Midwest

FRANKLIN PARK, ILL. — Cresa has brokered the sale-leaseback of a 58,000-square-foot industrial building in the Chicago suburb of Franklin Park for an undisclosed price. The property at 11058 Addison Ave. features a clear height of 20 feet, five docks and parking for 50 cars. Ed Lowenbaum of Cresa represented the seller, ConCan II, an affiliated party to the tenant, Alliance Paper and Foodservice Equipment. Clear Height Properties was the buyer. Alliance Paper, which has occupied the building since 2002, signed a lease for roughly 55 percent of the building. The remainder of the facility will become vacant effective Monday, Aug. 1.

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By Richard Meder, Colliers While office markets across the country have experienced a slow climb back to normalcy following COVID-19-related restrictions, the Dayton office market has found its strength in the Wright-Patterson Air Force Base (WPAFB). Though the Dayton office market around WPAFB experienced similar ebbs and flows as that of the rest of the country during the pandemic, business never stopped. For some in other markets, the lasting effects of this disruption to the office market remain unknown. Business leaders must decide whether to implement a remote work lifestyle into their employee regimen or make a push to get back to normal office life — for some companies it is considered a hybrid approach. For the tenants in the WPAFB submarket, however, there was never question. While many office tenants vacated their spaces out of uncertainty, defense contractors cautiously occupying office spaces at the WPAFB submarket almost singlehandedly helped Dayton remain upright during the pandemic. With the submarket almost entirely consisting of defense contractors, this type of defense contracting work was not allowed to stop with the rest of the world.  Having to adhere to both local and federal guidelines, decision-making among defense contractors certainly slowed, but it never …

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MIDDLETON, WIS. — McShane Construction Co. has completed The Trotta Apartments in Middleton, a northwest suburb of Madison. The 126-unit apartment complex is situated on a site that previously housed a motel owned by the Trotta family. The four-story development offers a mix of market-rate units and workforce housing units. Income restrictions were not disclosed. Amenities include a clubroom, fitness room, dog wash, common room and three rooftop decks. Ramaker provided architectural services. The developer was Impact Seven, a Wisconsin-based affordable housing developer.

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MADISON, WIS. — Repvblik LLC has purchased the Madison Plaza Hotel in Madison for an undisclosed price and plans to convert the hotel into workforce housing. Repvblik intends to fully renovate and repurpose the property into roughly 155 to 190 affordable studio and one-bedroom units. Completion is slated for 2023. Repvblik builds workforce housing for renters who earn 60 to 120 percent of the area median income (AMI). At the Madison property, rents will be affordable for those who earn 60 percent of AMI. In cooperation with HotelBrokerOne, Jameson & Co. brokered the sale of the 197-room hotel. Construction is expected to last 10 to 12 months.

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MONTEZUMA, IOWA — Stan Johnson Co. has brokered the $8.3 million sale of a 194,267-square-foot manufacturing facility in Montezuma, a city in Iowa located about midway between Des Moines and Iowa City. The single-tenant building is leased to Dieomatic Inc., a subsidiary of Magna International, which is a global automotive supplier. Rob Gemerchak of Stan Johnson represented the seller, a New York-based private investment firm. An individual investor based in Des Moines was the buyer.

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HOFFMAN ESTATES, ILL. — AmCap Inc. has acquired Hoffman Plaza in the Chicago suburb of Hoffman Estates for an undisclosed price. Jewel-Osco and Burlington anchor the 146,263-square-foot shopping center. AmCap purchased Hoffman Plaza in a joint venture with Encore Enterprises. The property is more than 96 percent leased.

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SHELBY TOWNSHIP, MICH. — Five Iron Golf, an indoor golf and entertainment experience, is scheduled to open in August in Shelby Township, about 30 miles north of Detroit. The 6,000-square-foot location at 70773 Corporate Drive will offer six TrackMan golf simulators, custom club fitting by The Fitting Lab, a putting green, full-service bar, widescreen TVs and shuffleboard. Five Iron Golf also plans to open a Detroit location later this year.

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ADA, MICH. — Syndicated Equities has sold Stone Falls of Ada, a 210-unit luxury apartment complex in Ada, about 10 miles east of Grand Rapids. The sales price was $71.5 million. Syndicated acquired the property with Highgate Capital Group LLC in 2018 for $45.8 million. Built in 2008, the property at 330 Stone Falls Drive is comprised of 21 two-story buildings. Syndicated and Highgate invested $1.5 million in renovations, including upgrades to the unit interiors and clubhouse amenities. Village Green was the property manager. The seller was undisclosed.

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LIBERTY, MO. — Contegra Construction Co. is nearing completion of a 1 million-square-foot distribution center at Liberty Commerce Center in Liberty, a northeast suburb of Kansas City. Dubbed Project Luna, the facility will feature a clear height of 40 feet, 112 dock doors, two drive-through doors and 20,000 square feet of office space. Completion is slated for this fall. NorthPoint Development is the developer. Upon full buildout, Liberty Commerce Center will comprise 3.4 million square feet of industrial space.

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GREEN, OHIO — Metropolitan Holdings has received approval from the Green City Council to build a 298-unit luxury multifamily project. The 49-building property will include amenities such as a heated pool, outdoor area and fitness center. The average monthly rent is expected to be $1,700, while the average for premium units will be $2,495. Metropolitan plans to break ground later this year. A timeline for completion was not provided. Green is located about 13 miles south of Akron.

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