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DevelopmentMidwestMinnesotaOffice

Lingerfelt CommonWealth Completes Renovation of Two22 Office Tower in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Lingerfelt CommonWealth Partners (LCP) has completed the renovation of Two22, a 42-story office tower located at 222 S. 9th St. in downtown Minneapolis. LCP acquired the 727,170-square-foot building in 2019 and hired Cushman & Wakefield for leasing, NELSON Worldwide for design and Gardner Builders for construction. The scope of the renovation project included a new lobby, atrium, tenant amenity space, elevator modernization and building automation system upgrades. Tom Tracy and Katie Tufford of Cushman & Wakefield are the leasing agents for the property.

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AcquisitionsIllinoisMidwestMultifamily

Becovic Acquires 73-Unit Multifamily Property in Chicago for $9.8M

by Kristin Harlow

CHICAGO — Becovic, a Chicago-based multifamily owner and operator, has acquired 6758 N. Sheridan in Chicago’s Rogers Park neighborhood for $9.8 million. Originally built in 1974, the 73-unit multifamily property features 29 studios and 44 one-bedroom floor plans. Rick Ofman and Danny Logarakis of Kiser Group represented both Becovic as well as the seller, The Vranas Family Trust.

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IndianaIndustrialLeasing ActivityMidwest

Sauder Woodworking Signs 100,000 SF Industrial Lease in New Haven, Indiana

by Kristin Harlow

NEW HAVEN, IND. — Sauder Woodworking Co. has signed a 100,000-square-foot industrial lease at Building B within Cedar Oak Industrial Park in New Haven, just east of Fort Wayne. Located at 10651 Rose Ave., the building is the final space to be leased within the industrial park. Bill Drinkall and Brook Steed of Bradley Co. represented ownership in the lease transaction. Sauder is a producer of ready-to-assemble furniture and plans to bring 50 new jobs to New Haven.

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DevelopmentHealthcareMidwestNebraska

R&R Realty, MD West One to Build 38,000 SF Medical Facility in Omaha

by Kristin Harlow

OMAHA, NEB. — R&R Realty Group and MD West One are partnering to build a 38,000-square-foot medical facility on the east side of 192nd Street in Omaha. MD West One provides orthopedic, neurosurgery and spine care services. The project will be part of Fountain Ridge West, R&R Realty’s business park. Site work, including grading and the installation of utilities, is scheduled to begin in the next few weeks. Construction of the building will kick off this fall, and the facility is expected to be completed over a period of about 16 months.

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AcquisitionsIndianaMidwestMultifamily

Marcus & Millichap Arranges Sale of 544-Unit Multifamily Property in Terre Haute, Indiana

by Kristin Harlow

TERRE HAUTE, IND. — Marcus & Millichap has arranged the sale of The Village Quarter Apartments in Terre Haute, located approximately 77 miles southwest of Indianapolis and five miles east of the Illinois state line. The sales price was undisclosed. The multifamily property at 100 Village Drive includes 544 units across 56 buildings. Amenities include a pool, fitness center, internet café, laundromat, basketball courts and tennis courts. The property was sold by the original developer who had owned and operated it since 1984. Since 2018, the owner invested more than $2.9 million in capital improvements for siding, unit renovations, roofing, landscaping and sport courts. Aaron Kuroiwa and Austin Meeker of Marcus & Millichap’s Indianapolis office represented the seller. The duo also secured and represented the buyer, a limited liability company.

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AcquisitionsIllinoisMidwestRetail

JLL Brokers Sale of 91,535 SF Prairie Point Shopping Center in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — JLL Capital Markets has brokered the sale of Prairie Point Shopping Center in Aurora for an undisclosed price. Anchored by Mariano’s Fresh Market, the property spans 91,535 square feet. Other tenants include Pet People, Prairie Point Dental, Buchar Family Chiropractic and Hair Cuttery. Clinton Mitchell, Amy Sands and Michael Nieder of JLL represented the seller, Walton Street Capital. Buyer information was not provided.

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DevelopmentIllinoisMidwestMultifamily

LG Development Purchases Land in Chicago for $32M, Plans Apartment Development

by Kristin Harlow

CHICAGO — LG Development has paid more than $32 million for a 1.3-acre land site at 1143 W. Lake St. in Chicago. LG plans to develop two apartment buildings with 665 units and 290 parking spaces. Both buildings will include ground-floor retail space. Scott Maesel and Drew Dillon of SVN | Chicago Commercial represented the undisclosed seller.

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AcquisitionsHealthcareIndianaMidwestOffice

Next Realty Acquires 39,000 SF Westridge Office Park in Suburban Indianapolis

by Kristin Harlow

AVON, IND. — An affiliate of Next Realty LLC has acquired Westridge Office Park in Avon, a western suburb of Indianapolis. The purchase price was undisclosed. The office and medical complex consists of two single-story buildings. Tenants include Indiana University Health Care Associates Inc., Indiana Department of Child Services, Kindred Hospice, Midwest Behavioral Health LLC, Allergy Partners and St. Vincent Medical Group. The acquisition marks the 12th and final acquisition made on behalf of Next Realty Fund IX LP. Kevin Dick, Paul Dick and Nicholas Miller of Bradley Co. represented the seller, Westridge Investments LLC.

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DevelopmentMidwestMissouriOffice

Knoebel Construction to Expand Headquarters in Chesterfield, Missouri

by Kristin Harlow

CHESTERFIELD, MO. — Simultaneous with its 40th anniversary, general contractor Knoebel Construction is expanding its headquarters in Chesterfield by 19,210 square feet. Knoebel, which employs more than 90 people, has purchased a three-acre parcel adjacent to its headquarters at 18333 Wings Corporate Drive. Construction is scheduled to begin this winter with completion slated for next fall. Plans call for an expanded educational and training area, a rooftop terrace, numerous meeting and gathering areas, a gym and offices for all team members. Knoebel specializes in the construction of retail, restaurant, grocery and automotive projects. The company’s anticipated revenue for 2021 is $106 million.

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IllinoisMidwestRetail

Sears to Close Last Store in Illinois

by Kristin Harlow

SCHAUMBURG, ILL. — Sears is set to close its last store in the state of Illinois, according to reports by the Daily Herald and Crain’s Chicago Business. The Hoffman Estates-based retailer’s final location is at Woodfield Mall in Schaumburg and is scheduled to close on Sunday, Nov. 14. Simon Property Group is the mall owner. The parent company of Sears, Transformco, is pursuing redevelopment plans for the store, according to Crain’s.

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