Midwest

Cannabis Facility Construction Underway on Buildout of 11,000 SF Dispensary in Metro St. Louis

by Kristin Harlow February 9, 2021

FAIRVIEW HEIGHTS, ILL. — Cannabis Facility Construction (CFC) is underway on the buildout of a new recreational dispensary for an affiliate of Ascend Wellness Holdings (AWH) in the St. Louis suburb of Fairview Heights. The 11,000-square-foot dispensary is located at 114 Commerce Lane. The project entails the interior and exterior transformation of an existing building. The dispensary will feature vaulted ceilings, multimedia display screens and product display cases. The project is slated for completion in approximately three months. AWH owns and operates facilities in Illinois, Michigan, Ohio, Massachusetts and New Jersey.

February 9, 2021

Illinois Industrial Leasing Activity Lee & Associates Midwest

Lee & Associates Negotiates Four Industrial Leases in Suburban Chicago Totaling 178,978 SF

by Kristin Harlow February 8, 2021

BENSENVILLE AND WOOD DALE, ILL. — Lee & Associates has negotiated four industrial leases totaling 178,978 square feet in suburban Chicago. Chris Nelson, Jeff Janda and Michael Plumb of the brokerage represented owner Prologis on a lease of 92,000 square feet at 491 Supreme Drive in Bensenville. David Haigh of NAI Hiffman represented the tenant, Expo Lanka USA LLC. Next, Nelson and Calvin Gunn of Lee & Associates represented tenant Hoson Logistics on its lease of 47,379 square feet at 472 Thomas Drive in Bensenville. Sam Durkin of JLL represented the owner, Link Logistics Real Estate. In the third deal, American Distributors leased 30,226 square feet at 1049 Industrial Drive in Bensenville. Brad Simousek and Michael Plumb of Lee & Associates represented the undisclosed landlord. Last, Simousek represented Dental Health Products in its lease of 9,373 square feet at 1371 N. Wood Dale Road in Wood Dale. Hamilton Partners owns the building.

February 8, 2021

Industrial Loans Michigan Midwest

Bernard Financial Group Arranges $23.5M Construction Loan for Industrial Building Near Detroit

by Kristin Harlow February 8, 2021

PLYMOUTH, MICH. — Bernard Financial Group has arranged a $23.5 million construction-to-permanent loan for a 477,165-square-foot industrial building in Plymouth, about 25 miles west of Detroit. Ashley Mastronardi LLC was the borrower. Dennis Bernard and Joshua Bernard of Bernard Financial Group arranged the loan with Aegon Life Insurance Co. Loan terms were undisclosed.

February 8, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $9.5M Sale of Multifamily Portfolio in Chicago’s Lincoln Square

by Kristin Harlow February 8, 2021

CHICAGO — Interra Realty has brokered the $9.5 million sale of a multifamily portfolio in Chicago’s Lincoln Square neighborhood. The portfolio includes: 4621-25 N. Lincoln Ave., a building with 25 apartment units and four ground-floor retail spaces; and 2243-51 W. Eastwood Ave., a 16-unit apartment building. The properties were originally built in the 1920s. The apartment units feature new tile flooring and cabinetry as well as stainless steel appliances. Joe Smazal of Interra represented the seller, a venture of New York-based Pioneer Acquisitions LLC. Smazal also represented the buyer, a venture led by Jeff Weinberg of Chicago-based Drexel Properties. The buyer assumed the existing CMBS financing.

February 8, 2021

Acquisitions Illinois Midwest Retail

Marcus & Millichap Negotiates $4.1M Sale of Walgreens-Occupied Property in Metro St. Louis

by Kristin Harlow February 8, 2021

COLUMBIA, ILL. — Marcus & Millichap has negotiated the $4.1 million sale of a Walgreens-occupied property in Columbia, approximately 15 miles south of St. Louis. The net-leased asset, built in 2003, is located at 100 Admiral Weinel Blvd. Walgreens has 10 years remaining on its lease term. Nicholas Kanich of Marcus & Millichap’s Chicago office represented the seller, a private investor. Benedict Gutierrez, Drew Kristol and Kirk Olson of Marcus & Millichap’s Miami office secured and represented the buyer, an individual trust.

February 8, 2021

Illinois Leasing Activity Midwest Office

Workbox Signs 15,295 SF Lease for Coworking Space in Chicago

by Kristin Harlow February 8, 2021

CHICAGO — Workbox Coworking Co. has signed a 15,295-square-foot, full-floor lease at 306 West Erie in Chicago. Workbox expects to occupy its space in mid-2021. North Wells Capital and Urban Innovations recently completed the expansion and redevelopment of the office and retail property. Additionally, the developers have commenced construction on the street-level buildout for Fairgrounds Coffee & Tea, which is slated to open in mid-2021. The location will be the brand’s sixth in the Chicagoland area. The building is part of Verso, a three-building collection in Chicago’s River North. JLL is the leasing agent for 306 West Erie and the entire Verso portfolio.

February 8, 2021

Affordable Housing Development Illinois Midwest Multifamily

Evergreen Real Estate, Structured Development Begin Development of $25M Mixed-Income Community in Chicago

by Kristin Harlow February 5, 2021

CHICAGO — Evergreen Real Estate Group and Structured Development have begun development of Schiller Place Apartments on Chicago’s Near North Side. The mixed-income housing community, located on West Schiller Street, will span three buildings with 48 units. The project is being built on land formerly occupied by the Isham YMCA. Schiller Place will feature eight market-rate units. The remaining 40 units will be set aside for households earning between 30 and 60 percent of the area median income (AMI). The development team secured project-based vouchers for 24 units through the Chicago Housing Authority. Additionally, five units will be set aside for veterans and an additional five units reserved for individuals sourced through the Statewide Referral Network, which works with households earning at or below 30 percent of AMI with a head of household who has a disability or illness. Completion is slated for early 2022. GMA Construction is the general contractor and Bailey Edward is the architecture firm. Funding for the project came from the Illinois Housing Development Authority, Hudson Housing Capital, CIBC Bank, IFF and Clocktower Tax Credits. Housing and Human Development Corp. will provide onsite social services to residents.

February 5, 2021

Midwest Retail Wisconsin

Kohl’s: Comparable Sales Decrease 11 Percent in Fourth Quarter

by Kristin Harlow February 5, 2021

MENOMONEE FALLS, WIS. — Kohl’s Corp. (NYSE: KSS) has reported that its comparable sales decreased 11 percent and total revenue declined 10 percent in the fourth quarter compared with the year prior. The fourth quarter for Kohl’s ended Jan. 30. However, this is the third consecutive quarter of sequential improvement, according to the Menomonee Falls-based retailer. The fourth-quarter performance exceeded expectations across all key metrics, according to CEO Michelle Gass. Additionally, digital sales grew by more than 20 percent, accounting for over 40 percent of net sales. This fall, Kohl’s will launch a strategic initiative with beauty retailer Sephora. The partnership will launch in 200 stores and online as part of a multi-year buildout that Kohl’s expects will drive significant growth. Kohl’s will share more on this initiative in its quarterly earnings conference call scheduled for March 2. The stock price for Kohl’s opened at $50.00 per share Friday, Feb. 5, up from $46.07 per share one year ago.

February 5, 2021

Acquisitions Industrial Midwest NAI Ohio

NAI Hiffman Brokers $12.9M Sale of Industrial Building in Toledo, Ohio

by Kristin Harlow February 5, 2021

TOLEDO, OHIO — NAI Hiffman has brokered the sale of a single-tenant industrial building in Toledo for $12.9 million. Located at 1411 Campbell St., the building serves as a production and distribution facility for Brenntag Great Lakes LLC, a chemical and ingredients distributor. The 227,028-square-foot property was renovated last year. The building features a clear height of 22 feet, 14 docks, one drive-in door and 10 rail doors. An adjacent 13.5-acre lot was also part of the sale and is currently utilized as a trailer lot and tank farm. Patrick Sullivan and Ryan Chambers of NAI Hiffman teamed up with Terry Coyne of Newmark to represent the seller, Phoenix Toledo Industrial Investors LLC, which is an affiliate of Milwaukee-based Phoenix Investors. New Jersey-based Four Springs Capital Trust was the buyer.

February 5, 2021

Development Illinois Midwest Office

J.C. Anderson Completes 108,723 SF Office Buildout for Bosch in Suburban Chicago

by Kristin Harlow February 5, 2021

OAKBROOK TERRACE, ILL. — J.C. Anderson has completed a 108,723-square-foot office buildout for Bosch at One Tower Lane in Oakbrook Terrace. The project scope included a 92,840-square-foot space on the top five floors of the office building as well as a 15,883-square-foot separate space known as “the annex,” which will serve as a testing and lab facility. Bosch is relocating approximately 350 employees from its Automotive Aftermarket Division at 2800 S. 25th Ave. in Broadview, Ill. The new space includes conference and training rooms, private offices and open seating areas. The top floor boasts a 360-degree view of the Chicago skyline. Whitney Architects provided architectural services and Cushman & Wakefield provided project management services. Bosch, a supplier of technology and services, operates in four different business sectors: mobility solutions; industrial technology; consumer goods; and energy and building technology.

February 5, 2021

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