Midwest

FRIDLEY, MINN. — JLL Capital Markets has arranged a $12.8 million loan for the refinancing of Northern Stacks VIII and The Boiler Room, two buildings within the 122-acre Northern Stacks industrial park in the Minneapolis suburb of Fridley. Northern Stacks VIII is a 178,763-square-foot distribution and warehouse facility, while The Boiler Room is a 13,186-square-foot brewery. Northern Stacks VIII and The Boiler Room were renovated in 2020 and 2019, respectively, and are fully leased to five tenants. The Boiler Room is home to Forgotten Star Brewery and Northern Stacks Event Center. Brock Yaffe and Britta Lund of JLL arranged the loan behalf of the borrower, a joint venture between Minneapolis-based Hyde Development and Mortenson Properties Inc. A regional bank provided the seven-year, fixed-rate loan, proceeds of which will be used to take out two acquisition and redevelopment loans.

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ARLINGTON HEIGHTS, ILL. — Marcus & Millichap has negotiated the sale of a 38,864-square-foot medical office building in the Chicago suburb of Arlington Heights for $3 million. The property, located at 2010 S. Arlington Heights Road, is 84 percent occupied by medical tenants. It recently underwent upgrades such as a new HVAC system, new elevator, new tile in the first-floor corridors and updated suites. Tammy Saia and Tami Andrew of Marcus & Millichap represented the seller, a local limited liability company. An Atlanta-based limited liability company was the buyer.

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GRAFTON, WIS. — NAI Greywolf has brokered the sale of a 36,154-square-foot industrial building in Grafton, about 20 miles north of Milwaukee. The sales price was undisclosed. The property, which features both manufacturing and office space, is located at 1000 Hickory St. and features a clear height of 14 feet. David Hodge of NAI Greywolf represented the buyer, World Emblem, which plans to hire about 75 employees to work out of the facility.

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CHICAGO — The Habitat Co., a Chicago-based multifamily developer and operator, plans to build a 33-story apartment high-rise in its hometown. The firm closed on the site acquisition at 344 N. Canal St. in Chicago’s Fulton River District that is currently home to the five-story Cassidy Tire brick building. Designed by Solomon Cordwell Buenz, the new tower will rise 375 feet and feature a glass façade. Habitat’s joint venture partner on the project is Diversified Real Estate Capital LLC, a private equity investment firm based in Chicago. The land seller was not disclosed. “As we know from experience, there will always be a demand for Class A rentals in prime city locations like 344 N. Canal, so the fact that a highly experienced and successful developer like The Habitat Co. was behind the building only made it that much more attractive for us to be part of the project,” says Jeff Cherner, executive vice president of Diversified Real Estate Capital. Habitat Co. will begin demolition and break ground on the 343-unit property this spring, though a target delivery date was not disclosed. Upon completion, the unnamed community will feature a mix of studio, one- and two-bedroom units, as well as …

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GLENVIEW, ILL. — McShane Construction Co. has completed a 429,524-square-foot addition to the warehouse and showroom for Abt Electronics in the Chicago suburb of Glenview. The expansion more than doubled the tenant’s space. The project includes 22,230 square feet of office space and 407,294 square feet of warehouse space. The office buildout includes trucking offices, security offices, a break room and open office space. The single-story warehouse features a clear height of 32 feet and 39 semi-truck docks. Abt sells home appliances and electronics.

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ILLINOIS, INDIANA AND WISCONSIN — Ryan Cos. US Inc. has completed three new healthcare facilities in the Midwest. The properties include Edward-Elmhurst Health Center in Woodridge, Ill.; U.S. Department of Veterans Affairs community-based outpatient clinic in Brownsburg, Ind.; and Froedtert & the Medical College of Wisconsin Community Hospital in Mequon, Wis. The Woodridge facility rises two stories and spans 36,100 square feet at the southwest corner of Route 53 and 75th Street. The property includes offices for primary care physicians and specialists. Additional services include a walk-in clinic, behavioral health, physical therapy, laboratory and diagnostic imaging. The Brownsburg facility is located just west of Indianapolis. The clinic provides primary care and specialty services such as mental health, orthopedics, podiatry, neurology, cardiopulmonary, women’s health, blood draw, optometry, audiology, radiology, prosthetics and physical therapy to veterans. The building also houses a pharmacy, meeting spaces for 175 staff members, food services, a chem lab, training classroom, locker rooms and police services. Lantz-Boggio Architects served as architect. The 17,000-square-foot hospital in Mequon is located across the street from the 89,300-square-foot Froedtert Mequon Health Center that Ryan developed in 2017. The suburban Milwaukee facility will house eight inpatient beds, a seven-bed emergency department, laboratory, pharmacy …

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CLEVELAND — IWG, a provider of flexible workspaces, has opened Spaces Cleveland in the city’s historic Warehouse District. The 27,000-square-foot flexible workspace is situated within the Western Reserve Building and features 48 offices and three meeting rooms. IWG says it added 2 million new customers globally in 2021, reflecting the largest growth in its 30-year history.

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WHEELING, ILL. — SVN | Chicago Commercial has brokered the sale of a 50,000-square-foot industrial building in the Chicago suburb of Wheeling for an undisclosed price. The property is located at 111 E. Marquardt Drive. Dan Tobin of SVN represented the seller in the all-cash transaction. A local buyer purchased the building with plans to relocate its business to Wheeling from Elk Grove Village.

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MAYFIELD HEIGHTS, OHIO — AIPSO, a Rhode Island-based insurance services organization, has signed a 17,772-square-foot office lease at 5875 Landerbrook Drive in Mayfield Heights, an eastern suburb of Cleveland. Completed in 1991, the three-story office building spans 114,403 square feet. Andrew Coleman and Alex Johanson of CBRE represented the landlord, ORG Portfolio Management. Darin Manning of Savills represented the tenant.

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Hobbs-Station-Plainfield-Indiana

PLAINFIELD, IND. — A partnership led by Indianapolis-based New City Development has unveiled plans for Hobbs Station, a $300 million mixed-use project in Plainfield, about 19 miles southwest of Indianapolis. Hobbs Station will be located on a 125-acre site just off U.S. Highway 40. Phase I of the project will consist of 300 apartments with 30,000 square feet of street-level commercial space, 99 single-family homes and 500,000 square feet of logistics space. The industrial component will be known as Terminus at Hobbs Station. Phase I’s residential amenities will include a pool, fitness center, remote workspaces, a pet washing facility and various open green spaces. As part of the project, the development team is investing in local infrastructure, including a two-mile extension of the Vandalia Trail across the southern boundary of the site. The trail network will connect to a public park with pickleball courts, a playground and space for festivals and events. Additional planned infrastructure improvements include new sidewalks, landscaping, hardscaping, utilities, stormwater facilities roads and parking. Construction of Phase I is slated to begin this summer. At full build-out, Hobbs Station will feature 240 single-family homes, 650 multifamily units, 120 seniors housing residences, 70,000 square feet of retail and …

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