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DevelopmentIllinoisIndustrialMidwest

Industrial Outdoor Ventures to Develop Two Industrial Service Facilities in Zion, Illinois

by Kristin Harlow

ZION, ILL. — Industrial Outdoor Ventures (IOV) has acquired two parcels totaling 56 acres in Zion, a city in northeast Illinois near the Wisconsin border. Named Trumpet Park Spec Development, the project will consist of a pair of industrial service facilities (ISFs). Project costs are estimated at $35 million. The development will feature up to 1,200 truck trailer parking spaces and more than 26,000 square feet of maintenance and service buildings. ISFs provide supply chain infrastructure solutions to industries such as transportation, bulk material distribution, last-mile logistics, heavy equipment and utilities. The project marks IOV’s first ground-up development in the Chicago market. The design team includes Spaceco, which will provide civil and surveying services, and Arete Design Studio, which will provide architecture, planning and design services. Construction is expected to begin in spring 2023 and be completed in the fourth quarter of 2023. Chris Volkert, Ned Frank and Jeff Devine of Colliers represented the institutional seller in the land sale. Volkert and Frank, along with colleague Pat Hake, will market the project for lease.

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IllinoisLoansMidwestMultifamilySeniors Housing

Cambridge Provides $18.1M HUD-Insured Loan for Refinancing of Illinois Skilled Nursing Facility

by Kristin Harlow

WESTMONT, ILL. — Cambridge Realty Capital Cos. has provided an $18.1 million HUD Lean loan for the refinancing of Bria of Westmont, a 215-bed skilled nursing facility in the Chicago suburb of Westmont. Bria of Westmont provides a range of skilled services and programs, including short-term rehabilitation, long-term care, orthopedic rehabilitation, cardio-pulmonary rehabilitation, onsite hemodialysis, wound care, cardiac care, ventilator therapy, aquatic therapy and behavioral healthcare. Andrew Erkes of Cambridge originated the 35-year loan, which features a 35-year amortization schedule. The borrower was an Illinois-based limited liability company.

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AcquisitionsIndustrialMidwestSelf-StorageWisconsin

Marcus & Millichap Brokers Sale of Self-Storage Portfolio in Sheboygan, Wisconsin

by Kristin Harlow

SHEBOYGAN, WIS. — Marcus & Millichap has brokered the sale of the Champion Storage portfolio in Sheboygan, about 55 miles north of Milwaukee. The sales price was undisclosed. The portfolio totals five properties and 1,167 units. At the time of sale, the portfolio was 95 percent occupied. The facilities feature both climate-controlled and non-climate-controlled units as well as outdoor parking spaces and portable container units. Sean Delaney of Marcus & Millichap represented the seller, JGSS LLC, and the buyer, Rogers Equity Group IV LLC.

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DevelopmentIllinoisMidwestOfficeTop Stories

Riverside, Convexity Complete 51-Story Office Tower in Chicago

by John Nelson

CHICAGO — A duo of Chicago-based developers, Riverside Investment & Development and Convexity Properties, has completed 320 South Canal, an office tower located across the street from the Chicago Union Station in the city’s West Loop district. The 51-story tower is situated on 2.2 acres and totals more than 1.7 million gross square feet. The building is anchored by Montreal-based BMO Financial Group, which has building signage and will use 320 South Canal as its new U.S. headquarters. Other tenants include the National Futures Association and law firms Chapman & Cutler, Faegre Drinker and Skadden, Arps, Slate, Meagher & Flom. Designed by Chicago-based architecture and planning firm Goettsch Partners (GP), 320 South Canal includes a conference facility, fitness and wellness center, restaurant, a café for to-go food options, bank branch and a cocktail lounge, as well as parking for 324 vehicles and 114 bicycles. The building is connected to the Chicago Union Station through an enclosed pedway and offers access to the Metra train concourse, Amtrak train routes and the LoopLink CTA bus lines. The site also features The Green at 320, a privately owned, publicly accessible park completed earlier this year. The Green comprises 1.5 acres organized around a …

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DevelopmentHealthcareMidwestMinnesota

Davis to Develop 35,000 SF Medical Office Building in Eagan, Minnesota

by Kristin Harlow

EAGAN, MINN. — Minneapolis-based developer Davis is developing a 35,000-square-foot multispecialty clinic and ambulatory surgery center in the Twin Cities suburb of Eagan. The Class A medical office building will be anchored by Midwest Surgery Center, which has signed a lease for 27,000 square feet. Midwest Surgery Center, which is a partnership between Midwest ENT and St. Paul Eye, also operates a location in Woodbury, Minn. The Eagan facility is slated for completion in December 2023. The project team includes Minneapolis-based Synergy Architectural Studio and Plymouth, Minn.-based Timco Construction Inc.

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IndianaLeasing ActivityMidwestOffice

Kimley-Horn Signs 29,737 SF Office Lease Renewal, Expansion at Parkwood Crossing in Suburban Indianapolis

by Kristin Harlow

CARMEL, IND. — Kimley-Horn, a planning and design consultancy firm, has signed a 29,737-square-foot office lease at Parkwood Crossing in the Indianapolis suburb of Carmel. The tenant is expanding from its original 9,779-square-foot space and relocating to a new building within Parkwood Crossing. Owner Rubenstein Partners LP is completing a substantial capital improvements program at the building. Parkwood Crossing comprises eight buildings and 1.2 million square feet. Rubenstein acquired the development in 2016 and completed renovations and additions such as a 14,000-square-foot amenity center. Traci Kapsalis, John Robinson and Brittany Shuler of JLL represented Rubenstein in the lease transaction. Hayden Rasmussen of Savills and Kevin Dick of Bradley Co. represented Kimley-Horn.

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AcquisitionsIllinoisMidwestMultifamily

Monarch Realty Partners Brokers Three Multifamily Sales Totaling $3.9M in Chicago

by Kristin Harlow

CHICAGO — Monarch Realty Partners has brokered the sales of three multifamily properties totaling 88 units on Chicago’s South Side for $3.9 million. The buildings are located at 8003 S. Ingleside Ave., 7503 S. Yates Blvd. and 7900 S. Essex Ave. Robert Berman and Rudy Hancock of Monarch brokered the transaction on behalf of the separate sellers. Buyer and seller information was not provided.

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Arranges $2.9M Sale of Townhome Rental Property in Waseca, Minnesota

by Kristin Harlow

WASECA, MINN. — Marcus & Millichap has arranged the $2.9 million sale of Charter Oaks Townhomes in southern Minnesota’s Waseca. Built in 2001, the 33-unit, townhome-style property is located at 301 Lake St. NW. Chris Collins, Evan Miller, David Wallace and Matthew Shide of Marcus & Millichap represented the seller, a limited liability company. The team also procured the buyer, a limited liability company.

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Leasing ActivityMidwestOfficeWisconsin

Armstrong & Associates Market Research to Open Office in Brookfield, Wisconsin

by Kristin Harlow

BROOKFIELD, WIS. — Armstrong & Associates Market Research, a third-party logistics market research company, has signed a five-year lease for 2,345 square feet at Bishops Woods Office Park in the Milwaukee suburb of Brookfield. The property is located at 13400 Bishop’s Lane. Katrina Gee of NAI Greywolf represented the tenant. The landlord was not provided.

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AcquisitionsIllinoisMidwestMultifamily

Marcus & Millichap Brokers $10.5M Sale of Historic Multifamily Property in Chicago

by Kristin Harlow

CHICAGO — Marcus & Millichap has brokered the sale of a 25-unit multifamily property in Chicago’s Streeterville neighborhood for $10.5 million. The property at 227 E. Walton Place rises 13 stories. Designed by Chicago architect Harry Weese, the building was completed in 1956 and designated a Chicago landmark in 2012. Of the 25 units, 24 have been updated, mostly in the last three years. Kyle Stengle, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, Brad Management, which previously worked with the same brokerage team to acquire the property through a condo deconversion in 2018. The buyer, Altitude Capital Partners, plans to modernize the common areas.

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