MILWAUKEE — Brennan Investment Group has acquired a 98,600-square-foot industrial facility in Milwaukee. The seller and sales price were undisclosed. The property, located at 11925 W. Carmen Ave., is fully leased to Hilmot, a provider of conveyor equipment. Andy Hess and Derek Yentz of Founders 3 Real Estate Services represented Brennan in the transaction. Chicago-based Brennan has acquired more than $4 billion in industrial real estate since 2010.
MENOMONEE FALLS, SUN PRAIRIE AND NEW BERLIN, WIS. — Associated Bank has provided $8.6 million in three separate loans for the land acquisition and construction of early childhood learning centers in three Wisconsin cities. Bradford Real Estate was the borrower. Each of the standalone, 10,000-square-foot buildings will be fully leased by The Learning Experience, which provides childcare and educational services for children ages six weeks to six years. The centers will be located in Menomonee Falls, Sun Prairie and New Berlin. All three are slated for completion this year. Daniel Barrins of Associated Bank managed the loans and closings.
CHICAGO — Essex Realty Group Inc. has arranged the sale of 6700 S. Constance Avenue, a multifamily property in Chicago’s Jackson Park Highlands neighborhood, for $4.3 million. Jim Darrow, Jordan Gottlieb and Jordan Multack represented the buyer, a New York-based real estate group. Brian Mond of Essex represented the seller, a local family who owned the asset for more than 40 years. The 78-unit property represents a value-add opportunity for the buyer, as it features vintage finishes and below-market rents, according to Essex.
CLEVELAND AND BRECKSVILLE, OHIO — The Sherwin-Williams Co. (NYSE: SHW) plans to develop a new world headquarters building in downtown Cleveland, as well as a research and development (R&D) center in the Cleveland suburb of Brecksville. The company plans to invest $600 million to construct both facilities. The paint manufacturer and retailer’s headquarters building will span 1 million square feet just west of Public Square between Saint Clair and Superior avenues. The R&D center will span 500,000 square feet and will be located off Interstate 77 at Miller and Brecksville roads, 16 miles south of downtown Cleveland. The transition to the new facilities won’t occur until 2023 at the earliest, the company says. Sherwin-Williams previously launched a nationwide search for its new headquarters location before deciding to stay in Ohio, where it has been based since it was founded in 1866. “We currently operate out of a 90-year-old headquarters building that has served us well but is no longer conducive to meeting our future needs,” says John Morikis, the company’s chairman and CEO. “The major planned investment in Cleveland and Northeast Ohio we are announcing today reflects our confidence in the continued strength of the region and its people and …
CHICAGO — Skender has begun interior construction of the new 536,000-square-foot Bank of America Tower at 110 N. Wacker Drive in Chicago. Bank of America will relocate approximately half of its employees, roughly 2,000 people, from its current office at 135 S. LaSalle St. upon completion of the new building. The Charlotte, N.C.-based bank will occupy 17 floors of the 56-story office tower. Bank of America’s space will include private offices, open workstation areas, conference rooms, work cafes, support space and other workplace amenities. Unique features will include a trading floor, barista bar and market café with two outdoor terraces. The interior will also feature an internal staircase that will connect a two-floor conference center and executive suite. Serving as general contractor, Skender is collaborating with Interior Architects and JLL on the project. Completion is slated for the fourth quarter of this year. Howard Hughes Corp. and Riverside Investment & Development are the developers of the nearly $800 million project. Several law firms, including King & Spalding, as well as investment bank Lincoln International and coworking space provider No18 have signed leases at the property, according to the Chicago Tribune.
WEST LAFAYETTE, IND. — Muinzer has acquired Village West Apartments, a 1,134-bed student housing community located near the Purdue University campus in West Lafayette, for $48 million. The seller in the off-market transaction was undisclosed. Village West offers two-, three- and four-bedroom, fully furnished units. Shared amenities include a clubhouse, state-of-the-art fitness center, two basketball courts, a study center, media lounge, resort-style swimming pool, dog park, volleyball court, grilling areas and a private shuttle to campus. Muinzer is a fully integrated real estate investment, development and property management firm with offices in West Lafayette and Chicago. Scott Clifton and Stewart Hayes of JLL represented the undisclosed seller.
OAK BROOK, ILL. — A joint venture between Clear Height Properties and Buligo Capital has purchased 814 Commerce Drive, a three-story, 171,933-square-foot office building in the Chicago suburb of Oak Brook. The purchase price was undisclosed. The buyers plan to reposition the building, which was constructed in 1990. Improvements will be made to the exterior façade, building entryway, lobby, common areas and landscaping. Commercial real estate firm IRC leases 43,000 square feet at the building and Innovista Health occupies 41,000 square feet. DeVry University, which currently leases 66,500 square feet on the second floor for its Oak Brook campus, plans to relocate. Art Burrows, James Adler and Dan O’Neill of NAI Hiffman represented the seller, Elliott Management. NAI Hiffman has been named the exclusive marketing and property management representative for the property.
CEDAR RAPIDS, IOWA — Marcus & Millichap has arranged the sale of an 83,286-square-foot self-storage facility known as Cedar Storage in Cedar Rapids for $5.5 million. The property includes 374 units as well as RV and boat storage. It is located at 804 Vernon Valley Drive. Britney Hendricks and Sean Delaney of Marcus & Millichap marketed the property on behalf of the seller, an individual trust. The team also represented the buyer, a private investor.
ROMEOVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has purchased a 37,092-square-foot industrial building in Romeoville for an undisclosed price. Built in 1990, the property is located at 1319 Marquette Drive, approximately 30 miles southwest of Chicago. It features one exterior dock, three drive-in doors and parking for 135 cars. At the time of sale, the building was fully leased to one tenant. Ryan Klink of Cushman & Wakefield represented Venture One in the transaction.
The Indianapolis industrial market somehow heated up even more throughout 2019, setting several all-time records along the way and setting the table for another strong year in 2020. Landlords and tenants showed just how strong the market remained throughout 2019, with absorption across all industrial property types besting its previous record by nearly a third. A total of 11.4 million square feet was absorbed throughout the market in 2019. That blew away what was a record at the time — 8.9 million square feet absorbed in 2018. Tenants were active all throughout the market, with 17.3 million square feet of space leased over the course of the year. That’s up from just under 14 million square feet that had been leased in 2018. While all sectors of the market attracted plenty of attention, the southwest and northwest Indianapolis markets saw the most action, with 5.3 million square feet leased in the southwest, and another 5 million square feet leased in the northwest. The activity applied to both small and large tenants, with new projects all over the metro leasing up quickly. The city’s largest deal was a 933,000-square-foot lease to Energizer at Franklin Tech Park within a year of Sunbeam …