Midwest

Block & Co. Brokers Sale of Orchard Corners Shopping Center in Lenexa, Kansas

by Kristin Harlow January 4, 2022

LENEXA, KAN. — Block & Co. Inc. Realtors has brokered the sale of Orchard Corners shopping center in Lenexa, about 15 miles southwest of Kansas City, for an undisclosed price. The more than 200,000-square-foot property is located at the southwest corner of 95th Street and Quivira Road across from Oak Park Mall. Anchor tenants include Nordstrom Rack, TJ Maxx, HomeGoods and Michaels. There is a 37,000-square-foot space available for lease that was previously occupied by Stein Mart. Orchard Corners was built in 1971 and renovated in the 1990s. David Block of Block & Co. represented the buyer, a group of local investors that includes himself. CBRE represented the undisclosed seller. Block & Co. will handle property management and leasing.

January 4, 2022

Development Hospitality Midwest Missouri

Midas Construction, HDA Architects Complete 192-Room AC Hotel in St. Louis

by Kristin Harlow January 4, 2022

ST. LOUIS — Midas Construction and HDA Architects have completed a new 192-room AC Hotel in the Central West End of St. Louis. The seven-story building, which spans 94,300 square feet, is the first AC Hotel within the St. Louis market. Amenities include a fitness center, meeting and event spaces and a curated food and beverage program.

January 4, 2022

Acquisitions Industrial Midwest Missouri

NewLake Purchases 70,000 SF Cannabis Facility in Chaffee, Missouri

by Kristin Harlow January 4, 2022

CHAFFEE, MO. — NewLake Capital Partners Inc. has purchased a 70,000-square-foot cannabis cultivation and processing facility in the southeastern Missouri town of Chaffee. NewLake’s total investment in the property will be $21.1 million, which includes $16 million at closing and a $5.1 million commitment to fund tenant improvement allowances and building renovations. Organic Remedies is the tenant.

January 4, 2022

Acquisitions Healthcare Midwest Missouri

Montecito Medical Acquires 40,500 SF Medical Office Building in Metro Kansas City

by Kristin Harlow January 4, 2022

LEE’S SUMMIT, MO. — Montecito Medical has acquired a 40,500-square-foot medical office building in Lee’s Summit near Kansas City. The fully leased property opened in 2020. Beacon Surgery Center, a joint venture between local physician partners and Partners Surgical, is the building’s primary tenant. Other tenants include Sano Orthopedics and Advanced Surgical Associates. The seller and sales price were not disclosed.

January 4, 2022

Illinois Leasing Activity Midwest Office

Spaulding Ridge Signs 25,779 SF Office Lease in Chicago

by Kristin Harlow January 4, 2022

CHICAGO — Spaulding Ridge has signed a 25,779-square-foot office lease at 203 N. LaSalle Drive within Chicago’s Central Loop. The cloud technology firm previously occupied space at 105 W. Madison St. Rising 27 stories, 203 N. LaSalle Drive spans 625,221 square feet. The office tower features a conference center, fitness center and tenant lounge. Jeff Mulder of Colliers represented Spaulding Ridge.

January 4, 2022

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $117M Sale of Park Ridge Commons Multifamily Community in Des Plaines, Illinois

by Kristin Harlow January 3, 2022

DES PLAINES, ILL. — Kiser Group has brokered the $117 million sale of Park Ridge Commons in Des Plaines, a northwest suburb of Chicago. The garden-style multifamily property consists of 752 units across 47 buildings. Amenities include a clubhouse, lap pool, fitness center, tennis courts and laundry facilities. Matt Halper, Danny Mantis and Lee Kiser of Kiser Group represented the buyer, Bayshore Properties, and the seller, H.A. Langer & Associates. The seller had owned the property for 25 years. Dan Sacks and Eric Rosenstock of Greystone originated $103 million in acquisition financing through Fannie Mae.

January 3, 2022

Acquisitions Industrial Midwest Wisconsin

Zilber Acquires 125,000 SF Industrial Property in Beloit, Wisconsin

by Kristin Harlow January 3, 2022

BELOIT, WIS. — Zilber Property Group has acquired a 125,000-square-foot industrial facility located at 2350 Springbrook Court in the southern Wisconsin town of Beloit. The purchase price and seller were undisclosed. WestRock, a global packaging solutions company, fully occupies the property, which features a clear height of 20 feet, 11 dock positions, 15 trailer stalls, one drive-in door and additional land for expansion. Rachel Agba represented Zilber on an internal basis.

January 3, 2022

Acquisitions Indiana Midwest Office

NAS Investment Solutions Buys 82,064 Office Building in South Bend, Indiana

by Kristin Harlow January 3, 2022

SOUTH BEND, IND. — NAS Investment Solutions has purchased an 82,064-square-foot office building in South Bend for an undisclosed price. Constructed in 2021, the building serves as the national headquarters for Press Ganey, a provider of performance measurement and improvement services to U.S. healthcare providers. The property includes 408 surface parking spaces and a 4,800-square-foot rooftop lounge. National Asset Services will serve as property manager.

January 3, 2022

Loans Midwest Missouri Office Retail

Emerald Capital Arranges $6M in Financing for Development of Office, Retail Building in St. Louis

by Kristin Harlow January 3, 2022

ST. LOUIS — Emerald Capital Strategic Advisors, an affiliate of Green Street Real Estate Ventures, has arranged financing for Elevation, an office and retail development in St. Louis. Funding includes $6 million in New Market Tax Credits (NMTC) in addition to debt and Property Assessed Clean Energy (PACE) financing. Matt Drinen and Luke Pope of Emerald Capital sourced and closed debt financing with Chicago-based IFF as well as Elm Tree Unity Debt Fund. St. Louis Development Corp. provided a $6 million allocation in NMTC, and US Bank was the NMTC investor. Kingsway Development is the project developer. Elevation will be situated at 4731 Delmar Blvd. within the Fountain Park neighborhood. The project serves as the first development within the planned 207-acre Kingsway District. Elevation will include 5,000 square feet of street-level retail space for Jamba Juice, UPS and The Original Hot Dog Factory, as well as 12,500 square feet of second-floor office space for the Ethical Society of Police and Park Central Development Corp. Simms Building Group is the general contractor and CASCO is the architect. Construction is scheduled to begin this month, with completion slated for January 2023.

January 3, 2022

Acquisitions Illinois Midwest Retail

Quantum Negotiates $1.9M Sale of Retail Building in Belvidere, Illinois

by Kristin Harlow January 3, 2022

BELVIDERE, ILL. — Quantum Real Estate Advisors Inc. has negotiated the $1.9 million sale of a multi-tenant retail building in Belvidere near Rockford. Located on Gateway Center Drive, the property is home to Aaron’s, Dotty’s and Subway. Jason Lenhoff of Quantum represented the seller, a local private real estate investor. An Iowa-based private real estate investor was the buyer.

January 3, 2022

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