Midwest

Milwaukee Retail: Adaptation, Creativity and Competition

by Kristin Harlow May 5, 2022

Milwaukee is a city known for beer, motorcycles, basketball and blue-collar workers. However, Milwaukee should also be known for having a strong retail marketplace as well. With ever-changing markets and trends, retailers are finding many ways to get creative and adapt with the trends. Due to the adaptation, the competition for prime outlots is at an all-time high and does not appear to be changing any time soon. Outlot wars It’s with absolute certainly that the Milwaukee retail market has seen a massive influx for prime outlots. So much so that the phrase “outlot wars” is regularly used when describing retail outlot developments and redevelopments. In an already saturated segment of retail real estate, we have seen many new concepts/categories pushing to secure premium outlot sites in the market. Quick-service restaurants (QSRs) and fast-casual restaurants, auto and financial institutions are the biggest participants to date. Since the beginning of the COVID pandemic in 2020, we have seen a pretty significant shift in the food category from QSR and fast-casual concepts alike. Milwaukee has seen many existing concepts continue to expand or reposition within a market, but we have also seen new concepts making a push to enter the market as …

May 5, 2022

Acquisitions Illinois Industrial Midwest

Clear Height Properties Sells 450,034 SF Industrial Portfolio in Metro Chicago

by Kristin Harlow May 4, 2022

CHICAGO — Clear Height Properties has sold an industrial portfolio totaling 450,034 square feet throughout metro Chicago for an undisclosed price. The seven-property portfolio is 94 percent leased to 66 tenants. The assets are located in Bensenville, Carol Stream, Des Plaines, Northbrook, Wheeling and Chicago. Erik Foster, Mike Wilson and Adam Haefner of Avison Young represented Clear Height, which completed improvements to several of the properties, in the sale. J&L Real Properties was the buyer.

May 4, 2022

Acquisitions Illinois Midwest Office

SVN | Chicago Commercial Brokers $25M Sale of Salvation Army Campus in Chicago

by Kristin Harlow May 4, 2022

CHICAGO — SVN | Chicago Commercial has brokered the sale of the Salvation Army campus in Chicago’s River West neighborhood for $25 million. The site on Grand Avenue consists of three buildings and is zoned for up to 567,000 buildable square feet. Scott Maesel, Drew Dillon, Chad Schroedl, Adam Thomas and Logan Parsons of SVN represented the long-term owner, Salvation Army. The buyer was not disclosed.

May 4, 2022

Acquisitions Industrial Midwest Multifamily Ohio

Green Harvest Capital Purchases Historic Warehouse in Akron, Plans Apartment Conversion

by Kristin Harlow May 4, 2022

AKRON, OHIO — Green Harvest Capital LLC has purchased a nearly 64,000-square-foot historic warehouse in Akron with plans to convert the property into roughly 50 apartment units. The historic Akron Soap Co. building was formerly occupied by WhiteSpace Creative. Completed in 1893, the factory was built to manufacture soap and was later utilized by Pioneer Cereal Co. and Pockrandt Paint Co. The facility sat vacant for several years until White Hot Properties LLC purchased it in 2013 and converted the building into office space. Nichole Booker of SVN Summit Commercial Real Estate Advisors brokered the sale. The sales price was undisclosed.

May 4, 2022

Development Illinois Midwest Office Retail

Kinema Fitness Opens 31,680 SF FitLab at Bell Works Chicagoland

by Kristin Harlow May 4, 2022

HOFFMAN ESTATES, ILL. — Kinema Fitness has opened FitLab, a 31,680-square-foot fitness facility, at Bell Works Chicagoland in Hoffman Estates. FitLab offers personal training, health coaching, nutrition consultation, state-of-the-art equipment and a range of group fitness classes. NPZ Style+Décor designed the space. Bell Works Chicagoland is the redevelopment of the former AT&T campus. Somerset Development is the owner and developer.

May 4, 2022

Development Midwest Minnesota Office

Kraus-Anderson Completes Interior Office Buildout for Pope Design Group in St. Paul

by Kristin Harlow May 4, 2022

ST. PAUL, MINN. — Kraus-Anderson has completed the interior buildout of the new office for Pope Design Group in St. Paul. The design firm, formerly known as Pope Architects Inc., now occupies a 16,760-square-foot office at the historic Case Building located at 767 N. Eustis St. The open floor plan was designed to maximize collaboration among employees. Kraus-Anderson and Pope have worked together on hundreds of projects over the past 50 years.

May 4, 2022

Illinois Industrial Loans Midwest

JLL Arranges $85M Acquisition Loan for Industrial Portfolio Across Four States

by Kristin Harlow May 3, 2022

CHICAGO — Chicago-based JLL Capital Markets has arranged an $85 million loan for the acquisition of a 12-building industrial portfolio totaling 814,888 square feet across California, Georgia, Maryland and Minnesota. MDH Partners acquired the fully leased portfolio. Chris Drew, Maxx Carney, Jimmy Calvo, Robert Carey, Brock Yaffe and Eric Boucher of JLL arranged the five-year, floating-rate loan with Truist. Mark Hancock of Truist Commercial Real Estate served as the lead on the transaction for Truist.

May 3, 2022

Illinois Loans Midwest Multifamily

Barings Provides $67M Loan for Recapitalization of Apartment Complex in Lombard, Illinois

by Kristin Harlow May 3, 2022

LOMBARD, ILL. — Barings has provided a $67 million, three-year loan for the recapitalization of The 450, a newly constructed apartment complex in the Chicago suburb of Lombard. Amenities at the 256-unit property include a fitness center, yoga studio, business center, package room with cold storage, heated underground parking, pet park, pool and electric car charging stations. Emerald Isle Investment Partners advised the borrower, a joint venture between UrbanStreet Group and Atlas Residential. The three-year loan includes funding to complete lease-up.

May 3, 2022

Acquisitions Indiana Midwest Retail

Cooper Group Negotiates $7.3M Sale of Retail Property in Zionsville, Indiana

by Kristin Harlow May 3, 2022

ZIONSVILLE, IND. — The Cooper Commercial Investment Group has negotiated the $7.3 million sale of The Avenue at Bennett Farms, a two-building retail property in the Indianapolis suburb of Zionsville. The 12,969-square-foot development is home to Tropical Smoothie Café, Restore Hyper Wellness, Capriotti’s Sandwich Shop, Hand & Stone Massage, Garbanzo Mediterranean Fresh, Classic Cleaners and a freestanding Java House. Dan Cooper of Cooper Group represented the seller, a Midwest-based developer. He also procured the buyer, a Midwest-based private investment group. The asset sold at roughly 99 percent of the list price and a 5.9 percent cap rate.

May 3, 2022

Illinois Leasing Activity Midwest Retail

Five Iron Golf to Open in Chicago’s Lincoln Park

by Kristin Harlow May 3, 2022

CHICAGO — Five Iron Golf, an indoor golf simulation experience, has signed a lease to open a new location in Chicago’s Lincoln Park. Located at 1000 W. North Ave., the 13,150-square-foot space will serve as Five Iron Golf’s third location in Chicago. Sharon Kahan and Amy Sider of CBRE represented the tenant in the lease transaction. The duo also represented Five Iron Golf in its other two leases in The Loop and River North.

May 3, 2022

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