CHICAGO — Greenstone Partners has arranged the sale of a 24,000-square-foot office building in Chicago’s Lincoln Park neighborhood for $6.7 million. The property at 2001 N. Clybourn Ave. is 97 percent leased and anchored by AMP Americas. The building, which dates back to 1925, underwent a complete renovation in recent years. Danny Spitz and Jason St. John of Greenstone represented the seller, R2 Cos. A West Coast-based private investor was the buyer.
ADDISON, ILL. — Venture One Real Estate has acquired a 38,050-square-foot industrial building in Addison for an undisclosed price. The property, located at 502 Vista Ave., is fully leased to one tenant. Constructed in 1967, the building features a clear height of 14 feet, three dock doors, one drive-in door, parking for 44 cars and 6,904 square feet of office space. Noel Liston of Darwin Realty represented the undisclosed seller. Justin Lerner of Transwestern represented Venture One, which utilized its acquisition fund VK Industrial VI LP, a partnership between Venture One and Kovitz Investment Group.
WAUWATOSA, WIS. — M&R Development has broken ground on 2929 on Mayfair, a 258-unit luxury apartment project in the Milwaukee suburb of Wauwatosa. M&R is co-developing the project with Campbell Capital Group. Completion is slated for August 2023. Located at 2929 N. Mayfair Road, the development will rise five stories with a variety of floor plans. The center of the community will be a three-story clubhouse and adjoining courtyard with an outdoor pool, grilling stations, pickleball court, fire pits and lounge seating. The clubhouse will feature an entertainment kitchen, coffee bar, lounge, clubroom, fitness center, yoga room, business center, pet washing station and package room. A three-level parking garage will include a car wash, electric vehicle charging stations, storage lockers and bike storage. Madison, Wis.-based Stevens Construction is the general contractor and Midlothian, Va.-based Poole & Poole Architecture is the architect. RMK Management will handle leasing and property management.
GREEN BAY, WIS. — TWG has begun development of The Fort at the Railyard, a $59 million mixed-income apartment community in Green Bay. The project is a redevelopment of the historic Larsen Canning property. The 223-unit apartment community will rise five stories with 1,300 square feet of commercial space. Of the 233 units, 187 will be reserved for residents earning up to 60 percent of the area median income. Amenities will include a workout room, business center, coworking lounge, dog run and pet washing station. Merchants Bank served as the low-income housing tax credit investor and Western Alliance Bank provided construction financing. Completion is slated for the third quarter of 2024.
MINNETONKA, MINN. — The Abbott Laboratories life sciences campus in Minnetonka has traded hands for $53 million. The four-building campus totals 280,289 square feet and contains lab, manufacturing, office and warehouse space. Across the buildings there are 26 dock doors, seven drive-in doors and 640 parking spaces. Colin Ryan, David Berglund and Erin Fitzgerald of JLL and Judd Welliver and Bentley Smith of CBRE co-marketed the property on behalf of the seller, a joint venture between Eagle Ridge Partners and Syndicated Equities. Virtus Real Estate Capital was the buyer.
CARMEL, IND. — Gallelli Real Estate’s The Osborne Group has brokered the $29 million sale of a retail property occupied by CarMax Auto Superstore in the Indianapolis suburb of Carmel. The two-building property spans 55,536 square feet and features a main showroom, customer receiving bay, service shop and auto cleaning area. Robb Osborne and Kannon Kuhn of Osborne Group, along with Alex Davenport of Colliers, marketed the property on behalf of the seller, an entity doing business as MAX 22 LLC. Osborne’s team procured the buyer, Realty Income Corp. Used car dealer CarMax operates more than 220 locations across the United States.
PITTSBURG, KAN. — Marshalls will open a 25,000-square-foot store at Pittsburg Town Center in Pittsburg, a city in Southeast Kansas. Other tenants at the property include Home Depot, Chili’s, Buffalo Wild Wings and UPS. David Block and Phil Peck of Block & Co. Inc. Realtors negotiated the lease transaction on behalf of the undisclosed ownership group. Block & Co. also manages the property.
NEKOMA, N.D. — Bitzero Blockchain Inc. has agreed to acquire the Stanley R. Mickelsen Safeguard Complex (SRMSC) in Nekoma, a tiny city of fewer than 50 residents approximately 130 miles south of Winnipeg, Canada. The Cavalier County Job Development Authority (CCJDA) is selling the property to Bitzero, which plans to redevelop the asset into a highly secure data center. The project costs, including the acquisition, are estimated at $500 million. Commonly referred to as “The Pyramid,” the SRMSC is a Cold War-era military installation which was built in 1970 to protect the nearby Grand Forks Air Force Base from potential attack from Soviet missiles. The Pyramid became operational in 1975, featured two different kinds of radar systems and data processing equipment, and controlled 30 anti-ballistic missiles that could be launched in case of attack. The main building features three-foot-thick concrete walls. The missile site was abandoned after just eight months in operation, when Congress voted to deactivate it. The missiles and equipment were removed, but the concrete structures remain on the landscape. The CCJDA has owned the site’s tactical area since 2017, but voted unanimously to accept Bitzero’s bid proposal after a presentation from CEO Akbar Shamji. Bitzero’s bid proposal for the site included a …
MOUNT COMFORT, IND. — Core5 Industrial Partners has broken ground on C5 Indianapolis East, a 1.2 million-square-foot speculative industrial building in the Indianapolis suburb of Mount Comfort. The project will be the largest speculative building in the Indianapolis market, according to Core5. Completion is slated for the second quarter of 2023. The development will offer 635 auto parking spaces, 259 trailer spaces, 120 dock doors, two drive-in doors, electric vehicle charging stations, 12,000 square feet of office space and a clear height of 40 feet. The project is situated in Hancock County along I-70. Steve Schwegman and Brian Seitz of JLL will market the project for lease.
ST. LOUIS — Berkadia has brokered the sale of The Oliver in St. Louis for an undisclosed price. The newly built multifamily community features 151 units and is situated within an opportunity zone. Bobby Mills, Andrea Kendrick and Ken Aston of Berkadia represented the sellers, Missouri-based Larson Capital Management and Ridgehouse Cos. Bob Falese and Jeremy Lynch of Berkadia arranged acquisition financing on behalf of the buyer, Fortbridge Capital Partners.
