Midwest

Bedrock to Incorporate Roost Apartment Hotel Concept Within Book Tower Project

by Kristin Harlow August 25, 2021

DETROIT — Bedrock’s Book Tower project in Detroit will be home to Roost Apartment Hotel. The project will include 118 studios, one- and two-bedroom extended-stay apartments across four floors. The Book Tower is currently undergoing an extensive restoration and is set to reopen in late 2022 with a mix of retail, office and residential space. The Roost brand is known for bridging a boutique hotel concept with apartment-style living, according to Bedrock. Amenities include a coffee program with La Colombe, bike share program, 24-hour concierge, fitness center, coworking space and onsite housekeeping and maintenance services. Philadelphia-based hospitality company Method Co. will operate the Roost at Book Tower. Method operates several Roost locations across the country, including an upcoming outpost in Cleveland. Method will also operate several dining options at Book Tower, including two restaurants, a lobby bar/lounge and a bakery. One-night rates for the units will start at $195, according to Crain’s Detroit Business. Bedrock acquired the 486,760-square-foot Book Tower property in 2015. Designed by Louis Kamper and completed in 1926, the 38-story office tower is currently vacant. Architecture firm ODA is leading the historic renovation and interior design. Morris Adjmi Architects, which has designed all prior Roost properties, is …

August 25, 2021

Acquisitions Hospitality Indiana Midwest

Three-Property Hotel Portfolio Trades Hands in Hammond, Indiana

by Kristin Harlow August 25, 2021

HAMMOND, IND. — A three-property, 257-room hotel portfolio has traded hands in Hammond, about 25 miles southeast of Chicago. The select-service hotels are all under the Marriott umbrella. The properties are within walking distance of each other and were sold in two separate transactions, prices of which were undisclosed. Nate Sahn and James Foxx of CBRE Hotels represented the seller.

August 25, 2021

Acquisitions Midwest Office Wisconsin

Irgens Acquires 130,000 SF Office Building in Wauwatosa, Wisconsin

by Kristin Harlow August 25, 2021

WAUWATOSA, WIS. — Irgens has acquired 10701 Research Drive in Wauwatosa for an undisclosed price. The five-story, 130,000-square-foot office building is located at the intersection of Mayfair Road and Research Drive. Completed in 1995, the property was the inaugural development within the Milwaukee County Research Park. Irgens is planning to make substantial improvements to the facility, including new common area finishes and an amenity package. Blueprint’s medical office building team represented the seller, a REIT.

August 25, 2021

Acquisitions Iowa Midwest Retail

JLL Brokers Sale of 91,588 SF Grocery-Anchored Shopping Center in Dubuque, Iowa

by Kristin Harlow August 25, 2021

DUBUQUE, IOWA — JLL Capital Markets has arranged the sale of Warren Plaza in Dubuque for an undisclosed price. Anchored by Hy-Vee, the shopping center spans 91,588 square feet. Originally completed in 1979, the Hy-Vee store was expanded in 1994 and 2013. Other tenants include UPS, SuperCuts, Jersey Mike’s, Miracle Ear, Grand River Medical Group and OneMain Financial. Clinton Mitchell, Amy Sands, Michael Nieder, Kirstey Lein and Marcus Pitts of JLL represented the seller, The DESCO Group. A Midwest-based private investment fund was the buyer.

August 25, 2021

Development Illinois Midwest

ARCO/Murray, GMA Construction Break Ground on $31M Sports Campus in Chicago, Partner with Cubs’ Jason Heyward

by Kristin Harlow August 24, 2021

CHICAGO — ARCO/Murray and GMA Construction Group have broken ground on a $31 million sports campus in Chicago’s North Austin community. Project partners include By the Hand Club for Kids, Grace and Peace Revive Center, Intentional Sports, the Chicago Fire Foundation and Jason and Vedrana Heyward. The facility will offer education, leadership development and sports training for Chicago youths, including soccer and baseball programming from the Chicago Fire FC and the Jason Heyward Baseball Academy. The project will include 150,000 square feet of indoor space, outdoor turf fields and an indoor turf arena. The campus will offer after-school programming for more than 400 youths. Completion is slated for fall 2022. The State of Illinois provided a $1.5 million capital grant, which will assist with brownfield redevelopment of the former Glidden paint factory. The campus will be developed in partnership with Chicago Neighborhood Initiatives. By the Hand Club for Kids, which is an after-school program, will operate its sixth Chicago-area club at the campus. By the Hand will occupy 30,000 square feet. Grace and Peace Revive Center will offer a food bank, domestic violence counseling, transitional housing and advocacy workshops onsite. Nonprofit organization Intentional Sports will anchor the development. Adult leagues, …

August 24, 2021

Acquisitions Indiana Midwest Retail

Ziff Real Estate Sells Pyramid Place Shopping Center in Indianapolis for $10.6M

by Kristin Harlow August 24, 2021

INDIANAPOLIS — Ziff Real Estate Partners (ZRP) has sold Pyramid Place Shopping Center in Indianapolis for $10.6 million to an undisclosed buyer. The neighborhood shopping center is located at the intersection of Michigan Road and West 86th Street and features a gross leasable area of 51,974 square feet. The property was 86 percent occupied at the time of sale to tenants such as Five Guys, Einstein Bagels, Chicken Salad Chick, Qdoba and Tavel Eye Care. ZRP acquired the asset in 2015 from LNR Property LLC. Jordan Klink and Andrew Margulies of Marcus & Millichap’s The Klink Group represented Ziff in the sale.

August 24, 2021

Acquisitions Illinois Industrial Midwest

Venture One Acquires 179,508 SF Industrial Building in Niles, Illinois

by Kristin Harlow August 24, 2021

NILES, ILL. — Venture One Real Estate has acquired a 179,508-square-foot industrial building in Niles, about 15 miles northwest of Chicago. The purchase price was undisclosed. Located at 6900 Austin Ave., the property is fully leased to one tenant. Constructed in 1980, the building features a clear height of 21 feet, nine docks, one drive-in door, parking for 120 cars and 4,820 square feet of office space. Christopher Volkert of Colliers International represented the undisclosed seller. Venture One’s acquisition fund, VK Industrial V LP, is a partnership between Venture One and Kovitz Investment Group.

August 24, 2021

Life Sciences Loans Michigan Midwest Office

Mag Mile Capital Arranges $7M Loan for Refinancing of Flex Office Property in Ann Arbor

by Kristin Harlow August 24, 2021

ANN ARBOR, MICH. — Mag Mile Capital has arranged a $7 million loan for the refinancing of a 128,000-square-foot flex office property located at 600 S. Wagner Road in Ann Arbor. An entrepreneurial community occupies the building. Members include professionals from startups and established companies across sectors such as life sciences, drug discovery, medical devices, alternative energy mobility, robotics and business development. The property includes wet labs, offices, production areas, collaborative spaces, warehouse storage, coworking areas and conference rooms. A regional credit union provided the recourse loan at an interest rate of 3.75 percent.

August 24, 2021

Acquisitions Illinois Midwest Retail

Brookline Brokers $3M Sale of Retail Center in Suburban Chicago

by Kristin Harlow August 24, 2021

OAK LAWN, ILL. — Brookline Real Estate has brokered the sale of Central Plaza in Oak Lawn, a southern suburb of Chicago, for $3 million. Anchor tenants of the 26,331-square-foot retail center include Family Dollar and Dunkin’. Dominick Cannata of Brookline represented the Florida-based seller. Mark Heidecke of Horvath & Tremblay represented the Texas-based buyer. Brookline also served as leasing agent and property manager prior to the sale and completed the stabilization of the property. The new owner will continue to retain Brookline as manager.

August 24, 2021

Midwest Minnesota Retail

Target to Add 160 Disney Shops Ahead of Holiday Season

by Kristin Harlow August 23, 2021

MINNEAPOLIS — Minneapolis-based Target Corp. (NYSE: TGT) has unveiled plans to expand to over 160 Disney at Target stores across the country by the end of the year. Guests will find toys from popular Disney properties, including Star Wars and Raya and the Last Dragon. The announcement comes on the heels of Target’s launch of Ulta Beauty “shop-in-shop” concepts earlier this month. Target operates roughly 1,900 stores across the U.S. The retailer began opening Disney shops in select locations in 2019. In addition to the Disney shops, Target will offer an exclusive 70-piece toy collection with FAO Schwarz for the holiday season.

August 23, 2021

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