Midwest

Chamberlain University Signs 75,000 SF Lease at Riverview at Roscoe in Chicago

by Kristin Harlow August 26, 2020

CHICAGO — Chamberlain University, known for its nursing school, has signed a lease for 75,000 square feet of educational space at Riverview at Roscoe on Chicago’s North Side. Baum Revision acquired the office property in a joint venture with Meridian Capital in March of this year. The property is currently undergoing capital improvements with a focus on wellness to achieve LEED Platinum certification. Patrick Russo, Adam Showalter and Jessica O’Hara of Stream Realty Partners have been retained to lease and market the property. There are 40,000 square feet remaining available for lease. Chamberlain has locations across the United States in addition to online programs.

August 26, 2020

Loans Midwest Multifamily North Dakota

Bellwether Enterprise Arranges $15.1M FHA Loan for Refinancing of Workforce Housing Property in North Dakota

by Kristin Harlow August 26, 2020

FARGO, N.D. — Bellwether Enterprise Real Estate Capital LLC has arranged a $15.1 million loan through the Federal Housing Administration for the refinancing of Arbor Courts, a 150-unit workforce housing property in Fargo. Built in 2015, the four-building property is located at 3900 56th St. Monthly rents range from $800 to $1,200. Mike Polencheck and Jon Killough of Bellwether Enterprise arranged the loan on behalf of the borrower, Arbor Courts LLC, an affiliate of Epic Management.

August 26, 2020

Acquisitions Kansas Midwest Retail

PEBB Enterprises Sells Tires Plus-Occupied Retail Property in Overland Park for $2.2M

by Kristin Harlow August 26, 2020

OVERLAND PARK, KAN. — PEBB Enterprises has sold a retail property leased to Tires Plus at its Pinnacle Village shopping center for $2.2 million. Four Corners Property Trust purchased the 7,740-square-foot building, which is located in the Kansas City suburb of Overland Park. Colliers International brokered the sale. PEBB acquired the 126,909-square-foot Pinnacle Village in May 2018. DSW and Michael’s are the anchor tenants.

August 26, 2020

Acquisitions Illinois Midwest Retail

Adelphia Properties Brokers Sale of 8,125 SF Retail Building in Mount Prospect, Illinois

by Kristin Harlow August 26, 2020

MOUNT PROSPECT, ILL. — Adelphia Properties has brokered the sale of an 8,125-square-foot retail building located at 263-301 E. Rand Road in Mount Prospect, approximately 23 miles northwest of Chicago. The sales price was undisclosed. The value-add property was 23 percent occupied at the time of sale. George Spirrison and Simeon Spirrison of Adelphia represented the seller, a Chicago-based private real estate investor. The buyer was also a Chicago-based private investor.

August 26, 2020

Development Kansas Midwest Multifamily

Block Real Estate Services Begins Development of $60M Apartment Complex in Suburban Kansas City

by Kristin Harlow August 25, 2020

OVERLAND PARK, KAN. — Block Real Estate Services LLC has begun development of a $60 million apartment complex in Overland Park, an upscale suburb of Kansas City. Designed by Hoefer Wysocki, The Residences at Galleria is part of the first phase of the larger $350 million project known as Galleria. Phase I includes two apartment buildings, office space, retail and entertainment space and parking. The Residences at Galleria will rise four stories with 322 units, which will surround a 43,000-square-foot courtyard equipped with a pool, bar, hot tub, cabanas, fire pits and lounge areas. Additional amenities will include a game room, golf lounge, dog park and outdoor cinema. Completion is slated for 2022. Titan Built is the general contractor.

August 25, 2020

Midwest Minnesota Retail

Best Buy’s Online Sales Increase 242 Percent in Second Quarter

by Kristin Harlow August 25, 2020

MINNEAPOLIS — Best Buy Co. Inc. (NYSE: BBY) reported that its online sales increased 242 percent for the 13-week quarter that ended Aug. 1 compared with the same time period last year. Products that help people work, cook and learn at home such as computing, appliances and tablets were the largest drivers of sales growth for the second quarter, according to Corie Barry, CEO of the Minneapolis-based retailer. Sales at open stores grew by 5.8 percent. However, growth is not likely to continue at the same pace and the retailer will have higher expenses once all of its stores are reopened, according to CFO Matt Bilunas. “As we plan for the back half of the year, we continue to weigh many factors, including potential future government stimulus actions, the current shift in personal consumption expenditures from areas like travel and dining out, the possible depth and duration of the pandemic, the risk of higher unemployment over time and the availability of inventory to match customer demand,” says Bilunas. There are more than 900 Best Buy stores nationwide. Best Buy’s stock price closed at $117.36 per share Monday, Aug. 24, up from $67.65 per share one year ago.

August 25, 2020

Acquisitions Industrial Midwest Wisconsin

Coldwell Banker Commercial Brokers $7.9M Sale of Manufacturing Facility in Janesville, Wisconsin

by Kristin Harlow August 25, 2020

JANESVILLE, WIS. — Coldwell Banker Commercial has brokered the $7.9 million sale of a 305,000-square-foot manufacturing facility in Janesville, approximately 40 miles southeast of Madison. The building is located at 2101 Kennedy Road within the Kennedy Road Industrial Park. Constructed in the 1960s, the facility features a clear height of 24 feet, six exterior docks, three drive-in doors and 65,000 square feet of office space. The building is leased to Hufcor, which designs and manufactures operable partitions. Borden Family Trust sold the building to Badger Property Investors. Bill Mears of Coldwell Banker Commercial McGuire Mears brokered the sale on behalf of both parties.

August 25, 2020

Development Industrial Midwest Wisconsin

Principle Construction Completes 205,732 SF Warehouse in Pleasant Prairie, Wisconsin

by Kristin Harlow August 25, 2020

PLEASANT PRAIRIE, WIS. — Principle Construction Corp. has completed construction of a new 205,732-square-foot warehouse at 8500 116th St. in Pleasant Prairie, about 37 miles south of Milwaukee. Originally developed as a speculative project, the building received a tenant late last autumn. Principle accommodated the needs of the new tenant, which will use the space for large coil storage. The project features 23 dock doors, two drive-in doors and a clear height of 32 feet. The building sits on a 12.8-acre site. Partners in Design served as project architect.

August 25, 2020

Leasing Activity Michigan Midwest Office

Jaqua Realtors Opens New Office in Hastings, Michigan

by Kristin Harlow August 25, 2020

HASTINGS, MICH. — Jaqua Realtors has opened a new office at the corner of Jefferson and State streets in Hastings, about 38 miles southeast of Grand Rapids. This is Jaqua’s 10th office location. Three new team members have joined the brokerage at the Hastings office. Jaqua focuses on residential and commercial real estate, as well as vacation rentals and property management.

August 25, 2020

Civic Development Loans Midwest Missouri Top Stories

Civic Board Approves Financing for Expansion of America’s Center Convention Complex in Downtown St. Louis

by John Nelson August 25, 2020

ST. LOUIS — The St. Louis Municipal Finance Corp. has approved the financing package for the expansion of America’s Center Convention Complex. The 502,000-square-foot events facility is located at 701 Convention Plaza in downtown St. Louis. The City of St. Louis and St. Louis County have each committed $105 million in bond financing to complete the expansion, which is branded the AC Next Gen Project. The city and county approved the project in April 2019. The expansion will add 92,000 square feet of exhibit space, a 65,000-square-foot ballroom and meeting area, 22,000 square feet of new support space, 26 new loading docks, the renovation of 12 existing docks, an outdoor pavilion and refurbishment of the Washington Avenue entrance. “Expansion of America’s Center is an investment in the future of our region, assuring dependable jobs for working families in these challenging times and demonstrating our commitment to businesses and workers is certain,” says Comptroller Darlene Green, the chief fiscal officer for the City of St. Louis. “COVID-19 is not going away soon, but we know as a nation we will overcome it. Businesses will rebound, and tourism jobs and conventions will come back. We must plan for a positive future for …

August 25, 2020

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