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Midwest

DevelopmentMidwestMinnesotaMultifamily

Stoneleigh Cos. Completes Development of 243-Unit Waterford Bay Apartment Community in St. Paul

by Kristin Harlow

ST. PAUL, MINN. — Stoneleigh Cos. has completed development of Waterford Bay, a 243-unit apartment community located at 380 Randolph Ave. in St. Paul. BKV Group designed the four-story project. Amenities include an outdoor pool and deck, fitness center and yoga studio, resident lounge, business center, rooftop clubroom, dog wash station, bicycle and kayak storage and indoor parking garage. The development sits along the Mississippi National River and Recreation Area. BKV Group worked closely with representatives from Friends of the Mississippi River and the National Park Service during the entitlement process to ensure the project would support the ecological health of the waterway. The community is one of the first opportunity zone projects in St. Paul, according to the developer. Monthly rents start at $1,301 for studios, and residents can now earn up to two months of free rent.

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IllinoisLeasing ActivityMidwestOffice

Applied Systems Signs 10,000 SF Office Lease in Chicago’s Fulton Market

by Kristin Harlow

CHICAGO — Applied Systems has signed a 10,000-square-foot office lease at 320 North Sangamon, a newly completed office building in Chicago’s Fulton Market district. Headquartered in University Park, Applied is a global provider of insurance technology and software. Applied will occupy space on the seventh floor starting in July. Chicago-based Charlie Greene Studios designed the tenant’s new space. Tishman Speyer co-developed the 13-story building with Chicago-based Mark Goodman & Associates. Chicago-based Solomon Cordwell Buenz served as the architect. Steve Bauer, Adrian Boone and Chad Koenig of Cushman & Wakefield represented Applied in the lease transaction. Adam Mitchell, Ellen May and Olivia Parker represented Tishman Speyer on an internal basis.

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AcquisitionsKansasMidwestRetail

Marcus & Millichap Brokers $6.4M Sale of Walgreens-Occupied Property in Olathe, Kansas

by Kristin Harlow

OLATHE, KAN. — Marcus & Millichap has brokered the sale of a 14,631-square-foot retail property occupied by Walgreens in Olathe for $6.4 million. The building is located at 15066 W. 151st St., about 24 miles southwest of downtown Kansas City. Neighboring retail tenants include Starbucks, FedEx, McDonald’s, Sonic, Taco Bell and Hy-Vee. Walgreens executed an early five-year lease renewal on its original 20-year net lease. Nicholas Kanich of Marcus & Millichap marketed the property on behalf of the seller, an Iowa-based investment group. Colby Haugness, Marcus & Millichap’s Kansas broker of record, assisted in closing the transaction. A Delaware-based investment group was the buyer.

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Leasing ActivityMidwestOhioRetail

Phantom Fireworks Leases Former Laser Quest Facility Near Akron, Ohio

by Kristin Harlow

MONTROSE, OHIO — Phantom Fireworks has leased a former Laser Quest facility at 80 Brookmont Road in Montrose, about 10 miles northwest of Akron. The 12,750-square-foot building has sat vacant for six months. Nichole Booker of SVN Summit Commercial Real Estate Advisors negotiated the lease. The opening date of the store will be determined shortly, according to a news release from SVN. Phantom Fireworks operates retail stores across 15 states. Its primary warehouse and corporate office is located in Youngstown, Ohio.

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Affordable HousingDevelopmentMichiganMidwestMultifamily

Local Developers Plan $134M Redevelopment of Fisher Body Plant in Detroit

by Kristin Harlow

DETROIT — Jackson Asset Management and Hosey Development are planning a $134 million redevelopment of the former Fisher Body Plant 21 in Detroit, according to The Detroit News and other local media. Named Fisher 21 Lofts, the project involves the conversion of the abandoned automotive plant into 400 mixed-income housing units along with retail and commercial space. Construction could begin as early as next year. The project awaits city council approval. The city took title of the former manufacturing facility in 2000. The plant was originally built by the Fisher brothers and utilized for producing auto bodies for Cadillac and Buick.

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IndustrialLeasing ActivityMidwestOhio

Driverge Vehicle Innovations Inks 150,000 SF Lease at Chapel Hill Business Park in Akron, Ohio

by Kristin Harlow

AKRON, OHIO — Driverge Vehicle Innovations has inked a 150,000-square-foot industrial lease at Chapel Hill Business Park, a redevelopment of the former Chapel Hill Mall in Akron. Owner Industrial Commercial Properties has redeveloped and leased 58 percent of the former regional mall. Driverge, a wholly owned subsidiary of MobilityWorks, is an upfitter for Ford, Mercedes-Benz and Dodge vehicles. Greg Hopkins represented the company on an internal basis with assistance from JLL’s Kristy Hull.

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AcquisitionsMichiganMidwestOffice

Princeton Enterprises Acquires 108,634 SF Office Building in Southfield, Michigan

by Kristin Harlow

SOUTHFIELD, MICH. — Princeton Enterprises, a privately held real estate investment company based in Bloomfield Hills, has acquired a 108,634-square-foot office building in Southfield for an undisclosed price. The property is located at 26600 Telegraph Road. First Mercury Insurance Co., a member of national property and casualty insurer Crum & Forster, was the seller. Anne Galbraith Kohn of CBRE represented the seller, while Jordan Friedman of Friedman Real Estate represented the buyer.

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IllinoisLoansMidwestMultifamilyNorthmarqSeniors Housing

Northmarq Arranges $19.2M Loan for Refinancing of Senior Living Community in Suburban Chicago

by Kristin Harlow

OAK BROOK, ILL. — Northmarq has arranged a $19.2 million FHA loan for the refinancing of Mayslake Center II in the Chicago suburb of Oak Brook. The seniors housing property features 249 independent living units and is located within the larger Mayslake Village. Amenities include a wellness center, dining room, chapel and social services. Sue Blumberg of Northmarq arranged the fixed-rate loan, which is fully amortized over 40 years. The borrower was a nonprofit entity.

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IllinoisLeasing ActivityMidwestOffice

VTS Signs 35,914 SF Office Lease in Chicago’s Fulton Market

by Kristin Harlow

CHICAGO — VTS, a leasing, marketing and asset management platform for the commercial real estate industry, has signed a 35,914-square-foot office lease at 320 N. Sangamon in Chicago’s Fulton Market district. Tishman Speyer owns the 13-story building, which was completed last year. Robert Sevim, Jim Wenk, Cullen Hurley and Allison Buck of Savills represented VTS. Since its acquisition of Chicago-based Rise Buildings in March 2021, VTS has been growing its employee count and customer base within the Chicago area and outgrew its previous space at 312 N. May. In addition to its corporate headquarters in New York, VTS maintains offices in San Francisco, Los Angeles, Austin, London and Toronto.

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AcquisitionsDevelopmentMidwestMixed-UseOhioRetailTop Stories

MarketSpace Capital, Park Harbor Capital Complete Purchase of Tri-County Mall Near Cincinnati, Plan $1B Redevelopment

by John Nelson

SPRINGDALE, OHIO — MarketSpace Capital and Park Harbor Capital, two private real estate investment and development firms based in Texas, have officially closed on their purchase of Tri-County Mall, an enclosed, 1.3 million-square-foot regional shopping center in the Cincinnati suburb of Springdale. The co-developers plan to transform the mostly vacant mall into a $1 billion redevelopment project housing residences, offices, restaurants, shops, a school, entertainment venues and green space. The redevelopment received unanimous approval from the Springdale City Council about 10 weeks ago. MarketSpace and Park Harbor are set to begin construction later this year on Phase I, which will include 450 apartments, 40,000 square feet of retail space and restaurants and 110,000 square feet of recreational space, including a 38,000-square-foot fitness center. Several health and wellness amenities will also feature in the initial phase, including walking and cycling trails and a park. Several local companies are involved in this project, including THP as the structural engineer and The Kleingers Group as the civil and traffic engineer. BHDP, whose founders designed the original mall in the late 1950s, will serve as the prime architect, with Human Nature serving as the landscape architect. BSB Group International will lead branding and marketing …

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