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AcquisitionsIllinoisMidwestMultifamily

Kayne Anderson, CEDARst Acquire 47-Story Millie on Michigan Luxury Apartment Tower in Chicago

by Kristin Harlow

CHICAGO — A joint venture between Kayne Anderson Real Estate and CEDARst Cos. has acquired Millie on Michigan, a newly built luxury apartment tower in Chicago’s Loop. Completed in 2022 and located at 300 N. Michigan Ave., the property rises 47 stories with 289 apartment units and 25,000 square feet of retail space. Amenities include a rooftop pool and lounge, coworking spaces, a fitness center, dog run and integrated smart home features. The asset was 95 percent occupied at the time of sale. CEDARst, which owns and operates more than 5,000 apartment units in Chicago, utilized its Opportunistic Fund I, which launched in February.

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DevelopmentIndustrialMidwestMissouri

McCarthy Breaks Ground on 740,520 SF Equipment Operations Hub in Metro St. Louis

by Kristin Harlow

MARYLAND HEIGHTS, MO. — McCarthy Building Cos. Inc. has broken ground on a 17-acre equipment and warehouse distribution facility in the St. Louis suburb of Maryland Heights. The McCarthy Equipment Operations Hub will span nearly 740,520 square feet and is designed to support the general contractor’s self-perform capabilities. Located in the new 141 Logistics Center, the project will include a 9.5-acre equipment yard and a 66,400-square-foot building that will include a 32,000-square-foot warehouse, 10,000-square-foot equipment maintenance shop and two-story, 24,400-square-foot office space. Completion is scheduled for 2026. The facility is also designed to support workforce development and training. St. Louis-based McCarthy says it has outgrown its current leased property in Ladue, Mo., which has been in use since the mid-1960s.

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AcquisitionsIndustrialMidwestWisconsin

Cushman & Wakefield Brokers Sale of 702,371 SF Manufacturing Facility in Eau Claire, Wisconsin

by Kristin Harlow

EAU CLAIRE, WIS. — Cushman & Wakefield has brokered the sale of a 702,371-square-foot manufacturing facility in Eau Claire, a city in western Wisconsin. Jordan Dick, Todd Hanson and Jason Sell of Cushman & Wakefield represented the seller, Hutchinson Technology, which previously operated the property for its production of disk drive products. TTM Technologies was the buyer. The facility at 2435 Alpine Road features infrastructure that positions it to support advanced technology printed circuit board manufacturing.

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AcquisitionsHealthcareIowaMidwestMinnesota

Davis Purchases Two-Building Healthcare Portfolio in Iowa, Minnesota for $34.1M

by Kristin Harlow

CORALVILLE, IOWA, AND MAPLEWOOD, MINN. — Davis Healthcare, on behalf of its Davis Medical Investment Fund, has acquired a two-building healthcare real estate portfolio known as CoralBirch for $34.1 million. The assets are located in Coralville, Iowa, and Maplewood, Minn. More than 70 percent of the space in the buildings is leased to high-credit hospital systems. With this acquisition, the fund owns 17 off-campus ambulatory care buildings totaling more than 750,000 square feet. The Coralville West Medical Building at 2769 Heartland Ave. rises three stories and totals 60,351 square feet. It is situated near the University of Iowa campus. Davis acquired the property for $24.2 million, or roughly $400 per square foot. At closing, the building was 97 percent leased with more than 65 percent of the space occupied by University of Iowa Healthcare, which offers primary care and internal medicine, obstetrics and gynecology, neurology, imaging and rehab and dermatology services. Additional tenants of the building are medical practices focused on obstetrics, radiology and rehab. Constructed in 2010, the building’s common areas and restrooms were renovated in 2022. Birch Run Medical Building at 1747 Beam Ave. totals 27,944 square feet. Davis purchased the single-story property for $9.9 million, or roughly …

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Arranges Sales of Three Chicago Multifamily Properties Totaling $12.4M

by Kristin Harlow

CHICAGO — Interra Realty has arranged the sales of three multifamily buildings on the North Side of Chicago for a combined $12.4 million. The properties included 931 W. Leland Ave., a 22-unit building in Uptown that sold for $5 million; 1909-13 W. Larchmont Ave., a 16-unit building in North Center that sold for $3.6 million; and 7240 W. Devon Ave., a 13-unit asset in Edison Park that traded hands for $3.8 million. Joe Smazal of Interra represented the buyer and seller of the Leland property. For the Larchmont deal, Smazal represented the seller and Interra’s Joe Braun represented the buyer. Smazal and colleague Colin O’Malley represented the buyer and seller of the Devon property. Sold in an off-market deal, 931 W. Leland features 17 one-bedroom and five two-bedroom units, all of which were recently remodeled. The Larchmont property includes 16 one-bedroom units and sold at more than 97 percent of the list price. Capital improvements were recently made to upgrade the building systems and envelope. The Devon building includes four one-bedroom and six two-bedroom apartments as well as three ground-floor retail units that are fully leased to a Dunkin’ location, private offices for the franchisee and a residential real estate …

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Brandon Rowe Bohler quote smaller sites
BohlerContent PartnerDevelopmentFeaturesMidwestMultifamilyNortheastSeniors HousingSoutheastTexasWestern

Innovative Design Can Promote Positive Outcomes for Continuum of Care Residents

by Sarah Daniels

As the demand for senior living communities continues to rise, so does the complexity of designing environments that meet the evolving needs of residents across the entire continuum of care. Facilities that seek to cater to independent living, assisted living, memory care, skilled nursing and rehabilitation needs must strike a balance: fulfilling stringent functional and regulatory requirements while remaining inviting, promoting connection to nature and others and offering comfort for people of all ages and abilities. The biggest challenge, according to designers and seniors housing experts alike, is “seamlessly weaving protective elements, like perimeter security or grade changes, into a design that feels warm and inclusive, not institutional,” explains Adam Alexander, director of planning, landscape architecture and design at Bohler, a land development design and consulting firm. “Features like fences or bollards don’t need to be emphasized as one-note safety features. They should be invisible contributors to a resident’s experience of comfort and care.” An overall trend toward smaller sites for seniors housing means that continuum of care communities are innovators in inclusive and multi-purpose space use. They may also serve to address increasing calls for solutions to the loneliness epidemic ongoing in the lives of many adults. While less square …

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DevelopmentIllinoisMidwestOffice

Power Construction, Ware Malcomb Complete New Corporate Office for Medline Industries in Metro Chicago

by Kristin Harlow

NORTHBROOK, ILL. — Power Construction and architect Ware Malcomb have completed the new corporate office for Medline Industries LP in Northbrook within metro Chicago. Ware Malcomb’s Oak Brook office provided full interior architecture and design, furniture management and building measurement services for the seven-story, 214,560-square-foot project, which involved the repositioning of an existing office building. Medline provides medical-surgical products and supply chain solutions. Located four miles west of the company’s global headquarters in Northfield, the new Northbrook office brings together Medline’s operations, information services, quality and inventory management teams into a centralized location. There are individual workspaces as well as meeting, amenity and support spaces on each level. The upper floors include open collaboration areas. There are pantry spaces on each level, and additional elements include numerous focus rooms, flexible training rooms, conference rooms and huddle space for teams. Ware Malcomb worked with Medline to utilize existing furniture from other Medline locations where possible. The project team included RTM Engineering and owner’s representative Transwestern.

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DevelopmentIndustrialMidwestWisconsin

Zilber Property Group to Build 238,000 SF Spec Industrial Facility in Janesville, Wisconsin

by Kristin Harlow

JANESVILLE, WIS. — Zilber Property Group (ZPG) has unveiled plans to build Zilber Industrial 13, a 238,000-square-foot speculative industrial facility in Janesville, a city in southern Wisconsin. The building marks the first within Janesville Innovation Park, a master-planned, 110-acre industrial development with capacity for more than 1.8 million square feet. Zilber Industrial 13 will be located near the intersection of Beloit Avenue and Highway 11, minutes from the I-90 interchange. The project can accommodate users as small as 35,000 square feet. Plans call for a clear height of 32 feet, high-bay LED lighting, an ESFR sprinkler system and expandable loading and trailer parking. With municipal approvals anticipated this summer, construction is expected to begin shortly thereafter with delivery slated for late 2025. The project team includes Zimmerman Architectural Studios, Pinnacle Engineering Group and Riley Construction. Michael Kleber of ZPG will handle leasing.

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CivicDevelopmentIllinoisMidwest

McHugh Begins Construction Work for 127,250 SF Community Center in Elmhurst, Illinois

by Kristin Harlow

ELMHURST, ILL. — McHugh Construction and its joint venture partner Nacional Group LLC have begun preconstruction work for the new Wagner Community Center in the Chicago suburb of Elmhurst. The 127,250-square-foot, two-story project will replace the current 32,000-square-foot community center at 615 N. West Ave. Demolition is scheduled for this fall, ahead of construction breaking ground in December. A grand opening is planned for fall 2027. Designed by the Elmhurst office of Dewberry, the new center will feature an artificial turf field for soccer, football and baseball; 27,000 square feet of gym space for basketball, pickleball and volleyball; a three-lane indoor walking track; dedicated early childhood and preschool spaces; larger spaces for dance and gymnastics; an indoor play area; and flexible multipurpose spaces for community programming. Additional project partners include mechanical, electrical and plumbing engineer Elara Engineering, structural engineer Pease Borst & Associates, civil engineer V3 Cos. and landscape architect Upland Designs Ltd.

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IllinoisLoansMidwestRetail

MMCC Arranges $4.1M Refinancing for Retail Strip Center in Romeoville, Illinois

by Kristin Harlow

ROMEOVILLE, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.1 million loan for the refinancing of Carillon Court, a 29,891-square-foot retail strip center in the Chicago suburb of Romeoville. The property at 444 N. Weber Road is situated near I-55 and is home to a mix of restaurants and service-oriented businesses, including a dental office, salon and insurance agency. Dean Giannakopoulos of MMCC arranged the loan through a local bank on behalf of the private borrower. The three-year loan features one year of interest-only payments and a 25-year amortization schedule.

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