Midwest

Clear Height Properties, Buligo Capital Sell 173,017 SF Office Building in Suburban Chicago

by Kristin Harlow October 12, 2021

OAK BROOK, ILL. — Clear Height Properties and its joint venture partner Buligo Capital Partners have sold 814 Commerce, a 173,017-square-foot office building in the Chicago suburb of Oak Brook. The sales price was undisclosed. The three-story property sold to Chicago-based real estate investor Helios Properties. Since acquiring the asset in 2019, Clear Height invested $1.5 million to upgrade the building’s exterior, common areas, parking deck and HVAC systems. The building is 56 percent leased to Innovista Health Solutions, IRC Retail Centers and CPS. Dan Deuter, Michael Simpson and Paul Lundstedt of Cushman & Wakefield represented the sellers.

October 12, 2021

Illinois Leasing Activity Midwest Restaurant Retail

Kindling, Foxtrot to Open at Willis Tower’s Catalog in Chicago

by Kristin Harlow October 12, 2021

CHICAGO — Chicago’s Fifty/50 Group will debut the first full-service restaurant at Willis Tower in downtown Chicago. Known as Kindling, the char-house restaurant will occupy a two-story space and outdoor terrace as part of Catalog, the five-story dining, retail and entertainment portion of Willis Tower. Kindling is slated to open in 2022. The restaurant will feature a large wood-burning grill and guests will enjoy entrees such as rotisserie chicken, brisket and halibut. Also joining Catalog in spring 2022 is the Chicago-based corner store, café and delivery market Foxtrot. The Catalog location will feature a coffee bar plus a selection of everyday essentials, locally sourced goods and grab-and-go offerings. Users of the Foxtrot app can order items for pickup or delivery. EQ Office owns Willis Tower, which is undergoing a $500 million renovation project. The Fifty/50 Group is a hospitality group that owns and operates 14 restaurants and bars across Chicago.

October 12, 2021

Affordable Housing Development Michigan Midwest Multifamily

Annex Group to Develop 220-Unit Affordable Housing Community in Howell Township, Michigan

by Kristin Harlow October 12, 2021

HOWELL TOWNSHIP, MICH. — The Annex Group has unveiled plans to develop Union at Oak Grove, a 220-unit affordable housing community in Howell Township, about 60 miles northwest of Detroit. Located at 1850 Molly Lane, the project will feature one-, two- and three-bedroom units available to residents who earn up to 60 percent of the area median income. Amenities will include a community room, exercise room, playground, computer room and walking trails. Completion is slated for October 2023. Development partners include property manager Sterling Management and architect RQAW. Fraser Trebilcock served as the low-income housing tax credit consultant. National Development Council is providing nearly $14 million in equity; Citizens is providing a $10.5 million construction loan; and Michigan State Housing Development Authority is providing $28 million in permanent financing and issuing the bonds.

October 12, 2021

Acquisitions Indiana Midwest Retail

Newmark Brokers Sale of Indiana Retail Portfolio for $10.5M

by Kristin Harlow October 12, 2021

INDIANA — Newmark has brokered the sale of a four-property retail portfolio in Indiana for approximately $10.5 million. The portfolio includes a Starbucks, Dollar Tree and two CVS properties for a total of 34,814 square feet. Specific addresses and cities were not provided. Matt Berres, Samer Khalil and Jenna Barnett of Newmark represented the seller, a private developer. The team also procured the buyer, a REIT.

October 12, 2021

Acquisitions Kansas Midwest Restaurant Retail

Quantum Arranges $2.5M Sale of Wendy’s-Occupied Property in Salina, Kansas

by Kristin Harlow October 12, 2021

SALINA, KAN. — Quantum Real Estate Advisors Inc. has arranged the $2.5 million sale of a single-tenant retail property net leased to Wendy’s in the central Kansas town of Salina. The 2,967-square-foot building is located at 1940 S. Ohio St. Jason Caplan of Quantum represented the Chicago-based buyer. Matthew Mousavi of SRS Real Estate represented the seller, a real estate investment and operating company based in California.

October 12, 2021

Development Leasing Activity Midwest Ohio Top Stories

Kroger, Ocado Announce Five New Customer Fulfillment Centers Around the Country

by John Nelson October 12, 2021

CINCINNATI — The Kroger Co. (NYSE: KR), the largest grocery store chain in the country, has announced five new customer fulfillment centers (CFCs) that the company will operate along with UK-based delivery logistics partner Ocado Group. The new Kroger Delivery facilities include a distribution center in the Northeast, as well as two centers in Southern California and a pair of facilities in South Florida. The vertically integrated CFCs will utilize machine learning and robotics and serve both Kroger customers and regional stores. The locations, size and construction timelines for these fulfillment centers were not disclosed because Kroger’s team members are still in the site selection process, but the Northeast CFC will be the Cincinnati-based grocer’s first in the region. “We feel great about the momentum we’re experiencing with Kroger Delivery and our partnership with Ocado and are strategically leveraging our assets to expand our operations in existing regions, as well as enter new geographies on the East Coast that leverage facilities across a growing range of sizes,” says Rodney McMullen, chairman and CEO of Kroger. “Kroger Delivery is a thriving part of our dynamic ecosystem and is transforming grocery e-commerce and meeting a range of customer needs.” The Southern California …

October 12, 2021

Acquisitions Illinois Midwest Multifamily

JLL Brokers $69.5M Sale of Apartment Community in Suburban Chicago

by Kristin Harlow October 11, 2021

STEGER, ILL. — JLL Capital Markets has brokered the $69.5 million sale of The New Colonies in Steger, about 35 miles south of downtown Chicago. Constructed in 1973, the garden-style apartment community includes 672 units that average 676 square feet. Amenities include a pool, dog park, fitness center and community clubhouse with a business center. David Gaines and Kyle Butler of JLL represented the seller, CiTYR. Bender Cos. was the buyer.

October 11, 2021

Acquisitions Industrial Midwest Minnesota

PCCP Acquires 386,724 SF Distribution Center in Rogers, Minnesota

by Kristin Harlow October 11, 2021

ROGERS, MINN. — PCCP and its joint venture partner Capital Partners have acquired Diamond Lake Road Distribution Center in Rogers, about 25 miles northwest of Minneapolis. The purchase price was not disclosed. The 386,724-square-foot distribution center is located at 19850 S. Diamond Lake Road. The facility was developed in 2001 as a build-to-suit for Archway Marketing Services. This month, the building became vacant for the first time in 20 years. Judd Welliver, Sonja Dusil, Ryan Watts, Bentley Smith and Tom Holtz of CBRE represented the seller, STAG Industrial.

October 11, 2021

Development Industrial Iowa Midwest

Opus Breaks Ground on Phase II of Swanwood Logistics Center in Ankeny, Iowa

by Kristin Harlow October 11, 2021

ANKENY, IOWA — The Opus Group has broken ground on the second phase of Swanwood Logistics Center in Ankeny. Phase II will include a 296,300-square-foot speculative industrial building on 25 acres. Once complete, the building will feature 184 vehicle parking stalls, 24 dock doors, two drive-in doors and a clear height of 32 feet. Completion is slated for fall 2022. Opus is the developer, design-builder, architect and structural engineer. Marcus Pitts and Austin Hedstrom of JLL are marketing the property for lease. This is the fifth building in the Ankeny submarket for Opus.

October 11, 2021

Illinois Leasing Activity Midwest Office

Tarkett to Relocate Showroom to Chicago’s Fulton Market

by Kristin Harlow October 11, 2021

CHICAGO — Global flooring manufacturer Tarkett has signed a lease to move its showroom and offices from Merchandise Mart to the 10th floor of Fulton East, a 12-story, 90,000-square-foot office building in Chicago’s Fulton Market District. Parkside Realty Inc. owns the building, which is located at 215 N. Peoria St. Tarkett will occupy nearly 11,000 square feet. The firm opened its 9,000-square-foot showroom at Merchandise Mart in 2017. Chicago-based Clayco constructed Fulton East and Lamar Johnson Collaborative served as architect. The newly built property includes several health and wellness features. Andy Gooliak of Colliers International and Nate Walczuk of Allegro Real Estate Brokers and Advisors represented Tarkett in the lease transaction. Katie Scott and Camille Julmy of Parkside Realty represented ownership on an internal basis.

October 11, 2021

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