CHICAGO — JLL Capital Markets has arranged a $4 million loan for the refinancing of a 675-unit Devon Self Storage facility in Chicago. The property at 1601 S. Canal St. offers 70 different unit sizes, climate-controlled units, 24-hour security and onsite management. Chris Collins and Aiden Hayes of JLL arranged the seven-year, fixed-rate loan on behalf of the borrower, Devon Self Storage.
BAY CITY, MICH. — North Shore Health Services has signed an 11,600-square-foot office lease in Bay City, which is located near the base of the Saginaw Bay on Lake Huron. The property is located at 1426 Straits Drive. The tenant provides behavior analysis therapy for children and families, particularly those diagnosed with autism. North Shore plans to open in December. Colliers Lansing represented the landlord, Cats Holding Co. LLC. North Shore opened its first location in Auburn in 2017 and has since opened locations in Ithaca and Lansing.
CHICAGO — Chicago-based Logistics Property Co. (LPC) has closed its second development fund with total equity commitments of $1.8 billion from several global institutional investors and co-investment by LPC. The fund is named LPC Logistics Venture Two LP (Venture II). To date, 35 percent of the fund has been allocated to investments in Atlanta, Chicago, Dallas, Denver, the Inland Empire, Pennsylvania, Phoenix and Southern Jew Jersey. LPC launched its inaugural development fund in August 2019, raising $1 billion of equity commitments. LPC has fully allocated the first fund’s equity to projects representing more than 20 million square feet across the U.S. Similar to the first fund, the goal of Venture II is to buy well-located property in U.S. markets, develop Class A industrial buildings to modern specifications, stabilize the assets, and hold to assemble a geographically diverse portfolio. Earlier this year, LPC began development of five new projects for Venture II totaling 2.3 million square feet. LPC expects to break ground before the end of the year on Palm Gateway Logistics Center in Arizona and to begin construction in 2023 on a 341,000-square-foot development in San Bernardino, Calif. MAM Real Estate, part of Macquarie Group and LPC’s majority shareholder, served …
BROOKFIELD, WIS. — Mid-America Real Estate Corp. has brokered the sale of Shoppers World of Brookfield, a 178,784-square-foot shopping center in the Milwaukee suburb of Brookfield. The sales price was undisclosed. Tenants at the fully leased property include Ross Dress for Less, Burlington, Xperience Fitness and Best Buy Outlet. Metro Market, operated by Kroger Co., shadow anchors the property. Ben Wineman, Emily Gadomski and Dan Rosenfeld of Mid-America represented the seller, an affiliate of New Orleans-based private investment firm, PMAT. Brandon Goodman, Spencer Strong, Sage Shepard and Nate Monson of Colliers represented the buyer, a private investor completing a 1031 exchange. PMAT purchased the center in 2019 when it was 78 percent occupied.
ANN ARBOR, MICH. — Greystone has provided a $14.9 million bridge loan for the acquisition of Lynden Parke Apartments in Ann Arbor. The 154-unit, garden-style multifamily property was constructed in 2002. Reuben Dolny and Jason Yuen of Greystone structured the loan on behalf of the borrower, Cape Sierra Capital. The loan features a two-year term with one 12-month extension option, enabling the borrower to complete the acquisition and fund capital improvements while Greystone works to secure permanent agency financing as part of its bridge-to-agency platform.
INDIANAPOLIS — IWG, a provider of flexible workspaces, has unveiled plans to open a new location in Indianapolis. The company cites growing demand for hybrid working and flexibility for companies of all sizes. The new location will be situated in the College Park neighborhood of Indianapolis near Highway 465. IWG is opening the vast majority of its new locations in partnership with commercial real estate owners, developers and franchisee investors.
TAYLOR AND STERLING HEIGHTS, MICH. — Advance Auto Parts has signed leases to open two new locations in Michigan. The auto parts retailer inked a lease for 20,250 square feet in the Taylor Commons shopping center in Taylor as well as 20,226 square feet at the Clinton Valley shopping center in Sterling Heights. Larry Siedell and Tjader Gerdom of Gerdom Realty & Investment represented the tenant. Eric Unatin of Mid-America Real Estate Group represented the landlord in the Sterling Heights lease.
By Jeff Karger, JLL There’s no doubt that the office market today is much different than what it was five years ago. Employers across the nation have had to adjust their work models, time and time again, to meet the needs of their employees — and those in Grand Rapids are no exception. As landlords, employers and employees adapt to these changes, it’s important to understand the direction of the office market. Below, check out five factors that are defining it. 1. A flight to quality Like many other cities across the nation, Grand Rapids is experiencing a resounding flight to quality. Employers are seeking Class A and trophy spaces to appeal to their employees and offer them an experience, rather than just a cubicle to work in. Some of these office features can include free fitness centers, onsite cafés, coffee shops and restaurants, outdoor terraces and more. Plus, according to JLL research, 59 percent of employees expect to work at a company that supports their health and well-being. Interestingly enough, employees prioritize this over salary — a key reason why companies and landlords alike are investing in amenitized spaces with up-to-date HVAC systems, exercise classes and healthy food options. …
ELK GROVE VILLAGE, ILL. — Westmount Realty Capital has sold a portfolio of 21 light industrial buildings totaling 757,557 square feet in the Chicago suburb of Elk Grove Village. The sales price and buyer were undisclosed. Westmount owned the portfolio for three years. The portfolio is 97 percent leased to 107 tenants. The buildings were constructed between the late 1960s and late 1970s. Westmount now owns and manages 58 industrial buildings totaling 5.4 million square feet across the Chicago market.
FREEPORT, ILL. — Mid-America Real Estate Corp. has brokered the sale of Freeport Plaza in Freeport, a city in northern Illinois. The sales price was undisclosed. A 62,500-square-foot Cub Foods grocery store anchors the 87,846-square-foot shopping center, which is 87 percent leased. Cub Foods recently extended its lease to 2027. Rick Drogosz and Emily Gadomski of Mid-America represented the seller, a REIT. CRE Pro was the buyer.
