Midwest

Howard Hughes Corp. Sells Equity Stake in 110 North Wacker Office Tower in Chicago for $210M

by Kristin Harlow March 31, 2022

CHICAGO — The Howard Hughes Corp. (NYSE: HHC) has sold its equity interest in 110 North Wacker Drive, a 55-story office tower spanning 1.5 million square feet in Chicago. Callahan Capital Partners and Oak Hill Advisors purchased the stake for $210 million. Based on this sales price, the implied value of the office tower is more than $1 billion, representing the highest valuation for an office property in Chicago since the sale of Willis Tower in 2015, according to Howard Hughes. The Class A building, located along the Chicago River, opened in October 2020 and was co-developed by Howard Hughes and Riverside Investment and Development Co. The property is more than 82 percent leased by tenants such as Bank of America, Heitman, Lincoln International, Jones Day and Morgan Lewis. Eastdil Secured represented Howard Hughes in the sale.

March 31, 2022

Development Industrial Midwest Missouri

Hunt Midwest to Build 3,300-Acre Logistics Park in Kansas City, Missouri

by Kristin Harlow March 31, 2022

KANSAS CITY, MO. — Hunt Midwest has closed on the acquisition of more than 1,300 acres located adjacent to the Kansas City International Airport. The land is contiguous with roughly 2,000 acres already owned by Hunt Midwest, which plans to build the largest logistics park in the state of Missouri. Dubbed KCI 29 Logistics Park, the project will support up to 18 million square feet of Class A logistics and manufacturing space, along with more than 20 acres of commercial mixed-use space. Hunt Midwest says the site has the potential to attract more than 8,000 employees with an overall capital investment of nearly $1.3 billion over the next decade. The project will be situated near KCI Air Cargo operations, which includes hubs for UPS, FedEx and USPS.

March 31, 2022

Affordable Housing Development Midwest Minnesota Multifamily

Red Lake Nation, Cuningham Complete 110-Unit Affordable Housing Development in Minneapolis

by Kristin Harlow March 31, 2022

MINNEAPOLIS — Red Lake Nation and design firm Cuningham have completed Mino-bimaadiziwin Affordable Housing, a 110-unit affordable housing development located in the American Cultural Corridor of Minneapolis. Mino-bimaadiziwin means “living the good life” in Ojibwe. The nearly $42 million project provides housing to Red Lake Ojibwe Band members and other local Native American residents. It is the first housing project developed by a tribal government in a major city, according to Sam Olbekson, founder and CEO of Full Circle Indigenous Planning + Design LLC as well as a Cuningham consultant. The six-story development features a Red Lake Nation embassy and healthcare clinic in addition to the housing units. Project funding came from the City of Minneapolis, Hennepin County, the Shakopee Mdewakanton Sioux Community and 15 other sources. The project was built on a site that formerly served as a temporary navigation center for unsheltered residents in response to an encampment of over 300 people called the Wall of Forgotten Natives. The Cuningham team collaborated closely with the Red Lake Ojibwe community members on the property’s design.

March 31, 2022

Development Illinois Industrial Midwest

Bridge Industrial Unveils Plans for Two-Building Development in Elk Grove Village, Illinois

by Kristin Harlow March 31, 2022

ELK GROVE VILLAGE, ILL. — Bridge Industrial has acquired two parcels along Northwest Point Boulevard in suburban Chicago’s Elk Grove Village with plans to build Bridge Point Elk Grove I and II. Bridge acquired the vacant parcels, located just one block from each other, from two different sellers: ADP and a private individual. Bridge Point Elk Grove I and II will span 147,066 square feet and 60,834 square feet, respectively. Building I will feature a clear height of 36 feet, 14 exterior docks, two drive-in doors, parking for 164 cars and a 130-foot truck court. Building II will feature a clear height of 32 feet, six exterior docks, one drive-in door and parking for 46 cars. Completion is slated for June 2023. Tom Rodeno, Matthew Stauber and Patrick Turner of Colliers will market the buildings for lease.

March 31, 2022

Industrial Leasing Activity Midwest Ohio

Eby-Brown, Rittal Sign Leases at Upper Valley Business Park in Springfield, Ohio

by Kristin Harlow March 31, 2022

SPRINGFIELD, OHIO — Eby-Brown and Rittal Inc. have signed leases and will be the first two tenants at Upper Valley Business Park in Springfield, about 45 miles west of Columbus. Industrial Commercial Properties owns the property, which was formerly Upper Valley Mall. The mall has been repositioned as a business park for office and light industrial users. Naperville, Ill.-based Eby-Brown is a wholesale distributor to the convenience store industry. The company has leased 35,000 square feet. Chicago-based Rittal North America will occupy 130,000 square feet starting later this spring. Rittal, a global manufacturer and system solutions provider of industrial and IT enclosures and accessories, currently occupies a manufacturing plant in Urbana, Ohio. Matt Osowski of NAI Ohio Equities represented Rittal.

March 31, 2022

Development Illinois Loans Midwest Multifamily

Sterling Bay Receives $81.8M in Financing for Construction of Apartment Tower in Chicago’s Fulton Market

by Kristin Harlow March 30, 2022

CHICAGO — Sterling Bay has received $81.8 million in financing to begin construction of 160 N Morgan, a new apartment tower in Chicago’s Fulton Market district. Developed in partnership with Ascentris, the project will feature 282 units and 2,600 square feet of ground-floor retail space. CIBC Bank USA provided the financing. Walsh Group will oversee construction alongside joint venture partner and certified minority-owned business BOWA Construction. Local firm bKL Architecture will serve as lead architect. A timeline for completion was not provided. As part of its development-related commitment to provide affordable housing, Sterling Bay will contribute nearly $6 million to fund the construction of 28 affordable housing units at SL Solar Lofts, a residential project on Chicago’s South Side.

March 30, 2022

Acquisitions Michigan Midwest Retail

MKiezi Investments Acquires Oakland Mall in Troy, Michigan

by Kristin Harlow March 30, 2022

TROY, MICH. — Local developer MKiezi Investments has acquired Oakland Mall in Troy for an undisclosed price. CenterCal Properties was the seller. The mall, which opened in 1968, spans roughly 1.5 million square feet and is home to Macy’s, J.C. Penney and a former Sears store, which MKiezi acquired last year. Other retailers at the mall include Dick’s Sporting Goods and At Home. Hobby Lobby is scheduled to open later this year in a portion of the former Sears space. Longhorn Steakhouse will replace the former Logan’s Roadhouse space. MKiezi plans to make improvements to the mall entrances, restrooms and lighting. Redevelopment of the former Sears store is underway. MKiezi is working with Detroit-based GH+A Design Studios to envision future possibilities for the mall that may include family entertainment, dining, ghost kitchens, advanced retail distribution or activation of outdoor space.

March 30, 2022

Acquisitions Midwest Nebraska Office

Triage Staffing Expands Omaha Headquarters, Purchases 100,000 SF Building

by Kristin Harlow March 30, 2022

OMAHA, NEB. — Triage Staffing, a healthcare staffing firm based in Omaha, is expanding its corporate headquarters to 100,000 square feet. John Maaske and Tyler Pieper, Triage’s founders, purchased the building at 13609 California St. along with a group of investors. The building more than triples Triage’s current space. Architect Leo A. Daly has started the design process and is planning a major overhaul of the building’s interior. Renovations will begin in August, with occupancy slated for February 2023. Triage was founded in 2006 with four employees. The company expects to hire its 500th employee sometime this year.

March 30, 2022

Acquisitions Industrial Midwest Minnesota

JLL Brokers $9.8M Sale of Minnesota Industrial Portfolio

by Kristin Harlow March 30, 2022

FRIDLEY AND MONTICELLO, MINN. — JLL Capital Markets has brokered the sale of a two-building industrial portfolio in Fridley and Monticello for $9.8 million. Foundation Building Materials occupies both properties, which total 92,008 square feet and feature more than 150,000 square feet of outside storage space. David Berglund and Colin Ryan of JLL represented the undisclosed seller. Steve Nelson of Hoyt Properties co-brokered the deal. Lincoln Property Co. was the buyer.

March 30, 2022

Civic Development Midwest Minnesota

Kraus-Anderson Completes $9M Meat Science Laboratory at University of Minnesota

by Kristin Harlow March 30, 2022

ST. PAUL, MINN. — Kraus-Anderson has completed Phase III of the Andrew Boss Laboratory of Meat Science on the St. Paul campus of the University of Minnesota. The $9 million project, which began in May 2019, was conducted in multiple phases in order to allow portions of the building to be occupied during construction. The four-story, 14,283-square-foot project completes the replacement of all mechanical and electrical systems building-wide. BWBR Architects designed the project, while University Services Capital Project Management served as project manager. The meat processing facility contains research and teaching labs, a stadium-seating presentation classroom, a meat and dairy consumer salesroom and offices.

March 30, 2022

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