BURNSVILLE, MINN. — CBRE has arranged the sale of the DuPont Distribution Center in Burnsville, about 15 miles south of downtown Minneapolis. The sales price was undisclosed. The 177,153-square-foot industrial property is fully occupied by four tenants and features fenced and paved outdoor storage. Judd Welliver and Bentley Smith of CBRE represented the seller, Biynah Industrial Partners LLC. Sterling Management was the buyer.
CHICAGO — Transwestern Real Estate Services has negotiated two office leases totaling 36,000 square feet at 191 N. Wacker Drive, a 37-story, 733,759-square-foot building in Chicago’s West Loop. Katie Steele and Kathleen Bertrand of Transwestern represented ownership, Manulife Investment Management. Quinn Emanuel Urquhart & Sullivan, an international business litigation law firm, expanded its lease from 18,864 square feet to 26,300 square feet. Kyle Kamin of CBRE represented the tenant. Maron Marvel Bradley Anderson & Tardy LLC, a national litigation defense law firm, inked a new lease for 10,121 square feet within a spec suite. Jeff Liljeberg of JLL represented the tenant.
CHICAGO — Peak Realty Chicago (PRC) has brokered the sale of a six-unit apartment building in Chicago’s Logan Square neighborhood for $2.7 million. The sales price marks the highest price per unit in the submarket, according to CoStar. A private investor purchased the property, which is located at 2852-54 W. Shakespeare Ave. and has been renovated within the last five years. Oren Pollack of PRC brokered the transaction. At the time of sale, the building was managed by PRC’s affiliate, Peak Properties LLC.
ROGERS, MINN. — NAI Legacy and NAI Sioux Falls have arranged the $2.4 million sale of a 40,656-square-foot industrial building in Rogers, a northwest suburb of Minneapolis. The multi-tenant property is located at 21040 Commerce Blvd. and sits on three acres. Michael Houge of NAI Legacy and Troy Fawcett of NAI Sioux Falls brokered the transaction. Buyer and seller information was not provided. The existing tenants are now governed by a master lease.
CHICAGO — Chicago-based Hyatt Hotel Corp. (NYSE: H) has agreed to acquire Dream Hotel Group’s lifestyle hotel brand and management platform, including the Dream Hotels, The Chatwal Hotels and Unscripted Hotels brands. Upon closing, Hyatt will pay a base purchase price of $125 million, plus up to an additional $175 million over the next six years as new developments open. The acquisition includes a portfolio of 12 managed or franchised lifestyle hotels, with another 24 signed long-term management agreements for hotels expected to open in the future. The acquisition will add more than 1,700 rooms to Hyatt’s lifestyle portfolio and increase Hyatt’s room count in New York City by more than 30 percent. Hyatt says that Dream Hotel Group properties are known for their vibrant dining and nightlife experiences, including restaurants, entertainment venues and exclusive night clubs. The acquisition will extend Hyatt’s footprint in markets such as Nashville, Tenn.; Los Angeles; Miami; Durham, N.C.; several locations in New York City; and one in the Catskill Mountains of Upstate New York. Signed contracts include additional destinations such as Las Vegas, the island of Saint Lucia in the Caribbean and Doha, Qatar. The transaction is expected to close in the coming months, …
MICHIGAN, NEBRASKA AND GEORGIA — In a sale-leaseback transaction, MAG Capital Partners LLC has acquired three industrial properties in three states for an undisclosed price. Applegate Greenfiber, a manufacturer of insulation products for commercial and residential use, occupies the properties. The first building spans 30,000 square feet and is located at 1000 Highview Drive in Webberville, Mich. The second totals 104,930 square feet at 3421 Old Highway 8 in Norfolk, Neb. Lastly, the portfolio includes a 110,000-square-foot property at 1241 Meadowbrook Drive in Eastanollee, Ga. Earlier this year, Industrial Opportunity Partners, a Chicago-based industrial investment firm, acquired both Applegate Holdings LLC and the assets of Greenfiber Holdings LLC to form Applegate Greenfiber Holdings LLC, which is based in Charlotte, N.C. Daniel Macks of STREAM Capital Partners represented the seller. Led by Dax Mitchell and Andrew Gi, MAG Capital Partners is based in Fort Worth, Texas.
NOVI, MICH. — Burlington has signed a 25,755-square-foot retail lease to open a new store at West Oaks shopping center in Novi. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, RPT Realty. Brad Gersham of GP Rep Services represented the tenant. Anchor tenants at West Oaks include Kohl’s, Bob’s Furniture and Gardner White.
CHICAGO — Quantum Real Estate Advisors Inc. has arranged the sale of an apartment and retail building located at 1909 W. Division St. in Chicago’s Wicker Park for $1.9 million. The property is comprised of three apartment units and one retail space, which is home to Independence, a local men’s shop specializing in American-made clothing and accessories. Clayton Maxfield of Quantum represented the seller, a local investor. The property sold to a local investor. The sales price of $478,000 per unit marks a record price per unit in the Wicker Park neighborhood, according to Quantum.
ELK GROVE VILLAGE, ILL. — Brown Commercial Group has negotiated the sale-leaseback of a 22,550-square-foot industrial building in the Chicago suburb of Elk Grove Village. The sales price was undisclosed. Located on Martin Lane and constructed in 1974, the property features two dock doors and four drive-in doors. Mason Hezner of Brown represented the seller, Etymotic Research, a manufacturer of earphone and hearing enhancement products. ProSource Wholesale, a flooring distributor, was the buyer. ProSource plans to use the building as a showroom and warehouse for its products. Etymotic Research will lease back a small portion of the building from the new owner.
Multifamily properties have witnessed a rapid expansion in Internet needs, a trend presaged by burgeoning Internet demands in student housing. Multifamily residents have increased their connection demands and are becoming increasingly sophisticated in their requirements for high-quality Internet. What can the lessons of student housing connectivity teach us about traditional multifamily trends, especially when it comes to bulk Internet? Bulk Internet approaches allow for more sophistication in multifamily properties, as demonstrated by student housing best practices. Student housing pioneered built-in networks to keep mobile devices from competing for Wi-Fi bandwidth, minimize downtime and use fiber connections to ensure speed and reliability. This style of network is becoming the gold standard for constant, heavy-duty Internet use in multi-dwelling units (MDUs). High-level connectivity is becoming an absolute necessity for multifamily properties, drawing in residents and improving their Internet-driven lifestyles. And as never-before-seen demand for bandwidth is graduating from dorm rooms to traditional apartments, well-planned multifamily Internet connections can help operators adapt gracefully. COVID’s Role in Internet Use Expansion COVID lockdowns accelerated already growing Internet requirements, which pushed Internet quality to the forefront as connectivity became increasingly important. “COVID put the spotlight on properties to make sure they had great infrastructure. The demand …
