GRAND RAPIDS, MICH. — In a sale-leaseback transaction, MAG Capital Partners has acquired a 102,284-square-foot manufacturing facility in Grand Rapids for an undisclosed price. The seller was an end-of-line automotive testing equipment company that was founded in 1953. The 5.3-acre site houses the largest business within a broader private equity-backed automated industrial test and measurement platform. Phil DiGennaro, Adam English and Jonathan Wolfe of STREAM Capital Partners represented the seller.
DarwinPW Realty/CORFAC International Arranges Sale of 48,005 SF Industrial Building in Metro Chicago
MUNDELEIN, ILL. — DarwinPW Realty/CORFAC International has arranged the sale of a 48,005-square-foot industrial building at 933 Tower Road in the northern Chicago suburb of Mundelein. The sales price was undisclosed. Principle Construction built the property in 2004 for the seller, a printing company that is discontinuing its business. The asset features a clear height of 24 feet, two drive-in bays, three exterior dock doors and 72 parking spaces. It houses primarily warehouse space that is suitable for manufacturing or distribution uses along with 4,800 square feet of office space. George Cibula and Dan Prendergast of DarwinPW represented the buyer, Portokali Investments LLC. Collin Tyrrell and Dan Brown of Brown Commercial Group represented the seller.
TOLEDO, OHIO — Marcus & Millichap has brokered the $2.2 million sale of a 2,325-square-foot restaurant property net leased to Chipotle in Toledo. Built in 2025, the building at 3360 Glendale Ave. features a “Chipotlane” drive-thru. Scott Woodard and Derrick Dougherty of Marcus & Millichap procured the buyer, a private net-lease owner based in New York. The undisclosed seller developed the site, which is located adjacent to Southland shopping center and the University of Toledo Medical Center.
CHICAGO — Glenstar has executed three office leases totaling 100,000 square feet at Presidents Plaza, a two-tower, 831,442-square-foot office complex situated near the Chicago O’Hare International Airport. A joint venture between Glenstar and a private investor purchased the property in October 2024. FM, a global commercial property insurance and loss prevention company, will relocate its regional office from Park Ridge, Ill., to a 40,000-square-foot space at Presidents Plaza. Formerly known as FM Global, the company has a network of offices in the U.S. and internationally. Glenstar also executed a 40,000-square-foot lease with Do It Best, a Fort Wayne, Ind.-based home improvement retailer that acquired True Value last year. In the third lease, current tenant Meitheal Pharmaceuticals signed a 20,000-square-foot expansion that doubles its footprint to 40,000 square feet. Presidents Plaza ownership is investing $16 million in improvements across the two buildings. A golf simulator is slated to open this summer. Spec suites are also being constructed. These improvements add to the property’s $34 million in renovations completed in 2022 that included the redevelopment of a three-story atrium lobby, three-level health club, fully renovated lounge, café with seating and conference center.
GRAND RAPIDS, MICH. — Hope Network has opened Eastpointe Commons, a $40 million affordable housing development in Grand Rapids. Formerly the Fulton Manor property, the 118-unit community was completely renovated and is now fully leased. The 182,018-square-foot complex features 79 one-bedroom units, 34 two-bedroom units and five three-bedroom apartments. The property is home to a mix of residents, including veterans, seniors and people with disabilities. Hope Network offers social services and case management onsite. Amenities include a children’s room, exercise room, multipurpose room, courtyard and grilling area. The project team included DeStigter Architecture and Pioneer Construction. The building has earned GREEN Energy certification from the Enterprise Green Communities. Financing for the project came from UnitedHealth Group, Cinnaire Corp., Fifth Third Bank, CPC Financial, HUD CPF Community Grant and the City of Grand Rapids MEDC Grant.
CHICAGO — Interra Realty has brokered the $9.6 million sale of 6930 N. Greenview Ave. in Chicago’s Rogers Park neighborhood. The property features 66 apartment units and five retail spaces, two of which are occupied by a local coffee shop and a political field office. Built in 1932, the asset features a mix of studio and one-bedroom layouts. Patrick Kennelly of Interra represented the buyer, the Mehmeti family. Joe Smazal of Interra represented the confidential seller. The building was fully leased at the time of sale. Though the property has received recent upgrades including a new boiler and updated elevator controls, the buyer has an opportunity to add value through strategic capital improvements, according to Interra.
WEST ALLIS, WIS. — Colliers has arranged the $4.5 million sale of a six-tenant retail center in the Milwaukee suburb of West Allis. The 14,000-square-foot property is home to tenants such as AT&T, Tropical Smoothie Café and HuHot. The private seller purchased the asset about three years ago and needed to dissolve a partnership. Colliers represented the seller and procured the buyer, Curbline, a $500 million fund that made its first acquisition in Wisconsin.
NAPERVILLE, ILL. — Core Industrial Realty has negotiated a long-term industrial lease totaling 159,000 square feet at 1301 Frontenac Road in the Chicago suburb of Naperville. The building features 8,000 square feet of office space, ample loading space and more than 8,000 amps of power. Noel Liston and Nick Krejci of Core Industrial Realty represented the undisclosed landlord. Joe Karmin of Transwestern represented the tenant, CCS, an equipment and supply distribution company.
KANSAS CITY, MO. — Master’s Transportation, a provider of commercial buses and vans, has opened Phase I of its new headquarters in Kansas City. The 32,000-square-foot service building consolidates the company’s parts and local service departments. According to Master’s Transportation, bringing the team together will enhance service delivery through a modernized parts storage and fulfillment center, cutting delivery times by 70 percent. The service building features a body shop, large paint booth and detailing areas. The building marks the first of three phases being built at the company’s new headquarters, which is located at 14655 Prospect Ave. Completion of the campus is slated for this summer. The project will include a 252,000-square-foot production facility, 36,000-square-foot office and nearly 1 million square feet of concrete paving for bus parking.
KANSAS CITY, MO. — Gantry has secured a $30.3 million permanent loan to refinance bridge financing for the Black Lark Apartments in Kansas City. The Class B, garden-style property underwent a comprehensive renovation program following its acquisition in December 2023. Now fully stabilized, the community features 265 units in one-, two-, three- and four-bedroom layouts. Mark Reichter and Alec Frook of Gantry represented the borrower, a private real estate investor. A private balance sheet lender provided the five-year, fixed-rate loan, which features a 30-year amortization.