Midwest

Provender Partners, StepStone Real Estate Recapitalize 1 MSF Cold Storage Portfolio

by Kristin Harlow January 27, 2023

BERKELEY AND BOLINGBROOK, ILL. — Provender Partners and StepStone Real Estate (SRE), the real estate arm of private markets investment firm StepStone Group, have completed a $158 million recapitalization of a 1 million-square-foot cold storage portfolio. Provender acquired the properties over the last three years in a joint venture with an investment management firm that recently sold its interests to SRE. Two of the properties are located in the Illinois cities of Berkeley and Bolingbrook. Additional buildings are in California, Nevada and Alabama. Tenants include local and regional wholesale food logistics companies, food service providers and frozen food packagers with a remaining average lease term of approximately six years. Michael Leggett, Sher Hafeez and Josh Lieberman of JLL advised Provender on the formation of the joint venture. Brian Torp and Peter Thompson of JLL sourced the debt financing.

January 27, 2023

Illinois Loans Midwest Retail

JLL Arranges $40M Loan for Refinancing of Target-Anchored Shopping Center in Chicago

by Kristin Harlow January 27, 2023

CHICAGO — JLL Capital Markets has arranged a $40 million loan for the refinancing of Edens Collection in Chicago. The Target-anchored shopping center totals 142,740 square feet. Built in 2020, the property is 94 percent leased to tenants such as Ross Dress for Less, Starbucks, LA Fitness, Five Below, Chipotle, Smashburger, May Nail Spa and Eyecare Services Partners. Keith Largay and Christopher Knight of JLL arranged the five-year, floating-rate loan on behalf of the borrower, The Jaffe Cos. Pacific Life Insurance Co. provided the loan.

January 27, 2023

Acquisitions Hospitality Midwest Ohio

Spark GHC Acquires Hampton Inn Hotel in Downtown Cleveland

by Kristin Harlow January 27, 2023

CLEVELAND — Spark GHC, a private real estate joint venture focused on hospitality assets in the Midwest, has acquired the Hampton Inn by Hilton-Downtown Cleveland for an undisclosed price. The transaction marks the 11th acquisition for Spark GHC since 2018 and increases its assets under management to above $100 million. Spark GHC plans to significantly upgrade the 25-year-old hotel with a multi-million-dollar capital improvement plan. Spark GHC is a joint venture between Spark Hotels, a developer, acquirer and operator of Ohio-based hospitality assets, and Green Harvest Capital, an asset manager of Northeast Ohio-based multifamily assets.

January 27, 2023

Illinois Leasing Activity Midwest Office

Globetrotters Engineering Renews 23,376 SF Office Lease in Downtown Chicago

by Kristin Harlow January 27, 2023

CHICAGO — Globetrotters Engineering Corp. has renewed its 23,376-square-foot office lease at 300 South Wacker in Chicago’s central business district. The engineering firm is relocating to the building’s third and fourth floors after having previously occupied the second and fourth floors. The tenant, which has occupied space at the building since the 1980s, is also redesigning its workspace. Josh Feldman of Cushman & Wakefield represented the tenant in the 11-year lease. Sandy Macaluso of Golub represented the landlord on an internal basis. Globetrotters maintains more than 175 employees at 300 South Wacker.

January 27, 2023

Acquisitions Industrial Midwest Nebraska Self-Storage

Marcus & Millichap Brokers Sale of 324-Unit Self-Storage Facility in Bellevue, Nebraska

by Kristin Harlow January 27, 2023

BELLEVUE, NEB. — Marcus & Millichap has brokered the sale of 25th Street Storage, a self-storage facility featuring 324 non-climate-controlled units and totaling 57,700 net rentable square feet in Bellevue. The buyer and sales price were undisclosed. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company. The property also features 92 outdoor parking spaces that are available for rent.

January 27, 2023

Development Industrial Midwest Missouri Top Stories

Contegra Construction Completes 1 MSF Project Luna Distribution Center in Liberty, Missouri

by Jeff Shaw January 27, 2023

LIBERTY, MO. — Contegra Construction Co. has completed Project Luna, a 1 million-square-foot distribution facility at Liberty Commerce Center in Liberty, a northeast suburb of Kansas City. Located at 2361 S. Withers Road, Project Luna features a 40-foot clear height, 108 dock doors, two drive-in doors and 20,000 square feet of office space. The property is built with tilt-up concrete panels and is topped with thermoplastic polyolefin (TPO) roofing, a single-ply white membrane which reflects heat instead of absorbing it. The warehouse is also equipped with 56 rooftop HVAC units to maintain temperature control throughout the interior. In addition, Edwardsville, Illinois-based Contegra constructed four retaining walls around Project Luna, which are up to 40 feet tall. The company also managed the installation of water, storm water and electrical infrastructure in conjunction with the retaining wall construction, including two large underground detention systems. Project Luna is Liberty Commerce Center’s fifth and largest distribution center since the 337-acre industrial park’s launch by Kansas City real estate developer NorthPoint Development in 2021. Upon its completion, the Liberty Commerce Center will consist of 3.4 million square feet of space located near the Liberty city border with Claycomo, south of Liberty Parkway between Hughes and …

January 27, 2023

Acquisitions Midwest Office Ohio

JLL Brokers Sale of 303,130 SF Office Portfolio in Cincinnati

by Kristin Harlow January 26, 2023

CINCINNATI — JLL Capital Markets has brokered the sale of a two-building office portfolio totaling 303,130 square feet in Cincinnati for an undisclosed price. The first asset, 400 Oak St., rises seven stories and spans 156,000 square feet. Originally built in 1924, the building was renovated in 2011. The second property, 2905 Vernon Place, is a four-story, 147,130-square-foot building that was constructed in 2017. The two properties are fully leased to Cincinnati Children’s Hospital Medical Center for administrative functions and other nonclinical uses. Jaime Fink, Bruce Miller, Sam DiFrancesca and Patrick Shields of JLL represented the seller, 90 North Real Estate LLP, and procured the buyer, Azora Exan. Keith Largay and Lucas Borges of JLL arranged acquisition financing on behalf of the buyer.

January 26, 2023

Acquisitions Midwest Missouri

MMG Acquires Independence Commercial Advisors

by Kristin Harlow January 26, 2023

KANSAS CITY, MO. — Kansas City-based MMG Real Estate Advisors has acquired Independence Commercial Advisors. Financial terms of the transaction were not disclosed. Based in Texas, Independence Commercial Advisors is a boutique brokerage firm founded in 2020 by industry veterans Mike Watson and Mike Moffitt with a focus on Texas private capital and institutional multifamily and self-storage brokerage. As part of the transaction, MMG has added eight investment sales advisors to the firm’s growing national roster with offices in San Antonio, Austin, Houston and Dallas.

January 26, 2023

Loans Midwest Minnesota Multifamily Northmarq

Northmarq Provides $6.8M Loan for Refinancing of Apartment Community in Buffalo, Minnesota

by Kristin Harlow January 26, 2023

BUFFALO, MINN. — Northmarq has provided a $6.8 million Fannie Mae loan for the refinancing of Evergreen Square Apartments in Buffalo, about 40 miles northwest of Minneapolis. The 78-unit apartment community, built in 1990, is located at 911 6th Ave. The three-story property features amenities such as laundry facilities and a playground. Mike Padilla of Northmarq originated the seven-year loan, which features a fixed interest rate and a 35-year amortization schedule.

January 26, 2023

Acquisitions Illinois Midwest Office

Marcus & Millichap Negotiates $3M Sale of Office Building in Plainfield, Illinois

by Kristin Harlow January 26, 2023

PLAINFIELD, ILL. — Marcus & Millichap has negotiated the $3 million sale of a 20,281-square-foot office building in Plainfield, about 40 miles southwest of Chicago. Located at 23909 W. Renwick Road, the property is fully occupied and features a new roof and parking lot. The seller, a Chicagoland limited liability company, purchased the building a little over a year ago and decided to sell it after marking repairs and adding tenants. Tammy Saia and Tami Andrew of Marcus & Millichap represented the seller. The buyer was undisclosed.

January 26, 2023

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