ANN ARBOR, MICH. — Oxford Cos. has launched the Oxford Instant Office Simple Agreement for Future Equity (OXIO SAFE) program aimed at helping Ann Arbor startups utilize office space with minimal upfront costs. Oxford says the program will provide a pathway for startups to lease office space without the significant financial risk that comes with entering a traditional commercial real estate lease. Qualified startups can receive up to one year of rent in exchange for a simple agreement for future equity. Open to startups that are currently working with a local incubator or economic development organization in the area, OXIO SAFE leases are available for six to 12 months for move-in ready office suites. Ann Arbor is home to one of the fastest growing startup hubs in the nation, according to Desai Accelerator, a professional business accelerator created in partnership with the University of Michigan. Oxford Cos. is a fully integrated real estate company offering services in property management, commercial and residential leasing, commercial construction and investments.
ROMEOVILLE, ILL. — Marcus & Millichap has arranged the sale of a Walgreens-occupied property in the Chicago suburb of Romeoville for $6.5 million. The 24-hour store is positioned at the entrance to Carillon, a master-planned retirement community. Brian Parmacek and Mitchell Kiven of Marcus & Millichap marketed the property on behalf of the seller, a developer. Benjamin Kohl of Marcus & Millichap secured and represented the buyer, an out-of-state private investor. Frank Montalto and Dean Giannakopoulos of Marcus & Millichap Capital Corp. obtained acquisition financing on behalf of the buyer.
MINOOKA, ILL. — Ridgeline Property Group has unveiled plans to develop I-80 Logistics Park, a 416-acre logistics and rail park in Minooka, about 13 miles southwest of Joliet. The site can support more than 7 million square feet of Class A industrial space. Ridgeline plans to break ground on the first building this spring. The 1.1 million-square-foot facility will feature a clear height of 40 feet, 241 exterior docks, four drive-in doors, 766 car parking stalls and 434 trailer stalls. Completion is slated for the third quarter of 2023. Ben Harris of Ridgeline’s Chicago office will lead the project. Matthew Stauber and Jim Estus of Colliers will market the development for lease.
UNIVERSITY PARK, ILL. — CRG and Venture One Real Estate have broken ground on an 897,000-square-foot industrial build-to-suit for Central Steel & Wire Co. (CS&W) at Gateway 57 Business Park in University Park, a southern suburb of Chicago. The new facility will serve as the headquarters and operations hub for CS&W, which is a metals distributor and fabricator. The project is the third development within Gateway 57, a 355-acre industrial park located at the southeast corner of Steger and Central roads. Clayco will serve as the design-builder, Lamar Johnson Collaborative will serve as architect and Jacob & Hefner Associates is the civil engineer. Dirk Riekse, Jordan Rovito and Sean Henrick of Cushman & Wakefield represented CS&W, while Jason West and Ryan Klink of Cushman & Wakefield represented the developers. Completion is slated for spring 2023.
DOWNERS GROVE, ILL. — JLL Capital Markets has arranged the sale of Corridors I and II, a two-building office portfolio totaling 301,606 square feet in the Chicago suburb of Downers Grove. The sales price was undisclosed. Built in the late 1990s, the properties are located at 2651 and 2655 Warrenville Road with immediate access to I-88 and I-355. The five-story buildings are fully leased to tenants such as Huntington, Oak Street Health and Citgo. Amenities include a fitness center, conference facility, deli, tenant lounge and parking garage. Patrick Shields, Sam DiFrancesca, Jaime Fink, Jeff Bramson and Bruce Miller of JLL represented the seller, Soundview Real Estate Partners. The team also procured the buyer, Group RMC.
WEST DES MOINES, IOWA — Developer TWG is underway on construction of Pointe on 88th, an $11 million affordable housing community in West Des Moines. The three-story project will be located at 520 88th St. Of the 49 units, 44 will be reserved for residents earning between 30 and 60 percent of the area median income. Five units will be rented at the market rate. Amenities will include a community room, fitness room and onsite leasing office. Completion is slated for this fall.
LA VISTA, NEB. — Cushman & Wakefield/The Lund Co. has negotiated both the lease renewal and sale of 11720 Peel Circle in La Vista, a suburb just south of Omaha. The 178,368-square-foot industrial property sits on 16 acres within the Sarpy West submarket. Denny Sciscoe of Cushman & Wakefield/Lund represented the current tenant in its lease renewal. Upon completion of the lease transaction, Sciscoe also marketed the building for sale. The total consideration for both the lease renewal and the sale was $23 million.
This past year, many commercial real estate sectors and geographies that had been affected by the initial impact of pandemic-induced shutdowns demonstrated improvement. Across Missouri, we saw very robust levels of sales activity, as well as new construction and development — with more than $2.4 billion in overall commercial real estate sales volume through the end of third-quarter 2021. Although statewide growth was reported across all property types and sectors, industrial was especially strong, while retail emerged with slightly less consistency, but was positive nonetheless. The forecast for 2022 is bright, especially as retailers announce expansion plans and developers break ground on new projects. St. Louis is central to growth As an important secondary U.S. market, St. Louis and the surrounding areas are experiencing high levels of demand and activity. In the first three quarters of 2021, the St. Louis market reported $1.7 billion of overall commercial real estate sales volume, representing more than 70 percent of statewide activity. These statistics illustrate the sentiment of today’s active buyers who agree that St. Louis is a stable and attractive market for investment. Within the metro area, St. Charles County stands out as one of the fastest-growing counties in the country, reporting …
MINNETONKA, MINN. — JLL Capital Markets has brokered the sale of Ridgehaven shopping center in the Minneapolis suburb of Minnetonka for an undisclosed price. Located at 13081 Ridgedale Drive and shadow anchored by Target, the fully leased property spans 140,418 square feet. Tenants include Lunds & Byerlys, Barnes & Noble, Ulta Beauty, Rosenthal Furniture Co., Massage Envy and Supercuts. Amy Sands, Clinton Mitchell, Michael Nieder and Ted Gonsior of JLL represented the seller, Invesco Real Estate. Bianco Properties was the buyer.
SPRINGDALE, OHIO — Northmarq has arranged a $6.3 million loan for the acquisition of Executive Plaza III in Springdale, a northern suburb of Cincinnati. The 89,327-square-foot office building is located at 135 Merchant St. Christina Grimme of Northmarq arranged the 25-year loan, which is fully amortized and features a loan-to-value ratio of 80 percent. A local bank provided the loan. The borrower was not disclosed.