DEERFIELD, ILL. — Walgreens plans to increase the starting hourly wage for employees to $15 per hour. The wage increase will take effect in phases beginning in October of this year and is expected to be fully implemented by November 2022. The Deerfield-based company operates roughly 9,000 locations. The current starting wage at Walgreens is $10 per hour, but about half of its 190,000 hourly workers already earn at least $15 per hour, according to CNBC. Since the beginning of the pandemic, Walgreens has made additional investments in support of its employees such as bonus payments and a significant hiring initiative, through which the company added 25,000 full-time and part-time pharmacy team members. Walgreens has also accelerated implementation of remote and digitalized pharmacy resources. Total investment to support the starting wage increase is anticipated to be roughly $450 million over the next three years, with one-third of the amount invested in fiscal-year 2022. The company anticipates that it will partially absorb the investment through the normal course of business. The stock price for Walgreens Boots Alliance Inc. (NASDAQ: WBA) closed at $50.74 per share on Tuesday, Aug. 31, up from $36.76 per share one year ago.
MENASHA, WIS. — Matthews Real Estate Investment Services has brokered the $5.1 million sale of a two-tenant retail property in Menasha, just south of Appleton. Located at 1151 E. Midway Road, the property is home to Piggly Wiggly and Dollar Tree. Edward DeSimone, Josh Bishop and Maxx Bauman of Matthews brokered the 1031 tax-deferred exchange transaction. The undisclosed buyer exchanged out of a four-property Dollar General portfolio.
SPIRIT LAKE, IOWA — Colliers Mortgage has provided a $3.8 million Fannie Mae loan for the refinancing of Tallgrass Village II in northern Iowa’s Spirit Lake. Built in 2019, the 49-unit multifamily property consists of one two-story apartment building and three two-story townhome buildings. The 10-year loan features a 30-year amortization schedule. An entity doing business as Tallgrass Village II LLC was the borrower.
CHICAGO — Kiser Group has negotiated the sale of 29 condominium units within a 37-unit multifamily property in Chicago’s Uptown neighborhood for $3 million. The asset is located at 850 W. Margate Terrace. The 29 units in the transaction include 10 studios, three junior one-bedroom units, 13 one-bedroom units and three two-bedroom units. Andy Friedman and Jake Parker of Kiser represented both the buyer, Lakepoint Properties, and the seller, an unnamed family trust. According to Kiser, a full-building deconversion will likely occur at a later date since the buyer will own 75 percent of the units. Under the Condominium Property Act in Illinois, a condo building can be sold if 75 percent of ownership is in agreement.
MINNEAPOLIS — CA Ventures and Harlem Irving Cos. have started pre-leasing 270 Hennepin, a 22-story apartment tower located at 270 Hennepin Ave. in downtown Minneapolis. First move-ins are scheduled for this fall. The project features 346 apartment units and 20,000 square feet of retail space on the first floor. In addition to floor plans ranging from studios to three-bedroom units, there are two- and three-bedroom penthouse units. Amenities include an indoor pool, outdoor sky terrace, movie theater, fitness and yoga rooms, bike storage and two levels of underground parking. Monthly rents start at $1,425. Residents can currently receive up to two months of free rent.
INDIANAPOLIS — Greystone has provided a $22 million Fannie Mae loan for the acquisition of Wildwood Village Apartments in Indianapolis. The garden-style apartment community includes 324 units across 33 buildings. Amenities include a clubhouse, business center, fitness center, pool, sports court and dog park. Dan Sacks of Greystone originated the 12-year loan, which features a 30-year amortization schedule, a fixed interest rate and five years of interest-only payments. An entity doing business as Cyclone Wildwood 324 LLC was the borrower.
HANOVER PARK, ILL. — MSC Industrial Supply Co. has signed a long-term lease renewal and expansion at 1575 Hunter Road in Hanover Park. The company is a distributor of metalworking and maintenance, repair and operations (MRO) products and services. MSC is expanding its current 181,635-square-foot footprint by another 106,731 square feet and will now occupy the entire 288,368-square-foot building. The facility features 36 exterior docks, three drive-in doors, 12,000 square feet of office space and a clear height of 30 feet. It serves as MSC’s Midwest distribution hub. Ron Behm and Ken Enos of Colliers International represented MSC in the lease transaction. Britt Casey, Al Caruana and Jeff Mattella of Cushman & Wakefield represented the owner, Prologis.
CANTON, MICH. — L. Mason Capitani CORFAC International has brokered the sale of a five-building industrial portfolio in Canton, about 30 miles west of Detroit. The sales price and seller were undisclosed. Vail Holdings LLC purchased the properties, which are located within Haggerty II Corporate Park. The sale also included 10 acres of vacant land. Three of the buildings are leased, while two are vacant and currently being offered for lease. Together, the five buildings total 261,241 square feet. Joseph DePonio III and Jason Capitani of L. Mason Capitani brokered the sale. The duo is also overseeing the marketing of the vacant assets.
TROY, MICH. — Awecomm Technologies LLC has signed a 5,112-square-foot office lease at PNC Center in Troy. The IT company is currently located at 165 Kirts Blvd. in Troy. Built in 1974 and renovated in 2002, PNC Center rises 25 stories and spans 535,000 square feet. Steve Eisenshtadt and Robert Gagniuk of Friedman Real Estate represented the undisclosed landlord in the lease transaction.
BRANSON, MO. — Drever Atelier Partners has acquired Angel Inn by the Strip in southern Missouri’s Branson. The former 342-room hotel will be transformed into a workforce housing community named The Penleigh — Branson Row. In addition to 324 apartment units, the project will feature three resident lounges, a fitness center, playground, pool and pet park. The Penleigh will offer monthly rental rates around $600, along with incentives for early payment, free after-school tutoring and other social programs. Completion is slated for early 2022. Jerry Emery sold the hotel, which was originally built in 1994.