Midwest

Stan Johnson Co. Brokers $6M Sale of Walgreens-Occupied Property in Metro Milwaukee

by Kristin Harlow July 21, 2020

BROOKFIELD, WIS. — Stan Johnson Co. has brokered the sale of a 13,905-square-foot property occupied by Walgreens in Brookfield near Milwaukee. The single-tenant building sits on 2.4 acres at 15650 W. Greenfield Ave. and features a drive-thru. Walgreens has occupied this property for more than 20 years and recently extended its lease for another eight years. Mark Lovering and BJ Feller of Stan Johnson represented the seller, a Waukesha, Wis.-based developer. A Chicago-based buyer purchased the asset for $6 million.

July 21, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Negotiates $5.7M Sale of Retail Building in Bolingbrook, Illinois

by Kristin Harlow July 21, 2020

BOLINGBROOK, ILL. — Marcus & Millichap has negotiated the sale of a 9,850-square-foot retail building in Bolingbrook for $5.7 million. Aspen Dental and Potbelly anchor the property, which is located at 215 N. Weber Road. It serves as an outlot to Meijer. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a local developer. An out-of-state investor group purchased the asset. Marcus & Millichap Capital Corp. arranged acquisition financing.

July 21, 2020

Acquisitions Michigan Midwest Multifamily

Greystone Bel Arranges $2M Sale of Apartment Community in Detroit

by Kristin Harlow July 21, 2020

DETROIT — Greystone Bel Real Estate Advisors has arranged the sale of Manning Manor in Detroit for $2 million. The 78-unit apartment community was originally built in 1926. It is located at 2258 W. Grand Blvd. A large majority of the units are one-bedroom floor plans. Buyer and seller information was not disclosed, but the property has received many recent capital improvements, according to Greystone Bel.

July 21, 2020

Acquisitions Illinois Industrial Midwest

Venture One Acquires 488,571 SF Industrial Building in Batavia, Illinois

by Kristin Harlow July 20, 2020

BATAVIA, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a 488,571-square-foot industrial building located at 601-605 Kingsland Drive in Batavia. The purchase price was undisclosed. The building is fully leased to two tenants. Constructed in 1996, the property was expanded in 2002. It sits on 26.9 acres and features 25 exterior docks, three drive-in doors and parking for 414 cars. There is an additional 7.3 acres on the site that can accommodate more car parking, truck parking or a 132,737-square-foot building expansion. Jeff Devine and Steve Disse of Colliers International represented the undisclosed seller. VK Industrial V LP is a partnership between Venture One and Kovitz Investment Group.

July 20, 2020

Affordable Housing Development Indiana Midwest Multifamily

Annex Group Opens 51-Unit Affordable Housing Community in Kokomo, Indiana

by Kristin Harlow July 20, 2020

KOKOMO, IND. — The Annex Group has opened Union at Washington, a 51-unit affordable housing community in Kokomo, about 50 miles north of Indianapolis. Located at 918 N. Washington St., the property features a fitness center, playground, computer center and outdoor grilling space. RiverHills Bank provided construction and permanent finance of more than $6.5 million. Cinnaire invested more than $7 million in tax credit equity for the project. T&H Investment Properties LLC is co-developer and co-owner. Other project partners include The Kokomo Community Development Corp. and the Indiana Housing and Community Development Authority.

July 20, 2020

Development Healthcare Midwest Minnesota

Kraus-Anderson Completes $17.5M Expansion to Hutchinson Health Facility in Minnesota

by Kristin Harlow July 20, 2020

HUTCHINSON, MINN. — Kraus-Anderson has completed the construction of a 17,000-square-foot expansion for the Hutchinson Health facility in Hutchinson, about 60 miles west of Minneapolis. The $17.5 million project included 18 new medical, surgical and intensive care patient rooms. Wold Architects and Engineers designed the expansion. Hutchinson Health, classified as a Level 4 trauma center, offers a wide range of care from clinic services and outpatient procedures to inpatient care.

July 20, 2020

Leasing Activity Midwest Missouri Office

Ryan Cos. Moves Kansas City Office to New Location

by Kristin Harlow July 20, 2020

KANSAS CITY, MO. — Developer Ryan Cos. has moved into its new Kansas City office, located within the Interstate Securities/Topsy Building at 215 E. 18th St. The 3,213-square-foot office is designed for 16 employees, with room to expand up to 24. Ryan has been active in the Kansas City market for 15 years but did not establish a physical office there until 2018. Ryan has also announced that Craig Thompson, vice president of construction, has relocated from the Des Moines office to the Kansas City office.

July 20, 2020

Illinois Industrial Midwest Office

Chicago’s Taurus Modal Group Rebrands as TMG Real Estate Advisors

by Kristin Harlow July 20, 2020

CHICAGO — Taurus Modal Group, a Chicago-based real estate advisory firm, has rebranded as TMG Real Estate Advisors (TMG). The rebrand “embraces the firm’s industrial and office real estate brokerage roots, while also recognizing its broader focus as a multi-disciplinary real estate advisory firm,” according to a release from the company. TMG’s expanded service offerings now include strategic consulting, construction services, supply chain solutions, project management, lease administration, portfolio management and workplace strategy. Dan Smolensky and Marat Safir founded the firm in 2015.

July 20, 2020

Illinois Industrial Leasing Activity Midwest

Conor Commercial Negotiates 316,550 SF Industrial Lease with Amazon in Chicago

by Kristin Harlow July 17, 2020

CHICAGO — Conor Commercial Real Estate has negotiated a 316,550-square-foot industrial lease with an e-commerce retailer for the entirety of its Last Mile Logistics Center I-55 in Chicago’s Gage Park. The tenant is Amazon, according to Crain’s Chicago Business. The facility is located at the corner of 51st Street and St. Louis Avenue. The tenant plans to use the building as a last-mile distribution facility, serving residents in Chicago and the surrounding areas. Positioned on 19.5 acres, the project features 55 truck dock positions, four drive-in doors and 74 trailer stalls. Larry Goldwasser, Colin Green, Matthew Cowie and Jason West of Cushman & Wakefield represented Conor in the lease transaction. Last Mile Logistics Center I-55 provides direct access to more than 5.2 million people within a 30-minute drive, according to Conor.

July 17, 2020

Development Illinois Midwest Multifamily

Summit Design + Build Completes Construction of 105-Unit Apartment Building in Chicago

by Kristin Harlow July 17, 2020

CHICAGO — General contractor Summit Design + Build has completed construction of Edge on Broadway, a 105-unit apartment building in Chicago’s Edgewater neighborhood. Summit demolished an existing single-story building to make way for the new six-story project, which includes 3,700 square feet of ground-floor retail space and 45 parking spaces. Amenities include a bike room, fitness center, TV lounge and outdoor patio. City Pads and Catapult Real Estate Solutions are the developers. Cagan Management Group will serve as property manager. Architect Built Form designed the building and Clausen Management Services served as the owner’s representative.

July 17, 2020

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