Midwest

Hanley Investment Group Brokers $3.5M Sale of Panera Bread-Occupied Property in East Peoria, Illinois

by Kristin Harlow August 27, 2020

EAST PEORIA, ILL. — Hanley Investment Group Real Estate Advisors has brokered the $3.5 million sale of a newly constructed retail property occupied by Panera Bread in East Peoria, about 70 miles north of Springfield. The 4,380-square-foot, drive-thru location is situated within a 650,000-square-foot mixed-use development known as The Levee District. Jeff Lefko and Bill Asher of Hanley represented the seller, Cullinan Properties Ltd. David Rush of CBRE represented the buyer, a Santa Barbara, Calif.-based private investor.

August 27, 2020

Development Industrial Midwest Missouri

Hunt Midwest Expands Brand of Self-Storage Facilities in Metro Kansas City

by Kristin Harlow August 26, 2020

KANSAS CITY, MO. — Hunt Midwest continues to expand StorTropolis, its brand of climate-controlled self-storage facilities, throughout metro Kansas City. The developer has opened a 138,000-square-foot facility at 3140 NW Jefferson St. in Blue Springs, Mo., and begun construction on a 111,000-square-foot facility in Lenexa, Kan. Hunt Midwest began developing self-storage properties in 2018 and, in partnership with Strickland Construction, has built and opened three other StorTropolis facilities — two in Kansas City and one in Shawnee, Kan. Each three-story StorTropolis building ranges in size from 104,000 to 138,000 square feet and offers 580 to 760 climate-controlled units. Storage Asset Management, a privately owned, third-party management company, operates StorTropolis. Hunt Midwest is also the developer for SubTropolis, a massive underground business complex with more than 6.5 million square feet of leasable space.

August 26, 2020

Illinois Leasing Activity Midwest Office

Chamberlain University Signs 75,000 SF Lease at Riverview at Roscoe in Chicago

by Kristin Harlow August 26, 2020

CHICAGO — Chamberlain University, known for its nursing school, has signed a lease for 75,000 square feet of educational space at Riverview at Roscoe on Chicago’s North Side. Baum Revision acquired the office property in a joint venture with Meridian Capital in March of this year. The property is currently undergoing capital improvements with a focus on wellness to achieve LEED Platinum certification. Patrick Russo, Adam Showalter and Jessica O’Hara of Stream Realty Partners have been retained to lease and market the property. There are 40,000 square feet remaining available for lease. Chamberlain has locations across the United States in addition to online programs.

August 26, 2020

Loans Midwest Multifamily North Dakota

Bellwether Enterprise Arranges $15.1M FHA Loan for Refinancing of Workforce Housing Property in North Dakota

by Kristin Harlow August 26, 2020

FARGO, N.D. — Bellwether Enterprise Real Estate Capital LLC has arranged a $15.1 million loan through the Federal Housing Administration for the refinancing of Arbor Courts, a 150-unit workforce housing property in Fargo. Built in 2015, the four-building property is located at 3900 56th St. Monthly rents range from $800 to $1,200. Mike Polencheck and Jon Killough of Bellwether Enterprise arranged the loan on behalf of the borrower, Arbor Courts LLC, an affiliate of Epic Management.

August 26, 2020

Acquisitions Kansas Midwest Retail

PEBB Enterprises Sells Tires Plus-Occupied Retail Property in Overland Park for $2.2M

by Kristin Harlow August 26, 2020

OVERLAND PARK, KAN. — PEBB Enterprises has sold a retail property leased to Tires Plus at its Pinnacle Village shopping center for $2.2 million. Four Corners Property Trust purchased the 7,740-square-foot building, which is located in the Kansas City suburb of Overland Park. Colliers International brokered the sale. PEBB acquired the 126,909-square-foot Pinnacle Village in May 2018. DSW and Michael’s are the anchor tenants.

August 26, 2020

Acquisitions Illinois Midwest Retail

Adelphia Properties Brokers Sale of 8,125 SF Retail Building in Mount Prospect, Illinois

by Kristin Harlow August 26, 2020

MOUNT PROSPECT, ILL. — Adelphia Properties has brokered the sale of an 8,125-square-foot retail building located at 263-301 E. Rand Road in Mount Prospect, approximately 23 miles northwest of Chicago. The sales price was undisclosed. The value-add property was 23 percent occupied at the time of sale. George Spirrison and Simeon Spirrison of Adelphia represented the seller, a Chicago-based private real estate investor. The buyer was also a Chicago-based private investor.

August 26, 2020

Development Kansas Midwest Multifamily

Block Real Estate Services Begins Development of $60M Apartment Complex in Suburban Kansas City

by Kristin Harlow August 25, 2020

OVERLAND PARK, KAN. — Block Real Estate Services LLC has begun development of a $60 million apartment complex in Overland Park, an upscale suburb of Kansas City. Designed by Hoefer Wysocki, The Residences at Galleria is part of the first phase of the larger $350 million project known as Galleria. Phase I includes two apartment buildings, office space, retail and entertainment space and parking. The Residences at Galleria will rise four stories with 322 units, which will surround a 43,000-square-foot courtyard equipped with a pool, bar, hot tub, cabanas, fire pits and lounge areas. Additional amenities will include a game room, golf lounge, dog park and outdoor cinema. Completion is slated for 2022. Titan Built is the general contractor.

August 25, 2020

Midwest Minnesota Retail

Best Buy’s Online Sales Increase 242 Percent in Second Quarter

by Kristin Harlow August 25, 2020

MINNEAPOLIS — Best Buy Co. Inc. (NYSE: BBY) reported that its online sales increased 242 percent for the 13-week quarter that ended Aug. 1 compared with the same time period last year. Products that help people work, cook and learn at home such as computing, appliances and tablets were the largest drivers of sales growth for the second quarter, according to Corie Barry, CEO of the Minneapolis-based retailer. Sales at open stores grew by 5.8 percent. However, growth is not likely to continue at the same pace and the retailer will have higher expenses once all of its stores are reopened, according to CFO Matt Bilunas. “As we plan for the back half of the year, we continue to weigh many factors, including potential future government stimulus actions, the current shift in personal consumption expenditures from areas like travel and dining out, the possible depth and duration of the pandemic, the risk of higher unemployment over time and the availability of inventory to match customer demand,” says Bilunas. There are more than 900 Best Buy stores nationwide. Best Buy’s stock price closed at $117.36 per share Monday, Aug. 24, up from $67.65 per share one year ago.

August 25, 2020

Acquisitions Industrial Midwest Wisconsin

Coldwell Banker Commercial Brokers $7.9M Sale of Manufacturing Facility in Janesville, Wisconsin

by Kristin Harlow August 25, 2020

JANESVILLE, WIS. — Coldwell Banker Commercial has brokered the $7.9 million sale of a 305,000-square-foot manufacturing facility in Janesville, approximately 40 miles southeast of Madison. The building is located at 2101 Kennedy Road within the Kennedy Road Industrial Park. Constructed in the 1960s, the facility features a clear height of 24 feet, six exterior docks, three drive-in doors and 65,000 square feet of office space. The building is leased to Hufcor, which designs and manufactures operable partitions. Borden Family Trust sold the building to Badger Property Investors. Bill Mears of Coldwell Banker Commercial McGuire Mears brokered the sale on behalf of both parties.

August 25, 2020

Development Industrial Midwest Wisconsin

Principle Construction Completes 205,732 SF Warehouse in Pleasant Prairie, Wisconsin

by Kristin Harlow August 25, 2020

PLEASANT PRAIRIE, WIS. — Principle Construction Corp. has completed construction of a new 205,732-square-foot warehouse at 8500 116th St. in Pleasant Prairie, about 37 miles south of Milwaukee. Originally developed as a speculative project, the building received a tenant late last autumn. Principle accommodated the needs of the new tenant, which will use the space for large coil storage. The project features 23 dock doors, two drive-in doors and a clear height of 32 feet. The building sits on a 12.8-acre site. Partners in Design served as project architect.

August 25, 2020

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