Midwest

Principle Construction Completes 879,040 SF Spec Warehouse in Monee, Illinois

by Kristin Harlow July 10, 2020

MONEE, ILL. — Principle Construction Corp. has completed an 879,040-square-foot speculative warehouse in Monee, about 35 miles south of Chicago. Principle completed the project in a joint venture with Location Finders International and DeBartolo Development. The building sits on 61 acres within the larger Bailly Ridge development. The facility features a clear height of 36 feet, 100 dock positions, 191 trailer stalls, 161 auto parking stalls and four drive-in doors. Harris Architects designed the project. Traci Payette and Stephanie Park of CBRE are the leasing agents.

July 10, 2020

Development Indiana Industrial Midwest

Ambrose Property Group to Develop 205,000 SF Build-to-Suit for Love’s Travel Stops in Indianapolis

by Kristin Harlow July 10, 2020

INDIANAPOLIS — Ambrose Property Group is developing a 205,000-square-foot build-to-suit for Love’s Travel Stops in Westpoint Business Park, which is situated in the Monrovia/Mooresville submarket of Indianapolis. Love’s will own the facility. Fritz Kauffman, Kevin Archer, Greg Dickerson and John Wilkinson of Cushman & Wakefield represented Love’s in the negotiations. Love’s plans to relocate a tire retread and distribution center from Plainfield, Ind. Construction is slated to begin soon with completion scheduled for February 2021. The 550-acre Westpoint Business Park is located nine miles from the Indianapolis International Airport.

July 10, 2020

Development Midwest Office Wisconsin

Hydrite Chemical to Relocate Headquarters to Golf Parkway Corporate Center Near Milwaukee

by Kristin Harlow July 10, 2020

BROOKFIELD, WIS. — Hydrite Chemical Co., a manufacturer and supplier of chemicals, has unveiled plans to move its headquarters to Golf Parkway Corporate Center in Brookfield near Milwaukee. Brookfield-based Hydrite will fully occupy a two-story office building spanning approximately 45,000 square feet. Irgens is the developer and owner. Kahler Slater is the project architect and CG Schmidt is the general contractor. A timeline for occupancy was not disclosed. Hydrite currently occupies a 26,000-square-foot office in Brookfield.

July 10, 2020

Illinois Industrial Leasing Activity Midwest

Superior Felt & Filtration Signs 75,000 SF Industrial Lease in McHenry, Illinois

by Kristin Harlow July 10, 2020

MCHENRY, ILL. — Superior Felt & Filtration (SFF) has signed a 75,000-square-foot industrial lease at 1359 Ridgeview Drive in McHenry, about 50 miles northwest of Chicago. McHenry-based SFF has experienced rapid growth due to the production of personal protection equipment for coronavirus. Owned by Midwest Industrial Funds (MIF), the 218,064-square-foot building is a former Motorola production site. It features a clear height of 28 feet. MIF plans to renovate the office space and add more air conditioning capacity. Dan Benassi, Dan Jones and Sam Deihs of Entre Commercial Realty represented SFF in the lease transaction.

July 10, 2020

Illinois Leasing Activity Midwest Office

Parent Company of Blue Cross & Blue Shield Illinois Signs 103,533 SF Office Lease in Chicago

by Kristin Harlow July 9, 2020

CHICAGO — Health Care Service Corp. (HCSC), the parent company of Blue Cross & Blue Shield of Illinois, has signed a 103,533-square-foot office lease at Mural Park in Chicago. Located at 920 W. Cullerton St., the two-building office project is now 63 percent leased. Mural Park is a redevelopment of two historic 100,000-square-foot industrial loft buildings in Chicago’s Pilsen neighborhood. It was completed in January 2019. HCSC will fully occupy one of the buildings and join existing tenants Puratos Group, Noble Forward, Relay Chicago and Back of the Yards Coffee. Jeff Dowdell and Katie Steele of Transwestern Real Estate Services represented the landlord, Condor Partners, in the lease transaction with HCSC. Sean Reynolds, Meredith O’Connor, Matthew Carolan and Amy Berg of JLL represented HCSC.

July 9, 2020

Development Illinois Midwest Multifamily Seniors Housing

McShane Underway on 166-Unit Senior Living Development in Algonquin, Illinois

by Kristin Harlow July 9, 2020

ALGONQUIN, ILL. — McShane Construction Co. is underway on the construction of a new senior living development in suburban Chicago known as The Oaks at Algonquin. The 166-unit project will incorporate independent living, assisted living and memory care units. Spectrum Retirement Communities is the developer and Vessel Architecture is the architect. The three-story community will feature amenities such as three restaurants, a salon, media lounge, theater, health club, community center and doctor and therapist offices. Completion is slated for January 2022.

July 9, 2020

Acquisitions Midwest Missouri Multifamily

JVM Realty Acquires 121-Unit Luxury Apartment Community in Suburban St. Louis

by Kristin Harlow July 9, 2020

CLAYTON, MO. — JVM Realty Corp. has acquired Ceylon Apartments, a 121-unit luxury apartment community in Clayton, a suburb of St. Louis. The purchase price was undisclosed. Built in 2017, the transit-oriented property features 13,421 square feet of ground-floor retail space. This is the first acquisition for JVM in the St. Louis area. JVM Management Inc. will manage the asset.

July 9, 2020

Development Industrial Kansas Midwest Self-Storage

StorageMart Opens 784-Unit Self-Storage Facility in Metro Kansas City

by Kristin Harlow July 9, 2020

OLATHE, KAN. — StorageMart has opened a 784-unit self-storage facility in East Olathe within metro Kansas City. The Class A, climate-controlled facility features several elevators. All access is controlled with individual codes and cameras. Customers also have access to an online tenant portal. StorageMart now operates approximately 225 locations in three countries.

July 9, 2020

Illinois Industrial Leasing Activity Midwest

H. Betti Industries Signs 41,168 SF Industrial Lease in Bensenville, Illinois

by Kristin Harlow July 9, 2020

BENSENVILLE, ILL. — H. Betti Industries Inc. (HBI) has signed a 41,168-square-foot industrial lease at 350 N. York Road in Bensenville near O’Hare International Airport. HBI distributes amusement, vending and audio-visual equipment, including parts and services for video games, pinball machines, jukeboxes, pool tables and currency changers. Beginning in August, the company will consolidate two of its existing operations — a 25,000-square-foot distribution center in Bensenville and a smaller satellite location in Wood Dale — at the new location. Owned by Prologis, 350 N. York Road features a clear height of 32 feet, 10 loading docks and office and showroom space. John D’Orazio of Colliers International represented HBI in the lease.

July 9, 2020

Healthcare Market Reports Midwest Midwest Market Reports

COVID-19 Interruptions Are Largely Short Term for Medical Office Sales

by Kristin Harlow July 9, 2020

By Mike Wilson, Principal, Avison Young As the commercial real estate industry shifts toward a new normal, there are several changes occurring in the medical office sector. This asset class has long been considered a safe haven, even in recessionary times, given its ties to the healthcare system and overall population growth. The onset of COVID-19 and the subsequent stay-at-home orders in many states have created challenges that also touch the medical office sector, although not nearly as deeply as other asset classes. One shift occurring is a varying level of activity among medical office tenants, depending upon whether their services are deemed essential or nonessential. Tenants in essential buildings, particularly those tied to large healthcare systems, are still seeing patient throughput activity as healthcare needs remain. Some elective surgery centers and outpatient testing facilities, however, have seen a temporary pause as medical professionals retrenched due to the state closures. Landlords in turn have had to manage rent relief requests from tenants. These changes are considered short-term and are not expected to have long-term effects on tenant activity or property investment levels. The medical office sector continues to draw the attention of a wide range of investors, due to its …

July 9, 2020

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