MORTON GROVE, ILL. — The Boulder Group has brokered the $1.5 million sale of a retail property net leased to Just Tires, a wholly owned subsidiary of Goodyear, in metro Chicago. The 4,600-square-foot building is located at 9246 Waukegan Road in Morton Grove. Just Tires has approximately 10 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a local real estate investor. The buyer, also a local investor, completed a 1031 tax-deferred exchange.
LANSING, MICH. — The Michigan Strategic Fund (MSF) has voted to approve the brownfield and tax-increment financing (TIF) plan for the Red Cedar project, a $256 million mixed-use development along Michigan Avenue in Lansing. The approval gives the developer, Continental/Ferguson Lansing LLC, the green light to move forward with construction. The developer expects to break ground on 181 market-rate apartments as well as an assisted living and memory care facility late this summer. A 792-bed student housing component is scheduled for completion in fall 2021. Construction of two dual-brand hotels, Hyatt House and AC Hotel by Marriott, is set to begin next year. Plans also call for a restaurant, retail space and a public park with an amphitheater and connection to the Lansing River Trail. The 35.5-acre project will connect the Lansing State Capitol to Michigan State University and adjacent communities along the Michigan Avenue corridor. The project will redevelop the long-abandoned Red Cedar golf course site. The MSF rejected a previous version of the project in March, according to Lansing City Pulse. The Lansing Brownfield Redevelopment Authority approved the local portion of the plan last year. “The approval of the project is positive news, especially with the unforeseen economic …
CHICAGO AND KANSAS CITY — Berkadia’s Mid-Markets Group has arranged the sales of six multifamily properties totaling 945 units for $72.6 million. The communities are located in secondary and tertiary markets across Illinois, Kansas, Missouri, Oklahoma, Arkansas and Idaho. Of the 945 units, 451 are located in the Midwest region. The properties include: Bowen Tower in Raytown, Mo.; Village Woods in Milan, Ill.; Brickstone at Woodland in Wichita, Kan.; Wilmington Apartments in North Little Rock, Ark.; London Square in Tulsa, Okla.; and Central Pointe in Boise, Idaho. Alex Blagojevich, Michael Sullivan, Ralph DePasquale, Patrick Jordan, Chris Bruzas, Parker Stewart, Brett Meinzer, Chris Gentry and Dominic Martinez of Berkadia brokered the sales. The team also arranged $38.4 million in acquisition financing for four of the properties.
MENOMONEE FALLS, WIS. — Kohl’s Corp. (NYSE: KSS) has reported a 43.5 percent decrease in its first-quarter net sales. The company’s fiscal first quarter ended May 2. The Menomonee Falls-based retailer has reopened about 50 percent of its stores across the country after stay-at-home orders have been lifted from COVID-19. Kohl’s says it has decreased planned capital expenditures by approximately $500 million as part of its financial response to COVID-19. The company operates roughly 1,160 stores across the U.S.
CHICAGO — Over the last 30 days, Sterling Bay has negotiated seven office leases across four of its Chicago properties in various submarkets such as the West Loop, East Loop and Fulton Market. Precision medicine startup Tempus has expanded its 150,000-square-foot lease at 600 W. Chicago for an additional 13,000 square feet. AMC Networks has extended its lease at One Two Pru by five years. Goren Eye Associates also renewed its lease at One Two Pru for another five years. Financial technology company LQD Business Finance has signed a new lease for 8,000 square feet at 370 N. Carpenter in Fulton Market. Pinterest extended its lease at 111 N. Canal. Presidio Aircraft Leasing renewed and expanded its lease at One Two Pru to 10,000 square feet, while REX Electric & Technologies expanded its lease at One Two Pru to 11,000 square feet.
MICHIGAN — Michigan Gov. Gretchen Whitmer has signed an executive order to partially reopen the economies of the Upper Peninsula and Traverse City regions starting this Friday, May 22. Retail businesses, including bars and restaurants, will be able to open with 50 percent capacity. Some offices will also be allowed to open if the work can’t be done remotely. Cities, villages and townships may choose to take a more cautious approach if they choose because the order does not abridge their authority to restrict the operations of restaurants or bars.
KANSAS CITY, MO. — Community Builders of Kansas City (CBKC) has acquired the Sun Fresh on Blue Parkway for an undisclosed price. The grocery-anchored retail center is situated east of Prospect Avenue in Kansas City. CBKC established Blue Parkway Grocers LLC as a for-profit entity to operate the store. The current operator is retiring. The center, which is more than 90 percent leased, is part of a larger real estate and asset management portfolio owned by CBKC that consists of 700 residential units and 200,000 square feet of commercial and retail space. The asset is adjacent to a 69,000-square-foot office building where CBKC is headquartered.
CHICAGO — Thor Equities Group has sold 905 W. Fulton Market in an off-market transaction to Germany-based Deka Immobilien. Located on the corner of West Fulton Market and North Peoria Street in the heart of Chicago’s Fulton Market, the new building spans nearly 98,000 square feet over five stories. Mondelez International’s global headquarters anchors the property and occupies floors two through five. Hospitality and events company DineAmic Hospitality recently leased 8,000 square feet. There is more than 6,500 square feet of retail space on the ground floor. Thor Equities was not represented by a broker. Tom Sitz, Cody Hundertmark, David Knapp, Josh McGee, Paul Lundstedt and Dan Deuter of Cushman & Wakefield assisted the buyer.
TERRE HAUTE, IND. — Out of the Box Ventures LLC has reopened its Haute City Center in Terre Haute within western Indiana. The following stores opened on Friday, May 15: Amazing Comfort, Buckle, Cellular Concepts, Dakota Watch, Encore-Shoe Dept, Finish Line, Francescas, Frontier, Glik’s, Hibbett Sports, Journey’s, LA Nails, Maxx E-Cig, Pizza diRoma, Second Cup Café, Seno Formal Wear, Shewey’s Paint Your Own Pottery, TGI Friday’s, TradeHome Shoes and Verizon Wireless. The 676,322-square-foot mall has reduced hours and limited entrances. The children’s play area, photo booths and massage chairs will remain closed. In the state of Indiana, the governor has allowed retail space to open at 50 percent capacity.
CHICAGO — Chicago-based Evergreen Real Estate Group has been retained to manage affordable housing communities comprising a total of 971 units across Illinois, Minnesota, Ohio, Pennsylvania and Wisconsin. The assignments include a mix of housing for families, seniors and disabled individuals. Evergreen’s management portfolio now totals 8,500 units across the country. The additional properties include: Oso Apartments, Humboldt Ridge Apartments, Independence Apartments and Northtown Apartments in Chicago; Oakridge Village Apartments in Antioch, Ill.; Homes Greenway Housing in Minneapolis; Eastridge Estates in Rochester, Minn.; Oak Park Village Apartments in St. Louis Park, Minn.; Pelham Manor in Toledo, Ohio; Golda Meir House in Milwaukee; and Greenview Gardens Apartments in Butler, Pa. Evergreen will oversee site-level operations. In some communities, Evergreen will spearhead capital improvements using low-income housing tax credits and other subsidies.
