ST. LOUIS — St. Louis-based general contractor McCarthy has relocated its headquarters to a new space that is nearly 30,000 square feet larger than its previous office. McCarthy Holdings Inc. will occupy the building’s third floor and staff members of the central region of McCarthy Building Cos. Inc. will occupy the second floor. The building is located at 12851 Manchester Road. McCarthy collaborated with building owner Franklin Partners to complete extensive interior and exterior renovations prior to its move-in. The buildout features a central staircase connecting the two floors as well as conference and training facilities, flex space, a fitness center and micro café. A construction technology suite features smart screens and three-dimensional virtual reality technology. In response to COVID-19, the building’s existing HVAC system was upgraded to an air treatment system designed to neutralize pathogens. Workspaces have been arranged to incorporate social distancing. Divider screens separate individuals and panel heights between workstations were increased by 16 inches. Christner Architects served as project architect. The building was originally constructed in 1996 for AT&T.
Midwest
HUNTLEY, ILL. — Huntley Investment Partners (HIP) has unveiled plans to develop a 717,400-square-foot industrial development in Huntley, about 50 miles northwest of Chicago. HIP acquired the 60.8-acre site, located along I-90, from Simon Property Group in April 2016. The site housed a 320,000-square-foot outlet mall that was experiencing a declining occupancy rate. Crews began tearing down Huntley Outlet Center in April 2018. Construction of the first phase of the industrial project is expected to begin this summer. HIP is a joint venture among affiliates of Craig Realty Group Inc., The Prime Group Inc. and The Capital Cos. Adam Marshall, James Schutter and Mark Deady of Newmark will represent HIP in the lease-up process.
BURNSVILLE, MINN. — Lyon Contracting Inc. is underway on construction of The Overlook on Crystal Lake, a 110-unit apartment complex in Burnsville, about 15 miles south of Minneapolis. Northland Real Estate Group LLC is the project developer. Units will range from 600-square-foot studios to 1,500-square-foot three-bedrooms. Amenities will include a rooftop patio, community room, fitness room and workspaces. The project sits on a three-acre site adjacent to Crystal Lake and directly across from Buck Hill Ski Area. Construction began in January and is expected to be completed in 14 months. Venture Capital Mortgage arranged the debt and equity for the project. Additional project team members include The Cole Group, Civil Site Group and Great Lakes Management Co.
KENDALLVILLE, IND. — Marcus & Millichap’s The Klink Group has brokered the $1.8 million sale of a single-tenant, net-leased retail property in Kendallville, about 30 miles north of Fort Wayne. The building, located at 510 Fairview Blvd, is occupied by Rural King. The retailer offers essential goods and farming products. Jordan Klink marketed the property on behalf of the seller, Los Angeles-based Walmilton LLC. Klink also sourced the buyer, Indiana-based K&K Real Estate Associates LLC. Rural King, founded in 1960, maintains more than 120 stores in 13 states.
By Gabe Tovar, John Duvall and Kyle Tucker of NorthMarq The Kansas City multifamily market has proved it is more than resilient in the face of adversity. Throughout 2020, the market ranked consistently in the top 10 of 30 markets tracked by Yardi. It logged higher occupancies and rent growth, all while welcoming a record level of new supply. That stellar performance is likely to attract even more capital to the market in 2021. The story dominating the Kansas City market in recent years has been its booming development pipeline. Despite shutdowns and delays caused by the pandemic, developers delivered nearly 5,900 new units in 2020. That volume represents a record-high growth rate of 4.1 percent added to Kansas City’s market-rate inventory, compared with an annual average rate of 2 to 3 percent throughout the past decade. Looking ahead, that supply wave has crested, and the pipeline is shifting to the suburbs. NorthMarq forecasts completions over the next two years to average closer to 4,000 units with 70 to 75 percent of those opening across the suburban submarkets. In recent years, between 40 and 50 percent of total deliveries were concentrated in the urban core, so while this data supports …
RHINELANDER, WIS. — Evergreen Trading has acquired a 179,000-square-foot distribution center in Rhinelander in northern Wisconsin. The purchase price was undisclosed. Formerly occupied by Petco, the facility features 150,000 square feet of warehouse space, 20,000 square feet of office space and 9,000 square feet of cold storage space. Justin Felix and Andy Lubinski of CBRE represented Petco in the sale. David Opper of CBRE represented Evergreen, which is a financial solutions and media investment company. The property was purchased as part of a larger business deal between Petco and Evergreen, which has since relisted the facility for sale or lease with Felix and Lubinski.
SKOKIE, ILL. — The Boulder Group has brokered the $3.9 million sale of a Walgreens-occupied property in Skokie. The single-tenant, net-leased building is located at 9150 Skokie Blvd and spans 11,837 square feet. The Walgreens lease expires in 2024. Randy Blankstein and John Feeney of Boulder represented the seller, a Midwest-based individual. A West Coast-based real estate fund was the buyer.
COMSTOCK PARK, MICH. — Marcus & Millichap has arranged the sale of a CubeSmart self-storage property in Comstock Park, about six miles north of Grand Rapids. The facility spans 79,420 square feet with 764 climate-controlled units. The property, which opened in January 2020, sits on 3.2 acres at 4150 Alpine Ave. Brian Kelly, Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured the buyer, Pogoda Cos. The sales price was undisclosed.
RIVERSIDE, MO. — Sunpro Solar has signed a 20,380-square-foot industrial lease at Belgium Business Park Building 2 in Riverside, just north of Kansas City. The Class A property spans 100,000 square feet and is fully leased. Mark Long and John Hassler of Newmark Zimmer represented the landlord, a subsidiary of Green Bay Packaging. Nick Tinnel of True North Industrial Realty LLC represented the tenant, which is a solar panel installation company.
YPSILANTI, MICH. — Pet Supplies Plus has signed a lease for 6,800 square feet at Paint Creek Plaza, a Kroger-anchored shopping center in Ypsilanti. The retailer plans to open the new store later this year. Tjader Gerdom & Larry Siedell of Gerdom Realty & Investment represented Pet Supplies Plus in the lease transaction. Grenadier Properties owns and manages Paint Creek Plaza, which is located on Whittaker Road.