KANSAS CITY, MO. — Pharmaceutical company Nostrum Laboratories and online retailer FarmFoods have increased their footprint in Kansas City’s SubTropolis, a massive underground business complex. New Jersey-based Nostrum has expanded from 10,000 to 32,000 square feet, while FarmFoods has expanded from 6,000 to 36,000 square feet. Hunt Midwest owns SubTropolis. There is more than 6.5 million square feet of leasable space within the property.
MIDLAND COUNTY, MICH. — Michigan Gov. Gretchen Whitmer has declared a state of emergency for Midland County after the Edenville and Sanford Dams breached. Shelters have opened across Midland County and are available to residents who need a place to evacuate. The Tittabawassee River reached an historic high of 35 feet, according to the National Weather Service. The river is considered in a flood stage at 24 feet. Downtown Midland, a city of 42,000, faced an especially serious flooding threat, according to Whitmer.
ARLINGTON HEIGHTS, ILL. — Marcus & Millichap has arranged the sale of an 18,322-square-foot office building in Arlington Heights for $1.1 million. The multi-tenant property, located at 415 E. Golf Road, was 94 percent occupied at the time of sale. Tammy Saia and Tami Andrew of Marcus & Millichap marketed the building on behalf of the seller, a Japan-based limited liability company. Adam Fortino of Marcus & Millichap secured and represented the buyer, a local private investor.
RAYMOND, ILL. — Stan Johnson Co. has brokered the $1.1 million sale of a 9,026-square-foot retail property occupied by Dollar General in Raymond, about 35 miles south of Springfield, the state capital. Constructed in 2014, the building is located at 512 S. O’Bannon St. There were approximately nine years left on the absolute triple net lease at the time of sale. Mike Matter of Stan Johnson represented the seller, a Texas-based individual investor. Craft Enterprise LLC, a Kansas-based private investor, purchased the property. Both the buyer and seller completed 1031 tax-deferred exchanges.
CHICAGO — Mirae Asset Global Investments, an asset management and investment banking firm, has sold 225 West Wacker Drive, a 31-story office tower in Chicago. Spear Street Capital purchased the trophy office building for $210 million, or roughly $322 per square foot. The tower is situated along the south bank of the Chicago River in the city’s Loop district. The building houses the world headquarters of Cushman & Wakefield (NYSE: CWK), which also represented Mirae Asset in the sale. The global real estate services firm handled the leasing the riverfront office tower for the previous ownership as well. Other tenants that list 225 W. Wacker Drive as their Chicago address include Jackson National Asset Management, True Partners Consulting, PPM America Inc. and Crowe LLP. David Knapp, Adam Spies, Marcella Fasulo, Tom Sitz, Cody Hundertmark, Paul Lundstedt and Dan Deuter of Cushman & Wakefield arranged the sale. Knapp says that Spear Street Capital may plan future capital improvements at the property. Kohn Pederson Fox and Perkins + Will designed 225 West Wacker Drive, which is LEED Gold-certified and Energy Star-rated and occupies a full city block along the path of the Chicago Riverwalk. The building features a seven-level parking garage for …
The city of Topeka has built significant momentum in the five years since its downtown revitalization. Capital investment and strategic planning at the city’s center had a reverberating effect across town, from the expansion of vocational-technical training to the growth of Kanza Fire Commerce Park. Public-private partnership The year 2015 was pivotal with a $9.4 million public-private investment in infrastructure and amenities along Kansas Avenue, the main downtown thoroughfare. The city invested $5.8 million in roadway, sewer and streetscape infrastructure. Meanwhile, private businesses sponsored pocket parks with statues, benches and fountains. The Downtown Topeka Foundation brought another $4 million in private funding to the effort through its “Imagine Downtown” capital campaign. Since that day, local investors like AIM Strategies LLC have purchased more than 25 buildings on the avenue for gradual restoration into thriving businesses like Iron Rail Brewing, Cyrus Hotel and The Pennant restaurant, bowling alley and vintage arcade. Popular annual festivals and parades expect to see even more traffic after the unveiling of the next phase of major downtown investment. Evergy Plaza With 30-foot digital screens and the 50-foot CapFed On 7th Stage, Evergy Plaza was developed as a hub for community and a catalyst for business. The …
MINNEAPOLIS — Target Corp. (NYSE: TGT) reported a 10.8 percent increase in total sales during the first quarter, including digital sales growth of 141 percent. The Minneapolis-based retailer’s first quarter ended on May 2. While revenue rose 11.3 percent to $19.6 billion in the first quarter on a year-over-year basis, operating income fell 58.7 percent to $468 million during the first quarter. Target invested heavily in its response to COVID-19, spending roughly $500 million in cleaning and safety measures as well as extra pay and benefits for its employees. Target also says it experienced a slowdown in apparel and accessories sales as guests stocked up on categories like essentials and food and beverage. It also experienced “unusually strong digital volume” as shoppers turned to online purchases.
STRONGSVILLE, OHIO — Scannell Properties is underway on the development of an 180,000-square-foot speculative industrial facility at Mills Business Park in Strongsville, a southern suburb of Cleveland. Peak Construction Corp. is the general contractor for the project, which will feature a clear height of 32 feet, 33 dock doors, three drive-in doors and parking for 198 cars. Peak is also completing a 70,000-square-foot interior buildout for an undisclosed e-commerce company. Other project team members include HSB Architects + Engineers and Weber Engineering Services. A timeline for completion was not disclosed.
CHICAGO — American Street Capital (ASC) has arranged a $5.1 million loan for the refinancing of an 18-unit multifamily building in Chicago’s Andersonville neighborhood. The borrower acquired the property in 2010 and fully remodeled it in 2012. Igor Zhizhin of ASC arranged the 20-year, nonrecourse loan with a correspondent agency lender. The loan features a 10-year fixed rate and a 10-year floating rate on a 30-year amortization schedule. The property was fully occupied at the time of loan closing.
INDIANAPOLIS — Arbor Realty Trust Inc. has provided a $4.1 million Fannie Mae loan for the refinancing of Fountains West Cooperative in Indianapolis. Built in 1972, the 350-unit affordable housing property features a mix of one-, two- and three-bedroom floor plans. Michael Jehle of Arbor originated the 15-year, fixed-rate loan. The borrower was undisclosed.