Midwest

Hanley Investment Group Arranges $2.7M Sale of Bank of America-Occupied Property in Metro Minneapolis

by Kristin Harlow April 21, 2020

BROOKLYN CENTER, MINN. — Hanley Investment Group Real Estate Advisors has arranged the sale of a newly constructed building occupied by Bank of America in Brooklyn Center, a northern suburb of Minneapolis, for $2.7 million. The 4,370-square-foot property, which opened in late 2019, is situated on one acre at 2545 County Road 10. Jeff Lefko and Bill Asher of Hanley represented the seller and developer, Minneapolis-based Told Development. Carlos Aguilar of Axia Real Estate Group represented the New Jersey-based private buyer.

April 21, 2020

Illinois Industrial Leasing Activity Midwest

Flint Group Renews 31,000 SF Industrial Lease in Romeoville, Illinois

by Kristin Harlow April 21, 2020

ROMEOVILLE, ILL. — Flint Group has renewed its 31,000-square-foot industrial lease at 1225 Lakeside Drive in Romeoville. Flint Group is a worldwide supplier to the printing and packaging industry. It operates more than 140 facilities and employs approximately 6,800 workers. Corey Chase of Newmark Knight Frank represented Flint in the lease transaction. George Cibula of Darwin Realty/CORFAC International represented ownership. As part of the new lease, a tenant improvement package will enable Flint to update its space.

April 21, 2020

Midwest Wisconsin

Wisconsin Governor Extends Safer at Home Order Until May 26

by Kristin Harlow April 20, 2020

WISCONSIN — Wisconsin Gov. Tony Evers has extended the Safer at Home order until May 26. The order had previously been in place through April 24. The new extension includes a few changes, such as allowing more businesses and activities to open back up. Golf courses may open again, with restrictions on scheduling and paying tee times virtually. Public libraries can now provide curbside pick-up of books and other materials. Non-essential businesses can now perform minimum basic operations, including deliveries, mailings and curbside pick-up. In addition, essential businesses must increase cleaning practices and retail stores must limit the number of people in the store at one time. As of Sunday, April 19, there were 4,199 confirmed cases of COVID-19 and 211 deaths in Wisconsin.

April 20, 2020

Illinois Midwest

Cushman & Wakefield Launches Global Employee Assistance Fund

by Kristin Harlow April 20, 2020

CHICAGO — Cushman & Wakefield has launched a global employee assistance fund, part of a $5 million commitment to employee assistance programs for those impacted by the COVID-19 pandemic. The fund has two components to provide financial relief to employees. The immediate relief fund addresses an immediate need by quickly disbursing up to $250 to eligible impacted employees who submit a request. The disaster and hardship fund is a larger payout for those more significantly impacted by the crisis. As part of this commitment to supporting front-line employees, members of Cushman & Wakefield’s global management team will voluntarily forgo a portion of their salaries. Effective April 20, CEO Brett White will forgo 25 percent of his base salary, while CFO Duncan Palmer and COO Michelle MacKay will forgo 20 percent of their base salaries. Effective May 1, President John Forrester will forgo 20 percent of his base salary until December 31, or earlier if determined by the board of directors. In addition, all of the firm’s 53,000 employees have been given the opportunity to make a charitable donation to the employee fund. “We have a responsibility to care for our employees with the same level of dedication that they’re showing …

April 20, 2020

Loans Michigan Midwest Multifamily

Twins Real Estate Receives $2.3M Loan for Refinancing of Multifamily Community in Battle Creek, Michigan

by Kristin Harlow April 20, 2020

BATTLE CREEK, MICH. — Twins Real Estate has received a $2.3 million Freddie Mac small balance loan for the refinancing of Hidden Lane Apartments in Battle Creek, about 25 miles east of Kalamazoo. Located at 612 Garrison Ave., the 77-unit community is comprised of three apartment buildings and two townhome buildings. Jason Brown and Sam Orman of CBRE Capital Markets arranged the 10-year loan, which is amortized over 30 years and features a fixed rate of 4.13 percent and a 70 percent loan-to-value ratio.

April 20, 2020

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Arranges Sale of 60-Unit Apartment Property in Suburban Chicago

by Kristin Harlow April 20, 2020

CALUMET CITY, ILL. — Marcus & Millichap has arranged the sale of a 60-unit apartment property in Calumet City, a southern suburb of Chicago. The sales price was undisclosed. Located at 495-525 Madison Ave., the property consists of five 12-unit buildings on a 1.3-acre lot. Andrean Angelov, Ryan Engle and Anthony Hardy of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Angelov and Engle secured and represented the buyer, a limited liability company.

April 20, 2020

Illinois Leasing Activity Midwest Restaurant Retail

Barber Murphy Negotiates 1,381 SF Lease for Papa John’s in O’Fallon, Illinois

by Kristin Harlow April 20, 2020

O’FALLON, ILL. — Barber Murphy has negotiated a 1,381-square-foot retail lease for Papa John’s USA Inc. in O’Fallon near St. Louis. OHM Family Enterprises LLC is the landlord for the property, which is located at 105-106 Regency Park Plaza Drive. Barber Murphy represented both parties in the lease.

April 20, 2020

Development Midwest Multifamily Wisconsin

M&R Development Breaks Ground on 236-Unit Luxury Apartment Community in Suburban Milwaukee

by Kristin Harlow April 17, 2020

ST. FRANCIS, WIS. — M&R Development has broken ground on 4200 On The Lake, a 236-unit luxury apartment community in St. Francis, a southern suburb of Milwaukee. M&R is co-developing the project with Campbell Capital Group LLC. Completion is slated for spring 2021. Located at 4200 S. Lake Drive, the development will feature a two-story clubhouse, 24-hour coffee bar, fitness center, yoga room, business center and self-service package room. A large courtyard will include a swimming pool with views of Lake Michigan. CIBC is providing project financing. Madison-based Stevens Construction is the general contractor. RMK Management will handle leasing and property management.

April 17, 2020

Illinois Industrial Leasing Activity Midwest

Sterling Bay Welcomes Two New Industrial Tenants to Spec Properties in Illinois

by Kristin Harlow April 17, 2020

AURORA AND DARIEN, ILL. — Sterling Bay’s industrial division, Sterling Bay Industrial, has welcomed two new tenants to its newest speculative distribution centers in Aurora and Darien. LGSTX Services, a national logistics company, has leased 335,384 square feet at 2350 Frieder Lane in Aurora. Sterling Bay completed development of the 503,244-square-foot facility at Butterfield Center for Business and Industry in partnership with Levy Family Partners and Development Resources Inc. It is now 65 percent leased. David Prell of CBRE represented the tenant, while Dominic DeRose and Charles Canale of Colliers International represented Sterling Bay. An undisclosed tenant signed a lease for 90,000 square feet at 1035 S. Frontage Road in Darien. Sterling Bay completed development of the 153,000-square-foot facility in partnership with DWS Group. It is now 60 percent leased. Jeff Fischer and John Whitehead of NAI Hiffman represented the landlord in the lease transaction. Premier Design + Build Group served as general contractor for the Darien project.

April 17, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $5.2M Sale of CVS Pharmacy-Occupied Property in Suburban Chicago

by Kristin Harlow April 17, 2020

TINLEY PARK, ILL. — Marcus & Millichap has brokered the $5.2 million sale of a 14,421-square-foot property occupied by CVS Pharmacy in Tinley Park, a southern suburb of Chicago. Constructed as a build-to-suit for CVS, the building is located at 9551 171st St. Matt Emerick, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a developer. A Texas-based institutional buyer purchased the asset.

April 17, 2020

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