Midwest

Next Realty Acquires 44,000 SF Essex Square Retail Center in Madison, Wisconsin

by Kristin Harlow March 22, 2022

MADISON, WIS. — An affiliate of Next Realty LLC has acquired Essex Square, a 44,000-square-foot retail center in Madison. The purchase price and seller were undisclosed. The property is home to 15 tenants, including Concentra Health Services, Half Price Books, The Camera Store, Allstate, Great Clips and MOKA Coffee. Many of the tenants have operated at the property for more than 20 years. Built in 1987 and located along East Towne Boulevard, Essex Square is situated adjacent to the 790,000-square-foot East Towne Mall. Landmark Credit Union provided acquisition financing.

March 22, 2022

Acquisitions Midwest Retail Wisconsin

Marcus & Millichap Arranges $5M Sale of Retail Property in Madison, Wisconsin

by Kristin Harlow March 22, 2022

MADISON, WIS. — Marcus & Millichap has arranged the sale of Sauk Point Square in Madison for $5 million. The 26,350-square-foot retail center is located at 701 N. High Point Road and is home to a mix of local retailers. Marcus & Millichap’s Rowlett Group represented the seller, a group of local investors, as well as the buyer, an out-of-state limited liability company.

March 22, 2022

Illinois Leasing Activity Midwest Retail

It Gym to Open 3,300 SF Facility at Bell Works Chicagoland

by Kristin Harlow March 22, 2022

HOFFMAN ESTATES, ILL. — It Gym, a locally owned fitness studio that offers personal training and group exercise classes, will open a 3,300-square-foot facility at Bell Works Chicagoland in Hoffman Estates. The gym, owned by local personal trainer Gina Kaiser, is slated to open this summer. Bell Works Chicagoland is a redevelopment of the former AT&T corporate campus. Somerset Development is the owner.

March 22, 2022

Acquisitions Midwest Minnesota Multifamily

JLL Brokers $65.1M Sale of Apartment Community in Woodbury, Minnesota

by Kristin Harlow March 21, 2022

WOODBURY, MINN. — JLL Capital Markets has brokered the $65.1 million sale of Beyond Apartments in Woodbury, a suburb of the Twin Cities. Built in 2021, the 255-unit apartment community features studios, one-, two- and three-bedroom units. Amenities include a sky lounge patio, pet wash, coworking lounge, fitness center, golf simulator and underground parking. Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL represented the seller, Roers Cos. Affiliates of MLG Capital purchased the asset. Scott Streiff and Brock Yaffe of JLL originated a 10-year Fannie Mae loan for the acquisition.

March 21, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges $8.5M Sale of Four-Building Multifamily Portfolio in Chicago

by Kristin Harlow March 21, 2022

CHICAGO — Interra Realty has arranged the $8.5 million sale of a four-building multifamily portfolio in Chicago’s Hyde Park neighborhood. The 24-unit, fully leased portfolio includes two buildings on Blackstone Avenue, one building on Dorchester Avenue and one on Greenwood Avenue. They were all built in the early 1900s. Joe Smazal of Interra brokered the transaction. A private seller sold the portfolio to an East Coast-based buyer that maintains a significant presence in Chicago.

March 21, 2022

Leasing Activity Midwest Minnesota Retail

Dick’s Sporting Goods to Open House of Sport Store in Minnesota This May

by Kristin Harlow March 21, 2022

MINNETONKA, MINN. — Dick’s Sporting Goods is set to open a House of Sport store in Minnetonka this May. The retailer says that the store is designed to explore the future of retail through multi-sport experiences. Dick’s currently operates two other House of Sport stores in Rochester, N.Y., and Knoxville, Tenn. Specifically, the store will feature a 35-foot rock climbing wall; batting cage for baseball and softball; golf hitting bays; putting green; hockey shop; House of Cleats that will seasonally rotate product; health and wellness area; and a service area dedicated to sharpening hockey skates, breaking in gloves, stringing lacrosse sticks and building and repairing bikes. The store will also offer community programming such as sport clinics, rock climbing, summer camps, yoga classes and birthday parties. The House of Sport store in Minnetonka will also feature a 20,000-square-foot outdoor turf field and running track that will open later this year. In the winter months, the field will be converted to an ice skating rink. Dick’s is looking to hire more than 200 associates for the location.

March 21, 2022

Acquisitions Illinois Midwest Net Lease Retail

Boulder Group Negotiates $7.9M Sale of Property Net Leased to Best Buy in Peoria, Illinois

by Kristin Harlow March 21, 2022

PEORIA, ILL. — The Boulder Group has negotiated the $7.9 million sale of a single-tenant retail property net leased to Best Buy in Peoria. The 46,432-square-foot building is located at 5001 N. Big Hollow Road. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a West Coast-based investor. A Midwest-based real estate company was the buyer. Best Buy has more than four years remaining on its lease.

March 21, 2022

Acquisitions Midwest Missouri Net Lease Retail

Marcus & Millichap Arranges $3.4M Sale of Planet Fitness-Occupied Property Near St. Louis

by Kristin Harlow March 21, 2022

SHREWSBURY, MO. — Marcus & Millichap has arranged the $3.4 million sale of a 20,000-square-foot property net leased to Planet Fitness in Shrewsbury, a western suburb of St. Louis. The building is located at 7521 Watson Road. Dominic Sulo and Benjamin Bach of Marcus & Millichap represented the seller, a limited liability company. A West Coast-based buyer purchased the property while completing a 1031 exchange.

March 21, 2022

Acquisitions Illinois Industrial Midwest Self-Storage

Harrison Street Sells 12-Property Self-Storage Portfolio Across Four States

by Kristin Harlow March 18, 2022

CHICAGO — Chicago-based Harrison Street has sold a portfolio of 12 self-storage facilities located across four states for an undisclosed price. Storage Post and Life Storage were the buyers. The portfolio consists of 625,598 rentable square feet across properties in Texas, New York, North Carolina and Illinois. Harrison Street operated the facilities in joint venture partnerships with Advantage Self Storage, Storage Post and Reliant Real Estate Management. Life Storage managed one of the properties on a third-party basis. The portfolio was 91 percent leased at the time of sale.

March 18, 2022

Development Industrial Michigan Midwest

NorthPoint Development to Build New Spec Industrial Project in Harper Woods, Michigan

by Kristin Harlow March 18, 2022

HARPER WOODS, MICH. — NorthPoint Development has unveiled plans to build Eastland Commerce Center in Harper Woods, a northeast suburb of Detroit. The speculative industrial project will consist of three buildings ranging from 200,000 to 536,000 square feet each. The development will be situated on an 80-acre site formerly occupied by Eastland Center shopping mall, which opened in 1957 and closed in late 2021. Joe Hamway and Greg Hudas of Signature Associates will market the project for lease. Pre-leasing is underway for Building 1, which will span up to 297,000 square feet and is slated for completion in early 2023. All three buildings are slated for completion by the end of 2023.

March 18, 2022

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