Midwest

Skender Completes Interior Construction of 536,000 SF Bank of America Flagship Office in Chicago

by Kristin Harlow March 24, 2021

CHICAGO — Skender has completed the interior construction of the new 536,000-square-foot office for Bank of America in downtown Chicago. Known as Bank of America Tower, the building rises 56 stories and is located at 110 N. Wacker St. Bank of America’s space encompasses 17 floors, or approximately one-third of the building. It includes private offices, open workstation areas, conference rooms, cafés and two outdoor terraces. A staircase connects a two-floor conference center and executive suite. Skender collaborated with JLL, Interior Architects and Syska Hennessy Group on the project.

March 24, 2021

Development Illinois Midwest

Trammell Crow Tops Out Fulton Labs Project in Chicago

by Kristin Harlow March 24, 2021

CHICAGO — Trammell Crow Co. (TCC) has topped out the construction of Fulton Labs at 400 N. Aberdeen in Chicago. The laboratory building spans 423,454 square feet and was developed in order to meet rapidly expanding demand for Class A lab space in the Chicago area, according to TCC. Construction began in July and completion is slated for the first quarter of 2022. Portal Innovations, a life sciences, med-tech and bioinformatics company, has pre-leased 35,000 square feet at the 16-story development. The project team includes Power Construction, ESG Architects, CRB and CBRE.

March 24, 2021

Development Industrial Kansas Midwest

Contegra Underway on Construction of Two Distribution Centers in Kansas City

by Kristin Harlow March 24, 2021

KANSAS CITY, KAN. — Contegra Construction Co. is underway on two distribution centers at the 250-acre Turner Logistics Center in Kansas City. The buildings will add 919,080 square feet and are slated for completion in late summer and early fall. NorthPoint Development is the developer. Each building will feature a clear height of 36 feet. Building II will include 54 dock doors, four drive-in ramps, parking for 284 vehicles and 137 trailers. Building III will feature 37 dock doors, two drive-in ramps and 371 parking spaces. With the completion of these new centers, Turner Logistics Center will total more than 1.3 million square feet across three buildings, all constructed by Contegra. The development has the capacity for 3 million square feet of industrial space.

March 24, 2021

Illinois Industrial Leasing Activity Midwest

Apparel Retailer AKIRA Signs 352,338 SF Industrial Lease in Bolingbrook, Illinois

by Kristin Harlow March 24, 2021

BOLINGBROOK, ILL. — Apparel retailer AKIRA has signed a long-term lease for a 352,338-square-foot warehouse located at 150 E. Crossroads Parkway in Bolingbrook. AKIRA will use the space for warehouse, fulfillment and e-commerce operations, while its office and headquarters will remain in Chicago. The facility features a clear height of 30 feet and 46 exterior loading docks. It is situated less than one mile from I-55. Noel Liston and Nick Krejci of Darwin Realty/CORFAC International represented AKIRA in the lease transaction and worked with the retailer on the consolidation of several warehouses. Keith Stauber and Steve Ostrowski of JLL represented building ownership.

March 24, 2021

Iowa Loans Midwest Multifamily

Marcus & Millichap Capital Corp. Arranges $14.7M Loan for Refinancing of Multifamily Property in Iowa

by Kristin Harlow March 24, 2021

WAVERLY, IOWA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $14.7 million loan for the refinancing of Pinnacle Villages in Waverly, located in northeast Iowa. The newly constructed multifamily property features 110 townhouse-style units. Robert Bhat of MMCC arranged the 12-year loan, which features a fixed interest rate of 3.5 percent, a 30-year amortization schedule and four years of interest-only payments.

March 24, 2021

Development Illinois Industrial Midwest

ML Realty Partners to Develop Two Spec Industrial Buildings Totaling 605,300 SF in Bensenville, Illinois

by Kristin Harlow March 23, 2021

BENSENVILLE, ILL. — ML Realty Partners has unveiled plans to develop two speculative industrial buildings totaling 605,300 square feet in Bensenville, a suburb of Chicago. The firm expects to break ground this summer with completion slated for spring 2022. Plans call for clear heights of 40 feet along with ample car and trailer parking. Andrew Maletich, Matt Garland and Dustin Albers of Cawley Chicago represented ML in the land assemblage and will also oversee the lease-up of the buildings.

March 23, 2021

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $10.2M Sale of Multifamily Asset in Chicago

by Kristin Harlow March 23, 2021

CHICAGO — Kiser Group has brokered the $10.2 million sale of Graceway Corners, a three-story multifamily development in Chicago’s Lakeview neighborhood. The property features 24 multifamily units and 13,600 square feet of commercial space. Originally built in 1927 as a hotel, it was later converted into a 117-unit boarding house. The seller, Keen Realty, purchased the development in the early 1980s and renovated it into its current configuration of loft-style flats and duplexes. Andrew Friedman, Jake Parker and Lee Kiser of Kiser represented both the seller and the undisclosed buyer.

March 23, 2021

Acquisitions Midwest Minnesota Multifamily

Colliers Negotiates $4.9M Sale of Transit-Oriented Development Site in Minnetonka

by Kristin Harlow March 23, 2021

MINNETONKA, MINN. — Colliers | Minneapolis-St. Paul has negotiated the sale of a 3.9-acre development site within Opus Park in Minnetonka for $4.9 million. The site presents a transit-oriented development opportunity, as it is adjacent to the Opus Light Rail Transit (LRT) station along the Southwest Light Rail Line. The buyer, Pittsburgh-based Linden Street Partners, plans to break ground on a 275-unit apartment complex later this year. Andy Heieie, Ted Bickel and Jeff Budish of Colliers represented the seller, Newport Partners.

March 23, 2021

Industrial Leasing Activity Midwest Ohio

Woodpeckers Signs 79,203 SF Industrial Lease in Suburban Cleveland

by Kristin Harlow March 23, 2021

STRONGSVILLE, OHIO — Woodpeckers, a precision woodworking tools company, has signed a 79,203-square-foot industrial lease in Strongsville, a suburb of Cleveland. The newly constructed, speculative facility is located at 14720 Foltz Industrial Parkway within Mills Business Park. Scannell Properties completed development of the 179,578-square-foot building in the fourth quarter of 2020. Terry Coyne of Newmark represented Scannell in the lease transaction. Matthew Beesley of Cushman & Wakefield | CRESCO Real Estate represented Woodpeckers, which is based in Strongsville.

March 23, 2021

Acquisitions Midwest Ohio Retail

Hanley Investment Group Arranges $3M Sale of Two Dollar General-Occupied Properties in Ohio

by Kristin Harlow March 23, 2021

WINDHAM AND BRADNER, OHIO — Hanley Investment Group Real Estate Advisors has arranged the $3 million sale of two properties occupied by Dollar General in Ohio. In Windham, a 10,566-square-foot store sold for $1.6 million. The second asset was a 9,026-square-foot building in Bradner that sold for $1.4 million. Both single-tenant properties were constructed in 2020. Beau Velten, Jeff Lefko and Bill Asher, in conjunction with ParaSell Inc., represented the buyer, a San Diego-based private investor completing a 1031 exchange. Doug Holtzman and Tori Nook of Anchor Cleveland represented the seller and developer, Ohio-based Zaremba Group.

March 23, 2021

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