KANSAS CITY, MO. — Logoplaste, a designer and manufacturer of plastic packaging products, has leased 160,000 square feet of industrial space in Kansas City’s Executive Park. The property is located at 6900 Stilwell St. Mark Long, David Zimmer and John Hassler of Newmark Zimmer represented the undisclosed landlord in the lease transaction. Daniel Jensen of Kessinger Hunter and Britt Casey of Cushman & Wakefield represented the tenant.
WICHITA, KAN. — Credit Union of America (CUA) has purchased a new corporate office in Wichita for an undisclosed price. The three-story building, formerly known as the IMA building, spans 55,000 square feet and is situated on 3.2 acres. CUA plans to move all staff from its current office at 650 S. Westdale Drive to the new building in June. Craig Ablah of Classic Real Estate represented the seller, 8200 LLC. Randy Johnston of J.P. Weigand & Sons Inc. represented CUA.
INDIANAPOLIS — Citimark has acquired the former headquarters of hhgregg Inc. and announced plans to redevelop the 27-acre property on the far north side of Indianapolis. Citimark hasn’t unveiled full plans yet, but says it is considering single or multi-tenant flex, industrial and last-mile uses while preserving the flexibility for some retail out-lots. Appliance, electronics and furniture retailer hhgregg declared bankruptcy and liquidated all its assets in 2017, including closing its 220 stores and laying off more than 5,000 workers. The 400,000-square-foot headquarters, which featured office, industrial and showroom buildings, has sat vacant since then. The property’s unique shell design, with an open-air courtyard that can accommodate 200 cars, may have slowed the sale process. In January of 2019, national car dealer Napleton Auto Group kicked the tires on the property as a potential Kia dealership, before backing out later in the month, according to the Indiana Business Journal. Local contractor Deem LLC considered purchasing the property, but pulled out of the deal in November 2020, reported the Journal. Ultimately, Citimark emerged as the buyer in late December, paying $14 million for the asset. Alex Cantu with Colliers Indianapolis assisted Citimark with the purchase. Colliers Indianapolis brokers Jimmy Cohoat and …
By Jake Corrigan, Sansone Group As we reflect on the tumultuous year of 2020 and the COVID-19 restrictions that decimated the retail real estate sector, those of us on the industrial side of the equation are breathing a sigh of relief. While there have been small pockets of industrial users and owners that have been adversely affected, the industrial market has remained strong as a sector. We anticipate this trend to continue. Statistics continue to show the conversion of the brick-and-mortar shopper to online is on the fast track. In the last 10 years, the meteoric shift to online shopping has increased from 7 percent in 2010 to just under 25 percent at the end of 2020, according to the U.S. Census Bureau. COVID-19 has forced the otherwise reluctant online shopper to shop for goods they had never thought to have delivered to their door. As a result, online retailers have dramatically improved web-based interfacing and ease of shopping. Active development These realities have supply chain experts, third-party logistics (3PL) companies, owner/users, and of course, mega online retailers clamoring for blocks of vacant space to house their inventories. Developers active in the St. Louis metropolitan statistical area (MSA) …
ILLINOIS, INDIANA, KENTUCKY, NEBRASKA AND WISCONSIN — Newmark has negotiated the sale of the Midwest MHC Portfolio for $100 million. The portfolio spans 21 manufactured housing communities comprising 2,789 sites throughout Illinois, Indiana, Kentucky, Nebraska and Wisconsin. The portfolio was 83 percent occupied at the time of sale. Andrew Shih and Todd Fletcher of Newmark’s Manufactured Housing Group represented the undisclosed seller. Salt Lake City-based private investment group OZ Impact Funds was the buyer.
CHICAGO — Colliers International has arranged the sale of 10500 Woodlawn Ave. in Chicago’s Pullman Crossings for an undisclosed price. The 144,207-square-foot industrial building is situated on 38 acres and serves as a last-mile logistics facility for Amazon. It features a clear height of 36 feet as well as parking for 347 cars and 856 vans. Ryan Cos. completed development of the build-to-suit property in September. Jeff Devine and Steve Disse of Colliers represented the seller, a joint venture between Ryan and Allstate Investments. A private foreign investor purchased the asset.
DETROIT — Saucy Brew Works will open a new brewpub and coffeehouse in Detroit’s Brush Park neighborhood. The opening is slated for March 3. The 5,700-square-foot space will be the first restaurant within Bedrock’s City Modern apartment development. Guests will enjoy a variety of beers and specialty coffees in addition to food offerings such as appetizers, sandwiches, wings and pizza. In response to COVID-19, Saucy Brew Works will provide hand sanitizer, masks, six-foot table distancing and floor markers for spacing. Residents of City Modern will receive a 20 percent discount. This is the fourth location for Saucy Brew Works, which maintains restaurants in Cleveland, Columbus and Orange, Ohio.
MELROSE PARK, ILL. — Kiser Group has brokered the $4.1 million sale of Vinan Apartments in Melrose Park, a western Chicago suburb. The 64-unit multifamily property is located at 2901 Vinan Drive and spans eight buildings. It was fully leased at the time of sale. Matt Halper and Danny Mantis of Kiser represented the buyer and seller, both of which were undisclosed. The property sold for 97.6 percent of the list price, according to Kiser.
GURNEE, ILL. — Entre Commercial Realty has arranged the sale of a 10,500-square-foot industrial building in Gurnee for an undisclosed price. The property is located at 200 Ambrogio Drive and features six drive-in doors as well as 2,200 square feet of office space. Brian Bocci of Entre represented the buyer, Gen-3 Investments LLC, which will use the facility for its pool service operations. Charlie Mintz of JLL represented the undisclosed seller.
CHICAGO — California-based investment firm KBS has received a $375 million loan for the refinancing of Accenture Tower, a 40-story, 1.5 million-square-foot office building located at 500 W. Madison St. in downtown Chicago. Accenture Tower, named for the accounting firm formerly known as Arthur Andersen that changed its name following the 2001 Enron scandal, was originally built in 1987. The LEED Gold-certified building sits above the Ogilvie Transportation Center, one of two main train stations in Chicago’s West Loop, which connects the suburbs with the downtown area. In terms of amenities, Accenture Tower features a fitness center, tenant lounge, and conference centers. Tenants also have access to an onsite bank branch, courier service and concierge service. U.S. Bank and Bank of America jointly provided the financing, which consisted of a $281 million term loan and a $94 million revolving loan. The term loan was structured with a three-year initial term with two one-year extension options, and priced with floating interest rate over LIBOR. U.S. Bank will be the primary servicer of the loan. Deutsche Pfandbriefbank, a German bank specializing in real estate and public sector financing, participated in the transaction, though the company’s role was unclear. “The iconic nature of …
