Midwest

Kenco Logistics Signs 381,874 SF Industrial Lease in Shorewood, Illinois

by Kristin Harlow July 23, 2020

SHOREWOOD, ILL. — Kenco Logistics Services has leased 381,874 square feet of industrial space at Heartland Corporate Center in Shorewood, about 10 miles west of Joliet. Heartland Corporate Center is a 757,880-square-foot warehouse located at 21530 SW Frontage Road. Chattanooga, Tenn.-based Kenco, a privately held third-party logistics firm, expects to take occupancy in December once interior improvements are completed. David Bercu and Matthew Stauber of Colliers International represented ownership, HSA Commercial Real Estate and Clarion Partners LLC. Sean Henrick of Cushman & Wakefield represented Kenco. Now fully leased, Heartland Corporate Center features a clear height of 36 feet, 108 truck docks and 240 car parking spaces. The other tenant is DSC Logistics.

July 23, 2020

Acquisitions Midwest Minnesota Retail

Hanley Investment Group Arranges $3M Sale of Aldi-Occupied Property in Metro Minneapolis

by Kristin Harlow July 23, 2020

CHASKA, MINN. — Hanley Investment Group Real Estate Advisors has arranged the $3 million sale of a 23,201-square-foot property occupied by Aldi in Chaska, a southwest suburb of Minneapolis. The single-tenant building is located at 110 Hazeltine Blvd., adjacent to the Hazeltine National Golf Club. Jeff Lefko and Bill Asher of Hanley represented the seller and developer, TOLD Development Co. A Santa Barbara, Calif.-based private investor purchased the asset.

July 23, 2020

Indiana Industrial Leasing Activity Midwest

Amazon Leases 530,400 SF Within Indiana Industrial Park

by Kristin Harlow July 22, 2020

WHITELAND, IND. — Amazon has leased a newly constructed, 530,400-square-foot industrial building within Whiteland Exchange in suburban Indianapolis. The 2.4 million-square-foot industrial business park is located at I-65 and Whiteland Road. Avison Young is the exclusive listing agent for the 167-acre development. Sean McHale and Peter Seoane of Avison Young represented the developer, Jones Development Co. in the new lease with Amazon. With the completion of this lease, Jones plans to begin its next speculative project at Whiteland Exchange.

July 22, 2020

Acquisitions Hospitality Illinois Midwest

Marriott Chicago Northwest Hotel Trades Hands in Hoffman Estates

by Kristin Harlow July 22, 2020

HOFFMAN ESTATES, ILL. — The 295-room Marriott Chicago Northwest hotel has sold for an undisclosed price. Situated in the northwest Chicago suburb of Hoffman Estates, the hotel opened in 2002. It features nearly 13,000 square feet of flexible meeting and event space. Hoffman Estates Hotel Group LLC, led by Harry and Alex Ghoman of Indianapolis-based The Ghoman Group, acquired the property. Ghoman plans to embark on capital improvements, such as renovating the guest rooms and lobby. John Karver and Eric Belfrage of CBRE Hotels represented the undisclosed seller. Rushi Shah and Prabhat Jayara of Mag Mile Capital arranged a bridge loan for the acquisition on behalf of Ghoman.

July 22, 2020

Indiana Loans Midwest Multifamily

Berkadia Provides $16.6M Refinancing for Mid-Rise Multifamily Property in Indianapolis

by Kristin Harlow July 22, 2020

INDIANAPOLIS — Berkadia has provided a $16.6 million Freddie Mac loan for the refinancing of River House in Indianapolis. Built in 2018, the 90-unit multifamily property is located at 6311 Westfield Blvd. within Broad Ripple Village. Amenities include a rooftop balcony, fitness center and enclosed parking garage. Michael Zaremski and Michael Shmuely of Berkadia secured the permanent refinancing on behalf of the undisclosed borrower. The 10-year loan, which features a 30-year amortization schedule, was used to retire a construction loan.

July 22, 2020

Acquisitions Illinois Industrial Midwest Office

SVN | Chicago Commercial Brokers $8.2M Sale of Redevelopment Site in Chicago’s Humboldt Park

by Kristin Harlow July 22, 2020

CHICAGO — SVN | Chicago Commercial has brokered the sale of a redevelopment site in Chicago’s Humboldt Park neighborhood for $8.2 million. The multi-building property sits on 6.5 acres at 1334, 1330 and 1030 N. Kostner Ave. The buyer, 1334 Kostner Owner LLC, is a subsidiary of IBT Group LLC. IBT plans to undertake an extensive office redevelopment project at the site. Jennifer Hopkins and Olivia Czyzynski of SVN represented the buyer. John McDermott of SVN represented the undisclosed seller along with outside broker Amy Van Hook.

July 22, 2020

Development Illinois Midwest Office

Mosaic Construction Completes Renovation of Novel Coworking Space in Downtown Chicago

by Kristin Harlow July 22, 2020

CHICAGO — Mosaic Construction LLC has completed a renovation of the Novel Coworking space on the top floor of the four-story 420 West Huron Street in downtown Chicago. The 4,500-square-foot project includes a large open area with dedicated space for two private offices, a huddle room and a phone booth for private calls. It also features a full-size private kitchenette. Mosaic worked with Novel’s team of architects and mechanical engineers to install the latest electric and data features.

July 22, 2020

Development Midwest Missouri Office Top Stories

McCarthy Breaks Ground on 1 MSF Forsyth Pointe Mixed-Use Development Near St. Louis

by Kristin Harlow July 22, 2020

CLAYTON, MO. — McCarthy Building Cos. Inc. has broken ground on Forsyth Pointe, an office and retail development in the central business district of Clayton, just west of St. Louis. Developed by US Capital Development, the project will include two Class A office towers with more than 20,000 square feet of street-level retail space. The office portion will rest atop a seven-story parking structure, bringing the project’s total square footage to nearly 1 million square feet. A 10-story, 265,000-square-foot east tower will occupy the corner of Forsyth Boulevard and Meramec Avenue. An eight-story, 210,000-square-foot west tower will reside at Brentwood and Forsyth boulevards. In addition to a 45,000-square-foot garden terrace, amenities will include a 10,000-square-foot fitness center and an arts and entertainment venue. Completion is slated for summer 2022. Project costs were not disclosed. “Forsyth Pointe will add prime office space and innovative retail space, increasing street vitality and the pedestrian experience on a prominent corner across from Shaw Park, one of our city’s crown jewels,” says Clayton Mayor Michelle Harris. Established in 1935, the 47.5-acre Shaw Park is the city’s oldest and largest park. The Forsyth Pointe project team includes Christner Architects, Cedergreen LLC, Alper Audi, Stock & Associates, …

July 22, 2020

Acquisitions Midwest Missouri Multifamily

Berkadia Arranges $81.5M Sale of Multifamily Property in Kansas City

by Kristin Harlow July 21, 2020

KANSAS CITY, MO. — Berkadia has arranged the sale of Coach House in Kansas City for $81.5 million. The 807-unit, garden-style multifamily property is located at 655 E. Minor Drive and features one-, two- and three-bedroom floor plans. Amenities include a pool and tennis court. Alex Blagojevich, Michael Sullivan, Brett Meinzer and Dominic Martinez of Berkadia arranged the sale on behalf of the seller, Virginia-based Harbor Group International. The company had purchased the property as part of a $1.8 billion portfolio of assets in early 2020, but Coach House does not align with Harbor’s “strategic and geographic focus,” according to Berkadia. A San Francisco-based private buyer purchased Coach House.

July 21, 2020

Acquisitions Illinois Industrial Midwest

Brett Anthony Foods Expands in Suburban Chicago with Sale-Leaseback

by Kristin Harlow July 21, 2020

ELK GROVE VILLAGE, ILL. — Brett Anthony Foods has completed a 15-year sale-leaseback transaction with Clear Height Properties that will enable the commercial kitchen company to more than double the size of its Elk Grove Village operations. The transaction involved two adjacent properties located at 1350 and 1250 Greenleaf Ave. Brett Anthony Foods currently occupies the 53,831-square-foot building at 1350 Greenleaf. Additionally, plans call for the development of an approximately 10,000-square-foot structure that will connect the two buildings. The total project capitalization, including acquisition, development and tenant improvement costs, is estimated at $16 million. Brett Anthony Foods was founded in Northbrook in 2009 and produces ready-made foods for full-service restaurants, groceries and delis, wholesale distributors, hospitality services and catalog foods companies. Clear Height Properties acquired that building along with the adjacent 50,683-square-foot property. This month, Clear Height intends to begin construction on the connecting structure. Jason Lev of CBRE represented Brett Anthony Foods in its sale of 1350 Greenleaf. Brian Colson of Avison Young represented the undisclosed seller of 1250 Greenleaf.

July 21, 2020

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