Midwest

JLL Arranges Sale of 456,417 SF Warehouse in Suburban Chicago

by Kristin Harlow January 7, 2021

MELROSE PARK, ILL. — JLL Capital Markets has arranged the sale of a 456,417-square-foot industrial building in the Chicago-area community of Melrose Park for an undisclosed price. The property, located at 1400 N. 25th Ave., is fully leased to 15 tenants in the warehouse, distribution, food production, showroom and sports and entertainment sectors. The building features 15 dock-high doors, 22 drive-in doors and clear heights ranging from 18 to 24 feet. Ed Halaburt, Robin Stolberg and John Huguenard of JLL represented the seller, Baker Development Corp., which completed extensive renovations to the property in 2019. Glen Una Management was the buyer.

January 7, 2021

Acquisitions Midwest Office Ohio

Cooper Group Brokers $10.7M Sale of Two-Building Office Portfolio in Suburban Cleveland

by Kristin Harlow January 7, 2021

NORTH OLMSTED, OHIO — Cooper Commercial Investment Group has brokered the $10.7 million sale of Millennium Place East & West, a two-building office portfolio in North Olmsted, a western suburb of Cleveland. The two buildings span nearly 140,000 square feet and are approximately 68 percent occupied. Moen is the anchor tenant. Dan Cooper of Cooper Group represented the seller, an Ohio-based private investment group. A private investor was the buyer. The sales price represents a cap rate of 9.4 percent.

January 7, 2021

Acquisitions Healthcare Illinois Midwest

Avison Young Negotiates Sale of 98,000 SF Medical Office Building in Peoria, Illinois

by Kristin Harlow January 7, 2021

PEORIA, ILL. — Avison Young has negotiated the sale of a 98,000-square-foot, five-story medical office building in Peoria for an undisclosed price. Known as the Illinois Medical Center, the building is located at 1001 Main St. on the campus of the University of Illinois College of Medicine. The fully leased, Class A property serves as an outpatient center for multiple hospital-aligned physician groups. OSF Healthcare, a 13-hospital healthcare system serving Illinois and the Upper Peninsula of Michigan, is the anchor tenant. Mike Wilson and Erik Foster of Avison Young represented the seller, a mix of physician groups within the facility. The duo worked in conjunction with Avison Young’s Pat Wilson and Jim Kornick. Remedy Medical Properties was the buyer.

January 7, 2021

Acquisitions Midwest Retail Wisconsin

Marcus & Millichap Arranges $6.5M Sale of Retail Center in Brookfield, Wisconsin

by Kristin Harlow January 7, 2021

BROOKFIELD, WIS. — Marcus & Millichap has arranged the $6.5 million sale of a Pick ’n Save-anchored retail center in Brookfield, a suburb of Milwaukee. The 70,235-square-foot property, located at 17295 W. Capitol Drive, was fully leased at the time of sale. Other tenants include Club Pilates, Domino’s, CBD Store, Choice Dry Cleaning and Sola Salons. Jeff Rowlett of Marcus & Millichap marketed the property on behalf of the seller, a developer. The Rowlett Group procured the buyer, a California-based limited liability company.

January 7, 2021

Midwest Missouri Retail

Midwest Retail Properties Rebrands as MRP Capital Group

by Kristin Harlow January 7, 2021

ST. LOUIS — Midwest Retail Properties has rebranded as MRP Capital Group. The St. Louis-based company, founded in 2013, is no longer solely focused on the Midwest region. The private equity real estate firm owns and manages Walmart-anchored shopping centers in secondary and tertiary locations nationwide. MRP’s current portfolio is comprised of more than 1 million square feet of retail space across 15 states.

January 7, 2021

Illinois Midwest Retail

Macy’s to Shutter 45 More Locations, Including Longtime Store at Chicago’s Water Tower Place

by Kristin Harlow January 6, 2021

CHICAGO — Macy’s will close its longtime department store at Water Tower Place in Chicago, according to several media reports. The downtown mall is situated on the Magnificent Mile. Macy’s will begin a clearance sale this month at the 170,000-square-foot store. The retailer will continue to operate nearby stores in Skokie, Oak Brook, Schaumburg and Orland Park. Even before the pandemic began in early 2020, Macy’s announced that it would close 125 stores nationwide over a three-year period in effort to right-size its store fleet. This week, Macy’s unveiled plans to shutter an additional 45 more locations as part of that three-year plan. A full list of the store closures can be found here. Located on Michigan Avenue, Water Tower Place rises eight stories and is home to more than 100 stores. Brookfield Property Partners owns the mall. Earlier this week, Brookfield Asset Management submitted a proposal to take Brookfield Property Partners private for $5.9 billion. The retail vacancy rate for the Magnificent Mile was 10.5 percent in late 2020, up from 7.4 percent in 2019 and 6.5 percent in 2018, according to CBRE. In addition to Macy’s, Gap recently unveiled plans to close its flagship store on Michigan Avenue.

January 6, 2021

Loans Midwest Minnesota Multifamily

JLL Arranges $44M in Construction Financing for Apartment Project in St. Paul

by Kristin Harlow January 6, 2021

ST. PAUL, MINN. — JLL Capital Markets has arranged $44.05 million in construction financing for University & Raymond, a 220-unit apartment project in the Saint Anthony Park neighborhood of St. Paul. The development will be situated on a 1.2-acre site at the corner of University and Raymond avenues. Amenities will include a fitness center, outdoor courtyard, pool, clubroom and rooftop patio. Russ Kappenman, Josh Talberg, Dan Linnell, Mox Gunderson and Ken Dayton of JLL represented the borrower, UniRay LLC. The team secured the loan through Principal Real Estate Investors. Kraus-Anderson is building the project, completion of which is slated for summer 2022.

January 6, 2021

Loans Midwest Multifamily Nebraska

NorthMarq Provides $36.2M Refinancing for Multifamily Portfolio in Lincoln, Nebraska

by Kristin Harlow January 6, 2021

LINCOLN, NEB. — NorthMarq has provided a $36.2 million Freddie Mac loan for the refinancing of a three-property multifamily portfolio in Lincoln. The properties, totaling 443 units, include Chateau Terrace, Alena Court and Sherman Village. Bob Chalupa of NorthMarq originated the fixed-rate loan, which features a 10-year term and a 30-year amortization schedule. The borrower was undisclosed.

January 6, 2021

Acquisitions Healthcare Indiana Midwest

Montecito Acquires Two Medical Office Buildings in Central Indiana

by Kristin Harlow January 6, 2021

INDIANAPOLIS AND FRANKLIN, IND. — Montecito Medical Real Estate has acquired two recently constructed medical office buildings in central Indiana. The two properties, located in Indianapolis and Franklin, are nearly identical in size and represent a combined total of 47,000 square feet. Both buildings were constructed on a build-to-suit basis and are now fully leased. Providers at both facilities offer a range of medical services, including primary care, family medicine and imaging. Physicians at the Indianapolis location also provide care in the specialties of pediatrics, women’s health and oncology, while those at the Franklin location serve patients in the specialties of orthopedics, pain management, neurology, sleep management and podiatry. The Indianapolis property is located at 7255 Marsh Road on the city’s northwest side, near the junction of I-65 and I-465. The Franklin building is located at 990 State Route 44, on the south side of the Indianapolis metro area. Seller information was not disclosed.

January 6, 2021

Acquisitions Illinois Industrial Midwest

SVN Chicago Commercial Brokers $7.1M Sale of Industrial Property in Willowbrook, Illinois

by Kristin Harlow January 6, 2021

WILLOWBROOK, ILL. — SVN Commercial Chicago has brokered the $7.1 million sale of a 142,000-square-foot industrial property in Willowbrook, a southwest suburb of Chicago. The building sits on 12 acres at 7409 S. Quincy St. The sale also included a 4.9-acre site for future development or expansion. The building’s tenant vacated prior to the end of 2020. Paul Cawthon and Angelo Labriola of SVN’s Cawthon-Labriola Group represented the seller. The buyer and seller information was not disclosed.

January 6, 2021

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