WEST JEFFERSON, OHIO — Griffin Capital Essential Asset REIT Inc. has sold a 160,410-square-foot industrial building in West Jefferson for $30.3 million. FedEx Freight occupies the Class A property, which is located at 10 Commerce Parkway, about 20 miles west of Columbus. The REIT initially purchased the building in July 2015.
CHICAGO — Three new tenants have signed leases totaling 8,900 square feet at Concourse Chicago, an office property undergoing renovations in Chicago. Blue Water Shipping signed a lease for 3,900 square feet and is relocating from Presidents Plaza across the street. Green Office Partners, a print services company for small and medium businesses, leased 3,700 square feet and is relocating from the central business district. In the final transaction, Elgin-based Great Lakes Technology leased 1,500 square feet for a satellite office. Berger Asset Management acquired Concourse Chicago in 2018. The company is repositioning the 12-building complex. Jake Spinnell and Jon Connor from Colliers International represented Blue Water Shipping, Steve Goldstein of Jameson Commercial represented Green Office Partners and John Cassidy of Lee & Associates represented Great Lakes Technology. Steve Chrastka and Jason Wurtz of NAI Hiffman represented the landlord as the exclusive leasing representatives for the property.
CHICAGO — Marcus & Millichap has brokered the sale of Park Shops, a grocery-anchored retail center in Chicago, for $3.9 million. The 47,069-square-foot property is located at 6400 W. 63rd St. Fair Share Super Market has operated at the location for 27 years and recently extended its lease for 10 years. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a developer. A Chicago-based private investor purchased the asset.
MINNEAPOLIS — Dougherty Funding LLC has arranged $188.5 million in construction financing for Eleven, a luxury condominium project in Minneapolis. At 550 feet and 41 stories, Eleven will be the tallest residential building in Minneapolis. It is also the first residential project in the city to be designed by New York City-based Robert A.M. Stern Architects. Amenities will include a landscaped terrace, lap pool, fitness suite, yoga studio, library, demonstration kitchen and golf simulator. Bank OZK served as the senior lender and Related Fund Management as the mezzanine lender. Arcadia LLC and Ryan Cos. are co-developers, with Ryan serving as the builder. Other project team members include Peterssen/Keller Architects, Martha Dayton Design and Lakes Sotheby’s International Realty. A timeline for completion was not disclosed.
GREENWOOD, IND. — Monmouth Real Estate Investment Corp. has acquired a 615,747-square-foot industrial building located at 1151 S. Graham Road in Greenwood for $81.5 million. Amazon.com Services Inc. occupies the property on a 15-year, net lease basis. The building is situated on 78.6 acres. The seller was not disclosed.
BOLINGBROOK, ILL. — ML Realty Partners has purchased a 302,354-square-foot industrial property in Bolingbrook for an undisclosed price. The newly constructed, Class A building is located at 999 Dalton Lane near I-55. It is immediately available for lease and features a clear height of 36 feet. Jeff Devine and Steve Disse of Colliers International brokered the transaction. The seller was not disclosed.
ST. LOUIS — Confluent Development has completed the redevelopment of the historic Southwest Bank property in the Southwest Garden neighborhood of St. Louis. The project is now home to BMO Harris Bank, which remained operational throughout the redevelopment process, and Walgreens, which recently celebrated its grand opening at the location. Confluent is donating a third building to local nonprofit Tower Grove Neighborhoods Community Development Corp. A fourth vacant site will be available for a future tenant. Confluent preserved the historical façade along the Kingshighway Boulevard portion of the project while redeveloping the remainder of the underutilized land. Rosemann & Associates served as architect and Paric Corp. was the general contractor. Pace Properties will market the available pad site for lease.
MUSKEGON, MICH. — West Michigan-based B2 Outlet Stores has opened its 18th location in the state of Michigan. The discount retailer occupies 6,700 square feet at 1680 E. Apple Ave. in Muskegon. B2 Outlet offers a variety of merchandise and donates a portion of all profits to local and worldwide causes. Todd Leinberger of NAI Wisinski of West Michigan assisted B2 Outlet in securing the new location. Leinberger, along with colleagues Russ Bono and Cameron Timmer, represented the undisclosed landlord. The name B2 stands for Benefit Twice.
NEW YORK CITY, LOS ANGELES, MIAMI AND CHICAGO — Queensgate Investments has acquired Freehand Hotels from a seller consortium including The Yucaipa Cos. and Sydell Group for approximately $400 million. Freehand is a lifestyle hotel brand, owner and operator of hotel assets with 922 rooms across four hotels in Manhattan’s Flatiron District, downtown Los Angeles, Miami Beach and River North Chicago. The brand advertises itself as combining the social culture of a hostel with top-shelf design, food and beverage. Included in the acquisition is the Broken Shaker bar concept that operates within the hotels. Generator, a hostel business that Queensgate acquired in 2017, will manage Freehand. Generator seeks to appeal to millennial customers, focusing on capital city addresses, design-led interiors and shared social spaces. “The acquisition of Freehand is of strategic importance to Generator, and the combined portfolio represents one of the largest asset-rich lifestyle hospitality platforms globally with 19 hotels in 17 gateway cities,” says Puneet Kanuga, investment director at Queensgate. “There is now a significant push to grow the presence of both Freehand and Generator across the United Kingdom and Europe, with opportunities currently being evaluated in London, Edinburgh, Milan, Amsterdam and other gateway European cities.” London-based Queensgate …
WILLISTON, N.D. — Cardon Global has opened the Williston Basin International Airport (XWA) in Williston, located approximately 215 miles northwest of Bismarck. Development costs were estimated to be $273 million. The 100,000-square-foot airport includes four gates and three passenger boarding bridges as well as a 50-seat bar and restaurant. XWA is the first ground-up commercial airport built in the Midwest since the 1940s, according to the developer. “Prior to the completion of XWA airport, the region was lacking the capacity, ease and essential airport amenities necessary to inspire travelers flying in and out of Williston,” says Don Cardon, CEO of Cardon Global. “In designing a vision for the airport to serve the region for decades to come, we’ve collectively tried to anticipate the needs of today’s travelers. That means providing an amazing mix of amenities, access, comfort and enjoyment to make the process of air travel much more enjoyable and productive moving forward.” The airport is functionally replacing Williston’s now decommissioned Sloulin Field International Airport, which was built in 1947. Forbes reports that Sloulin Field accommodated about 148,000 passengers, down from about 240,000 in 2014. Those numbers are up from 22,000 in 2009. So far, 2019 has seen a 22 percent increase …
