DOWNERS GROVE, ILL. — Brown Commercial Group has brokered the sale of a 74,146-square-foot industrial building in the Chicago suburb of Downers Grove for an undisclosed price. The property is located on Thatcher Road. Mike Antonelli and Trinity Scurto of Brown represented the seller, Premium Investment Properties Inc. Antonelli represented the buyer, Beco Management Inc. The building is partially leased and the new owner plans to bring it to full occupancy.
Columbus has been the shining star of the industrial real estate market over the last five years, and for the eighth straight quarter, it has more than 5 million square feet under construction. This year is on track for more than 10 million square feet, with half of that already absorbed in the first part of the year. A question I always get is, “Why Columbus?” The answer (and the sell) is quite simple — location and population. Columbus is a 10-hour drive within 46 percent of the country’s population and manufacturing base. Incentives play a large role in the process as well, which enables developers to be competitive and drives tenants to the markets. Labor is always a factor in site selection, but now more than ever it tops the list as one of the most vital components of the decision-making process of choosing a site. With the Columbus region ranking No. 1 in the Midwest for population, jobs and GDP growth, it’s natural for developers to be highly attracted to the area. Columbus has three major industrial submarkets: West Jefferson, Rickenbacker and Etna Township. The West Jefferson submarket is home to Amazon, Target, Restoration Hardware and JoAnn Fabric. …
KANSAS CITY, MO. — Ascendas REIT has purchased a 2.1 million-square-foot industrial portfolio spanning 13 buildings in metro Kansas City for $156 million. The acquisition marks the first entry into the U.S. logistics market for Singapore-based Ascendas. The infill properties are situated across the submarkets of South Johnson County, North Johnson County, Eastern Jackson County and Northland. The portfolio is 92.6 percent occupied by 27 tenants. Two entities doing business as ColFin 2017-11 Industrial Owner LLC and ColFin Cobalt I-II LLC were the sellers. Mark Long, John Hassler, Jim Linn and Andrew Briner of Newmark Zimmer brokered the transaction. Ascendas, an industrial REIT, is listed on the Singapore Exchange Securities Trading Limited. Its portfolio comprises 210 properties across the globe.
COLUMBUS, OHIO — KKR has acquired two industrial buildings within Rickenbacker Logistics Park in Columbus for an undisclosed price. Completed this year, the warehouses total 1.1 million square feet and feature a clear height of 36 feet. Both single-tenant buildings are fully leased. CBRE represented the seller, a joint venture between CT Realty and Walton Street Capital.
LANSING, MICH. — Waramaug Hospitality, a privately held investment firm focused on select-service and full-service hotels, has purchased the Radisson Hotel Lansing at the Capitol for an undisclosed price. The 256-room hotel is the only full-service hotel in downtown Lansing, according to Waramaug. The property features an onsite restaurant and bar, fitness center, indoor pool and more than 10,000 square feet of meeting space. The second floor of the hotel connects to the Lansing Center, the 125,000-square-foot convention center owned by the city. Waramaug is planning a complete renovation of the property and will rebrand it as a Doubletree by Hilton upon completion. Terrapin Hospitality will manage the asset. Nate Sahn of CBRE brokered the sale. The seller was undisclosed.
CINCINNATI — Ready Capital has closed an $8.9 million loan for the acquisition, renovation and lease-up of a 197-unit, two-property manufactured housing portfolio within Cincinnati’s Butler County. The buyer plans to remove abandoned homes, purchase new homes and address deferred maintenance. The three-year, floating-rate loan includes a facility to provide future funding for capital expenditures.
MIDDLETON, WIS. — Marcus & Millichap has arranged the $3.1 million sale of Cornerstone Mall in Middleton, a northwest suburb of Madison. The 18,733-square-foot retail property is located at 2831 Parmenter St. and is 92 percent leased to tenants such as Hurts Donut Co. and Jet’s Pizza. Austin Weisenbeck, Sean Sharko and Marc Sitzer of Marcus & Millichap represented the seller, a Madison-based limited liability company. The buyer was undisclosed.
CHESTERFIELD, MO. — Gateway Studios & Production Services is scheduled to break ground this Thursday, Nov. 11, on its new $130 million campus in Chesterfield, a western suburb of St. Louis. When complete, the 32-acre project will be the largest production services and rehearsal facility of its kind in the country, according to Gateway Studios. The project will include a hotel and four studios that will accommodate the development and creation of arena-size tours, movie and television productions as well as corporate events. The development will employ more than 100 music and production professionals upon completion, which is slated for the first quarter of 2023.
PEMBINE, WIS. — An affiliate of Chicago-based Brick by Brick Capital, in partnership with tech-enabled hotel operator Life House, has acquired the historic Four Seasons Island Resort in the Northeast Wisconsin town of Pembine. The purchase price was undisclosed. The deal represents the first hotel in Wisconsin for both Brick by Brick and Life House, and the first of several planned acquisitions across the upper Midwest. Originally built in 1905 by the Wisconsin-Michigan Railroad Co., the 70-acre resort was a popular destination for visitors arriving by railroad from Chicago during the summer months. The hotel is located on Miscauno Island along a scenic stretch of the Menominee River, which is the natural border separating Wisconsin from the Upper Peninsula of Michigan. Life House will operate a wide array of amenities, including four dining options, a nine-hole golf course, wedding and conference facilities, an indoor pool, fitness room, arcade, pontoon boat tours and cross-country ski rentals.
WEST DUNDEE, ILL. — The Opus Group has begun construction on a 49,984-square-foot industrial build-to-suit for Chicago Logistic Service in West Dundee, a far northwest Chicago suburb. This is the ninth project Opus has built within the Oakview Corporate Park. The building will feature 10 dock doors, two drive-in doors, 15 trailer stalls, 39 parking stalls, 2,900 square feet of office space and a clear height of 28 feet. Completion is slated for July 2022. Opus is serving as developer, design-builder, interior designer, architect and structural engineer. Noel Liston of Darwin Realty represented both Opus and the tenant.
