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Midwest

DevelopmentIndustrialMidwestMinnesota

Endeavor Development to Build 112,500 SF Industrial Project in Eagan, Minnesota

by Kristin Harlow

EAGAN, MINN. — Endeavor Development has acquired a 7.7-acre lot in Eagan with plans to build a 112,500-square-foot industrial project. The Class A warehouse will be named Yankee Doodle Business Center. It will feature a clear height of 28 feet, 11 dock doors and two drive-in doors. Construction is expected to begin in April with completion slated for the fall. Chris Hickok and Connor Ott of JLL will market the project for lease. Eagan’s current industrial vacancy rate is 4 percent, according to JLL.

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DevelopmentIllinoisMidwestOffice

J.C. Anderson to Complete 55,000 SF Office Buildout for Ajinomoto in Itasca, Illinois

by Kristin Harlow

ITASCA, ILL. — J.C. Anderson is completing a 55,000-square-foot office buildout for Ajinomoto Health & Nutrition North America Inc. at 250 E. Devon Ave. in Itasca. The health and wellness company is relocating from 1300 N. Arlington Heights Road, also in Itasca. Scheduled for completion in March, the new space will feature a culinary kitchen with video capabilities for hosting virtual demonstrations. It will also house laboratory space for research and development activities. Shive-Hattery served as architect and JLL provided project management services.

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AcquisitionsMichiganMidwestRetail

Magoo’s Pet Outlet to Open 10th Location in Michigan

by Kristin Harlow

MOUNT PLEASANT, MICH. — Magoo’s Pet Outlet will open a new store in Mount Pleasant. This is the 10th location in the state of Michigan for the pet retailer, which has purchased the 5,800-square-foot, former Redbird Feed & Supply building located on East Pickard Street. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented Magoo’s in the transaction. The seller and sales price were undisclosed.

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Wayfair
DevelopmentIllinoisIndustrialMidwestTop Stories

Wayfair Plans 1.2 MSF Fulfillment Center in Metro Chicago, Will Add 250 Full-Time Jobs

by Taylor Williams

ROMEOVILLE, ILL. — Wayfair Inc. (NYSE: W) has announced plans for a 1.2 million-square-foot fulfillment center on a 60-acre tract in Romeoville, located along the Interstate 55 corridor about 30 miles southwest of downtown Chicago. Construction of the facility is scheduled to begin this spring with a projected opening date of mid-2022. The Boston-based online furniture retailer anticipates hiring about 250 people on a full-time basis at the facility, with that figure expected to grow to as many as 500 positions over time. The new facility will be located on Renwick Road near the Lewis University Airport. As part of the development, the Village of Romeoville partnered with Illinois State Sen. John Connor to secure funding for a road extension from Airport Road to Renwick Road. “Our new fulfillment center in Romeoville will enable us to further scale our shopping experience to meet the needs of our rapidly growing customer base in the greater Chicago region and across the U.S.,” says Thomas Netzer, COO of Wayfair. “Online retail continues to be the dominant force in the market today,” adds Romeoville Mayor John Noak. “Facilities such as this are large property and sales tax generators, which provide additional funding to our …

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DevelopmentMidwestNebraskaRetail

Lerner Co. to Develop NorthStar Crossing Project in Lincoln, Nebraska

by Kristin Harlow

LINCOLN, NEB. — The Lerner Co. will develop NorthStar Crossing, a retail and commercial project at the corner of 27th Street and Folkways Boulevard in Lincoln. Situated immediately in front of North Star High School, the 50-acre project will ultimately include up to 500,000 square feet of commercial space. The site has sat vacant for 30 years. The Lincoln Planning Department approved the use permit for the project in January. Construction is expected to commence later this month, with the first tenants slated to open in early 2022. Lerner was also the developer behind Lincoln Crossing, a shopping center located one block away from the new project site.

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AcquisitionsMidwestMinnesotaRetail

Phillips Edison Acquires 142,724 SF West Village Center in Minnesota

by Kristin Harlow

CHANHASSEN, MINN. — Phillips Edison & Co. Inc. (PECO) has acquired West Village Center in Chanhassen, about 20 miles southwest of Minneapolis. A 64,643-square-foot Lunds & Byerlys grocery store anchors the 142,724-square-foot shopping center. Other tenants include Party City, TCF Bank, FedEx, OfficeMax, Caribou Coffee, Great Clips, a nail salon and an orthodontic office. The purchase price and seller were undisclosed.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers Sale of Historic Building in Chicago for $2.5M

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of the Chicago Defender Building in Chicago’s Bronzeville neighborhood for $2.5 million. Built in 1899 and designed by Henry Newhouse, the property served as a Jewish synagogue before housing the Chicago Defender newspaper from 1920 to 1960. In 2016, the building was renovated to include one ground-floor commercial space and eight apartment units. A medical supply company currently occupies the commercial space. Joe Smazal of Interra represented the seller, TRB Properties One LLC, as well as the undisclosed buyer.

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AcquisitionsMidwestMissouriRetail

Block & Co. Purchases Goodyear-Occupied Property in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — An investment group headed by Block & Co. Inc. Realtors has purchased a Goodyear Auto Service-occupied property in Kansas City for an undisclosed price. The 6,840-square-foot building is located at 7620 Wornall Road. Block & Co. will provide property management services for the asset. This is the second net-lease investment purchase for the company so far this year.

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Leasing ActivityMidwestMissouriRestaurantRetail

Loaded Elevated Nachos Opens at Streets of St. Charles in Suburban St. Louis

by Kristin Harlow

ST. CHARLES, MO. — Loaded Elevated Nachos is now open at The Streets of St. Charles in suburban St. Louis. The nacho concept occupies 1,400 square feet at 1450 Beale St., which is also home to Narwhal’s Crafted, Yoga Six and Napoli III. The menu boasts 10 different nacho dishes. Loaded is a new concept from the owners of Narwhal’s Crafted, a frozen drink bar. The Streets of St. Charles is a 27-acre development with retail, dining, entertainment, hospitality, multifamily and office components. Cullinan Properties Ltd. is the owner and manager.

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LoansMidwestMultifamilySouth Dakota

Tzadik Properties Receives $115M in Loans for Refinancing of South Dakota Multifamily Portfolios

by Kristin Harlow

SIOUX FALLS AND RAPID CITY, S.D. — Tzadik Properties LLC has received more than $115 million in loans for the refinancing of portions of its multifamily portfolios in Sioux Falls and Rapid City. Tzadik’s Lucas Grassano handled the processing and Michael Davalos oversaw the lender sourcing. The refinancings are part of the company’s business plan to move from short-term loans to long-term, lower-cost debt. Greystone provided financing for a 707-unit portfolio and a 439-unit portfolio in Sioux Falls. Under the new terms, Tzadik replaced bridge loans that charged a 6 percent interest rate with long-term loans at a 3.17 percent interest rate. Additionally, Tzadik assigned $4.5 million of the proceeds for capital improvements. Merchants Bank provided financing for two more portfolios in Sioux Falls, including 459 units across four properties, as well as a 261-unit portfolio in Rapid City. Under these terms, Tzadik replaced bridge loans that carried a 6 percent interest rate with long-term loans at a 3.5 percent interest rate. Tzadik entered the South Dakota market in 2018 with 721 units and now owns and operates 2,206 units across the market.

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