Tuesday, May 20, 2025
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Midwest

AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Brokers $2.7M Sale of Multifamily Property in Maplewood, Minnesota

by Kristin Harlow

MAPLEWOOD, MINN. — Marcus & Millichap has brokered the $2.7 million sale of Van Dyke Village Townhomes in the northeastern St. Paul suburb of Maplewood. The 20-unit multifamily property is located at 2191 Van Dyke St. and features two- and three-bedroom units with attached garages. Built in 2004, the asset is situated on 3.6 acres near Maplewood Mall and Keller Regional Park. Evan Miller, Chris Collins, Eric Wagner and Matthew Shide of Marcus & Millichap represented the seller, Van Dyke Street Homes LP, the original developer. Miller and Collins procured the buyer, Dadder’s Estates LLC.

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IllinoisIndustrialLeasing ActivityMidwest

Offshore Marine Signs 12,000 SF Industrial Lease in Lake Forest, Illinois

by Kristin Harlow

LAKE FOREST, ILL. — Offshore Marine, a provider of marine equipment and services, has signed a 12,000-square-foot industrial lease at 28041 N. Bradley Road in the Chicago suburb of Lake Forest. The tenant will utilize the building as its main headquarters for distribution and a retail showroom. The building totals 23,482 square feet, which includes full access to the property’s outside storage area, and remains available for lease. The property is also for sale. Elisabeth Lazzara, Denise Chaimovitz and Brian Bocci of Entre Commercial Realty negotiated the lease.

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AcquisitionsMidwestMissouriOffice

Altus Properties Sells 10-Story CIBC Place Office Building in St. Louis

by Kristin Harlow

ST. LOUIS — Altus Properties has sold CIBC Place, a 170,157-square-foot, 10-story office building located at 1401 S. Brentwood Blvd. in St. Louis. Bryan King of King Realty Advisors represented the buyer, and the seller was unrepresented. The purchaser was Jim Onder, attorney and founder of the OnderLaw firm, according to the St. Louis Business Journal. The buyer will occupy about 6,000 square feet, leaving the building fully leased. Altus was retained as property manager.

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AcquisitionsIllinoisMidwestOffice

Colliers Arranges Sale of 183,428 SF Office Building in Oak Brook, Illinois

by Kristin Harlow

OAK BROOK, ILL. — Colliers has arranged the sale of a 183,428-square-foot office building in the Chicago suburb of Oak Brook. The sales price of $10 million is 71 percent less than the price that the asset traded for a dozen years ago, according to Crain’s Chicago Business. The buyer, Ashley Capital, plans to relocate its Chicago office to the property at 2001 York Road later this year. The Class A building features a covered parking deck, onsite café, conference facilities, a tenant lounge, fitness center and electric vehicle charging stations. The asset is positioned near I-294 and I-88. Ashley Capital is planning a series of capital improvements and will roll out creative leasing packages to attract new tenants. The project will be fully self-funded until the building reaches a critical occupancy threshold, at which point rental income is expected to support conventional financing. The top four floors offer approximately 120,000 square feet of contiguous space available for lease. Colliers served as the court-appointed receiver, property manager and leasing agent for the building. Alissa Adler and John Homscher of Colliers represented the buyer. Francis Prock and David Florent of Colliers represented the lender, Varde Partners, and have been retained as …

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AcquisitionsMichiganMidwestRetail

Mid-America Brokers Sale of 34,431 SF Retail Property in Detroit’s Midtown District

by Kristin Harlow

DETROIT — Mid-America Real Estate Corp. has brokered the sale of The Ellington Retail, a 34,431-square-foot, grocery-anchored property in Detroit’s Midtown neighborhood. The property sold to a private investor and included a leasehold interest in the adjacent parking structure. The center is fully leased to Whole Foods Market, Bank of America, Chase Bank, FedEx Office, Great Expressions Dental, Pure Barre and Qargo Coffee. Ben Wineman and Daniel Stern of Mid-America represented the seller and original master plan developer of the site, Detroit-based The Platform. Jon Kouza of AQRE Advisors represented the buyer.

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AcquisitionsIllinoisIndustrialMidwest

Marcus & Millichap Negotiates $5.8M Sale of Industrial Property in Wheeling, Illinois

by Kristin Harlow

WHEELING, ILL. — Marcus & Millichap has negotiated the $5.8 million sale of a 72,000-square-foot industrial property in the Chicago suburb of Wheeling. Built in 1990, the asset is situated on nearly 4 acres at 100 Chaddick Drive, four miles from a full I-294 interchange. Peter Doughty of Marcus & Millichap represented the seller, a private owner, and procured the buyer, a private out-of-state investor. The building provides immediate, stable cash flow but also offers a value-add opportunity, according to Doughty.

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DevelopmentIllinoisMidwestRetail

NewMark Merrill to Complete $1.5M Remodel of Bricktown Square Shopping Center in Chicago

by Kristin Harlow

CHICAGO — NewMark Merrill Cos. Inc. has unveiled plans for a $1.5 million renovation of Bricktown Square, a 292,309-square-foot shopping center in Chicago. Improvements will include combining two existing spaces into a single larger space for a new Skechers location; completing façade renovations and new paint to the buildings occupied by ATI, Harbor Freight and LA Fitness; adding new signage and wayfinding; and painting the entire property with a new color scheme. Two new tenants, Okini Buffet and Kinship Health, are slated to open later this year. Since acquiring the property in June 2021, NewMark Merrill has renewed four tenants and generated a 39 percent increase in customer foot traffic, according to Placer.ai. Bricktown Square is now 98 percent leased.

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AcquisitionsIllinoisIndustrialKansasMichiganMidwest

Lineage to Acquire Four Tyson Foods Warehouses for $247M, Plans $1B Growth Pipeline

by Kristin Harlow

NOVI, MICH. — Lineage Inc. (NASDAQ: LINE), a Novi-based cold storage REIT, has entered into a definitive agreement to acquire four cold storage warehouses from Tyson Foods Inc. for $247 million. At or prior to closing the acquisition agreement, Lineage will enter into an additional, multi-year agreement under which it will design, build and operate two next-generation, fully automated cold storage warehouses in major U.S. distribution markets that Tyson will occupy as an anchor tenant. Under the same agreement, Tyson will begin storing product at Lineage’s newly developed property in Hazelton, Pa., which utilizes LinOS, Lineage’s proprietary warehouse execution technology. Lineage says it expects to deploy approximately $1 billion of capital over the coming years on the acquisitions and the new greenfield developments. The existing Tyson warehouses that sold in the transaction total roughly 49 million cubic feet and are located in Pottsville, Pa., Olathe, Kan., Rochelle, Ill. and Tolleson, Ariz. Following the acquisition, Lineage plans to onboard over 1,000 Tyson employees. Over time, the acquired warehouses will be transitioned to public warehouses as part of Lineage’s global footprint. The transaction is subject to customary closing conditions and is expected to close in the second quarter. Lineage expects to deploy …

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DevelopmentIllinoisIndustrialMidwest

Meridian Completes 400,112 SF Headquarters Project for RIM Logistics in Bartlett, Illinois

by Kristin Harlow

BARTLETT, ILL. — Meridian Design Build has completed a 400,112-square-foot corporate headquarters development for RIM Logistics Ltd. in the Chicago suburb of Bartlett. The project involved the renovation of a recently constructed, speculative industrial building that RIM acquired in early 2024. Dan Smolensky of TMG Real Estate Advisors assisted RIM in the acquisition. Michael Androwich Jr., John Cassidy and Chris Nelson of Lee & Associates represented the seller, Midwest Industrial Funds. Meridian collaborated with RIM, CBRE/Turner & Townsend, Heitman Architects, V3 Cos. and the Village of Bartlett to take the project from concept to completion in less than 12 months. The multi-phase project involved enhancements to the building façade and construction of a second floor to support roughly 40,000 square feet of office space. Employee amenities include a café, fresh market, bike storage room and fitness center. The building is adjacent to a naturalized wetland area. Reclaimed cargo containers and a salvaged semi-trailer were utilized to create unique architectural accents. Electric vehicle charging stations, lighting controls and other sustainable design elements helped RIM achieve its goal of LEED certification. Warehouse improvements included accommodations for storage mezzanines, automatic storage and retrieval systems, narrow aisle racking and hazardous materials/aerosol storage areas. The …

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Affordable HousingDevelopmentMidwestMultifamilyOhio

Woda Cooper, IMPACT Open 102-Unit Affordable Housing Community in Whitehall, Ohio

by Kristin Harlow

WHITEHALL, OHIO — Woda Cooper Cos. Inc. and co-developer IMPACT Community Action have opened The Enclave in Whitehall, six miles east of Columbus. The 102-unit affordable housing community is located at 3540 E. Main St. The $29.9 million development is reserved for renters who earn between 30 and 80 percent of the area median income. Rents range from $435 to $1,240 per month, depending on income restriction and size of unit. The City of Whitehall approved a Payment in Lieu of Taxes related to the real estate taxes for 15 years on 100 percent of the residential improvements. The development also received significant support from Franklin County. The Board of Commissioners approved a permanent mortgage loan through its Magnet Fund program. The project also benefits from a $25 million linked deposit fund created by the Franklin County Treasurer Brooks Sullivan. The four-story building features a large mural created by Ohio-based muralists Lucie Shearer and Thom Glick. Units at The Enclave offer one-, two- and three-bedroom layouts. Several units are adapted for those with mobility challenges and/or sight and hearing disabilities. Amenities include a community room with kitchenette and management office. The development is certified LEED Gold. The project also features …

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