Midwest

CANAL WINCHESTER, OHIO — The Opus Group (Opus) has broken ground on Winchester Logistics Park, a two-building speculative industrial development in Canal Winchester, Ohio, near Columbus. Construction on a mid-size, 258,000-square-foot and a larger, 556,000-square-foot cross-dock building is scheduled for completion in the summer of 2020. Near U.S. Highway 33, the I-270 beltway and I-70, Winchester Logistics Park will contain build-to-suit office space, 32 to 36-foot clear heights, LED lighting and auto and trailer parking, intended for industrial users. Opus is the developer, design-builder, architect and engineer of record. The development is a joint venture with New York-based AIG Global Real Estate, the real estate equity investment arm of insurer American International Group Inc. (AIG). First National Bank of Omaha provided financing for the project. Brian Marsh and Dan Wendorf of JLL will market the project for lease.

FacebookTwitterLinkedinEmail

CHICAGO – Huron has renewed its 134,000-square-foot headquarters lease in Union Tower located at 550 W. Van Buren St. in Chicago. Colliers International’s David Burden and Michael Marrion represented Huron in the lease negotiations, and Cushman & Wakefield represented the building landlord, Onni Group. Huron is a global management consulting company offering services to the healthcare, higher education, life sciences and commercial industries. Onni Group owns the 17-story, 332,000-square-foot office building and has aided Huron in its tenant improvements as well as agreeing to additional upgrades to common areas of the building. The building is currently undergoing renovations to its fitness center and tenant lounge, with expected completion by the end of the year.

FacebookTwitterLinkedinEmail

URBANDALE, IOWA — R&R Realty Group (R&R) will develop a 13,867-square-foot, build-to-suit health clinic for UnityPoint Clinic in its Center Pointe business Park in Urbandale. Slated to open in fall 2020, the clinic will offer urgent care, a sports medicine and concussion center along with physical therapy services. Located at the junction of 100th Street and I-80/35 in Urbandale’s Urban Loop, Center Pointe Business Park will contain more than 1 million square feet of office and retail space once completed. UnityPoint is a West Des Moines-based health system.

FacebookTwitterLinkedinEmail

CHICAGO —Interra Realty has brokered the sale of 5827 N. Ridge Ave., a four-story, 18-unit apartment building in Chicago’s Edgewater neighborhood, for $3.7 million. Built in 1926, the property was gut-renovated in the past year, and the apartments were fully occupied at the time of sale. It is located near public transportation and is approximately 10 miles from downtown Chicago. Patrick Kennelly and Paul Waterloo of Interra represented both the seller, Campbell Street Asset Management Inc., and the buyer, a local private investor, in the transaction. At $205,555 per unit, the sale represents the second-highest per-unit price in Edgewater so far in 2019, according to data from CoStar Group.

FacebookTwitterLinkedinEmail

SEATTLE AND TOLEDO, OHIO — Merrill Gardens, a Seattle-based owner-operator, has formed a joint venture with ReNew, a Toledo-based REIT. The two companies will co-own 26 of the 28 seniors housing properties that ReNew is acquiring from New Senior Investment Group. In addition to owning a minority stake in the venture, Merrill Gardens will take over operations of the 26 communities. The two companies have worked together before on other joint ventures. An existing operating partner of ReNew will operate the final two communities in the portfolio, with ReNew taking a full ownership stake in those properties. The transaction brings Merrill Gardens’ total portfolio to 65 communities in 17 states. Of the 26 communities that will now be part of the Merrill Gardens portfolio, 15 are currently managed by Blue Harbor, the Portland-based management company that Merrill Gardens purchased in early November. Merrill Gardens also recently announced the addition of Tana Gall as president, replacing Dave Eskenazy who plans to retire early next year. Gall was the CEO at Blue Harbor for the past three years and she will now oversee the expanded Merrill Gardens portfolio. “This agreement provides an important chance for us to expand our footprint and diversify …

FacebookTwitterLinkedinEmail

CHICAGO — Developer Fifield Cos. has topped off 740 N. Aberdeen in Chicago’s River West neighborhood. The 11-story building will include 188 apartment units and 2,400 square feet of ground-floor retail space. Completion is slated for fall 2020. The project team includes Fitzgerald Associates Architects and McHugh Construction. Morgante Wilson Architects designed the apartment and amenity interiors. Units at the property will range from 540 to 1,513 square feet. Amenities will include a fitness club, resident lounge, party room, coffee bar, coworking space and bike storage. A sun terrace on the third floor will feature a pool, dining areas and grilling stations. In addition, Hitchcock Design Group is developing a public park adjacent to the building that will include a dog park and dedicated access for residents.

FacebookTwitterLinkedinEmail

HOFFMAN ESTATES, ILL. — Harbert Management Corp. has acquired Poplar-Prairie Stone Crossing, a 316,575-square-foot shopping center in Hoffman Estates. The purchase price was not disclosed. Tenants include TJ Maxx, Ross Dress for Less, Cost Plus World Market, PetSmart, Old Navy and Ulta. Target shadow anchors the property. CBRE represented the seller, Walton Street Capital.

FacebookTwitterLinkedinEmail

ITASCA, ILL. — Keyence Corp. has signed an industrial lease for 80,849 square feet at Building II in Bridge Point Itasca, a three-building industrial campus currently under development in Itasca. Keyence, a manufacturer of automation sensors, barcode readers, measuring instruments and digital microscopes, is the first tenant to sign a lease at the 741,621-square-foot project. Bridge Development Partners is the landlord. Keyence is slated to take occupancy in the third quarter of 2020. Building II, spanning 247,176 square feet, will feature a clear height of 32 feet, 34 exterior docks, two drive-in doors and parking for 234 cars. Chris Nelson and Jeffrey Janda of Lee & Associates represented Bridge in the lease transaction. David Haigh of NAI Hiffman and Mike Nicholson of Acclaim Group represented Keyence.

FacebookTwitterLinkedinEmail

DOWNERS GROVE, ILL. — Crown Castle has leased 48,000 square feet of office space at Highland Landmark II in Downers Grove. The provider of communications infrastructure is consolidating all five of its Chicago-area locations into the new space. Highland Landmark II, located at 3025 Highland Parkway, is a 284,000-square-foot building within a 42-acre office park. Amenities include a deli, conference center and fitness center. David Burden, Tom Berarducci and Jay Kyle of Colliers International represented Crown Castle in the lease transaction. Jeff Shay and Karla Harmon of JLL represented the building owner, James Campbell Co.

FacebookTwitterLinkedinEmail

It’s no secret that Grand Rapids is one of the fastest growing cities in the United States. Grand Rapids and its surrounding suburbs led much of Michigan’s population growth last year and have been continuously recognized by national surveys. Two studies conducted by WalletHub in late 2018 and early 2019 ranked Grand Rapids in the top 10 percent of cities analyzed as having one of the fastest growing economies and also ranked it in the top 30 percent of markets studied as being one of the best places to find a job. While it’s obvious that this growth in population and availability of jobs has been the key driver behind the increase in new multifamily developments, it has also had a major influence on the retail sector. From national restaurant chains and retailers to new local food and beverage concepts, key performance indicators such as low vacancy rates and increased rental rates are moving in a positive direction for the Grand Rapids commercial retail market. What retail apocalypse? These days, news articles related to retail properties across the nation may lead to a state of depression due to closings of  big box and chain stores that have been unable to …

FacebookTwitterLinkedinEmail