Midwest

Baum Arranges $2.9M Sale of Chili’s-Occupied Property in Metro Chicago

by Kristin Harlow February 18, 2020

HOMER GLEN, ILL. — Baum Realty Group LLC has arranged the $2.9 million sale of a single-tenant property net leased to Chili’s in Homer Glen, located about 30 miles southwest of Chicago. The property serves as an outlot to Home Depot and The Square at Gooding’s Grove, a new 13.5-acre mixed-use development that will feature 76 townhomes. Patrick Forkin of Baum represented the seller, a private out-of-state investor. A major real estate fund based in Miami purchased the asset. The lease is guaranteed by Brinker International, a casual dining restaurant company.

February 18, 2020

Acquisitions Midwest Missouri Retail

Hanley Investment Group Brokers $2M Sale of Two-Tenant Retail Building in Missouri

by Kristin Harlow February 18, 2020

POPLAR BLUFF, MO. — Hanley Investment Group Real Estate Advisors has brokered the $2 million sale of a two-tenant retail building in Poplar Bluff in southeastern Missouri. The 3,750-square-foot property serves as an outparcel to Mansion Mall. Built in 2018, the building is leased to Starbucks and Verizon. Jeff Lefko and Dylan Mallory of Hanley represented the seller, a local private investor. Craig Dunkle of Marcus & Millichap represented the buyer, a New Jersey-based private investor. The sales price represents a cap rate of 6.4 percent.

February 18, 2020

Development Illinois Midwest Office

Skender Completes Interior Construction of AbelsonTaylor Headquarters in Chicago’s Old Post Office

by Kristin Harlow February 17, 2020

CHICAGO — Skender has completed the interior construction of the 85,000-square-foot headquarters for AbelsonTaylor within the 2.8 million-square-foot Old Post Office project in Chicago. AbelsonTaylor is a Chicago-based health and wellness advertising agency. The company will occupy the entire sixth floor of the north building and a portion of the fifth floor of the south building. The new space features private offices, open-office workstations, open collaboration areas, conferencing areas, two cafés, photography rooms and storage rooms. The floors are separated by a few staircases, essentially functioning as a single office space. Serving as general contractor, Skender worked in conjunction with HED, Syska Hennessy Group and Cushman & Wakefield. Skender is currently the contractor for nearly 600,000 square feet of office space under development at the Old Post Office, including projects for Walgreens and PepsiCo.

February 17, 2020

Acquisitions Indiana Midwest Multifamily

Muesing Management Acquires 400-Unit Apartment Community in Indianapolis

by Kristin Harlow February 17, 2020

INDIANAPOLIS — Muesing Management has acquired Waterside at Castleton, a 400-unit apartment community on the northeast side of Indianapolis. The purchase price was undisclosed. Built in 1983, the property is located at 8380 Whipporwill Drive. Steve LaMotte Jr. and Dane Wilson of CBRE represented the seller, Wilkinson Corp. and its partner BRT Apartments Corp.

February 17, 2020

Acquisitions Illinois Midwest Retail

Mid-America Negotiates Sale of 177,165 SF Shopping Center in Oak Brook, Illinois

by Kristin Harlow February 17, 2020

OAK BROOK, ILL. — Mid-America Real Estate Corp. has negotiated the sale of The Shops at Oak Brook Place in suburban Chicago for an undisclosed price. An institutional buyer purchased the 177,165-square-foot shopping center, which is located at the southeast corner of 22nd Street and Midwest Road. Anchor tenants include Nordstrom Rack, TJ Maxx, Ulta, Old Navy and Nike. Rick Drogosz and Joe Girardi of Mid-America represented the seller, a Canadian real estate investment trust.

February 17, 2020

Acquisitions Illinois Midwest Retail

Interra Realty Arranges $3.7M Sale of Firestone-Occupied Property in Skokie, Illinois

by Kristin Harlow February 17, 2020

SKOKIE, ILL. — Interra Realty has arranged the $3.7 million sale of a property occupied by Firestone Complete Auto Care in Skokie, about 15 miles north of Chicago. The property is located at 8801 Skokie Blvd. Paul Waterloo of Interra represented the private local buyer, which will assume an existing lease that has seven years remaining. Colin O’Malley of Interra represented the seller, a family trust that has owned the asset for more than 50 years. Built in 1950, the property features nine bays, 18 drive-in doors and a parking lot.

February 17, 2020

Acquisitions Illinois Midwest Retail

Quantum Brokers $2.5M Sale of Retail Building in Libertyville, Illinois

by Kristin Harlow February 17, 2020

LIBERTYVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of an 11,614-square-foot retail property in Libertyville for $2.5 million. The anchor tenant is real estate brokerage firm @Properties. The asset is located at 200-218 S. Milwaukee Ave. Chad Firsel of Quantum represented the seller, a local property owner. Jason Lenhoff of Quantum represented the buyer, a local real estate investment group.

February 17, 2020

Acquisitions Illinois Midwest Multifamily

Cagan’s Realty Brokers $94M Condo Deconversion Sale in Des Plaines, Illinois

by Kristin Harlow February 14, 2020

DES PLAINES, ILL. — Cagan’s Realty Inc. has brokered the condo deconversion sale of Heritage Village Pointe in Des Plaines for $94 million. The transaction represents the largest deconversion sale by units in the state of Illinois, according to Cagan’s. The 154-building, 924-unit property sits on six acres and was originally developed in 1973. It will be renovated from condos into apartments via a planned, multi-year schedule. Current residents will be able to stay in their units until their buildings come up for rehabilitation. New Jersey-based CLK LLC was the buyer. Mirela Dulu and Heather Gallagher of Cagan’s, an affiliate of Cagan Property Management Inc., represented CLK and worked closely with the condominium association. Unit owners were motivated by the above-market purchase price offer as well as the prospect of expensive monthly assessments that would be required for deferred maintenance at the property, according to Dulu.

February 14, 2020

Development Midwest North Dakota Retail

CBL Properties Unveils Redevelopment Plans for Former Herberger’s Store in Bismarck, North Dakota

by Kristin Harlow February 14, 2020

BISMARCK, N.D. — CBL Properties has unveiled the first phase of redevelopment plans for the former Herberger’s department store at Kirkwood Mall in Bismarck. Three fast-casual restaurants, including Five Guys, Blaze Pizza and Chick-fil-A, will join the mall. As part of the project, roughly 40,000 square feet of the former Herberger’s will be demolished. The remaining 52,000 square feet will be utilized in future phases of redevelopment. An additional pad site will be created in the parking area. Construction is set to begin this spring.

February 14, 2020

Acquisitions Midwest Missouri Retail

Block & Co. Arranges $9.2M Sale of Grocery Asset in Grain Valley, Missouri

by Kristin Harlow February 14, 2020

GRAIN VALLEY, MO. — Block & Co. Inc. Realtors has arranged the $9.2 million sale of a 60,000-square-foot shopping center in Grain Valley, about 25 miles east of Kansas City. Price Chopper and Starbucks occupy the property, which is situated on 7.3 acres on McQuerry Road. William Glasgow of Block & Co. represented the undisclosed buyer as well as the seller, Star Development Corp., which constructed the building in 2017.

February 14, 2020

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