DETROIT — Detroit developer Mark Bennett has broken ground on Lafayette West, a $150 million apartment and condominium project in Detroit’s historic Lafayette Park neighborhood. The 318-unit development will offer floor plans ranging in size from 436 to 1,223 square feet. Amenities will include a fitness center, pool, clubroom, coworking space and electric vehicle charging stations. Twenty percent of the 230 apartment units will be reserved as affordable housing. The starting price for the condos will be $232,000, while the rent prices for apartments will be released in the fall, according to The Detroit News. Partners and collaborators on the project include @Properties, Christie’s International Real Estate, Brinker Construction, AM Higley, the City of Detroit, Wayne County, Fourmidable, MJBennett, Ghafari, Pappas Financial, Parini, Blaze Contracting, PEA, the Michigan Strategic Fund and Zoyes Creative. A timeline for completion was not disclosed.
Midwest
CHICAGO — Mid-America Real Estate Corp. has brokered the sale of Elston Logan Plaza in Chicago’s Elston Corridor for $29.2 million. Anchored by HomeGoods, the shopping center spans 56,080 square feet. Additional tenants include Chipotle, Potbelly Sandwich Shop, Forever Yogurt, David’s Bridal, Verizon, T-Mobile and The Vitamin Shoppe. Joe Girardi and Emily Gadomski of Mid-America represented the seller, Novak Construction Co. Newport Capital Partners was the buyer.
WEST CHICAGO, ILL. — Stonemont Financial Group and developer Stotan Industrial are building a 258,720-square-foot speculative industrial project in West Chicago. Completion of the Class A development is slated for February 2023. Named DuPage Crossings, the facility will feature a clear height of 36 feet, 32 exterior docks, 45 trailer stalls and 219 parking spaces. The 17-acre project will be situated within the Fox Valley submarket and offer immediate access to I-88.
CHICAGO — NAI Hiffman has negotiated the sale of a 225,000-square-foot refrigerated warehouse in Chicago’s Back of the Yards neighborhood as well as the business occupying the facility, Ashland Cold Storage. The sales price was undisclosed. The buyer, Karis Cold, has engaged Artico Cold Storage to assume the facility’s operations. The property is located at 1556 W. 43rd St. within Chicago Stockyards Industrial Park. John Basile of NAI Hiffman and Jay Maher of Nelson Hill represented Karis Cold, which focuses exclusively on the cold storage industry.
WISCONSIN — JLL Capital Markets has arranged the sale of a four-property medical office portfolio in Wisconsin totaling 111,827 square feet for an undisclosed price. The properties are located in Glendale, Oak Creek, Mt. Pleasant and Green Bay. The portfolio is 98 percent leased. Tenants include Children’s Wisconsin, Hospital Sisters Health System, Ascension and Advocate Aurora Health Care. Evan Kovac, Mindy Berman, Tim Joyce, Matt DiCesare, Trent Jemmett and Jamie Fink of JLL represented the seller, Chicago-based Stage Equity Partners. Big Sky Medical was the buyer.
It’s safe to say office space design has been transformed over the past two years in large part due to COVID-19 and the work-from-home experience. It has changed for now, the foreseeable future and maybe forever. Though many people are still working from home, others have returned to the office, even if only for a few days a week, and many of the office spaces are looking entirely different. While this may be happening in other markets, it is a trend we are seeing in the Milwaukee office market. The idea of the design and aesthetic of the office has changed. Current trends in office design are focusing on safety and comfort, while also creating a sense of home at the office. Tenants are being more thoughtful about their space layout and design. Instead of trying to fit as many people as possible into the space, tenants are occupying roughly the same size, or even slightly smaller spaces, but focusing on making those spaces more welcoming to help ease those workers coming back into the office, as well as recruiting new employees. Bring home into the office This design trend has the goal to provide comfort and safety at every …
MINNEAPOLIS — Ryan Cos. US Inc. and Weidner Apartment Homes are underway on the construction of Fourth & Park, a 25-story apartment building located at the intersection of South 4th Street and Park Avenue in downtown Minneapolis. Completion is slated for the first quarter of 2024. Plans call for 350 apartment units, 100 parking stalls, a sixth-floor green roof, pool deck and community room. Ryan is the developer and builder, and Ryan A+E Inc. is the architect of record. The building, situated one block west of US Bank Stadium, marks the last phase of Downtown East, a five-block redevelopment project that began in 2014. Ryan partnered with the City of Minneapolis, Minnesota Sports Facilities Authority, the Star Tribune and Wells Fargo to redevelop the neighborhood. The $588 million project includes 1.2 million square feet of office space spread across two 17-story Wells Fargo towers, a 200-unit apartment complex, a multi-tenant office building, four-acre public greenspace, hotel and parking ramp.
HOFFMAN ESTATES, ILL. — Heritage-Crystal Clean Inc. (HCC) has signed an 11-year office lease for 39,000 square feet at Bell Works Chicagoland in Hoffman Estates. The company is the property’s largest tenant to date. HCC plans to move its team of 180 workers from its longtime home in Elgin to Bell Works Chicagoland in August. The publicly traded environmental products and services company will occupy space on the third floor. NELSON Worldwide will design the office. Sven Sykes of Colliers represented HCC in the lease, while Steve Kling of Colliers represented ownership. Bell Works Chicagoland is the redevelopment of the former AT&T campus being undertaken by New Jersey-based Somerset Development.
SPRINGFIELD, ILL. — With a new 11,377-square-foot lease signed by Boot Barn, Sherwood Plaza shopping center in Springfield is now fully leased. Joe Parrott, Sean McCourt and Riley McCarron of CBRE represented Boot Barn, which will take occupancy in the coming months. Seritage Growth Properties redeveloped the 130,000-square-foot shopping center, which was nearly vacant at the start of the redevelopment project. CBRE negotiated leases with 10 new tenants, including Burlington, Marshalls, Binny’s Beverage Depot, Orange Theory Fitness and Outback Steakhouse.
INDIANAPOLIS — In a sale-leaseback transaction, MAG Capital Partners LLC has acquired a 34,630-square-foot industrial facility in Indianapolis for an undisclosed price. The building sits on three acres at 6266 Morenci Trail. The seller, Printing Technologies Inc., has occupied the property since its founding in 1994. The facility was originally built in 1984. Based in Fort Worth, Texas, MAG Capital Partners is led by Dax Mitchell and Andrew Gi.