Midwest

Bedrock Reveals New Renderings for Hudson’s Site Project in Detroit

by Kristin Harlow May 13, 2022

DETROIT — Detroit-based developer Bedrock has revealed new renderings for its development on the site of the former Hudson’s department store in downtown Detroit. The renderings showcase the office, retail, event spaces, public rooftop amenities and public plaza spaces of the 1.5 million-square-foot mixed-use project. The second and third floors of the office portion have been designed to incorporate a 126,000-square-foot events and meeting venue. Overall, the development will include more than 400,000 square feet of office space. Pophouse, a Detroit-based commercial interior design studio, is designing the common areas of the office spaces. Office leasing is underway. New York-based SHoP Architects and Detroit-based Hamilton Anderson worked with Bedrock on the public spaces and streetscape. Construction on the development has been ongoing since Bedrock broke ground in 2017. In April of this year, the project team completed construction of 220 feet. When it reaches its anticipated height of 685 feet, the building will be the second tallest both in Detroit and the state of Michigan. Bedrock has yet to reveal how many stories the skyscraper will rise. Completion is slated for 2024.

May 13, 2022

Illinois Leasing Activity Midwest Office

Ace Hardware to Occupy Former McDonald’s Campus in Suburban Chicago

by Kristin Harlow May 13, 2022

OAK BROOK, ILL. — Oak Brook-based Ace Hardware is relocating its headquarters to The Reserve, the former McDonald’s campus in the Chicago suburb of Oak Brook. Ace has been headquartered in Oak Brook since 1974. Ace plans an extensive interior renovation of the space before it takes occupancy in summer 2023. The lease was for 250,000 square feet, according to Crain’s Chicago Business. For the first time, Ace’s more than 1,100 Oak Brook-based employees will be housed in a single building. Employees will enjoy amenities such as an onsite cafeteria, fitness center, outdoor terraces, access to walking trails and an indoor, heated parking garage. There are more than 5,500 locally owned and operated Ace stores in roughly 65 countries.

May 13, 2022

Acquisitions Midwest Missouri Retail

Rainier Cos. Acquires 545,204 SF Shopping Center in Lee’s Summit, Missouri

by Kristin Harlow May 13, 2022

LEE’S SUMMIT, MO. — The Rainier Cos. has acquired SummitWoods Crossing in Lee’s Summit within metro Kansas City for an undisclosed price. The 545,204-square-foot, Class A shopping center opened in 2001. Some of the tenants include T.J. Maxx, Bed Bath & Beyond, Old Navy, Kohl’s, Petco and Ulta. The transaction marks Rainier’s 13th shopping center acquisition in the last five years and grows its retail portfolio to more than 5 million square feet nationally. Sunny Sajnani of Institutional Property Advisors, a division of Marcus & Millichap, arranged a five-year acquisition loan. Rainier will provide property management and leasing services for SummitWoods Crossing.

May 13, 2022

Acquisitions Healthcare Midwest Ohio

Davis Sells Medical Office Building in Suburban Columbus for $27.7M

by Kristin Harlow May 13, 2022

NEW ALBANY, OHIO — Minneapolis-based healthcare real estate firm Davis has sold New Albany Medical Building II on the Mount Carmel Surgical Hospital campus for $27.7 million. The 59,233-square-foot medical office building is located in the Columbus suburb of New Albany. Davis acquired the asset in late 2019. The building is now 95 percent leased to tenants such as New Albany Surgery Center, OrthoNeuro, 161 Dental Studio, Ohio Skin, Capitol Pain and Stephen Webster Endodontics. Milwaukee-based Physicians Realty Trust was the buyer.

May 13, 2022

Acquisitions Industrial Iowa Midwest

Matthews Real Estate Brokers $17.5M Sale of Amazon-Occupied Distribution Center Near Des Moines

by Kristin Harlow May 13, 2022

GRIMES, IOWA — Matthews Real Estate Investment Services has brokered the $17.5 million sale of an Amazon-occupied distribution center in Grimes, about 16 miles northwest of Des Moines. Built in 2019 and located at 1301 Southeast Gateway Drive, the property spans 109,786 square feet. Alexander Harrold of Matthews represented the buyer, a Los Angeles-based family office completing a 1031 exchange. The buyer was seeking an investment opportunity in the Midwest that would provide higher yields compared with California, according to Matthews. Matt Berres, Samer Khalil, Karick Brown and Jeffrey Miller of Newmark represented the seller, Briar Capital Management.

May 13, 2022

Development Illinois Midwest Multifamily

Atlantic Residential, Focus Convert Vacant Sears Store in Illinois into 304 Luxury Apartments

by Kristin Harlow May 12, 2022

AURORA, ILL. — Atlantic Residential and Focus are converting a vacant Sears store and parking lot at Fox Valley Mall in Aurora into a 304-luxury apartment complex named Lumen Fox Valley. Evanston, Ill.-based Morgante Wilson Architects Ltd. is handling the design of the interiors, including all common areas and amenities. Lumen Fox Valley will feature studios to three-bedroom floor plans and amenities such as a two-story lounge, private dining room, game room, fitness center, yoga studio and outdoor pool. The project team includes architects Torti Gallas + Partners and HKM Architects + Planners as well as general contractor Focus. USAA Real Estate provided project financing. Completion is slated for this fall.

May 12, 2022

Development Healthcare Indiana Midwest

Skender Begins Structural Construction of 250,000 SF Medical Office Building for Indiana University Health

by Kristin Harlow May 12, 2022

INDIANAPOLIS — Skender, working with Meyer Najem Construction, has begun structural construction of the new Indiana University Health (IU Health) Capitol View medical office building and parking garage in downtown Indianapolis. The project consists of a 250,000-square-foot medical office building and a 310,000-square-foot parking structure with 939 parking spaces. A pedestrian bridge connects the building to the parking structure. The project has been under construction since November and is now entering the structural phase of construction. Structural construction refers to components of the building that are essential to its stability such as foundations, floors, walls or beams. Completion is slated for summer 2023. The project team includes architect atelierRISTING, civil engineer Circle Design and structural engineer Lynch, Harrison & Brumleve. The team is pursuing LEED Silver certification for the property.

May 12, 2022

Illinois Industrial Leasing Activity Midwest

Four Star Mushrooms to Open 11,000 SF Production Facility in Chicago

by Kristin Harlow May 12, 2022

CHICAGO — Four Star Mushrooms (FSM) has signed a lease to open an 11,000-square-foot production facility at 300 N. Oakley St. in Chicago’s Kinzie Industrial Corridor. The facility represents a significant expansion from the company’s current 1,800-square-foot space. FSM’s mission is to revolutionize the cultivation of rare, unique and nutrient-dense mushrooms to help build sustainable food and ecological systems. The new facility will feature a commercial kitchen, wet lab, dry lab, cold storage, retail storefront and dining concept. Dimitri Tsiribas and Michael Conway of JLL represented FSM in the site selection process. Controlled environment agriculture, which involves the cultivation of plants and fungi in an indoor setting, is a rapidly growing sector of the food and agriculture market, according to JLL.

May 12, 2022

Acquisitions Michigan Midwest Multifamily

Mno-Bmadsen Acquires Ownership Stake in Michigan’s City Center Lofts

by Kristin Harlow May 12, 2022

BENTON HARBOR, MICH. — Mno-Bmadsen, the independent, non-gaming investment entity of the Pokagon Band of Potawatomi Indians, has acquired a 50 percent stake in City Center Lofts in downtown Benton Harbor, a city in Southwest Michigan. Cressy Commercial Real Estate sold the stake for an undisclosed price and will retain a 50 percent stake in the property. Originally constructed in the 1880s, City Center Lofts sits on the corner of Main and Pipestone streets. The two-story, 20,000-square-foot building is home to 16 apartments and two commercial spaces. All the apartment units are occupied, and one commercial space is available for lease. Cressy rehabilitated City Center Lofts last year in partnership with the Michigan Economic Development Corp. and the Benton Harbor City Council. Mno-Bmadsen is diversifying its real estate portfolio, which is known as Redtail Properties. The entity is also investing in local communities and land that has historical significance to the Pokagon Band of Potawatomi, which is a federally recognized Indian tribe located in Southwest Michigan and Northwest Indiana. The tribe owns more than 6,000 acres of land in Michigan and Indiana. Mno-Bmadsen is derived from the Pokagon phrase for “the good path.”

May 12, 2022

Acquisitions Healthcare Indiana Midwest

Marcus & Millichap Brokers $4.1M Sale of Medical Office Building in New Albany, Indiana

by Kristin Harlow May 12, 2022

NEW ALBANY, IND. — Marcus & Millichap has brokered the $4.1 million sale of the Green Valley Commons medical office building in New Albany, just north of Louisville. All IN Pediatrics has occupied the 13,456-square-foot property ever since it was constructed as a build-to-suit for the company in 2005. All IN is the largest longstanding pediatric practice in the state of Indiana, according to Marcus & Millichap. Gus Poulos, Joseph DiSalvo and Alexander Nulf of Marcus & Millichap represented the seller, an individual trust. The team also secured and represented the buyer, a limited liability company.

May 12, 2022

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