Midwest

NAI Hiffman Negotiates $17.1M Sale-Leaseback of Young Innovations Properties in Illinois, Missouri

by Kristin Harlow October 18, 2019

ALGONQUIN, ILL. AND EARTH CITY, MO. — NAI Hiffman has negotiated the sale-leaseback of several properties occupied by Young Innovations Inc. for $17.1 million. Young Innovations is a manufacturer and distributor of consumable dental supplies and equipment. The assets include the company’s 95,000-square-foot headquarters at 2260 Wendt St. in Algonquin as well as the firm’s three manufacturing facilities totaling 117,400 square feet in Earth City, a suburb of St. Louis. Young Innovations will maintain operations at all properties under a 20-year lease with the buyer, New York-based New Mountain Net Lease. Pat Sullivan and Ryan Chambers of NAI Hiffman brokered the sale.

October 18, 2019

Acquisitions Midwest Retail Wisconsin

Quantum Brokers Sale of 26,000 SF Retail Center in Pleasant Prairie, Wisconsin

by Kristin Harlow October 18, 2019

PLEASANT PRAIRIE, WIS. — Quantum Real Estate Advisors Inc. has brokered the sale of a roughly 26,000-square-foot retail center in Pleasant Prairie for an undisclosed price. Built in 2007, the property is located at 9740-9800 76th St. The center was fully leased at the time of sale to tenants such as Starbucks, Panda Express, Aspen Dental and AT&T. Chad Firsel of Quantum represented the seller, a Chicago-based private investor. Daniel Waszak of Quantum represented the buyer, a Miami-based investor.

October 18, 2019

Leasing Activity Michigan Midwest Office

Coworking Provider Venture X Leases 22,000 SF in Downtown Detroit

by Kristin Harlow October 18, 2019

DETROIT — Coworking provider Venture X has leased 22,000 square feet at 220 W. Congress in downtown Detroit. Venture X is a membership-based, shared workspace and community that blends a boutique hotel and modern office style. This is the company’s first location in Michigan. It will begin occupying the three floors of the 35,000-square-foot building in the first quarter. Brendan George and Jasper Hanifi of CBRE represented the landlord, Basco, in the lease transaction. Kyle Passage of Cushman & Wakefield and Dan Stewart of SVN Stewart Commercial Group LLC represented the tenant.

October 18, 2019

Acquisitions Kansas Midwest Multifamily Student Housing

Pebb Capital Sells 647-Bed Student Housing Community Near the University of Kansas

by Kristin Harlow October 17, 2019

LAWRENCE, KAN. — Pebb Capital has sold The Rockland, a 647-bed student housing community serving students at the University of Kansas in Lawrence. The community offers one- and two-bedroom units. Shared amenities include a resort-style pool and hot tub; a 24-hour business center and fitness center; a common room with a gaming station and pool table; tanning facilities; an outdoor barbecue area with a fire pit; a coffee bar; indoor and outdoor basketball courts; and a dog park. NB Private Capital acquired the property for an undisclosed price. Kevin Larimer and Greg Gonzalez of Berkadia arranged the sale. Berkadia’s Ed Kim and Jie Lee also arranged acquisition financing on behalf of buyer.

October 17, 2019

Development Industrial Midwest Wisconsin

Seefried, James Campbell Co. Complete Industrial Project in Franklin, Wisconsin

by Kristin Harlow October 17, 2019

FRANKLIN, WIS. — Seefried Industrial Properties, in partnership with James Campbell Co. LLC, has completed the shell construction of the 88,667-square-foot Franklin Business Center in suburban Milwaukee. The facility is available for users ranging from 20,000 to 88,667 square feet. Located at Oakwood Park Drive near Mitchell International Airport, the development is situated on 5.7 acres and features a clear height of 28 feet, 92 auto parking spaces, eight dock doors and two drive-in doors. Peak Construction Corp., Partners in Design Architects Inc. and Pinnacle Engineering Group made up the project team. Trent Poole, Christian Chambers and Paula Wink of CBRE are marketing the property for lease.

October 17, 2019

Development Midwest Minnesota Multifamily

Stahl to Renovate The Carlyle Residential Building in Minneapolis

by Kristin Harlow October 17, 2019

MINNEAPOLIS — Stahl has been selected to renovate The Carlyle, the tallest residential building in Minnesota. Stahl will renovate the first- and fifth-floor common areas, including the lobby; build a new clubroom and yoga room on the fifth floor; and install new finishes on all residence floors. The 39-story building was originally built in 2007. It includes 249 units. Renovation work is slated for completion in May 2020. Stahl has partnered with ESG Architects for the project.

October 17, 2019

Development Illinois Midwest Office

Skender Completes Interior Construction of 80,000 SF Spaces Location in Chicago

by Kristin Harlow October 17, 2019

CHICAGO — Skender has completed the interior construction of the eight-story, 80,000-square-foot Spaces location in Chicago. Spaces has assumed occupancy of the former Sports Authority building, located at the intersection of LaSalle Drive and Ontario Street. As the sole tenant, Spaces will enjoy private access to the building’s roof terrace, also renovated by Skender. At its new location, coworking company Spaces will provide workspace access to more than 500 business professionals from companies of all sizes. Users will have access to a gym space, large reception area and conference rooms of varying sizes. Skender collaborated with Nelson Cos., Loring Engineers, Himes Associates and Spaces parent company IWG. The property will serve as the third location in Chicago for Spaces.

October 17, 2019

Acquisitions Michigan Midwest Multifamily

Twins Real Estate Acquires 96-Unit Apartment Property in Jackson, Michigan

by Kristin Harlow October 17, 2019

JACKSON, MICH. — Twins Real Estate LLC has acquired North Pointe Apartments in Jackson, about 40 miles west of Ann Arbor. The five-building, 96-unit apartment property is located at 3021 N. Pointe Drive. Amenities include a pool, playground, picnic area and community room. Jack Johns and Stephen Hershfield of CBRE arranged the sale on behalf of the seller, Madison North Pointe LLC. Jason Brown of CBRE structured a $3.1 million Freddie Mac acquisition loan on behalf of the buyer. The 10-year, fixed-rate loan is amortized over 30 years. Andover Management will manage the property.

October 17, 2019

Illinois Market Reports Midwest Midwest Market Reports Office

Chicago CBD Office Market in the Groove, Even Property Taxes Unlikely to Bring It Down

by Kristin Harlow October 17, 2019

Despite recent concerns of an imminent market correction, the Chicago central business district (CBD) still has room to run. There are many signs of optimism in the market, including continued healthy fundamentals and a wealth of redevelopment projects injecting new life and vibrancy into various submarkets. In the second quarter, downtown Chicago wrapped up its busiest quarter for office leasing since 2016. Additionally, the downtown office vacancy rate of 11.6 percent was the lowest it had been since 2016. To top it off, Chicago is experiencing historically high annual levels of net absorption, which potentially could put upward pressure on rents, and sublease space is relatively scarce. It’s hard to find stronger evidence of a robust CBD office market. Redevelopment projects Market statistics aside, noteworthy redevelopments have Chicagoans genuinely excited as they look forward to a new crop of influential spaces that will drive the next iteration of the Chicago office market. The real estate fairy tale that has real estate aficionados entranced — not only in Chicago but nationally — is 601W Cos.’ Old Post Office project at 433 W. Van Buren. More than 1 million square feet has already been leased at the 2.8 million-square-foot space, largely thanks …

October 17, 2019

Development Illinois Midwest Multifamily Student Housing

Opus Completes 14-Story Student Housing Building Adjacent to University of Illinois at Urbana-Champaign

by Kristin Harlow October 16, 2019

CHAMPAIGN, ILL. — The Opus Group has completed Seven07, a new student housing building near the campus of the University of Illinois at Urbana-Champaign. The 14-story building is home to 218 units with 548 beds. Amenities include a fitness center, indoor basketball court, spa, lounge, café and study areas. The fourth-floor clubroom features pin ball machines, shuffle board and ping pong tables. The project was a joint venture between Opus and The Carlyle Group. Opus served as developer, design-builder, architect and structural engineer. Creative License was the interior designer. Asset Living will manage the property. SunTrust Commercial Real Estate provided project financing.

October 16, 2019

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