CHICAGO RIDGE, ILL. — JLL Capital Markets has arranged the $2.2 million sale of a single-tenant retail building net leased to Starbucks in Chicago Ridge, about 20 miles southwest of Chicago. Completed this year, the 2,400-square-foot building features a drive-thru and patio. It sits on 9.6 acres at 10259 S. Harlem Ave. Alex Sharrin led the JLL team representing the seller, Glazier Corp. An undisclosed investor purchased the asset.
JEFFERSONVILLE, IND. — Chicken Salad Chick is set to open its first restaurant in Indiana within the Louisville suburb of Jeffersonville. Located at 1520 Veterans Parkway, the restaurant is set to open on Tuesday, June 16. The first 100 guests will receive free chicken salad for a year. Chicken Salad Chick is following state guidelines for the coronavirus and will open the Jeffersonville restaurant at limited capacity with social distancing measures in place. The location features a drive-thru and outdoor seating. Karen and Jon Riddle of Derby City Chicks LLC are the new franchise owners.
CHICAGO — Trammell Crow Co. (TCC), a Texas-based developer, has unveiled plans for Fulton Labs, a 423,454-square-foot life science facility in the Fulton Market neighborhood of Chicago. Located at 400 N. Aberdeen St., Fulton Labs will span 16 floors, with 12 floors of wet or dry lab space, dependent on the tenant’s needs. The lab space will be equipped for drug, chemical and biological testing as well as digital research and analysis. The facility’s 34,000-square-foot, column-free floor plates will be able to accommodate small startups as well as multi-floor tenants. The building will also feature passenger and freight elevators, as well as chemical and equipment storage space for tenants. “With Fulton Labs’ advanced research and development infrastructure, flexible lab spaces, and full floor launchpad for early stage companies, we are confident that this facility will help to promote growth in the Midwest’s life science industry,” says Grady Hamilton, managing director of TCC’s Midwest Business Unit. The building will feature 35,000 square feet of amenity space, which will include a health and wellness center, a 190-person collaboration center, a rooftop fire lounge and two private balconies per floor. The property will offer access to interstates 90, 94 and 290, as well …
CINCINNATI — Phillips Edison & Co. Inc. (PECO), an internally managed real estate investment trust and owner of grocery-anchored shopping centers, has issued an update regarding the impact of the COVID-19 impact. Rent and recoveries collected for May totaled 80 percent of monthly billing, up from 78 percent in April. Cincinnati-based PECO says that once tenants are open and able to pay their standard monthly rent, the landlord will begin discussions about recovering missed rent payments. As of May, 91 percent of PECO’s tenants were open for business. PECO has recently launched PECO Connect, a new webpage designed to help tenants reopen as states continue to relax social distancing and stay-at-home requirements. The resources include information on curbside pickup, outdoor dining, signage, educational webinars, tenant rewards and an internal communications platform. PECO manages a portfolio of 312 properties, including 285 wholly owned properties comprising approximately 31.9 million square feet across 31 states.
PLAINFIELD, IND. — Mygrant Glass Co. has inked a 69,005-square-foot industrial lease at the newly built Gateway V distribution center located at 845 Airtech Parkway in Plainfield near the Indianapolis International Airport. California-based Mygrant is an independent distributor of auto glass. The company plans to move into the facility in the fourth quarter once interior improvements are completed. The 262,758-square-foot Gateway V, owned by HSA Commercial Real Estate, is now 75 percent leased. The other building tenants are Safran Nacelles and LifeNet. Developed on a speculative basis and delivered in 2019, Gateway V features a clear height of 32 feet, 30 truck docks, four drive-in doors, 185 car parking stalls and 70 trailer positions. Terry Busch and Jared Scaringe of CBRE represented ownership in the new lease. Michael Jeppesen of IPG Commercial and Michael Weishaar of Cushman & Wakefield represented Mygrant. HSA has developed six buildings totaling approximately 900,000 square feet at Gateway Business Park.
FAIRMONT, MINN. — Lakeview Methodist Health Care Services has started construction of a 72-bed skilled nursing facility in Fairmont, located in the southern part of Minnesota near the Iowa border. Wold Architects designed the two-story, 86,000-square-foot property, which Kraus-Anderson Construction will build. Development costs are estimated at $24 million. Construction is slated for completion by fall 2021. Located at 610 Summit Drive on Lakeview Methodist’s campus overlooking the Budd and Sisseton lakes, the new facility will feature a child daycare center, dining room, overnight guest room, gift shop, movie theater, fitness center, beauty shop, courtyard and gardens. Lakeview Methodist has worked in the Minnesota skilled nursing sector for 50 years and provides 24-hour care for short- or long-term stays.
LENEXA, KAN. — DaVinci Roofscapes has signed a 66,883-square-foot industrial lease at 13900 W. 101st St. in Lenexa. The Lenexa-based company is a supplier of roofing and siding and is expanding its warehousing needs. Mike VanBuskirk, Chris Robertson, Seamus McLaughlin and Tommy Gentry of Newmark Grubb Zimmer negotiated the lease transaction. The 111,883-square-foot building is now fully leased. The landlord was undisclosed.
OAK CREEK, WIS. — Marcus & Millichap has arranged the $5.9 million sale of the La Quinta Inn Milwaukee Airport, a 99-room hotel in Oak Creek, about 15 miles south of Milwaukee. The property is located at 7141 S. 13th St. near the General Mitchell International Airport. The three-story hotel was built in 1989. Ebrahim Valliani, Allan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the buyer, a limited liability company.
By Ray Balfanz, Outlook Management Group What does Milwaukee bring to mind? Beer? Cheese? TV’s “Happy Days?” Perhaps the city chosen as the site for the 2020 Democratic National Convention? Yes, that’s us — being recognized and happy about it. But since I began penning this piece in March, we’ve experienced a world of change in the realities of group gatherings: we can hardly have 10 people in a group now, let alone thousands of delegates filling our new Fiserv Forum. It’s anybody’s guess how long the multi-trillion-dollar brick-and-mortar retail industry will be effectively shuttered and how the industry will have changed when it’s over. So without a crystal ball, I’m sharing Milwaukee’s story of how our retail developments have kept relevant for our consumers, while hoping for the best possible outcome once we’re on the other side of this coronavirus pandemic. “A great place on a great lake” our tourism slogan once proclaimed — and indeed it is. Milwaukee is a largely undiscovered gem with excellent quality of life and endless spots at which to spend your hard-earned cash: a prolific culinary scene, first-rate arts offerings and vibrant retail. From the reimagined Drexel Town Square, to redeveloped Bayshore, to …
INDIANA AND OHIO — Canada-based Granite Real Estate Investment Trust (NYSE: GRP.U) has acquired eight U.S. industrial properties totaling approximately 4 million square feet for $246.1 million. The buildings are fully leased to various tenants. The Midwest properties include: 445 Airtech Parkway in Indianapolis; 5415 Centerpoint Parkway in Obetz, Ohio; 6201 Green Pointe Drive South in Groveport, Ohio; 8779 Le Saint Drive in Hamilton, Ohio; and 8754 Trade Port Drive in West Chester, Ohio. Granite also acquired three properties in the Southeast. These include: 4460 E. Holmes Road in Memphis, Tenn.; 4995 Citation Drive in Memphis, Tenn.; and 8650 Commerce Drive in Southaven, Miss. The acquisitions are expected to close in the second quarter. Granite expects to fund the purchases using a combination of net proceeds from its recent equity offering and cash on hand. Granite’s portfolio consists of more than 90 properties totaling approximately 40.3 million square feet of leasable area.
