It’s safe to say office space design has been transformed over the past two years in large part due to COVID-19 and the work-from-home experience. It has changed for now, the foreseeable future and maybe forever. Though many people are still working from home, others have returned to the office, even if only for a few days a week, and many of the office spaces are looking entirely different. While this may be happening in other markets, it is a trend we are seeing in the Milwaukee office market. The idea of the design and aesthetic of the office has changed. Current trends in office design are focusing on safety and comfort, while also creating a sense of home at the office. Tenants are being more thoughtful about their space layout and design. Instead of trying to fit as many people as possible into the space, tenants are occupying roughly the same size, or even slightly smaller spaces, but focusing on making those spaces more welcoming to help ease those workers coming back into the office, as well as recruiting new employees. Bring home into the office This design trend has the goal to provide comfort and safety at every …
Midwest
MINNEAPOLIS — Ryan Cos. US Inc. and Weidner Apartment Homes are underway on the construction of Fourth & Park, a 25-story apartment building located at the intersection of South 4th Street and Park Avenue in downtown Minneapolis. Completion is slated for the first quarter of 2024. Plans call for 350 apartment units, 100 parking stalls, a sixth-floor green roof, pool deck and community room. Ryan is the developer and builder, and Ryan A+E Inc. is the architect of record. The building, situated one block west of US Bank Stadium, marks the last phase of Downtown East, a five-block redevelopment project that began in 2014. Ryan partnered with the City of Minneapolis, Minnesota Sports Facilities Authority, the Star Tribune and Wells Fargo to redevelop the neighborhood. The $588 million project includes 1.2 million square feet of office space spread across two 17-story Wells Fargo towers, a 200-unit apartment complex, a multi-tenant office building, four-acre public greenspace, hotel and parking ramp.
HOFFMAN ESTATES, ILL. — Heritage-Crystal Clean Inc. (HCC) has signed an 11-year office lease for 39,000 square feet at Bell Works Chicagoland in Hoffman Estates. The company is the property’s largest tenant to date. HCC plans to move its team of 180 workers from its longtime home in Elgin to Bell Works Chicagoland in August. The publicly traded environmental products and services company will occupy space on the third floor. NELSON Worldwide will design the office. Sven Sykes of Colliers represented HCC in the lease, while Steve Kling of Colliers represented ownership. Bell Works Chicagoland is the redevelopment of the former AT&T campus being undertaken by New Jersey-based Somerset Development.
SPRINGFIELD, ILL. — With a new 11,377-square-foot lease signed by Boot Barn, Sherwood Plaza shopping center in Springfield is now fully leased. Joe Parrott, Sean McCourt and Riley McCarron of CBRE represented Boot Barn, which will take occupancy in the coming months. Seritage Growth Properties redeveloped the 130,000-square-foot shopping center, which was nearly vacant at the start of the redevelopment project. CBRE negotiated leases with 10 new tenants, including Burlington, Marshalls, Binny’s Beverage Depot, Orange Theory Fitness and Outback Steakhouse.
INDIANAPOLIS — In a sale-leaseback transaction, MAG Capital Partners LLC has acquired a 34,630-square-foot industrial facility in Indianapolis for an undisclosed price. The building sits on three acres at 6266 Morenci Trail. The seller, Printing Technologies Inc., has occupied the property since its founding in 1994. The facility was originally built in 1984. Based in Fort Worth, Texas, MAG Capital Partners is led by Dax Mitchell and Andrew Gi.
ADDISON, ILL. — Clear Height Properties has sold a 31,385-square-foot industrial building in Addison for $3.1 million. Clear Height purchased the property at 345 S. Fairbank St. in November and completed improvements such as roof repair, interior renovations, dock repairs, masonry repair and new LED lighting. Justin Lerner, Joe Karmin and Ross Lehrman of Transwestern represented Clear Height. Brent DeNoble and Doug Altenberger of Lee & Associates represented the undisclosed buyer.
MINNEAPOLIS — CBRE has arranged the sale and recapitalization of an 11-building industrial portfolio totaling nearly 1.4 million square feet in suburban Minneapolis for $143 million. The properties are located in Oakdale, Maplewood, New Hope, Bloomington, Brooklyn Park, Maple Grove, Minneapolis and Roseville. Michael Caprile, Judd Welliver, Ryan Bain, Zachary Graham and Bentley Smith of CBRE represented the seller, Onward Investors, which recapitalized the portfolio with a new capital partner.
EVANSTON, ILL. — Evergreen Real Estate Group and Council for Jewish Elderly, doing business as CJE SeniorLife, have completed Ann Rainey Apartments, a $25 million affordable seniors housing community in Evanston. The 60-unit project is located at 1011 Howard St. next to the existing CJE SeniorLife Adult Day Services Center, which provides programming and socialization opportunities for seniors who require supervision. The new community is named for Ann Rainey, who served as alderman of Evanston’s 8th Ward for more than three decades. Units at the property are restricted to residents who earn up to 60 percent of the area median income. Amenities include a community room, fitness center, outdoor terrace, second-floor deck and lounge areas. Housing and Human Development Corp., a Chicago-based nonprofit that serves low-income seniors and families, will provide a part-time social service coordinator for the property. Evergreen Construction Co., a division of Evergreen Real Estate Group, served as general contractor. Architecture firm UrbanWorks designed the community, which is anticipated to receive LEED Silver certification. A partnership between Evergreen, CJE and U.S. Bancorp Community Development Corp. owns Ann Rainey Apartments. Financing for the project came from IFF, provider of the pre-development loan; U.S. Bank, provider of the construction …
BYRON CENTER, MICH. — Nonprofit World Renew has opened a new headquarters at 8970 Byron Commerce Drive in Byron Center, about 13 miles south of Grand Rapids. World Renew works to end global poverty through food security, economic livelihoods, peace building and health. The organization also repairs homes after natural disasters and provides shelter, food and water to those who have lost their homes. The new headquarters is situated within a 31,000-square-foot building constructed by Pinnacle Construction. World Renew previously worked out of two separate spaces. Kristen Moore of Colliers West Michigan assisted the organization in securing its new space.
ZIONSVILLE, IND. — Hanley Investment Group Real Estate Advisors has brokered the $3.1 million sale of a two-tenant retail center spanning 11,400 square feet in Zionsville, a northern suburb of Indianapolis. Named Zionsville Station, the property is located at 10615 Zionsville Road. Tenants include Hotel Tango Whiskey, a local whiskey brand, and Pampered Pooch Resort and Spa. Dylan Mallory of Hanley represented the seller, Indiana-based Jackson Investment Group. Forest Bender of Marcus & Millichap represented the buyer, a metro Indianapolis-based private investor.