POLO, ILL. — Marcus & Millichap has brokered the sale of a 9,900-square-foot retail property occupied by Dollar General in Polo in northwest Illinois. Renovated for Dollar General in 2009, the building is located at 107 E. Dixon St. Daniel Hurd and Edward Kemp of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The duo also secured and represented the buyer, a limited liability company.
By Chris Bruzas, Berkadia While the COVID-19 pandemic has had a dramatic impact on the commercial real estate industry, bright spots have emerged across the multifamily landscape. Nationally, secondary and tertiary markets demonstrate resilience and strong performance, despite challenging circumstances. One of these bright spots is Indiana. Since the start of the year, Berkadia’s investment sales and mortgage banking teams have closed more than $498 million in combined sales and financing across the state. While Indiana has long been a solid market in the Midwest, in recent years it has emerged as particularly attractive to investors for a few key reasons. Available scale The ability to acquire scale is increasingly important to investors looking to break into new markets and MSAs. Immediate scale is attractive for several reasons. For investors, acquisition at scale enhances geographic and unit diversification at the outset. It also allows investors, specifically those new to the region, to maximize business efficiencies on expenses. If a new buyer can acquire 1,000 units in proximity, they can reduce the burden of staff, construction costs and travel costs, to name a few. Additionally, it helps with leasing. If a prospective tenant tours a property that doesn’t have floor plans …
ARDEN HILLS, MINN. — Stahl has completed construction of the new $37.9 million Army National Guard Readiness Center in Arden Hills, about 10 miles northeast of Minneapolis. Designed by LEO A DALY, the 135,000-square-foot facility will serve as the headquarters for the Red Bull Infantry Division. In the last decade, the Red Bull unit has grown significantly in personnel, equipment and technology, says Stahl. The new facility provides training and secure administrative, work and storage areas. The project is expected to achieve LEED Silver certification.
CHICAGO — NorthPoint Development has selected Cushman & Wakefield to market the three remaining sites at Commerce Park Chicago. The sites offer up to an additional 1.9 million square feet of Class A industrial space. Located at the former Republic Steel site in Chicago’s Hegewisch neighborhood, Commerce Park Chicago is a 2.4 million-square-foot industrial park. Larry Goldwasser, Jason West and Colin Green of Cushman & Wakefield will represent Kansas City-based NorthPoint in both for-lease and build-to-suit opportunities.
GALESBURG, ILL. — Corteva Agriscience has leased 300,000 square feet at a former Maytag facility located at 1801 Monmouth Blvd. in Galesburg, about 45 miles northwest of Peoria. Corteva is an agricultural chemical and seed company. Phoenix Investors owns the building, which has been vacant since Maytag closed the plant over a decade ago. Phoenix purchased the facility in June 2019. Corteva will take occupancy this fall once renovations are completed.
GAHANNA, OHIO — Thompson Thrift Retail Group (TTRG), a wholly owned subsidiary of Indianapolis-based Thompson Thrift, has sold a freestanding retail property in the Columbus suburb of Gahanna for an undisclosed price. Bank of America and Merrill Lynch are scheduled to open at the two-story, 8,830-square-foot property later this year. The one-acre parcel is located at the northeast corner of Hamilton and Blendon Place roads. Dylan Mallory of Hanley Investment Group Real Estate Advisors represented TTRG in the sale. The buyer was undisclosed.
FORT WAYNE, IND. — Sturges Property Group has brokered the sale of a 4,296-square-foot office building located at 608 Union Chapel Road in Fort Wayne. The sales price was undisclosed. Neal Bowman and Phil Hagee of Sturges represented the seller, Nolan Commercial Property, as well as the buyer, Professional Emergency Physicians.
HIGHLAND PARK, ILL. — Developer Capitol Seniors Housing has completed the development of Atria Highland Park, an 86-unit assisted living and memory care community in the Chicago suburb of Highland Park. Atria Senior Living operates the three-story, 72,000-square-foot property. Designed by Mosely Architects and StudioSix5, the community includes amenities such as a library, theater, art studio, multi-purpose room, fitness center, wellness center, restaurant, bistro and private dining room. There are 22 memory care suites. The community sits on 2.6 acres near the Sunset Valley Golf Course. Core Construction was the general contractor.
DETROIT — The MGM Grand Detroit casino plans to cut about 1,100 jobs as part of a national downsizing plan from MGM Resorts International, according to media reports. Nationwide, MGM is laying off 18,000 of its furloughed workers, citing slow business amid the COVID-19 pandemic. MGM Grand Detroit and the city’s two other casinos, MotorCity Casino Hotel and Greektown Casino-Hotel, reopened at 15 percent capacity on Aug. 5.
ST. LOUIS — US Carriers has purchased 16 acres along the Mississippi River in north St. Louis City for an undisclosed price. The land is located at 9320 and 9350 Riverview Drive within an opportunity zone. Steve Stradal, Brian Kelley and George Convy of Avison Young represented the seller, the estate of the late artist and sculptor Bob Cassily. The land was intended to be a part of Cassily’s public art exhibit, Cementland. Avison Young is currently marketing for sale the other 40 acres of Cementland at 9403 Riverview Drive.