CHICAGO — Friedman Properties has completed renovations at the Reid Murdoch Building in Chicago’s River North neighborhood. The improvements included the construction of a 5,600-square-foot amenity suite with a new lounge and fitness center. Housed on the fourth floor, the lounge features a café with complimentary coffee drinks, an audiovisual system, refrigeration and warming drawers for larger events and multiple seating configurations to accommodate individuals or small groups. Two conference rooms are available with video conferencing technology. Other features include high-speed internet and a mural by artist Kate Lewis. The fitness center includes cardio equipment with integrated video content and streaming, Peloton bikes and free weights. Tenants have access to locker rooms with showers and towel service as well as a personal trainer. A first phase of renovations completed earlier this year included a 5,388-square-foot speculative office suite on the third floor that includes a lounge and collaboration space, two conference rooms, three private offices, 29 flexible workstations and an open kitchen. The lobby was also renovated. Originally constructed in 1914, the Reid Murdoch Building long served as the office, warehouse and manufacturing facilities for Reid, Murdoch & Co., one of the country’s largest wholesale grocers. The building hosted traffic …
Midwest
IOWA CITY, IOWA — Gantry has secured a $20 million permanent loan to refinance a renovated warehouse located at 2500 Heinz Road in Iowa City. The 346,062-square-foot distribution center is fully leased to Amazon for use as a regional delivery station serving the Cedar Rapids and Iowa City metropolitan areas. The facility occupies a nearly 40-acre site zoned for industrial use with parking, trailer storage and room for expansion. Tony Kaufmann and Joe Foley of Gantry represented the borrower, a private real estate investor. A credit union provided the 10-year, fixed-rate loan, which features partial interest-only payments and no prepayment penalties.
OTSEGO, MINN. — Kraus-Anderson has broken ground on a new $18.4 million fire and emergency service station for the City of Otsego, a northeast suburb of the Twin Cities. Operations at the two-story, 35,000-square-foot facility are set to begin on Jan. 1, 2027. Wold Architects and Engineers designed the project. The south side of the facility is designed for emergency response operations and will house six large apparatus bays for fire engines, a dedicated gear contamination area, storm shelter, hose/training tower and training mezzanine to support ongoing firefighter development. The north side of the building is dedicated to firefighter and staff well-being with bunk rooms, quiet rooms, laundry and gear storage, a full kitchen and dayroom, separate kitchenette, fitness center, conference rooms, offices and remote workspaces. Site development will include new utility infrastructure, drive lanes, public and staff parking areas, snow melt aprons, sidewalks, stormwater management ponds, a screened trash enclosure and landscaping.
LISLE, ILL. — Greenstone Partners has brokered the $5.4 million sale of 2375 Cabot Drive, a 37,000-square-foot life sciences building in the Chicago suburb of Lisle. The headquarters property is fully leased to the Water Quality Association (WQA), a nonprofit trade organization that serves the residential, commercial and industrial water treatment industry. WQA signed a 12.5-year lease in 2020 that features annual rent escalations between 3 and 4.5 percent. Both the tenant and the landlord collectively invested more than $5 million into the property. Jason St. John of Greenstone represented the seller, a Chicago-based developer and owner, and procured the buyer, an out-of-state private investor.
ST. LOUIS — Northmarq has arranged the sale and financing of the ChenMed primary care medical office building in St. Louis. Northmarq’s Isaiah Harf and David Annett represented both the seller, Atwater Group, and the buyer, Maple Street Management, in the $4.4 million deal. Jada Purchase of Northmarq arranged $2.8 million in permanent fixed-rate financing on behalf of the buyer through a credit union. The 10-year loan features a 30-year amortization schedule. The ChenMed facility was built in 1992 and features a 15,735-square-foot, single-tenant building on 1.3 acres. ChenMed is a primary care medical provider for seniors.
PLEASANT PRAIRIE, WIS. — Bond Cos. has broken ground on Inspire Prairie Springs in Pleasant Prairie. The first phase of the multifamily project, set to be completed in early 2027, will consist of 332 units across three buildings as well as an amenity clubhouse. The three-story, garden-style buildings will feature a mix of studio, one-, two- and three-bedroom layouts ranging from 500 to 1,405 square feet. Each building will include a lobby amenity suite with a lounge, coworking space, package room, bicycle room and resident storage. An additional third-floor resident lounge will include communal seating, a wet bar and outdoor patio. Clubhouse amenities will include a fitness center, golf simulator, coworking space, resident lounge and dog wash facility. A party room will feature Table Tap technology, a self-pour beverage system. The community will also feature an outdoor pool, pickleball courts, a putting green, outdoor fitness space, dog park, playground, recreation trail, cabanas, fire pits, grilling stations and a car care station. The project team includes RINKA as architect and Stevens Construction Corp. as general contractor. A second phase of construction is planned for 378 units across five three-story buildings with another amenity clubhouse. When that phase is completed in 2028, …
CARMEL, IND. — Marcus & Millichap has brokered the $28 million sale of Carmel Tech Center, a three-building, 209,056-square-foot industrial flex portfolio in the Indianapolis suburb of Carmel. The properties include 833-887 Carmel Drive, a 58,430-square-foot building constructed in 1988 and renovated in 2022; 12302-12388 Hancock St., a 74,074-square-foot building completed in 1988 and renovated in 2016; and 12202-12292 Hancock St., a 76,552-square-foot asset constructed in 1988 and renovated in 2004. Anchor tenants across the portfolio include Vantiva, Stryker Orthopaedics, Live Nation, Option Care Health, Securitas Technology, Snap One Partner Store and T2 Systems. Julia Evinger of Marcus & Millichap represented the seller, a national commercial real estate investment and development company, and procured the buyer, a Midwest-based private commercial real estate investment company.
CINCINNATI — An affiliate of Next Realty LLC has sold Kings Automall Shopping Center in Cincinnati for an undisclosed price. The asset was part of Next Realty Fund IX LP. The 67,000-square-foot neighborhood retail center sits at the entrance to the Kings Automall corridor, which is home to 14 auto dealerships representing 18 vehicle brands. Next Realty acquired the property in July 2021 and implemented a business plan focused on strengthening tenant retention and improving occupancy. During the time of ownership, Next Realty leased all vacancies and executed several lease extensions. Most recently, LensCrafters, a tenant at the center since 1997, completed a long-term lease renewal. The leasing activity resulted in a 25 percent increase in the property’s net operating income. The buyer was able to assume the in-place financing, which offered more favorable terms than currently available options.
FARGO, N.D. — Blue West Capital has arranged the sale of a single-tenant retail property net leased to Planet Fitness in Fargo for $6.1 million. The cap rate of 6.68 percent represented the lowest cap rate recorded for a Planet Fitness facility nationally since 2023, according to CoStar. Carly Gallagher Kelly of Blue West represented the undisclosed seller. The all-cash buyer was a national real estate investment trust. The newly constructed, flagship location is operated by one of Planet Fitness’s largest franchisees, with 119 locations across 10 states. There are more than 2,600 Planet Fitness locations nationwide.
MAYFIELD HEIGHTS, OHIO — Time Equities Inc. (TEI) and RHM Capital have acquired 6055 Parkland Boulevard, a 104,221-square-foot office building in the eastern Cleveland suburb of Mayfield Heights, for $3.5 million. The partnership plans to begin immediate renovations to the lobby and common areas and enhance the building’s existing amenities. The property features 35,000-square-foot floorplates, underground parking and direct visibility to I-271. CBRE represented the seller, Progressive Insurance. Jonathan Dulberg and Keaton Baum represented TEI on an internal basis, and Preston Hoge represented RHM internally.