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DevelopmentIllinoisIndustrialMidwest

McShane to Construct Three-Building Spec Industrial Development in Melrose Park

by Kristin Harlow

MELROSE PARK, ILL. — McShane Construction Co. will build Industry Center at Melrose Park, a three-building, speculative industrial development in suburban Chicago. LBA Logistics is the developer. The project will total 651,617 square feet. Building I will span 130,200 square feet with a clear height of 36 feet, up to 37 truck docks, two drive-in doors, 44 trailer stalls and 151 parking spaces. Building 2 will total 350,248 square feet with a clear height of 36 feet, up to 72 truck docks, two drive-in doors, 142 trailer stalls and 251 parking spaces. Building 3 will provide 171,169 square feet with a clear height of 36 feet, up to 43 truck docks, two drive-in doors, 83 trailer stalls and 215 parking spaces. McShane demolished an existing building on the site. Harris Architects is the project architect. A timeline for completion was not disclosed.

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AcquisitionsMichiganMidwestMinnesota

Fabcon Precast Acquires Michigan’s Kerkstra Precast

by Kristin Harlow

MINNEAPOLIS — Minneapolis-based Fabcon Precast, a provider of structural precast wall panels, has acquired Kerkstra Precast for an undisclosed price. Kerkstra is a producer of high-quality precast and prestressed concrete products in Michigan. From its two manufacturing facilities in Grand Rapids and Detroit, Kerkstra serves the industrial, commercial, residential and infrastructure markets across the Midwest. Its comprehensive product offering includes structural and architectural wall panels, hollowcore planks, beams, columns, double tees, stairs and other specialty products. With the addition of Kerkstra, Fabcon will offer an expanded portfolio of products and operate out of seven total manufacturing locations throughout Minnesota, Michigan, Kansas, Ohio, Pennsylvania and New York. Fabcon provides end-to-end integrated capabilities, from engineering and design to production, project management and construction.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers $5.3M Sale of CVS-Occupied Property in Suburban Chicago

by Kristin Harlow

WOODRIDGE, ILL. — Marcus & Millichap has brokered the $5.3 million sale of a 13,100-square-foot property occupied by CVS Pharmacy in Woodridge, a southwest suburb of Chicago. The net-leased building is located at 8645 Woodward Ave. Matt Emerick, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a private investor based in Florida. The asset sold at 94 percent of the list price to an undisclosed buyer. CVS has over 10 years remaining on its lease.

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AcquisitionsIllinoisIndustrialMidwest

Avison Young Arranges Sale of 149,474 SF Industrial Building in Niles, Illinois

by Kristin Harlow

NILES, ILL. — Avison Young has arranged the sale of a 149,474-square-foot industrial building in Niles, a northwest suburb of Chicago. The sales price was undisclosed. The property, located at 6035 Gross Point Road, is fully leased to Fort Dearborn Co., a producer of labels for consumer goods packaging. Erik Foster and Mike Wilson of Avison Young represented the sellers, Dermody Properties and Wanxiang America Real Estate Group. Boston-based Plymouth Industrial REIT was the buyer.

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Affordable HousingIndianaLoansMidwestMultifamily

Merchants Capital Secures $21M in Financing for Workforce Housing Property Under Development in Indiana

by Kristin Harlow

EVANSVILLE, IND. — Mortgage banking company Merchants Capital has secured $21 million in financing for Forge on Main, a 180-unit workforce housing property currently under development in Evansville. Located in an Opportunity Zone, the project will include 15,000 square feet of commercial space. Of the 180 units, 18 will be reserved for residents earning no more than 60 percent of the area median income (AMI), while the rest of the units will be priced for tenants at 60 to 120 percent of the AMI. Construction began in August and pre-leasing is underway for fall 2021 move-ins. Developers are working to put a grocery store in the commercial space. The three-year construction loan is combined with an equity bridge loan of $3.4 million in redevelopment tax credits from the Indiana Economic Development Corp. (IEDC). The borrower was House Investments. Project partners include the Partnership for Affordable Housing Inc., IEDC and the City of Evansville, which awarded tax-increment financing bonds and a 10-year property tax abatement. Additionally, the Centerpoint Energy Foundation, a nonprofit arm of Centerpoint Energy, provided a grant for the project. Indianapolis-based Blackline is the architect.

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DevelopmentIndustrialMichiganMidwest

Meridian Design Build Nears Completion of Two Spec Industrial Buildings in Romulus, Michigan

by Kristin Harlow

ROMULUS, MICH. — Meridian Design Build is nearing completion of two speculative industrial buildings at Ecorse Commons Industrial Park in Romulus. NorthPoint Development is the developer. The scope of the projects involved the redevelopment of a 69.5-acre parcel that was previously home to a General Motors engine test facility. Building 1 spans 409,158 square feet with a clear height of 36 feet, four drive-in doors, 213 auto parking spaces and 107 trailer parking stalls. Building 2 spans 245,390 square with a clear height of 32 feet, 195 auto parking spaces and 68 trailer parking stalls. Eugene Agnone III and Lauren Scarpace of CBRE marketed the buildings, which have been fully leased. Studio North Architecture and Hennessey Engineers made up the project team.

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AcquisitionsIndustrialKansasMidwest

SparrowHawk Acquires Four-Building College and Renner Business Center in Lenexa, Kansas

by Kristin Harlow

LENEXA, KAN. — Houston-based SparrowHawk LLC has acquired College and Renner Business Center in Lenexa for an undisclosed price. The 226,009-square-foot light industrial portfolio consists of four buildings ranging in size from 44,700 to 76,200 square feet. There are also 13 additional acres of developable land that SparrowHawk can utilize to expand the business center. At acquisition, the property was 91 percent leased to tenants such as GEICO, CVS Caremark, Mortgage Residential Center, SAFC BioSciences and US Foods. There is one vacancy of 19,871 square feet in Building A. SparrowHawk has selected JLL to manage the portfolio and the JLL brokerage team of Phil Algrim, Kevin Wilkerson and Erik Lund as the leasing agents. John Huguenard and Ed Halaburt of JLL represented the seller, BentallGreenOak.

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DevelopmentIllinoisMidwestOfficeRetail

Skender Completes Construction of 45,000 SF Office, Retail Project for Herman Miller in Chicago

by Kristin Harlow

CHICAGO — Skender has completed construction of a 45,000-square-foot office and retail building for furniture company Herman Miller in Chicago’s Fulton Market neighborhood. Located at 1100 W. Fulton St., the build-to-suit project preserved the existing building’s historical masonry while incorporating a new concrete structure to support the 100-year-old exterior. The first floor includes a Herman Miller retail showroom, café and coffee bar. Skender collaborated with architect Hartshorne Plunkard Architecture, owner’s representative CBRE, developer Fulton St. Cos. and project manager ConopCo Project Management.

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AcquisitionsHospitalityIllinoisMidwest

Mumford Co. Brokers Sale of 40-Room Hotel in Southern Illinois

by Kristin Harlow

ULLIN, ILL. — Mumford Co. has brokered the sale of an Americas Best Value Inn hotel in Ullin within southern Illinois. The sales price was undisclosed. The two-story property is home to 40 rooms along with a pool and video gaming area. George Arvanitis of Mumford represented the seller, which completed a 1031 exchange. North Carolina-based IAH Hotels LLC was the buyer. The hotel will retain its Americas Best Value Inn brand.

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IllinoisMarket ReportsMidwestMidwest Market ReportsOffice

The Future of Chicago’s CBD Is Slowly Coming into Focus

by Kristin Harlow

By Jeff Mulder, Colliers International Chicago By now, we all know that the COVID-19 pandemic has wreaked havoc across the world, affecting life as we knew it in the most unexpected ways. Our business, the business of office space, has been hit hard as companies almost instantly deferred or canceled real estate decisions and switched to work-from-home. The average occupancy of buildings in Chicago’s central business district (CBD) is currently 8.2 percent, according to the Building Owners and Managers Association. One year in, and corporations are still trying to determine the best path forward and what that will look like. But evidence of change, and some signs of what the future will look like, are slowly coming into focus. One noteworthy and reliable data point is sublease space. Colliers research reports that in the 20-plus-year history of Chicago’s office market, vacant sublease space offerings rise and peak within two to four quarters following major financial crises like the 2002 Tech Wreck and the 2009 Great Financial Crisis. Following these trends, current sublease space offerings in Chicago’s CBD have more than doubled since March 2020. Typically in the past, tenants in the market quickly absorbed sublease spaces that were offered — …

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