JOLIET, ILL. — Lion Electric Co., a Canadian manufacturer of all-electric buses and trucks, has unveiled plans to build its first-ever U.S. manufacturing facility in Joliet. A minimum of $70 million will be invested to build a new facility dedicated to producing electric vehicles. The 900,000-square-foot project is expected to come online in the second half of 2022. Annual production capacity is estimated at 20,000 zero-emission vehicles per year, creating at least 745 jobs for Illinoisans. Lion is known for its production of electric school buses. The Illinois Department of Commerce and Economic Opportunity worked with the state’s public-private economic development partner, Intersect Illinois, to put together a site selection process that involved both virtual and in-person site visits, economic analysis and coordination with local officials and utilities. Lion has qualified for the state’s EDGE incentive program, a tool to support companies making large-scale capital investments that lead to significant job creation.
CHICAGO — Famed Chicago architect Helmut Jahn was killed in a bicycle crash over the weekend in Campton Hills near St. Charles, a far west suburb of Chicago. He was 81. Born in Germany, Jahn came to Chicago in 1966 to study at the Illinois Institute of Technology. He never graduated and instead joined the architecture firm C.F. Murphy Associates in 1967. The firm was later renamed Murphy/Jahn and in 2012 became the singular “JAHN.” Some of his most well-known Chicago work includes the James R. Thompson Center, McCormick Place, United Airlines’ Terminal 1 at O’Hare International Airport and Mansueto Library. The Thompson Center was recently put up for sale by Gov. J.B. Pritzker.
CINCINNATI — Phillips Edison & Co. Inc. (PECO) has filed a registration statement on Form S-11 with the U.S. Securities and Exchange Commission for a proposed public offering in conjunction with the listing of its stock on a national stock exchange. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The Cincinnati-based retail REIT intends to list its stock under the ticker symbol “PECO.” Morgan Stanley & Co. LLC, BofA Securities and J.P. Morgan Securities LLC will be acting as joint book-running managers for the offering. PECO is an owner and operator of grocery-anchored shopping centers. As of March 31, the company owned equity interests in 300 properties, including 278 wholly owned assets and 22 owned through two unconsolidated joint ventures with institutional partners. PECO’s first-quarter results presentation will take place Wednesday, May 19.
ROCK FALLS, ILL. — MAG Capital Partners LLC has acquired a 645,000-square-foot industrial property in the Northwest Illinois community of Rock Falls for an undisclosed price. Cimco Recycling LLC leases the property, which is known as the I-88 Distribution Center. Cimco has occupied the facility since 2018. It previously served as the home of a Stanley Black & Decker plant. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented MAG Capital Partners in the transaction. Kent Williams, Matt Taylor and Steven Weinstock of Marcus & Millichap represented the undisclosed seller. Fort Worth, Texas-based MAG Capital Partners is led by principals Dax T.S. Mitchell and Andrew Gi.
ROSEMONT, ILL. — Goosehead Insurance has tripled its office footprint in Rosemont, expanding its space to 17,887 square feet at 6300 N. River Road. The 130,000-square-foot, seven-story office building features a fitness center, onsite café, lounge, conference center, Zen garden and golf simulator. Jonathon Connor and Jason Simon of Colliers International Chicago represented ownership, a joint venture between Farpoint Development and Greco/DeRosa Investment Group. Andrew Kaplan and Ryan Buchanan of CBRE represented Goosehead, which is a Dallas-based personal lines insurance agency.
MILWAUKEE — MidHudson LLC has provided $24.5 million in preferred equity for the development of The Couture, a $191 million apartment tower in Milwaukee. The 44-story, 322-unit project will connect the Milwaukee lakefront to downtown through public plazas and pedestrian bridges. Barrett Lo Visionary Development (BLVD) is the developer. Plans call for 42,000 square feet of restaurant and retail space as well as a hub for the Milwaukee Streetcar. JLL is the Multifamily Accelerated Processing (MAP) lender and Baird arranged the equity placement. MidHudson’s investment included $11.7 million from its HUD Reserve Funding Program and $12.8 million of additional preferred equity. MidHudson is a specialty finance firm focused exclusively on projects and developers that use FHA senior debt. A timeline for construction was not released.
CAROL STREAM, ILL. — Golub & Co. and Petiole Asset Management have acquired Lakehaven Apartments in Carol Stream, a western suburb of Chicago. The purchase price was undisclosed. Built in 1984, the 492-unit apartment community consists of 41 buildings. Units range in size from 700 to 1,100 square feet. Amenities include a clubhouse, pool, fitness center and dog park. Adam Short, Ania Najder and Kristin Nason of Golub & Co. and Chris Lord of Petiole led the acquisition. Marty O’Connell, Danny Kaufman, Wick Kirby and Kevin Girard of JLL represented the seller, Lakehaven Apartments LLC.
GRAFTON, WIS. — Yamato Corp., a provider of automatic, commercial and industrial weighing solutions, has purchased a 96,500-square-foot industrial property located at 1272 Dakota Drive in Grafton, about 20 miles north of Milwaukee. The purchase price was undisclosed. Yamato is relocating from a 35,347-square-foot space at 6303 Eastwood Court in Mequon, Wis. Mitchell Starczynski and Curt Pitzen of Newmark represented Yamato in the transaction. Rexnord Industries LLC was the seller.
HARTFORD, WIS. — Blue West Capital has arranged the sale of Hartford Centre for $4.9 million. The Aldi-anchored shopping center is located at 1591 E. Summer St. in Hartford, about 37 miles northwest of downtown Milwaukee. Other tenants at the 34,577-square-foot property include Dunkin’, H&R Block, Shopko Optical and Papa Murphy’s. Carly Gallagher Kelly of Blue West Capital represented the seller, Green Bay-based Midwest Expansion LLC. She also procured the buyer, a Dallas-based commercial real estate company.
NOVI, MICH. — Elite Fire Safety has leased 23,000 square feet of industrial flex space at Beck North Corporate Park in Novi. Dan Verderbar of Friedman Real Estate represented the tenant in the lease transaction. The landlord was undisclosed. Based in Southfield, Mich., Elite Fire Safety offers fire alarm, fire extinguisher and fire suppression services.