Midwest

Skender Completes Interior Construction of Equity Residential’s Chicago Office

by Kristin Harlow August 10, 2020

CHICAGO — Skender has completed interior construction of the 75,000-square-foot Chicago office of Equity Residential (NYSE: EQR), an owner, developer and manager of apartments. Equity occupies two floors at Two North Riverside and has private access to the building’s roof terrace, which Skender built out as part of the project. The renovated office space features a new atrium with connecting staircase; a mix of open workstations and private offices, conference rooms and board rooms; and new bathrooms. Skender collaborated with architect Partners by Design, owner’s representative JLL and engineering consultant ESD.

August 10, 2020

Leasing Activity Midwest Minnesota Office

Nerdery Signs 65,000 SF Office Lease in Edina, Minnesota

by Kristin Harlow August 10, 2020

EDINA, MINN. — Nerdery has signed a 65,000-square-foot office lease at 7700 France Ave. in Edina, just south of Minneapolis. Nerdery is a digital business consulting firm focused on product and service development. Jim Damiani, Ryan Bohrer, Andrew Commers and Maura Carland of Newmark Knight Frank (NKF) represented the tenant in the lease transaction. Bloomington, Minn.-based Frauenshuh owns the property. Nerdery is slated to relocate from Bloomington to its built-out space in Edina in September. Minneapolis-based Studio KKChong designed the new office, which features an internal staircase, reception area with coffee bar and a rooftop patio. Nerdery’s lease is the largest office lease year to date in the Minneapolis market, according to NKF.

August 10, 2020

Acquisitions Illinois Midwest Retail

Cleeman Realty Group Arranges Sale of Kent Plaza Shopping Center in Springfield, Illinois

by Kristin Harlow August 10, 2020

SPRINGFIELD, ILL. — Cleeman Realty Group has arranged the sale of Kent Plaza in Springfield for an undisclosed price. County Market anchors the 94,260-square-foot retail center, which sits on 9.4 acres. The property was more than 90 percent occupied at the time of sale. Michael Cleeman and Sam Seelenfreund of Cleeman brokered the transaction. A Maryland-based private investment firm purchased the asset from the property’s original owner.

August 10, 2020

Acquisitions Midwest Multifamily Nebraska

Berkadia Arranges Sale of 314-Unit Multifamily Property in Omaha

by Kristin Harlow August 7, 2020

OMAHA, NEB. — Berkadia has arranged the sale of Steeplechase on Maple, a 314-unit multifamily property in Omaha. The sales price was undisclosed. Located at 14949 Manderson Plaza, the community features one-, two- and three-bedroom floor plans. Amenities include a fitness center, pool, outdoor area, sundeck, clubhouse and playground. Alex Blagojevich, Michael Sullivan, Ralph DePasquale and Parker Stewart of Berkadia represented the seller, Illinois-based Redwood Capital Group. Colorado-based Centennial Capital Partners purchased the asset.

August 7, 2020

Illinois Industrial Leasing Activity Midwest

Camso USA Signs 252,208 SF Industrial Lease in Channahon, Illinois

by Kristin Harlow August 7, 2020

CHANNAHON, ILL. — Camso USA Inc., a subsidiary of Michelin, has signed a 252,208-square-foot industrial lease at 24601 S. Bradley St. in Channahon. The company is relocating from a warehouse in nearby Joliet and expects to move into the new facility in September following the completion of tenant improvements. Camso is one of North America’s largest manufacturers and distributors of rubber tires and tracks for off-road vehicles and construction equipment. David Liebman of Merit Partners Inc. represented the tenant in the lease transaction. Sean Henrick and Jason West of Cushman & Wakefield represented the landlord, Crow Holdings Industrial.

August 7, 2020

Development Industrial Midwest Missouri

Opus Breaks Ground on 13.5-Acre Industrial Development in Earth City, Missouri

by Kristin Harlow August 7, 2020

EARTH CITY, MO. — The Opus Group has broken ground on a 13.5-acre industrial development in Earth City, about 20 miles northwest of St. Louis. Johnstone Supply, a wholesale distributor of HVAC equipment, will occupy four acres with a new 45,000-square-foot headquarters and distribution center. Opus will also construct an 111,000-square-foot speculative industrial building on the remaining 9.5 acres. Johnstone’s space will include a training room and product showroom. The spec building will feature 139 car parking stalls, 27 dock positions and a clear height of 32 feet. Construction on both buildings is slated to begin this month with completion scheduled for spring 2021. Opus is the developer, design-builder, architect and engineer. Jake Corrigan and Vince Bajardi of Sansone Group will market the project for lease.

August 7, 2020

Acquisitions Kansas Midwest Retail

Block & Co. Acquires 46,538 SF Former Best Buy Store in Kansas City

by Kristin Harlow August 7, 2020

KANSAS CITY, KAN. — Block & Co. Inc. Realtors has acquired a former Best Buy store located at 10500 Parallel Parkway in Kansas City. The purchase price was undisclosed. The 46,538-square-foot freestanding building sits on 4.2 acres within the 850,000-square-foot Plaza at the Speedway shopping center. David Block, Alex Block and Max Kosoglad of Block & Co. represented the buying entity. David Hickman of CBRE represented the undisclosed seller. Block & Co. will handle leasing and management of the vacant space, which can be leased to a single tenant or subdivided to allow for multiple tenants.

August 7, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $3.7M Sale of Two-Tenant Retail Building in Chicago

by Kristin Harlow August 7, 2020

CHICAGO — Marcus & Millichap has brokered the sale of a 6,000-square-foot retail building occupied by Chase Bank and European Wax Center in Chicago for $3.7 million. The property is located at 3730 N. Southport Ave. Mitchell Kiven of Marcus & Millichap marketed the building for sale on behalf of the seller, a private investor. Kiven also procured the buyer, a New York-based developer specializing in boutique hotels. The property went under contract at the end of February, but as the COVID-19 pandemic worsened and the tenants closed doors, the buyer became wary of proceeding. Dean Giannakopoulos of Marcus & Millichap Capital Corp. assisted the parties in restructuring the transaction, which closed in July.

August 7, 2020

Development Industrial Kansas Midwest Top Stories

Urban Outfitters to Build $350M Distribution Center Near Kansas City

by Katie Sloan August 7, 2020

KANSAS CITY, KAN. — Urban Outfitters (Nasdaq: URBN) has announced plans to develop a $350 million omni-channel distribution center near Kansas City. The 880,000-square-foot development will be located on ancillary land owned by the Kansas Speedway in Wyandotte County, roughly 15 miles outside downtown Kansas City. The Philadelphia-based retailer is set to begin construction on the facility this fall with completion scheduled for early 2022. Documents obtained by The Kansas City Star identify Hillwood Development Co. as the developer for the project. Fort Worth, Texas-based Hillwood is led by Ross Perot Jr., son of the late Ross Perot, a billionaire who ran for president twice in the 1990s. Urban Outfitters selects the locations of its distribution centers based on a combination of factors, including location, available workforce and transportation infrastructure. Kansas City’s central location was cited as critical to the company’s distribution network. “Our priorities in identifying the home for our new omni-channel distribution center focused on people, and it was the quality of the local workforce and the commitment of their representatives in the state that convinced us this is the right place to be,” says Dave Ziel, chief development officer of Urban Outfitters. “This facility will be at the …

August 7, 2020

Development Industrial Midwest Missouri Office

Kadean Construction Completes New Headquarters, Logistics Center for 1st Phorm in Fenton, Missouri

by Kristin Harlow August 6, 2020

FENTON, MO. — Kadean Construction has completed construction of a new 185,590-square-foot headquarters and logistics facility for 1st Phorm, a manufacturer and distributor of nutrition supplements and athletic apparel. The multi-million-dollar facility is located in Fenton Logistics Park in Fenton, a southwest suburb of St. Louis. The project includes corporate offices, 16 Zoom rooms, a 222-seat education and training auditorium, private library, podcast studio and a 16,000-square-foot athletic facility with a weight training room, basketball court and batting cages. The company is relocating from its headquarters in South St. Louis County and consolidating several warehouses around the St. Louis area. More than 400 employees will work at the building. U.S. Capital Development is the developer and owner of the project. M+H Architects served as architect.

August 6, 2020

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