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Midwest

DevelopmentMidwestMixed-UseNebraska

Hines to Redevelop Portion of Conagra’s Omaha Campus into Mixed-Use Project

by Kristin Harlow

OMAHA, NEB. — Hines has unveiled plans to redevelop a portion of Conagra Brands’ existing Omaha campus into a mixed-use project known as The Mercantile. When fully developed, the project will encompass more than 20 acres and offer a mix of residential, commercial and green space. The development will overlook the Heartland of America Park lake. Hines will redevelop the northwest portion of the Conagra campus. Conagra’s nearly 1,300 employees in Omaha will continue to occupy the three office buildings on the southeast portion of the site. The project’s first vertical development will be a 375-unit apartment building with 42,000 square feet of ground-floor retail space. Hines will also construct a 720-car parking structure. Construction is expected to begin before the end of the year.

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AcquisitionsHealthcareMidwestMissouri

NKF Arranges $56.1M Sale-Leaseback of Missouri Medical Office Portfolio

by Kristin Harlow

JEFFERSON CITY, MO. — Newmark Knight Frank (NKF) has arranged the $56.1 million sale-leaseback of the Jefferson City Medical Group (JCMG) portfolio. The two medical office assets total 184,181 square feet and are located at 1241 and 1225 W. Stadium Blvd. in central Missouri. JCMG is one of Missouri’s largest multi-specialty groups and has been serving the Jefferson City area for more than 25 years. The portfolio included JCMG’s medical building and its adjacent orthopedic center. Todd Perman, Dana Hamric and Richard Gerakitis of NKF, along with Kevin McLaughlin of NGZ, represented the sellers, four different ownership entities. MB Real Estate Advisors was the buyer.

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AcquisitionsMidwestMissouriRestaurantRetail

Hanley Investment Group Negotiates $5M Sale of Restaurant Property in St. Louis

by Kristin Harlow

ST. LOUIS — Hanley Investment Group Real Estate Advisors has negotiated the sale of a single-tenant property occupied by Raising Cane’s Chicken Fingers in St. Louis for $5 million. The 2,913-square-foot restaurant, located at 805 S. Vandeventer Ave., opened in August. Jeff Lefko and Bill Asher of Hanley, along with John Shuff of Pace Properties, represented the seller, Creve Coeur-based Noles Properties. A Newport Beach, Calif.-based private investor purchased the asset. The property sold at a cap rate of 5.97 percent.

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AcquisitionsIndustrialMidwestOhio

Reichle Klein Group Brokers $1.5M Sale of Warehouse in Toledo, Ohio

by Kristin Harlow

TOLEDO, OHIO — Reichle Klein Group has brokered the sale of a 25,270-square-foot office and warehouse building in Toledo for $1.5 million. The property is located at 2940 Centennial Road. Ron Jurgenson of Reichle Klein represented the buyer, Toledo-based Tolson Investment LLC. Megan Malczeski of Signature Associates represented the seller, Toledo-based WaterStone Ltd.

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Leasing ActivityMichiganMidwestRetail

Galactic Toys & Collectibles Opens Second Location in Michigan

by Kristin Harlow

GRAND RAPIDS, MICH. — Galactic Toys & Collectibles has opened its second location at 4174 Alpine Ave. NW in the Comstock Park area of Grand Rapids. The store spans 3,862 square feet. The Grand Rapids-based retailer’s first location is on 28th Street near Woodland Mall. Galactic sells toys, board games, action figures and other collectibles. Jon Greenen of Colliers International handled leasing on behalf of Galactic.

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DevelopmentIllinoisIndustrialMidwest

Premier Design + Build Breaks Ground on 48-Acre Industrial Project in Itasca, Illinois

by Kristin Harlow

ITASCA, ILL. — Premier Design + Build Group has broken ground on a 48-acre industrial project in Itasca on behalf of developer Bridge Development Partners LLC. The project will feature three new industrial buildings totaling 741,621 square feet. In addition to the industrial buildings, Bridge Point Itasca will include more than seven acres of land newly zoned for retail use. In July, Premier supervised the demolition of two decommissioned radio broadcast towers. Each of the industrial buildings will be constructed with a clear height of 32 feet and will be intended for distribution and logistics use. The project team includes Cornerstone Architects Ltd., civil engineer Spaceco Inc. and structural engineer Swift Structural Design LLC. Lee & Associates will market the property for lease. Webster Bank and Associated Bank provided project funding.

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AcquisitionsHealthcareKansasMidwest

Echo Development Group Acquires Class A Medical Office Building in Topeka, Kansas

by Kristin Harlow

TOPEKA, KAN. — Echo Development Group Inc., in association with Quivet Neck HCRE LLC, has acquired a Class A medical office building anchored by the University of Kansas Health System and Stormont Vail Health. The property spans approximately 27,000 square feet and is located at 601 SW. Corporate View. The fully occupied building is also home to a hearing, balance and physical therapy clinic as well as a pharmacy. An additional 1.5 acres adjacent to the building were included in the acquisition. Echo plans to build 20,000 square feet of complementary Class A medical space. Neither the seller nor the sales price were disclosed.

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IllinoisLeasing ActivityMidwestOffice

Mag Mile Capital Opens New Headquarters Office in Chicago’s West Loop

by Kristin Harlow

CHICAGO — Mag Mile Capital has opened its headquarters office in a new custom-built location in Chicago’s West Loop. The new office is located at 1141 W. Randolph St. within the Fulton Market district. It features a loft-style design with private rooftop access. Mag Mile celebrated the opening with an evening reception for its team, clients, partners and vendors in October. Mag Mile Capital, a full-service commercial real estate mortgage and investment banking firm, now has seven offices across the country. Rushi Shah serves as president and CEO.

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AcquisitionsIllinoisMidwestRetail

Adelphia Arranges Sale of 8,020 SF Retail Building in Morton Grove, Illinois

by Kristin Harlow

MORTON GROVE, ILL. — Adelphia Properties has arranged the sale of an 8,020-square-foot retail building in Morton Grove for an undisclosed price. The property is situated on one acre at 9300 Waukegan Road near Skokie. Gail’s Carriage Grove, a restaurant and pancake house, is a tenant at the property. George Spirrison and Simeon Spirrison of Adelphia represented the seller, a private Chicago-based real estate investor. A local private buyer purchased the asset.

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AcquisitionsIndianaMidwestRetail

Baum Brokers $1.4M Sale of Two-Tenant Retail Property in Indiana

by Kristin Harlow

VALPARAISO, IND. — Baum Realty Group LLC has brokered the sale of a 3,600-square-foot retail property leased to Starbucks and Rosati’s Pizza in Valparaiso for $1.4 million. The asset serves as an outparcel to a shopping center anchored by grocer Strack & Van Til. Starbucks recently extended its lease for an additional 10 years. Patrick Forkin of Baum represented the seller, a private regional investor. The buyer was not disclosed.

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