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Leasing ActivityMidwestOfficeWisconsin

Eight Eleven Group Signs 7,500 SF Office Lease at HUB640 in Milwaukee

by Kristin Harlow

MILWAUKEE — Eight Eleven Group has signed a 7,500-square-foot office lease at HUB640 in Milwaukee’s Westown neighborhood. This will be the second office in Milwaukee for the Indianapolis-based staffing and consulting firm. Eight Eleven employees will temporarily occupy a spec suite within HUB640 while they await the buildout of their permanent location on the third floor. Eight Eleven plans to hire five additional employees this year and seven to 10 more next year. Purchased in 2017 by North Wells Capital, HUB640 was formerly home to the corporate offices of The Bon-Ton Stores Inc. and its longtime Boston Store. Fully renovated in the years following, the 120-year-old property now features a new lobby, amenity floor, rooftop deck and fitness center. The project gets its name from the address, 640 N. 4th St. John Davis and Ned Purtell of Founders 3 Real Estate Services represented North Wells Capital in the lease with Eight Eleven.

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DevelopmentIllinoisMidwestRetail

Illuminarium Experiences to Open 32,000 SF Venue at Chicago’s Navy Pier

by Kristin Harlow

CHICAGO — Illuminarium Experiences, an experiential entertainment company, has unveiled plans to open an Illuminarium at Chicago’s Navy Pier. The 32,000-square-foot entertainment venue, which combines projections and soundscapes to create virtual reality-like exhibits, will be situated inside the former Crystal Gardens venue. This is the fourth Illuminarium location announced in the U.S., following Atlanta, Miami and Las Vegas. The company plans to add dozens of its immersive experience venues in major cities across the globe over the next five years. In Chicago, architecture firms Rockwell Group and Perkins & Will have begun the design of the new location. Illuminarium plans to invest more than $30 million in the redevelopment of Navy Pier. Construction is expected to begin in early to mid-2022, with completion slated for one year after. At Navy Pier, Illuminarium’s inaugural spectacle will be “Wild: a Safari Experience.” The concept showcases Africa’s most exotic animals in their natural habitats via cinematic content shot by RadicalMedia. Following “Wild” will be “Spacewalk,” a journey through the solar system. Viewers will experience what it’s like to walk on the surface of the moon and Mars. Additionally, guests will enjoy The Bar at Illuminarium, designed and developed by the LAB at Rockwell …

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AcquisitionsIndustrialMidwestOhio

MAG Capital Partners Acquires Northern Ohio Industrial Property in Sale-Leaseback

by Kristin Harlow

MANSFIELD, OHIO — MAG Capital Partners LLC has acquired a three-building industrial property in Mansfield, about midway between Columbus and Cleveland. The purchase price for the sale-leaseback transaction was not disclosed. The 257,622-square-foot property sits on 23 acres at 150 E. Longview Ave. The seller, Nanogate North America, was recently acquired by Techniplas, a provider of highly engineered technical solutions for the automotive, transportation and industrial sectors. Jonathan Wolfe and Jordan Shtulman of Stream Capital Partners represented the seller. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented MAG Capital Partners, which is a Fort Worth, Texas-based private investment firm led by Dax Mitchell and Andrew Gi.

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AcquisitionsIndianaIndustrialMidwest

Ziff Real Estate Purchases 215,100 SF Flex Industrial Property in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Ziff Real Estate Partners has purchased a 215,100-square-foot flex industrial property known as Director’s Row in Indianapolis for an undisclosed price. The property features convenient access to I-465, I-70 and the Indianapolis International Airport. Ziff plans to make significant upgrades to the building, which was nearly 64 percent occupied at the time of sale. Tenants include Fiserv, Rocore Thermal Systems and Evens Time. Tyler Wilson of Colliers International will handle leasing on behalf of Ziff.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $2.9M Sale of Apartment Building in Chicago

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of 6710 S. Claremont Ave. in Chicago’s Marquette Park neighborhood for $2.9 million. Originally constructed in 1928, the building features 49 apartment units and six retail spaces. The apartment portion was 95 percent occupied at the time of sale. Ted Stratman, Lucas Fryman, David Goss, Jon Morgan and Jeremy Morton of Interra represented the seller, a local private investor. The team also secured and represented the buyer, a private out-of-state investor. The buyer plans to upgrade units as they turn over.

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AcquisitionsIndustrialMidwestWisconsin

Lee & Associates Arranges Sale of 17,400 SF Industrial Building in Beloit, Wisconsin

by Kristin Harlow

BELOIT, WIS. — Lee & Associates has arranged the sale of a 17,400-square-foot industrial building at 1531 E. Gale Drive in southern Wisconsin’s Beloit. The sales price was undisclosed. Blake George of Lee & Associates represented the seller, Frank Beer Distributors Inc. The buyer, Total Plumbing and Heating, plans to open a new facility to serve the Janesville and Beloit areas. The company provides plumbing, heating and air conditioning services.

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DevelopmentIndianaMidwestMultifamily

Standard Real Estate Investments Launches Business, Provides Equity for Indianapolis Multifamily Project

by Kristin Harlow

INDIANAPOLIS — Standard Real Estate Investments LP, a minority-owned real estate private equity firm focused on providing joint venture equity to developers, formally launched its business on Wednesday, Aug. 25. The company closed a majority equity investment in a 244-unit multifamily project located at 75 W. 18th St. in downtown Indianapolis. Construction recently began on the development, but a timeline for completion was not disclosed. Standard, and its Indianapolis-based joint venture partner Arrow Street Development, will build Wesley Place Apartments on the two-acre site, which is located within walking distance of the Indiana University Health Methodist Hospital. Plans call for four stories of apartments above a single-level retail and parking podium. Robert Jue and Jerome Nichols, formerly with CBRE Global Investors, are leading the new company. Standard aims to have $200 million of assets under management within 12 months through investments in four development projects.

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Leasing ActivityMidwestOfficeWisconsin

Herzing University to Move National Headquarters to The Avenue in Milwaukee

by Kristin Harlow

MILWAUKEE — Herzing University has unveiled plans to move its national headquarters to The Avenue in downtown Milwaukee. Herzing expects to move from its current suburban location to The Avenue by the first quarter of 2022 and will occupy nearly 22,000 square feet. The Avenue is a 333,000-square-foot mixed-use project by Hempel Real Estate and Interstate Development Co. Herzing is a private nonprofit institution with 10 campuses across seven states as well as an online division. The university offers degrees in professions such as nursing, technology, business and healthcare. Colliers International represented Herzing in its new lease and will also market Herzing’s Menomonee Falls property for sale. Founders 3 Real Estate Services represented ownership of The Avenue.

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AcquisitionsIllinoisMidwestMultifamily

Kiser Group Brokers $16M Condo Deconversion Sale in Arlington Heights, Illinois

by Kristin Harlow

ARLINGTON HEIGHTS, ILL. — Kiser Group has brokered the condo deconversion sale of Timber Court in Arlington Heights for $16 million. A Chicago-based apartment investor acquired the 72-unit property, which is located at 3400 N. Old Arlington Heights Road. Ron Plonis, Lee Kiser and Jeff Leibovich of Kiser represented both the condo association and the buyer in the transaction. Ray Cahnman served as president of the board of directors for the condo association and was also one of the original developers of the project, which was built in 2007. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

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AcquisitionsIndustrialMidwestSouth Dakota

Marcus & Millichap Arranges Sale of 333,346 SF Industrial Building in South Dakota

by Kristin Harlow

ABERDEEN, S.D. — Marcus & Millichap has arranged the sale of a 333,346-square-foot single-tenant manufacturing facility in Aberdeen for an undisclosed price. Built in 2007, the property sits on 54 acres at 1401 Brown County 19 North. The tenant, Molded Fiber Glass Cos., announced it would not be renewing its lease during escrow. Adam Abushagur and Tyler Sharp of Marcus & Millichap represented the seller, a private REIT. The duo also procured the buyer, an out-of-state private investment group.

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