Midwest

VICI Properties Completes Acquisition of JACK Cleveland Casino, Thistledown Racino for $843.3M

by Kristin Harlow January 27, 2020

CLEVELAND AND NORTH RANDALL, OHIO — VICI Properties Inc. (NYSE: VICI) has completed the acquisition of JACK Cleveland Casino and JACK Thistledown Racino for approximately $843.3 million. The company financed the transaction with cash on hand. JACK Cleveland Casino opened in May 2012 in the historic Higbee Building in downtown Cleveland. The property features approximately 96,000 square feet of gaming space, 1,300 gaming machines, 120 table games and eight food and beverage outlets. The casino is connected to both the 205-room Ritz-Carlton hotel and the 440-room Renaissance hotel. JACK Thistledown Racino is located in North Randall, about 10 miles southeast of Cleveland. The racino — a combination of a horse racing track and a casino — opened in April 2013. Situated on 129 acres, it features the race track, approximately 57,000 square feet of gaming space, 1,459 gaming machines and six food and beverage outlets. The venue hosts the Ohio Derby horse racing event every summer. The transaction increases VICI’s “exposure to the limited license state of Ohio, which continues to be one of the healthiest gaming markets across the country,” according to John Payne, president and COO of VICI. Simultaneous with the closing of the transaction, VICI entered into …

January 27, 2020

Development Kansas Midwest Mixed-Use

Opus Completes Edison District Project in Overland Park, Kansas

by Kristin Harlow January 24, 2020

OVERLAND PARK, KAN. — The Opus Group has completed construction of the Edison District, a 125,000-square-foot retail and office development in downtown Overland Park. Located on the southwest corner of Marty and 80th streets, the five-story building offers shared office space managed by Edison Spaces on the second floor. The third through fifth floors will feature speculative office space. The project is also home to Strang Hall, a food hall with seven chef-driven concepts. Adjacent to the building is a skyway-connected parking garage with more than 400 stalls, 24 of which will remain available to the public. The project is also home to an outdoor activity plaza for hosting local events. Tim Barton and Matt Druten own Edison District. In addition to serving as developer of the project, Opus was the design-builder, interior designer, architect and structural engineer. Michael Hsu Architects provided interior design and furniture selection services for Strang Hall. Wiegmann Associates served as mechanical contractor and installed a high-efficiency HVAC system. AREA Real Estate Advisors is marketing the speculative office and retail spaces for lease.

January 24, 2020

Hospitality Illinois Loans Midwest

JLL Arranges $57.6M Refinancing for Chicago Home2Suites Hotel

by Kristin Harlow January 24, 2020

CHICAGO — JLL Capital Markets has arranged a $57.6 million refinancing for the Home2Suites by Hilton Chicago River North, a newly constructed, 206-suite extended-stay hotel in Chicago’s downtown River North neighborhood. Opened in early 2019, the 17-story hotel features a fitness center, business center, outdoor terrace, complimentary breakfast, meeting space and a ground-floor restaurant. Keith Largay, Jeff Bucaro, Nicole Aguiar and Brian Walsh of JLL arranged the floating-rate loan on behalf of the borrower, Akara Partners. A global investment management firm provided the loan, proceeds of which will be used to refinance the construction loan.

January 24, 2020

Illinois Industrial Leasing Activity Midwest

ShipFusion Signs 381,600 SF Industrial Lease in Suburban Chicago

by Kristin Harlow January 24, 2020

CAROL STREAM, ILL. — ShipFusion Inc. has signed a 381,600-square-foot industrial lease at 365 E. North Ave. in Carol Stream, a suburb of Chicago. The warehouse will serve as the e-commerce fulfillment company’s new U.S. flagship operation. The Chicago-based company provides proprietary inventory management software and a wide range of fulfillment services. Completed in 2017 on a speculative basis, the Class A facility features 40,000 square feet of temperature-controlled space, 8,500 square feet of office space as well as a clear height of 36 feet. Doug Pilcher and Jason West of Cushman & Wakefield represented ShipFusion in the lease transaction. David Prell and Kevin Segerson of CBRE represented the landlord, Link Industrial Properties.

January 24, 2020

Acquisitions Indiana Midwest Retail

Regency Properties Acquires 125,582 SF Shopping Center in Northern Indiana

by Kristin Harlow January 24, 2020

KOKOMO, IND. — Regency Properties has acquired Boulevard Crossing Shopping Center in Kokomo, about 60 miles north of Indianapolis. The purchase price and seller were undisclosed. The 125,582-square-foot shopping center is located at 2100 E. Boulevard Crossing St. Anchored by TJ Maxx, the property is also home to Petco, Shoe Carnival, Ulta, Kirkland’s and McAlister’s Deli. Regency currently owns 29 shopping centers in the state of Indiana.

January 24, 2020

Industrial Leasing Activity Midwest Wisconsin

Rust-Oleum Leases 102,000 SF of Industrial Space in Pleasant Prairie, Wisconsin

by Kristin Harlow January 24, 2020

PLEASANT PRAIRIE, WIS. — Rust-Oleum has leased 102,000 square feet of industrial space at 10100 Jelly Belly Lane in Pleasant Prairie. The owner, Jelly Belly Candy Co., will continue to occupy the remaining 132,000 square feet within the building. Kevin Barry and David Buckley of The Barry Co. brokered the lease transaction. Rust-Oleum, a manufacturer of protective paints and coatings, will use the space for its warehouse and distribution operations.

January 24, 2020

Acquisitions Midwest Minnesota Multifamily

JLL Arranges Sale of 212-Unit Apartment Property in Downtown Minneapolis

by Kristin Harlow January 23, 2020

MINNEAPOLIS — JLL Capital Markets has arranged the sale of Eitel Apartments in downtown Minneapolis for an undisclosed price. The 212-unit apartment property is located at 1367 Willow St. and overlooks Loring Park. The community consists of three buildings, one of which is a repurposed historic building that formerly housed Eitel Hospital. Unit sizes average 800 square feet. Amenities include a rooftop deck, sky lounge, fitness center, yoga studio, billiards room, sauna and two-level parking garage. The property was 90 percent occupied at the time of sale. Matthew Lawton, Kevin Girard, Wick Kirby, Josh Talberg, Dan Linnell and Mox Gunderson of JLL represented the undisclosed seller. The team also procured the institutional buyer.

January 23, 2020

Acquisitions Industrial Midwest Ohio

Stan Johnson Co. Negotiates $16.8M Sale of Distribution Facility in Findlay, Ohio

by Kristin Harlow January 23, 2020

FINDLAY, OHIO — Stan Johnson Co. has negotiated the sale of a single-tenant, 402,604-square-foot distribution facility in Findlay for $16.8 million. The warehouse is fully leased to American Plastics, a designer, manufacturer and distributor of plastic-injection molded products. It is located at 14801 County Road 212. Originally built in 1998, the property sits on 24 acres and features a clear height of 28 feet, 44 dock doors and a fenced truck court. Rob Gemerchak and Jeff Hughes of Stan Johnson represented the seller, local developer Nickolas LLC. Plymouth Industrial REIT Inc. purchased the asset.

January 23, 2020

Illinois Midwest Multifamily

Habitat Co. Named Property Manager for 724-Unit Park Tower Condo Building in Chicago

by Kristin Harlow January 23, 2020

CHICAGO — The Habitat Co. has been awarded the property management of Park Tower, a 724-unit condominium building in Chicago’s Edgewater neighborhood. Located at 5415 N. Sheridan Road and constructed in 1973, the building rises 55 stories. Amenities include a rooftop garden, grocery store, clubhouse, fitness center, pool and parking garage. Park Tower is one of the largest residential buildings in Chicago by unit count, according to Habitat, which maintains more than 22,000 units under management across six states.

January 23, 2020

Acquisitions Industrial Midwest Ohio

Reichle Klein Group Brokers $4.6M Sale of Industrial Building in Ohio

by Kristin Harlow January 23, 2020

PIONEER, OHIO — Reichle Klein Group has brokered the $4.6 million sale of a 157,550-square-foot industrial building in Pioneer in northwest Ohio. The property is located at 2 Kexon Drive. Ron Jurgenson of Reichle Klein and Tim Echemann of Industrial Property Brokers represented the seller, Pioneer’s Kidston Family Cos. Ltd. Jurgenson represented the buyer, ATD Properties LLC.

January 23, 2020

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