PEWAUKEE, WIS. — The Boulder Group has negotiated the $4.7 million sale of a property net leased to Children’s Hospital of Wisconsin in Pewaukee, about 20 miles west of Milwaukee. The newly constructed, 11,736-square-foot building is located at 1215 George Towne Drive. The Children’s Hospital lease expires in 2028. Jimmy Goodman and John Feeney of Boulder represented the buyer, a New York-based firm completing a 1031 exchange. A local real estate firm was the seller.
CHICAGO — Parkside Realty Inc. has opened Fulton East, a 12-story, next-generation office building in Chicago’s Fulton Market District. The speculative project features high-tech features for employee health, hygiene, safety and wellness such as hands-free elevators, a state-of-the-art air and surface disinfection system, open-air terraces and a rooftop park. The 90,000-square-foot development also features retail space and is located at 215 N. Peoria St. Each floor offers 10,605 square feet with a private outdoor terrace. The building’s top floors feature a multi-level penthouse office suite. An 8,000-square-foot rooftop park offers tenants additional outdoor space. Chicago-based Clayco and its in-house architect Lamar Johnson Collaborative served as builder and designer. Chicago-based interior designer Holly Hunt designed the building’s lobby.
INDIANAPOLIS — Newmark has brokered the sale of The Avenue, a 358-bed student housing property near Indiana University-Purdue University Indianapolis (IUPUI). The asset features one-, two- and four-bedroom units with a variety of floor plans. The property sits on 3.4 acres directly adjacent to the northern edge of campus. Ryan Lang, Jack Brett and Debbie Corson of Newmark represented the seller, Preiss Cos., in a partnership with Investcorp. Atlanta-based Student Quarters was the buyer. IUPUI is a core campus of Indiana University that also offers Purdue University degrees. It is the result of a 1969 merger between Purdue Indianapolis Extension Center and Indiana University Indianapolis.
EAGAN, MINN. — Peak Capital Partners has acquired Royal Oaks Apartments in Eagan for an undisclosed price. The 231-unit luxury apartment complex is located at 3515 Federal Drive. Royal Oaks is less than one mile from Eagan’s retail hub and also features convenient access to I-494 and the Metro Orange line. Built in 1987, the property underwent substantial unit renovations and amenity upgrades during the time the previous owner, Timberland Partners, held the asset. Ted Ambramson, Keith Collins and Abe Appert of CBRE Minneapolis Multifamily represented Timberland in the sale.
ELMHURST, ILL. — World Wholesale Inc., a distributor for convenience stores, has signed a 27,523-square-foot industrial lease at 845 N. Larch Ave. in Elmhurst. The recently constructed property, situated near the Chicago O’Hare International Airport, is now fully occupied. Christopher Lydon and Ryan Hanley of Avison Young represented the owner, Alpha Industrial Properties, in the lease transaction. Brian Colson and Brian Pomorski of Avison Young represented the tenant.
TOLEDO, OHIO — Reichle Klein Group has arranged the sale of a 65,200-square-foot industrial facility in Toledo for $1.8 million. The property sits on 2.7 acres at 0 Water St. Jerry Malek of Reichle Klein represented the seller, Norfolk Southern Railway Co. Downtown Toledo Development Corp. purchased the asset.
INDIANAPOLIS — Elanco Animal Health Inc. (NYSE: ELAN), a pharmaceutical company that produces medicines and vaccinations for pets and livestock, has selected Indianapolis for its new $100 million global headquarters. Elanco is currently headquartered in Greenfield, approximately 25 miles east of Indianapolis. The company’s new headquarters campus will be located on a 45-acre site on the southwestern side of downtown Indianapolis that formerly served as a stamping plant for General Motors. The plant closed in 2011, and developer Ambrose purchased the site with plans to build a mixed-use community, according to The Indianapolis Star. Ambrose officially canceled those plans in September 2019. Project planning will begin immediately, with construction anticipated to last two to three years. Elanco’s new facility is expected to add as many as 570 permanent new jobs to the local economy. The move represents an effort to cut costs while consolidating Elanco’s global footprint after the company’s August acquisition of Bayer’s animal health business. The Star reports that the acquisition was valued at roughly $6.9 billion. Elanco’s new campus will feature a smaller, more flexible design as a result of COVID-19. The company says it envisions a more efficient campus with at least 25 percent less office space than its …
INDIANA, MISSOURI, OKLAHOMA AND GEORGIA — Stan Johnson Co. has brokered the sale of a four-property industrial portfolio totaling approximately 1.9 million square feet across four markets. The sales price was undisclosed. The properties are leased to a mix of public and private tenants. The buildings include: 2001 Commerce Parkway in Franklin, Ind.; 65 Corporate Woods Drive in Bridgeton, Mo.; 524 N. Sara Road in Yukon, Okla.; and 6878 Kelly Ave. in Morrow, Ga. Mollie Alteri, Joey Odom, Mike Sladich, Maggie Holmes and Michael Watson of Stan Johnson represented the seller, an institutional advisor based in New York. The buyer was a Dallas-based institutional investor.
ST. LOUIS — IMPACT Strategies has broken ground on 2200 LaSalle at Lafayette Square, a 128-unit luxury apartment development in the historic Lafayette Square district of St. Louis. The $25 million project is a redevelopment of a 12-acre industrial site. Cornerstone Development and Chouteau Avenue Partners are the developers while HOK Architects is the project architect. The five-story property will include a two-story parking structure. An amenity deck level will include a private bar, clubroom and fitness area, as well as an outdoor space with a pavilion, fire pit, grilling station and pool. Completion is slated for mid-2022.
BOLINGBROOK, ILL. — Ulta Beauty Inc. (NASDAQ: ULTA) reports that its comparable sales, which includes store sales and e-commerce sales, decreased 8.9 percent in the third quarter on a year-over-year basis. The cosmetics retailer’s third quarter ended Oct. 31. Bolingbrook-based Ulta says the drop is due to the impact of COVID-19. This quarter, Ulta opened 17 new stores, compared with 31 new stores in third-quarter 2019. Net income was $74.8 million compared with $129.7 million for the same period last year. “We know guests are changing how they shop beauty, but importantly, their engagement with the category remains strong,” says Mary Dillon, CEO. Early holiday sales trends in November were encouraging, according to Dillon, but the retailer anticipates that comparable store sales will decline in the range of 12 to 14 percent in the fourth quarter.
