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DevelopmentIllinoisLife SciencesMidwest

Mark Goodman & Associates to Build 16-Story Life Sciences Development in Chicago

by Kristin Harlow

CHICAGO — Mark Goodman & Associates Inc. has received final approval from the Chicago City Council to build a 16-story life sciences development at 400 N. Elizabeth St. in Chicago’s Fulton Market neighborhood. The project is expected to bring 1,350 high-tech jobs to the city. The ground-up building will be situated on the site of the former Lakeshore Beverage distributorship. Designed by Solomon Cordwell Buenz, the 492,000-square-foot project will include life sciences, biotechnology laboratory and office space. There will be 123 underground parking spaces, a fitness center and a ground-level café. The developer will also build a pedestrian throughway that will connect Elizabeth and Kinzie streets to Ogden Avenue. A timeline for completion was not provided.

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AcquisitionsIllinoisIndustrialMidwestOffice

Chicago’s Bradley Business Center Trades Hands for Nearly $100M

by Kristin Harlow

CHICAGO — Bradley Business Center, an office and industrial complex on Chicago’s North Side, has traded hands. The sales price was nearly $100 million, according to Crain’s Chicago Business. The 23-acre property consists of four buildings totaling 466,871 square feet. The asset is 97 percent leased to 21 tenants. Cody Hundertmark, Tom Sitz, David Knapp, Mike Tenteris, Adam Tyler and Jim Carpenter of Cushman & Wakefield represented the seller, a private venture led by Hansen Realty Group. Hines Global Income Trust Inc. was the buyer.

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AcquisitionsIllinoisIndustrialMidwest

Cushman & Wakefield Brokers Sale of 355 Logistics Center in Lockport, Illinois

by Kristin Harlow

LOCKPORT, ILL. — Cushman & Wakefield has brokered the sale of 355 Logistics Center in Lockport, about 30 miles southwest of Chicago. The sales price was undisclosed. Constructed in 2018, the two-building industrial development spans 611,576 square feet. Both buildings feature a clear height of 32 feet. James Carpenter, Mike Tenteris and Adam Tyler of Cushman & Wakefield represented the seller, Boston-based High Street Logistics Properties. A fund managed by a subsidiary of Ares Management Corp. was the buyer.

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DevelopmentIndustrialIowaMidwest

VanTrust to Develop 496,800 SF Spec Warehouse in Altoona, Iowa

by Kristin Harlow

ALTOONA, IOWA — VanTrust Real Estate is developing a 496,800-square-foot speculative warehouse at Altus Commerce Center in Altoona. The facility is the largest speculative industrial project to be built in Iowa, according to JLL, which is marketing the development for lease. Completion is slated for January 2023. The building will feature a clear height of 36 feet as well as parking for up to 330 cars and 47 trailers. Marcus Pitts, Austin Hedstrom and Tanner Hedstrom of JLL are marketing both this building and VanTrust’s first building at Altus Commerce Center. The first building will span 265,200 square feet and is slated for completion in summer 2022.

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DevelopmentHospitalityMidwestNorth Dakota

New Extended Stay America Suites Hotel Opens in Minot, North Dakota

by Kristin Harlow

MINOT, N.D. — ESH Strategies Franchise LLC has opened the first Extended Stay America Suites hotel in North Dakota. The three-story, 66-room hotel is located in Minot. Elevation LLC is the property owner and National Hospitality Services is the operator. The hotel features a market, onsite bar, business center, meeting space, complimentary breakfast, Wi-Fi and an outdoor pavilion. The 440-square-foot suites are equipped with refrigerators, stovetops, cookware, dishes and walk-in closets.

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AcquisitionsIndianaIndustrialMidwest

Avison Young Brokers Sale of Three Industrial Buildings Totaling 878,410 SF Near Indianapolis

by Kristin Harlow

WHITELAND, IND. — Avison Young has brokered the sale of three industrial buildings totaling 878,410 square feet in Whiteland, a southern suburb of Indianapolis. The sales price was undisclosed. All the buildings are situated within the 2.4 million-square-foot Whiteland Exchange Business Park. The properties are fully leased to e-commerce and packing companies. Erik Foster and Mike Wilson of Avison Young’s Chicago office represented the seller, Jones Development. The duo worked in conjunction with Sean McHale and Peter Seoane of Avison Young’s Indianapolis office. Lexington Realty Trust was the buyer.

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LoansMidwestMinnesotaMultifamily

Ready Capital Closes $39.2M Acquisition Loan for Minneapolis Multifamily Portfolio

by Kristin Harlow

MINNEAPOLIS — Ready Capital has closed a $39.2 million loan for the acquisition, renovation and stabilization of a 332-unit, eight-property multifamily portfolio in Minneapolis. The Class B properties are located in the Loring Park, Stevens Square and Whittier submarkets. The buyer plans to implement a capital improvement program to renovate unit interiors. The nonrecourse loan features a floating rate and a four-year term.

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Affordable HousingDevelopmentMidwestMultifamilyOhio

NRP Group Breaks Ground on 180-Unit Affordable Housing Community in Columbus

by Kristin Harlow

COLUMBUS, OHIO — The NRP Group has broken ground on Sinclair Apartments, a 180-unit affordable housing community in Columbus. In partnership with the City of Columbus Housing Division, the transit-oriented development will be developed with tax-credit funding support from the Ohio Housing Finance Agency and Huntington National Bank. Located at 5055 Sinclair Ave., the property will be reserved for Columbus-area residents who earn between 30 and 70 percent of the area median income. The three-building complex will replace Alrosa Villa, a live music venue that closed in 2020. Completion of the project is slated for 2023.

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AcquisitionsIllinoisIndustrialMidwest

Colliers Arranges Sale of 169,250 SF Jefferson Business Center in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — Colliers has arranged the sale of Jefferson Business Center in Naperville for an undisclosed price. The 169,250-square-foot distribution center is located at 1748 Jefferson Ave. Completed in 2019, the Class A facility features a clear height of 32 feet, 21 loading docks, 203 car parking stalls and 23 trailer stalls. The building was fully leased to four tenants at the time of sale. Jeff Devine and Steve Disse of Colliers Chicago represented the seller, TA Realty. Black Creek Group was the buyer.

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DevelopmentIllinoisLife SciencesMidwestOffice

Skender Starts Interior Buildout of Lab, Office Space for Hazel Technologies in Chicago

by Kristin Harlow

CHICAGO — Skender has started the interior buildout of a two-story, 50,000-square-foot lab and office space for Hazel Technologies at 320 N. Sangamon, a new 13-story building being developed by Tishman Speyer and Mark Goodman & Associates in Chicago’s Fulton Market. Hazel, a USDA-funded technology company developing solutions to extend the shelf life of fresh produce, will move from its current location at Illinois Tech’s University Technology Park in the Bronzeville neighborhood. Hazel plans to double its local workforce to 70 employees in the coming year. The buildout includes space for both research and lab support, as well as 10,000 square feet of administrative and office space and 5,000 square feet of collaboration space. CBRE is the tenant representative, Perkins & Will is the architect and Cosentini Associates is the engineer. Completion is slated for spring 2022.

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