Midwest

Colliers Arranges Sale of 648,960 SF Samsung Distribution Center in Romeoville, Illinois

by Kristin Harlow October 19, 2020

ROMEOVILLE, ILL. — Colliers International has arranged the sale of a 648,960-square-foot distribution center occupied by Samsung in Romeoville. The Class A facility is located within Pinnacle Business Center, just south of the full interchange at I-55 and Weber Road. Samsung has occupied the building since 2012 and uses the facility as its primary Chicago-area distribution center for all appliance lines. Samsung recently renewed its lease. Jeff Devine and Steve Disse of Colliers represented the seller, LaSalle Investment Management. Exeter Property Group purchased the asset for an undisclosed price.

October 19, 2020

Acquisitions Illinois Midwest Retail

Partnership Buys Hickory Point Mall in Forsyth, Illinois

by Kristin Harlow October 19, 2020

FORSYTH, ILL. — A New York-based partnership between Mason Asset Management, Namdar Realty Group and CH Capital Group has acquired Hickory Point Mall in Forsyth, about 45 miles east of Springfield. The 826,347-square-foot mall opened in 1978. Anchor tenants include Kohl’s, Von Maur, TJ Maxx, Hobby Lobby, Ulta Beauty and Ross Dress for Less. Eastdil brokered the transaction. CBL & Associates was the seller, according to local media reports. Elliot Nassim, president of Mason Asset Management, says the new owners are exploring all options to redevelop some of the vacant spaces at the property.

October 19, 2020

Acquisitions Illinois Industrial Midwest NAI

NAI Hiffman Negotiates Sale of Three-Building Industrial Portfolio in Suburban Chicago, Phoenix

by Kristin Harlow October 19, 2020

BARTLETT, ILL. AND PHOENIX, ARIZ. — NAI Hiffman has negotiated the sale of a three-building industrial portfolio in Bartlett, a western suburb of Chicago, and Phoenix. The GSI Family Office, along with Greco/DeRosa Investment Group, sold the portfolio to a discretionary fund managed by CBRE Global Investors. The properties include: 1323 Brewster Creek Blvd. and 1550 Hecht Drive in Bartlett; and 4450 N. 45th Ave. in Phoenix. They are home to seven tenants. Pat Sullivan, Ryan Chambers and Jeff Fischer of NAI Hiffman represented the seller. Tony Lydon and John Lydon of JLL assisted in the sale of the Phoenix property. Built in 2017, 1323 Brewster Creek Blvd. spans 421,354 square feet and features 48 docks, 800 car parking spaces and a clear height of 32 feet. It was the first building in Brewster Creek Business Park, which is now home to more than 1 million square feet of food-related tenants. Built in 2006, 1550 Hecht Drive serves as the headquarters for Greco Foods. The 209,628-square-foot warehouse offers an office and cold storage component. The Phoenix asset, built in 2017, spans 368,478 square feet.

October 19, 2020

Acquisitions Healthcare Illinois Midwest

Bauman & Co. Acquires Three Medical Office Buildings in Aurora and Elgin, Illinois

by Kristin Harlow October 19, 2020

AURORA AND ELGIN, ILL. — Bauman & Co. LLC, an Atlanta-based real estate firm, has acquired three medical office buildings in Aurora and Elgin. Two of the buildings are situated on the AMITA Health Saint Joseph Hospital Elgin campus while the third is located on the AMITA Health Mercy Medical Center Aurora campus. The assets collectively total 125,000 square feet. Renovations to the common areas are slated to start this quarter. Bauman plans to make multiple improvements, including flooring, wall coverings, restrooms, signage, electronic directories and lighting. Local medical office specialist O’Donnell Commercial Real Estate Inc. will be in charge of leasing. Neither the seller nor the sales price was disclosed.

October 19, 2020

Acquisitions Industrial Midwest Minnesota North Dakota Self-Storage

Marcus & Millichap Brokers Sale of Seven-Property Self-Storage Portfolio in Minnesota, North Dakota

by Kristin Harlow October 19, 2020

MINNESOTA AND NORTH DAKOTA — The LeClaire-Schlosser Group of Marcus & Millichap has brokered the sale of the Storage Max Portfolio, a seven-property self-storage portfolio located across Minnesota and North Dakota. The portfolio totals 382 non-climate-controlled units and 48,710 net rentable square feet. Chris Kampmeyer and Adam Schlosser of Marcus & Millichap’s Denver office marketed the portfolio on behalf of the seller, a local limited liability company. Neither the buyer nor the sales price was disclosed.

October 19, 2020

Acquisitions Michigan Midwest Office

Foster Financial Acquires 28-Story Office Tower in Downtown Detroit

by Kristin Harlow October 16, 2020

DETROIT — Foster Financial Co. has acquired a 28-story office tower located at 211 W. Fort St. in downtown Detroit for an undisclosed price. The Grosse Pointe-based company acquired the asset in a joint venture with Tribus, a Grosse Pointe family office, according to Crain’s Detroit Business. This is the first time that the building, constructed in 1961, has sold. The 450,000-square-foot property is home to tenants such as the U.S. Bankruptcy Court, U.S. Attorney’s Office and the U.S. Passport Office. Foster Financial plans to rename the building 211 Tower and undertake renovations. The seller was the original developer, which included principals from New York-based Minskoff Grant Realty & Management Corp., according to Crain’s.

October 16, 2020

Civic Development Midwest Minnesota

Kraus-Anderson Begins Construction of $63M Maple River School in Southern Minnesota

by Kristin Harlow October 16, 2020

MAPLETON, MINN. — Kraus-Anderson has begun construction of a new $63 million K-12 school for the Maple River School District, located on the south side of Mapleton near County Highway 7 in southern Minnesota. Designed by ISG Architects, the two-story, 185,000-square-foot school will feature new classrooms, administration offices, three gymnasiums, playgrounds, a kitchen, café and 500-seat auditorium. The learning spaces will be organized via an elementary wing and a middle/high school wing. Outdoor spaces will include new parking lots, retention ponds, walking paths and playfields. Construction is slated for completion in fall 2022. Neither the name of the school nor the predicted number of students was released.

October 16, 2020

Michigan Midwest Retail

Detroit Casinos Report 21.7 Percent Drop in September Revenues

by Kristin Harlow October 16, 2020

DETROIT — September aggregate revenue for slots and table games at Detroit’s three casinos was down 21.7 percent compared with September 2019, according to the Michigan Gaming Control Board. The casinos reported $87.9 million in revenue while continuing to operate at 15 percent capacity due to COVID-19 health concerns. MotorCity Casino and Greektown Casino reopened Aug. 5 while MGM Grand reopened Aug. 7. For the third quarter, the casinos’ aggregate revenue of $157.3 million was down 55.2 percent compared with the same period last year. During September, the three casinos submitted $10.5 million in wagering taxes and development agreement payments to the city.

October 16, 2020

Development Illinois Midwest Office

J.C. Anderson Completes Office Buildout for Jordan Co. at Chicago’s One North Wacker

by Kristin Harlow October 16, 2020

CHICAGO — J.C. Anderson has completed an office buildout for The Jordan Co. at One North Wacker Drive in Chicago. The middle-market private equity firm is relocating from 1751 Lake Cook Road in Deerfield, Ill. The buildout on the 41st floor includes new private offices, open work areas, meeting rooms, a café, reception area, boardroom, pantry and copy room. IA Interior Architects provided architectural services and JLL represented property ownership. One North Wacker rises 51 stories and spans 1.4 million square feet in the Central Loop.

October 16, 2020

Illinois Leasing Activity Midwest Restaurant Retail

Marijuana-Themed Sandwich Shop Cheba Hut to Open First Location in Illinois on Oct. 19

by Kristin Harlow October 16, 2020

CHICAGO — Cheba Hut will open its first Illinois location in Chicago’s Wicker Park on Monday, Oct. 19. The marijuana-themed sandwich shop is located at 1948 W. Division St. The “toasted” sub shop offers over 30 signature sub sandwiches, as well as a variety of treats, salads and munchies and a full-service bar. Drinks like the Dirty Hippie, Hot Box and Cheba Rita are all Cheba Hut signatures. The restaurant will enforce current COVID-19 guidelines, including heightened sanitation protocols, social distancing requirements and requiring all guests and staff to wear face masks. Chicago residents Lance Frericks and Chris Custer are opening the first Illinois location. Cheba Hut was founded in 1998. Its previous Midwest representation consisted of a single shop in Madison, Wis.

October 16, 2020

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