Midwest

Transwestern Arranges Sale of 131,000 SF Industrial Flex Building in Suburban Chicago

by Kristin Harlow April 12, 2022

BATAVIA, ILL. — Transwestern Real Estate Services has arranged the sale of the Campana Building in the Chicago suburb of Batavia for an undisclosed price. The 131,000-square-foot industrial flex building is located at 901 N. Batavia Ave. Michael Marconi and Paige Gunn of Transwestern represented the seller, Campana Redevelopment, and the buyer, Batavia Business Center LLC. The property was 65 percent leased at the time of sale. The new ownership has retained Transwestern to provide leasing and property management services.

April 12, 2022

Acquisitions Midwest Ohio Restaurant Retail

Cooper Group Negotiates Sale of P.F. Chang’s-Occupied Property Near Cleveland for $3.8M

by Kristin Harlow April 12, 2022

BEACHWOOD, OHIO — The Cooper Commercial Investment Group has negotiated the $3.8 million sale of a single-tenant property occupied by P.F. Chang’s in Beachwood, a suburb of Cleveland. The restaurant’s lease expires in 2025. Dan Cooper of Cooper Group represented the seller, a private investment group, and procured the all-cash buyer. The transaction represents a cap rate of 4.62 percent. The property sold for $543 per square foot and at approximately 98 percent of the list price.

April 12, 2022

Acquisitions Illinois Midwest Retail

Newport Capital Partners Sells Edens Plaza Shopping Center in Suburban Chicago for $110M

by Kristin Harlow April 11, 2022

WILMETTE, ILL. — Chicago-based Newport Capital Partners has sold Edens Plaza in the Chicago suburb of Wilmette for $110 million. Massachusetts-based WS Development was the buyer. The shopping center spans 350,000 square feet. Current tenants include The Fresh Market, Walgreens, Chicagoland Children’s Health Alliance, Starbucks and Big Blue Swim School. The property also comprises a two-story department store that was formerly occupied by Carson Pirie Scott and is currently vacant. Newport acquired Edens Plaza in 2018 and the vacant department store in 2019. WS plans to open the first-ever bricks-and-mortar store for online furniture retailer Wayfair in the department store. Joe Girardi of Mid-America Real Estate Group brokered the transaction.

April 11, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges $44.2M Sale of Apartment Complex in Winfield, Illinois

by Kristin Harlow April 11, 2022

WINFIELD, ILL. — Interra Realty has arranged the $44.2 million sale of Winfield Station in Winfield, about 35 miles west of Chicago. The newly built, transit-oriented apartment complex features 162 units and is situated near the Winfield Metra station. The property was 82 percent occupied at the time of sale. Amenities include a resident lounge, business center, fitness center and outdoor pool. Jon Morgan, David Goss and Joe Smazal of Interra represented the seller, an affiliate of Chicago-based Synergy Construction Group, which completed construction of the property in August 2021. Patrick Kennelly and Paul Waterloo of Interra procured and represented the buyer, Mango Shadow LLC.

April 11, 2022

Acquisitions Midwest Office Wisconsin

Colliers Brokers Sale of 42,000 SF Office Building in Milwaukee

by Kristin Harlow April 11, 2022

MILWAUKEE — Colliers has brokered the sale of a 42,000-square-foot office building located at 417 E. Chicago St. in Milwaukee’s historic Third Ward district. The sales price was undisclosed. Eversana, a life sciences company, currently occupies the building for its headquarters. The property was originally constructed in 1964 and completely renovated in 2013 as a build-to-suit for The Dohmen Co., which took occupancy for several years. Tom Shepherd, Jennifer Huber-Bullock and Scott Welsh of Colliers represented the seller, 417 East Chicago LLC, an affiliate of Dohmen. The buyer was 417 Third Ward LLC, an affiliate of Madison-based Hovde Properties.

April 11, 2022

Illinois Leasing Activity Midwest Office

RSM Signs 22,256 SF Office Lease at Schaumburg Towers in Suburban Chicago

by Kristin Harlow April 11, 2022

SCHAUMBURG, ILL. — RSM, a provider of audit, tax and consulting services focused on the middle market, has signed a 22,256-square-foot office lease at Schaumburg Towers in the Chicago suburb of Schaumburg. RSM plans to relocate from 20 N. Martingale Road in the fourth quarter of this year. Schaumburg Towers is now 73 percent leased. The two-building office complex spans 882,000 square feet. Owner American Landmark Properties has invested more than $20 million in property upgrades since 2017. Steve Kling and David Florent of Colliers represented ownership in the lease transaction. Rick Schuham of Savills represented RSM.

April 11, 2022

Leasing Activity Midwest Missouri Office

Hunt Midwest to Occupy Second Floor of Corrigan Station II in Kansas City, Missouri

by Kristin Harlow April 11, 2022

KANSAS CITY, MO. — Commercial real estate firm Hunt Midwest will take occupancy of the entire second floor of Corrigan Station II in Kansas City beginning this summer. The newly constructed office building rises three stories and spans 22,910 square feet at 1881 Main St. Hunt Midwest will utilize the space as a satellite office for its main headquarters, which is located in SubTropolis, an underground business park in Kansas City. Copaken Brooks owns Corrigan Station II, which offers direct access to one of the city’s streetcar stops. John Coe and Ryan Biery of Copaken Brooks represented ownership, while Hunt Midwest was represented by its management team.

April 11, 2022

Illinois Leasing Activity Midwest Office

Transwestern Negotiates Two Lease Expansions at Downtown Chicago Office Tower

by Kristin Harlow April 8, 2022

CHICAGO — Transwestern Real Estate Services has negotiated two lease expansions at 191 North Wacker Drive in Chicago’s West Loop. The 37-story office tower spans 733,759 square feet. Qualtrics, a software company for employee and customer experience, expanded its lease from 25,600 square feet to 51,200 square feet. Skills for Chicagoland’s Future, a nonprofit focused on increasing the economic mobility of unemployed and underemployed talent, also increased its lease from 3,828 square feet to 13,290 square feet. Katie Steele and Kathleen Bertrand of Transwestern represented ownership, Allianz Real Estate and JHUSA. Evan Djikas of Colliers represented Qualtrics, while Jon Milonas and Brandon Green of CBRE represented the nonprofit. Ownership plans to complete significant capital improvements to the property this year, including a renovated lobby, refreshed tenant lounge and upgraded fitness center.

April 8, 2022

Development Illinois Leasing Activity Midwest Retail

Allsteel to Open 24,000 SF Showroom in Chicago’s Fulton Market

by Kristin Harlow April 8, 2022

CHICAGO — Allsteel Inc., an Iowa-based furniture manufacturer, has unveiled plans to open a new 24,000-square-foot showroom in Chicago’s Fulton Market district. The company plans to relocate from its current space at Merchandise Mart to 345 N. Morgan St. in the first quarter of 2023. Owner and developer Sterling Bay recently topped out the office and retail building, which is slated for completion later this summer. Chicago-based Partners by Design is the architect for Allsteel’s space.

April 8, 2022

Acquisitions Midwest Ohio Retail

Marcus & Millichap Arranges $5.6M Sale of Tesla Auto Center in Lyndhurst, Ohio

by Kristin Harlow April 8, 2022

LYNDHURST, OHIO — Marcus & Millichap has arranged the $5.6 million sale of a Tesla dealership and service center in Lyndhurst, an eastern suburb of Cleveland. The 23,428-square-foot, net-leased property is located at 5180 Mayfield Road. Opened in 2014, the location is one of four Tesla dealerships in the state of Ohio. There are eight years remaining on the initial 10-year lease. Dominic Sulo and Andrew Antoniou of Marcus & Millichap represented the buyer, a Florida-based limited liability company. Seller information was not provided.

April 8, 2022

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