment units on floors nine through 22. Floor plans range from 544 to 1,417 square feet and monthly rents start at $2,160. First move-ins are expected in late May. The eighth floor features 15,000 square feet of outdoor amenities, including a pool, cabanas, sunning lawn, fire pits, outdoor kitchens and dining areas. The Reed also features an indoor-outdoor fitness center with dedicated HIIT and yoga spaces, as well as cardio and strength-training equipment. Other eighth-floor amenities include a wet lounge adjacent to the pool deck, lounge room, virtual sports simulation room, massage room and media room. A rooftop garden created in partnership with The Roof Crop will feature fresh flowers, gardens and honey. Bozzuto manages the apartments. At the center of the Southbank master plan is Southbank Park, a two-acre publicly accessible green space that connects the neighborhood’s residents to the Chicago River. Designed by Hoeer Schaudt, …

February 23, 2023

Acquisitions Illinois Industrial Midwest

Advanced Metalcraft Buys Two Adjoining Industrial Buildings in Bensenville, Illinois

by Kristin Harlow February 23, 2023

BENSENVILLE, ILL. — Advanced Metalcraft has purchased industrial space in Bensenville for an undisclosed price. The two adjoining buildings at 110 and 210 Gateway Road total 44,600 square feet. Advanced Metalcraft, a fabricator of precision metal components and assemblies, is relocating and expanding from a 15,000-square-foot space in Franklin Park. Trinity Scurto of Brown Commercial Group represented Advanced Metalcraft, while Brian Carroll of JLL represented the seller, 110 Gateway LLC. Advanced Metalcraft plans to complete building renovations and take occupancy this quarter.

February 23, 2023

Acquisitions Midwest Minnesota Restaurant Retail

Marcus & Millichap Brokers $2.3M Sale of Buca Di Beppo-Occupied Restaurant Property in Minnesota

by Kristin Harlow February 23, 2023

EDEN PRAIRIE, MINN. — Marcus & Millichap has brokered the $2.3 million sale of an 8,276-square-foot restaurant property occupied by Buca Di Beppo in the Minneapolis suburb of Eden Prairie. The net-leased building is located at 7711 Mitchell Road. Tom Gommels of Marcus & Millichap represented the seller, a limited liability company. Alvin Mansour and Sim Liberow of Marcus & Millichap represented the buyer, a limited liability company completing a 1031 exchange.

February 23, 2023

Leasing Activity Michigan Midwest Retail

Copper Coin Tattoo Shop Opens in Grand Rapids

by Kristin Harlow February 23, 2023

GRAND RAPIDS, MICH. — Copper Coin, a custom tattoo shop, has opened a 2,340-square-foot space in the West Grand neighborhood of Grand Rapids. Wesley Emert and Tina Emert of CityWide Real Estate Services assisted Copper Coin in securing the space at 436 Leonard St. NW. CityWide Real Estate Services acquired the residential and commercial building in August 2020. Additional tenants at the property include Alt City NA Bottles, Trinity Chiropractic, FURN on Leonard and Captain Bizzaro’s Treasure World.

February 23, 2023

Affordable Housing Development Michigan Midwest Mixed-Use Multifamily Office Retail Top Stories

Bedrock Plans 1.5 MSF Cadillac Square Mixed-Use Development in Downtown Detroit

by Jeff Shaw February 23, 2023

DETROIT — Locally based real estate firm Bedrock has unveiled plans for Development at Cadillac Square, a 1.5 million-square-foot mixed-use campus in downtown Detroit. The site is located near Ford Field, home of the NFL’s Detroit Lions, as well as Campus Martius Park and Cadillac Square. The development will feature residential, retail, office and entertainment space, as well as parking. Bedrock is owned by billionaire and Rocket Cos. founder Dan Gilbert, who with his companies has invested $5.6 billion in the purchase and rehabilitation of buildings in downtown Detroit, according to Forbes. Gilbert himself boasts a net worth of $18 billion and owns Rocket Mortgage Fieldhouse — home of the NBA’s Cleveland Cavaliers (also owned by Gilbert) — in Cleveland, Ohio, where his real estate arm is planning the Cuyahoga Riverfront, another in the trend of developing mixed-use projects around sports stadiums. Upon completion, the Development at Cadillac Square property will include 230,000 square feet of residential space, comprised of 250 to 280 units. The project is subject to an Affordable Housing Agreement with the City of Detroit. Retail space will total 90,000 square feet in the form of a market hall, grocery store, restaurants and other shops. Plans for …

February 23, 2023

Indiana Industrial Market Reports Midwest Midwest Market Reports

Slowdown in Construction Starts Helps Balance Indianapolis Industrial Market

by Kristin Harlow February 23, 2023

By Ken Martin, JLL The Indianapolis industrial real estate market ended 2022 nearing a record high for a single year with more than 19.6 million square feet of absorption. Much of this was recorded in Hendricks, Johnson and Hancock counties with total year-end net absorption of 7.3, 6.4 and 3.2 million square feet, respectively. These submarkets continue to offer tenants excellent access to both interstate highways to transport goods across the country, as well as strong employment bases. Developers and tenants often cite employment bases as their No. 1 criteria in selecting an optimum site. With vacancy at an all-time low of sub 5 percent for the majority of 2022, developers and owners were able to push rents as demand outstripped supply. As recently as two to three years ago, rents were consistently in the high $3’s per square foot range and now we consistently see rents in the $5 per square foot range or higher. Year-end asking rents averaged $5.54 per square foot overall and $6.48 per square foot for mid-sized warehouse space. In some markets, however, rents for warehouse space were well above the average. In the central business district, for example, asking rates for warehouse …

February 23, 2023

Development Indiana Midwest Mixed-Use

New City Development Breaks Ground on $300M Hobbs Station Mixed-Use Project in Plainfield, Indiana

by Kristin Harlow February 22, 2023

PLAINFIELD, IND. — New City Development has broken ground on Hobbs Station, a $300 million mixed-use project in the Indianapolis suburb of Plainfield. The project is being built in partnership with Formation Properties. Shiel Sexton Cos. is the general contractor. Phase I includes 300 apartment units with 30,000 square feet of street-level retail and restaurant space. Completion is slated for the end of 2024. Phase I will also include 98 single-family homes built by Pulte Homes and Pyatt Homes along with two industrial buildings totaling nearly 500,000 square feet built by HSA Commercial. A centralized public park as part of the project will enable the community to enjoy amenities such as pickleball and bocce ball. At full buildout, Hobbs Station will include up to 240 single-family homes, 650 apartment units, 90 seniors housing units, 70,000 square feet of commercial space, 500,000 square feet of industrial space and 200,000 square feet of office space.

February 22, 2023

Development Industrial Midwest Missouri

Refresco Invests $20M to Expand Beverage Manufacturing Facility in Truesdale, Missouri

by Kristin Harlow February 22, 2023

TRUESDALE, MO. — Refresco, a global independent beverage solutions provider, is investing more than $20 million to expand capacity at its beverage manufacturing facility in Truesdale, about 58 miles west of St. Louis. Refresco plans to increase production capabilities through the installation of an additional production line. The Truesdale facility is Refresco’s fourth and largest plant in Missouri. The company maintains 74 production locations across North America, Europe and Australia.

February 22, 2023

Acquisitions Midwest Missouri Multifamily Northmarq

Northmarq Arranges $11M Sale of Multifamily Portfolio in Metro Kansas City

by Kristin Harlow February 22, 2023

ST. JOSEPH, MO. — Northmarq has arranged the $11 million sale of a 194-unit multifamily portfolio in St. Joseph, a northern suburb of Kansas City. The portfolio includes City View Lofts, Summit Place, Eugene Field and Frederick Apartments. City View Lofts was originally built in 1915 as St. Joseph Junior College before being redeveloped into lofts. The other properties date back to the early 1900s as well. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, Worcester Investments. The buyer was undisclosed.

February 22, 2023

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