IOWA CITY, IOWA — Colliers has brokered the sale of Iowa City Marketplace in Iowa City for an undisclosed price. The 237,594-square-foot shopping center is located along State Route 6 between Sycamore Street and Lower Muscatine Road. The property is 66 percent leased to 24 tenants such as Dollar Tree, Planet Fitness, Jo-Ann Stores, Marcus Theatres, Sally Beauty, Great Clips, McDonald’s and Panera Bread. El Warner, Charley Simpson and Jeffrey Wyatt of Colliers represented the seller, Core Pacific Advisors. Buyer information was not provided.
CHICAGO — Kiser Group has arranged the $10 million sale of the South Shore Portfolio in Chicago. The 101-unit multifamily portfolio comprises the following properties: 7419 S. Colfax Ave., 6700 S. Chappel Ave. and 2445 E. 72nd St. Noah Birk and Aaron Sklar of Kiser brokered the transaction. New York-based Strahl Capital was the buyer. The sellers were undisclosed.
CLAYTON, MO. — CBRE has signed a 13,611-square-foot office lease at The Plaza in the St. Louis suburb of Clayton. The firm has occupied space on the 14th floor of The Plaza since 2012 and will now move to the sixth floor in the first quarter of 2024. The new office is part of CBRE’s Workplace360 program. The new workplace will showcase CBRE’s “Future of Work” space standards, including new technologies and a variety of collaborative spaces designed to support hybrid working. The sixth floor provides access to the renovated outdoor terrace. Building owner Franklin Partners plans to add new amenities such as a clubroom, conference center, game room, fitness center, reception area and rooftop deck. CBRE launched its Workplace360 program in 2012 and has since opened more than 100 Workplace360 offices across the globe. CBRE Design Collective will manage the workplace design. Emily Levinson of CBRE’s Americas Consulting practice is leading workplace strategy.
LAFAYETTE, IND. — Marcus & Millichap has negotiated the sale of Brady Lane Self Storage in Lafayette, about 60 miles northwest of Indianapolis. The sales price was undisclosed. Located at 1909 Brady Lane, the 62,240-square-foot self-storage facility comprises 574 units across eight buildings. Jeffrey Herrmann and Sean Delaney of Marcus & Millichap represented the seller, a California-based limited liability company. The duo also secured and represented the buyer, a Minnesota-based limited liability company.
Combinations of offices with laboratories, research and development spaces and/or manufacturing areas make life sciences facilities highly customizable. These multipurpose, technical spaces are in high demand from companies seeking first-class facilities for research-based advancements. Low vacancies, high rents and the chance to convert unused office or retail spaces on a faster timeline have prompted some creative approaches to retrofit existing space to fulfill the needs of science and technology tenants. In other instances, facilities must be built from the ground up to conform to best practices. But what factors matter most to the life sciences field? And how can developers increase their speed to market? Read on for tips and checklists for developers hoping to speed up the process of building or retrofitting these facilities. Industry Drivers: Speed to Market and Flexibility Office conversions into life sciences facilities offer a variety of options. Life sciences facilities often do not need to accommodate large trucks (eliminating circulation and loading dock concerns), they use office components and (most importantly) office conversions offer faster speed to market than other types of conversions. “Speed to market is most important for these developers/tenants. There is a shortage of space, so a well-designed, spec building will …
By Jill Rasmussen, Davis The Minneapolis – St. Paul medical office building (MOB) market remains strong with calculated strategic growth from both hospital systems and independent clinics. The MOB sector has been resilient during the pandemic, economic challenges and local civil unrest. Providers have been focused on expanding into new market areas to locate close to their patient base, providing full-service medical hubs offering outpatient surgery and specialty services to communities while offering lower-cost care away from a hospital campus. The overall market remains very stable with a current vacancy rate of 8.6 percent on-campus and 10.6 percent off-campus. There remains high interest in off-campus locations for most non-acute care for location access and cost savings. Base rents continue to increase both on- and off-campus due to demand and higher new construction pricing. Base rates have reached nearly $22 per rentable square foot (rsf) on average on-campus and $21/rsf for off-campus existing product. New MOB construction rates have increased from $24.50/rsf to $28+/rsf due to interest rate hikes and supply chain/labor issues, but new construction projects continue to move ahead based on provider’s strategic initiatives. Annual base rent increases are trending up due to current inflation levels from a historical …
CHICAGO — A partnership between Mavrek Development, GW Properties, Luxury Living Chicago Realty and Double Eagle Development has received $102.2 million in financing from MSD Partners for the construction of a mixed-use development in Chicago. Named The Saint Grand, the 21-story project will include 248 luxury apartment units, 40,000 square feet of office space and 8,000 square feet of street-level retail space. Units will feature workspaces and private outdoor areas. Amenities will include a package receiving service, coworking lounge, fitness center and outdoor pool. Office tenants will also be able to enjoy the apartment amenities. The project will replace a parking garage located at 535 N. St. Clair. Demolition is underway and construction is expected to begin before the end of the year. The office portion is slated to be ready for tenant buildouts in the third quarter of 2023, with the residential portion slated for delivery in early 2024. NORR is the project architect. Chris Knight of JLL worked on behalf of the borrower to secure the four-year loan through MSD Partners.
HOPKINS, MINN. — Kraus-Anderson has begun construction of the second phase of an apartment project named The Hallon in Hopkins, a western suburb of Minneapolis. The project site is adjacent to the future Blake Road Metro Green Line Extension Transit station. Developed by Trilogy Real Estate Group and designed by ESG Architects, the development will ultimately comprise three buildings and 770 units. Phase I includes a seven-story building with 219 units, 256 parking stalls and street-level retail space. Completion of Phase I is slated for August 2023. Phase II will comprise a seven-story building with 250 units, 350 parking stalls and 10,000 square feet of retail space. Completion of Phase II is slated for summer 2024. A third phase is expected, but details are still pending.
SHAWNEE, KAN. — Northmarq has arranged the sale of Arbor Square in Shawnee for $21.1 million. Built in 1971, the 195-unit multifamily property is located at 7613 Flint St. Gabe Tovar and Jeff Lamott of Northmarq brokered the sale. Brett Hood of Northmarq originated a $13.8 million Freddie Mac loan for the acquisition on behalf of the buyer, Quad Property Group. Axiom Equities was the seller.
NORTHWOODS, MO. — Mid-America Real Estate Corp. has brokered the sale of North Oaks Plaza in Northwoods, a city in St. Louis County. The sales price was undisclosed. The 268,893-square-foot shopping center is 74 percent leased. Tenants include Save A Lot, Citi Trends, St. Louis County Career Center & Workforce Training, Fresenius and H&R Block. Emily Gadomski and Ben Wineman of Mid-America, in cooperation with Tim McFarland of Sansone Group, represented the private seller. A 1031 exchange buyer purchased the asset.