FRANKLIN PARK, ILL. — Colliers has arranged the sale of a 215,094-square-foot industrial building in the Chicago suburb of Franklin Park for an undisclosed price. The property is located at 10600 W. Belmont Ave. along the southern edge of the Chicago O’Hare International Airport. Constructed in 1996, the building features a clear height of 24 feet. Jeff Devine and Steve Disse of Colliers represented the seller, James Campbell Co. LBA Logistics was the buyer.
OVERLAND PARK, KAN. — HNTB has signed a 25,650-square-foot office lease to relocate its Overland Park office to Aspiria. The lease commences in January. HNTB offers engineering and architecture services for infrastructure. Its recent notable projects include the Denver International Airport, the Las Vegas Raiders’ Allegiant Stadium and the Los Angeles International Airport. Locally, HNTB has worked on the University of Kansas Memorial Stadium renovation, the Buck O’Neil Bridge replacement project and the KC streetcar extension. Dina Zavislak and Charles Daggett of Savills, along with Chris Wally of Wally & Co., represented HNTB. Occidental Management owns the 207-acre Aspiria campus, which is a redevelopment of the former Sprint headquarters.
By Jesseka Doherty and Johnny Reimann, Mid-America Real Estate The fundamental strength of the metro Minneapolis economy is on full display in the suburban retail real estate market this summer, where space is tight, new supply is limited, rents are on the rise and construction costs continue to challenge tenants and landlords alike. The macroeconomic picture in the first half of the year was stunning, actually. For the second quarter that ended June 30, the unemployment rate was a remarkable sub-2 percent, which was even lower than the national level of about 4 percent, and consumer spending was robust. Urban submarkets have been more challenged, but even in the Minneapolis central business district, retail rents are holding up as the office market shows stability. Driving demand With work-from-home still a factor, remote employees who live in the suburbs often are more inclined to shop, dine and play close to home, which bodes well for retail in proximity. Across key trade areas, retailers and other tenants in regional and community centers are more in demand than ever. Submarkets faring well include Apple Valley, Burnsville, Coon Rapids, Eagan, Maple Grove, Roseville and Woodbury. The densification of the suburbs also is driving demand …
TOLEDO, OHIO — NorthPoint Development has broken ground on Toledo Trade Center, a three-building industrial project totaling more than 853,000 square feet in Toledo. The speculative project is being built on the site that was formerly home to North Towne Mall, which closed in 2005. NorthPoint estimates that the $84.6 million investment, excluding tenant improvements, will create more than 564 direct and indirect jobs and generate over $11.8 million in annual permanent wages for the local community. Rudolph Libbe Inc. is the general contractor. The first building is slated for completion next summer. Reichle Klein Group will serve as the leasing agent.
KANSAS CITY, MO. — Blue Cross and Blue Shield of Kansas City is relocating its headquarters from 2301 Main St. to 1400 Baltimore Ave. in Kansas City. The company signed a long-term lease for 260,000 square feet. Bryan Johnson, Tom Volini and Sven Sykes of Colliers Kansas City represented the tenant in the lease transaction. The landlord was undisclosed.
MINNEAPOLIS — JLL Capital Markets has brokered the $13 million sale of an 18-property industrial portfolio totaling 105,500 square feet across four Midwest states. The majority of the buildings are in Minnesota, while three are in Iowa, two are in Wisconsin and one is in North Dakota. The properties were constructed between 2007 and 2021 as build-to-suit facilities for Frito-Lay, a subsidiary of PepsiCo. Matt Hazelton and Cory Villaume of JLL represented the seller, Ebert Construction. Essjay Investment Co. was the buyer.
MILWAUKEE — USG Realty Capital has begun construction of Elevation 1659, a 76-unit apartment community in Milwaukee. The opportunity zone project is being developed in partnership with Ogden & Co. Inc. Completion is slated for September 2023. Elevation 1659 will offer a lower carbon footprint than neighboring properties, according to the development team. USG is utilizing its Investors Choice OZ fund, which launched in June 2021. Since that time, the qualified opportunity zone fund has invested in four projects.
OMAHA, NEB. — Marcus & Millichap has arranged the sale of a 66,474-square-foot retail property occupied by Family Fare Supermarket in Omaha for $4.4 million. The building is located at 5110 S. 108th St. Brennan Clegg, Chris Lind and Mark Ruble of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided. Family Fare operates more than 80 locations in seven states.
The landscape of multifamily Internet access is changing rapidly, driven by evolving resident expectations. No longer merely a utility, reliable Wi-Fi and Ethernet connections are essential for attracting and retaining residents, along with cutting operation costs. Expanding connectivity needs, work-from-home (WFH) culture and growing interest in smart-home applications are all driving residents’ Internet requirements. The centrality of Internet access for multifamily residents was inevitable in the long run, according to Bryan Rader, president of Multi-Dwelling Units (MDU) at Pavlov Media. COVID lockdowns accelerated an already burgeoning trend: bulk-managed Internet designed to improve connections and simplify growing demand. Bulk-managed connectivity offers a variety of solutions for on-site managers, residents and owners, as well as cost savings in unexpected areas. This approach provides building-wide Internet connections through a single provider, rather than asking residents to sign up individually with one of several Internet providers. The bulk Internet management company may also install and manage the building’s connection infrastructure. The simplicity of bulk-managed Internet (which started as bulk-managed Wi-Fi in student housing) is becoming increasingly practical for multifamily buildings. In the last four or five years, the traditional multifamily industry is starting to follow the same model that became standard in student housing …
CLAYTON, MO. — Midas Construction has broken ground on the $50 million AC Hotel Clayton in the St. Louis suburb of Clayton. The hotel will rise 11 stories with 207 rooms. Completion is slated for early 2024. The project is revitalizing a historic, underutilized site that once housed the former headquarters of the Clayton Police, which relocated in 2011. The hotel, designed for business and leisure travelers, will feature a rooftop bar and restaurant that will be open to the public. Construction was originally scheduled to begin in March 2020 but was postponed due to the pandemic. The development team consists of Koplar Properties, HomeBase Partners and Concord Hospitality.