INDIANAPOLIS — Trends International Inc. has renewed its 180,000-square-foot industrial lease at 5110 W. 74th St. within Park 100 Business Park in Indianapolis. The tenant, which produces licensed posters, calendars, stickers and stationery products, renewed its lease for seven years. Sean McHale of Avison Young represented the tenant, while Grant Lindley of Cushman & Wakefield represented the landlord, LINK Industrial. The location serves as Trends International’s corporate headquarters.
MOUNT PROSPECT, ILL. — Seefried Properties has broken ground on an 80,053-square-foot speculative industrial building in the Chicago suburb of Mount Prospect. The Class A project, located 2.5 miles from the O’Hare airport’s North Cargo Gate, will be designed to accommodate freight-forwarding and air cargo warehousing. World Courier Inc. has leased 34,011 square feet at the development. Mike Feeney and Jay Cook of Cresa represented the tenant, while Mike Sedjo, Jack Brennan, John Hamilton and Ben Dickey of CBRE represented Seefried. CBRE will handle lease-up of the remainder of the building. The project team includes general contractor Principle Constructors, civil engineer Kimley-Horn and architect Harris Architects. The building will feature a clear height of 32 feet, 16 exterior dock doors, ample car parking and 17 trailer stalls. A timeline for completion was not provided.
MINNEAPOLIS — Colliers Mortgage has provided a $7.4 million Fannie Mae loan for the refinancing of Apt on Essex, a 58-unit multifamily building in Minneapolis. The property offers micro-units and is located within walking distance of a Fresh Thyme grocery store. The 10-year loan features a 30-year amortization schedule. An entity doing business as J2 Catapult LLC was the borrower.
By Ryan Kelly, TWG Development Despite the affordable housing crisis, Des Moines has managed to endure the adverse factors that have caused a boom in housing prices nationwide — but we still have a ways to go. A sustained demand, an influx of business and new projects by national developers all played a role in Des Moines’ multifamily growth over the past two years. Developing Des Moines Home to some of the largest multinational finance and insurance corporations, Des Moines has pioneered Iowa’s growth. The city has also seen population growth — the most recent census revealed that Des Moines’ suburbs led to Iowa’s development while the city itself grew by 5.4 percent. Des Moines is the 10th-best place for business and careers, according to Forbes, and ranked as the fifth-best city to live in, according to U.S. News and World Report. The capital city has experienced a boom in employment, with a rise in the number of high-tech jobs, at a 6.7 percent rate. The Midwest’s low cost of living (7 percent lower than the national average) and Des Moines’ proximity to large cities have contributed to the growth of key industries, including logistics, ag-bioscience, manufacturing, data and insurance. …
ROMULUS, MICH. — Sealy & Co. has acquired AeroPlex One & Two, a 600,000-square-foot industrial property in Romulus. The purchase price was undisclosed. The two buildings feature clear heights of 30 feet, cross-dock configuration and ample truck and automobile parking. The property is located adjacent to the Detroit Metropolitan Wayne County Airport. Dan Labes of Newmark represented the seller and developer, Nemer Property Group.
AURORA, ILL. — D2 Capital Advisors has arranged an $18.2 million construction loan for Fox Valley Apartments, a 47-unit affordable housing redevelopment project in Aurora. The project consists of the adaptive reuse of two vacant, historic school buildings, the former Mary A. Todd School and Lincoln Elementary School. The Todd school will be transformed into 11 units and a health clinic for low-income families. The Lincoln school will be redeveloped into 14 units. Additionally, a new two-story building will include 22 units. Of the 47 total units, at least 30 percent will be designated for renters earning 30 percent of the area median income. The remaining units will be for residents who earn up to 60 percent of the area median income. The Illinois Housing Department Authority awarded 9 percent low-income housing tax credits for the project, which also qualified for state and federal historic tax credits. An undisclosed lender provided the fixed-rate construction loan. The borrower was Fox Valley Apartments LP, a joint venture that includes General Partner Visionary Ventures NFP. Jack Cortese and David Frankel of D2 arranged the financing.
RIVER FOREST, ILL. — Baum Realty Group LLC has negotiated the $8.7 million sale of an urgent care facility occupied by Loyola Medicine Immediate Care in River Forest, a western suburb of Chicago. The property, located at 7617 North Ave., features a lease guaranteed by Loyola University Health System, one of Chicagoland’s largest health systems. Loyola has more than nine years remaining on its lease. Patrick Forkin of Baum represented the buyer, a private local investor. The seller was not disclosed.
NILES, ILL. — Marcus & Millichap has brokered the sale-leaseback of a 56,261-square-foot industrial building in the Chicago suburb of Niles for $5.2 million. The property, located at 7760 N. Merrimac Ave., sold for above asking price. Constructed in 1975, the facility features a clear height of 18 feet, eight internal docks and one drive-in door. The tenant and seller, Quality Elevator Products Inc., had owned the building since 2004. Peter Doughty and Dylan Hyde of Marcus & Millichap represented Quality Elevator Products. The duo also procured the buyer, a real estate investment firm focused on industrial assets.
ELKHART, IND. — MAG Capital Partners LLC has purchased a 38,250-square-foot flex industrial facility in Elkhart for an undisclosed price. Built in 2014 and fully renovated in 2019, the property at 5155 Verdant Drive is home to Dometic’s Americas segment. Dometic provides products for use in recreational vehicles (RVs), boats and trucks. Elkhart is known as the “RV Capital of the World” and more than 85 percent of all RVs built in the United States are produced in Indiana, according to the RV Industry Association. Matt Deahl of Imperium Realty & Investments advised both the seller, Verdant Development, and MAG Capital Partners, which is a Fort Worth, Texas-based private investment firm founded by Dax Mitchell and Andrew Gi.
MINOOKA AND ROMEOVILLE, ILL. — Molto Properties has unveiled plans to build two logistics parks totaling more than 2 million square feet in Minooka and Romeoville. Construction is scheduled to begin this month, with completion of both projects slated for the second quarter of 2023. Jim Estus and Matthew Stauber of Colliers will market the developments for lease. Minooka Ridge Business Park will span 110 acres and accommodate up to 1.7 million square feet of new distribution space. Phase I will consist of a 1.1 million-square-foot distribution facility featuring a clear height of 40 feet, 156 truck docks and parking for 264 trailers and 541 cars. Weber55 Logistics Park will be a two-building logistics park situated on 60 acres in Romeoville. Building I will span 627,840 square feet and feature a clear height of 40 feet, 114 exterior truck docks, 128 trailer stalls and 376 car parking spaces. Building II will total 270,000 square feet and feature a clear height of 36 feet, 56 exterior truck docks, 72 trailer stalls and parking for 258 cars.
