SIOUX FALLS, S.D. — Kingsbarn Realty Capital has acquired a 192,000-square-foot retail property occupied by Fleet Farm in Sioux Falls for an undisclosed price. Constructed in 2019, the property features a gas station, car wash, auto service center and garden center in addition to the main retail store. Fleet Farm has more than 17 years remaining on its lease. Las Vegas-based Kingsbarn intends to offer interests in the property in a Delaware Statutory Trust structure. Fleet Farm, which sells farm, pet, home improvement and automotive products, operates 47 locations across the Upper Midwest.
CHICAGO — Hines has completed the concrete core and steel structure for Salesforce Tower Chicago, a 60-story, 1.2 million-square-foot office tower under development in downtown Chicago. The project is the first building in Chicago to require and measure Environmental Product Declarations (EPDs) to quantify the carbon emissions of concrete, steel and other various construction materials, according to Hines. This led to a 19 percent overall reduction in carbon emissions for steel and concrete in comparison to the industry average, adds the developer. Hines partnered with Magnusson Klemencic Associates, a structural and civil engineering firm, to spearhead the creation of the Embodied Carbon Reduction Guidebook to educate Hines employees and industry peers about carbon reduction results. Neither a timeline for completion of Salesforce Tower Chicago was provided, nor were additional tenants besides Salesforce.
CHICAGO — Chicago-based JLL Capital Markets has brokered the sale of an eight-property self-storage portfolio totaling 4,317 units across Illinois, North Carolina and Texas for an undisclosed price. In addition to a property in Chicago, the facilities are located in Plano, Little Elm, Garland and Flower Mound, Texas; and Durham, Raleigh and Spring Lake, N.C. The portfolio was 93 percent leased as of year-end 2021. Steve Mellon and Brian Somoza led the JLL team that represented the seller, Harrison Street. Life Storage was the buyer.
BRIGHTON, MICH. — Three new retail tenants have signed leases to open at Green Oak Village Place in Brighton, about 45 miles northwest of Detroit. Athleta, F45 Training and US Mattress are all slated to open this summer. Athleta will occupy 4,400 square feet. Part of the Gap Inc. portfolio, Athleta is an athletic retailer that sells women’s apparel and operates more than 220 stores across the United States and Canada. F45 will occupy 2,838 square feet. The “F” stands for functional and the 45 represents the 45-minute length of each workout session. There are more than 1,750 F45 studios worldwide. US Mattress, which operates 27 locations across Michigan, will lease 3,000 square feet. Green Oak Village Place, a neighborhood town center, is home to more than 50 retailers and restaurants. A joint venture between REDICO and Lormax Stern Development Co. developed the property.
ANN ARBOR, MICH. — Colliers Detroit has arranged the sale of a 60,362-square-foot office building located at 5220 S. State St. in Ann Arbor. The sales price was undisclosed. Jim Chaconas and Joey Gatliff of Colliers represented the seller. The buyer, New Eagle LLC, provides specialized engineering services focusing on mechatronic control systems.
FAIRVIEW HEIGHTS, ILL. — The Illinois Department of Public Health has leased 9,923 square feet of office space at 11 Executive Drive in Fairview Heights, just east of St. Louis. Brokerage firm Barber Murphy represented the landlord, RETKO Group LLC. The representative of the tenant was not provided.
DOWNERS GROVE, ILL. — Lifespace Communities has broken ground on an expansion project at Oak Trace, a nonprofit continuing care retirement community in the Chicago suburb of Downers Grove. The expansion is Phase II of a $112 million reinvestment project at the community. The first phase, which converted some units to assisted living to complete the continuum of care, was completed in 2019. Phase II will add 145 independent living apartments, bringing the total from 232 to 377. Completion is scheduled for 2023. In addition to increasing the number of available independent living apartments, new construction will include a clubhouse featuring a fitness center, pool, salon, casual dining venue, café seating, multipurpose room, living room and new lobby. Existing common areas will also be renovated. Once the second phase of construction is completed, the health center will be connected to the existing independent living building via the new clubhouse. In addition to the independent living units, the senior living community currently features 66 assisted living apartments, 28 memory support suites and 104 skilled nursing suites.
MASON, OHIO — Senior Living Investment Brokerage (SLIB) has arranged the sale of Cedar Village, a seniors housing community in Mason, Ohio, approximately 22 miles northeast of downtown Cincinnati. Cedar Village features 105 independent living/assisted living units and 162 skilled nursing beds. The seller was a nonprofit owner based in Indiana divesting of its only community in Ohio. The buyer was a regional owner with other properties nearby. The price was not disclosed. Ryan Saul of SLIB handled the transaction.
BIRMINGHAM, MICH. — Bernard Financial Group (BFG) has arranged $6.5 million in permanent financing for a 23,500-square-foot, Class A office building in Birmingham, a northern suburb of Detroit. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Chester Street Partners LLC. American United Life Insurance Co. provided the loan, the terms of which were undisclosed.
FLINT, MICH. — The Jonna Group of Colliers has brokered the sale of a 6,885-square-foot commercial building in Flint for an undisclosed price. The property, built in 2019, is located at 5009 Miller Road. Tenants at the fully leased building include U.S. Army & Navy Career Center, Jersey Mike’s and Smoothie King. Simon Jonna of Colliers represented the seller, a Michigan-based private developer. The buyer was not disclosed.