Thursday, July 31, 2025
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Midwest

IllinoisLoansMidwestMultifamily

KeyBank Provides $43M Refinancing for Multifamily Portfolio in Chicago

by Kristin Harlow

CHICAGO — KeyBank Real Estate Capital has provided a $43 million Fannie Mae loan for the refinancing of a portfolio of nine multifamily buildings in Chicago known as Maynard at Elaine. The portfolio includes two adjacent parking lots comprising 101 spaces. The borrower, CLK Properties, purchased the portfolio in 2015 and completed a $9 million capital improvement plan. CLK’s management company manages the buildings. Erik Storz of KeyBank originated the loan. CLK is participating in the Fannie Green Rewards program, which provides financial incentives for owners that make water or energy conservation improvements to their properties within 12 months of the loan closing.

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DevelopmentIllinoisIndustrialMidwest

Conor Commercial Begins Development of 150,000 SF Spec Industrial Building in Prospect Heights, Illinois

by Kristin Harlow

PROSPECT HEIGHTS, ILL. — Conor Commercial Real Estate has begun development of Executive Commerce Center in Prospect Heights. The 150,000-square-foot speculative industrial building will sit on 10 acres and feature a 32-foot clear height, 25 truck docks, two drive-in doors and parking for 165 cars. Completion is slated for the end of this year. McShane Construction Co. is the general contractor and Ware Malcomb is the architect. Denise Chaimovitz and Sean Sloan of Paine Wetzel are marketing the property for lease on behalf of Conor.

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DevelopmentIndustrialIowaMidwestSelf-Storage

StorageMart Expands Climate-Controlled Facility in Des Moines

by Kristin Harlow

DES MOINES, IOWA — StorageMart has expanded its facility located at 1800 E. Army Post Road in Des Moines. The self-storage property now includes two climate-controlled buildings with 155 units. Both buildings feature large drive-in loading bays. StorageMart also expanded the office area, which now offers a variety of packing and moving supplies. The expanded facility also includes 25 additional boat, recreational vehicle and car parking spots on newly paved lots.

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IndustrialLeasing ActivityMidwestOhio

Modern Builders Supply Signs 125,000 SF Industrial Lease in Toledo, Ohio

by Kristin Harlow

TOLEDO, OHIO — Modern Builders Supply Inc. has signed a 125,000-square-foot industrial lease at 4100 Bennett Road in Toledo. The locally based company, which was founded in 1944 and distributes name-brand roofing, siding, windows and doors, has more than doubled its warehouse space with this new lease. Lynette Reichle of Reichle Klein Group represented the tenant in the lease transaction. Ronald Jurgenson of Reichle Klein represented the landlord, I.B.C. Inc.

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AcquisitionsIndustrialMichiganMidwest

SVN |Stewart Commercial Negotiates $3.8M Sale of Ann Arbor Industrial Property

by Kristin Harlow

ANN ARBOR, MICH. — SVN |Stewart Commercial Group LLC has negotiated the sale of a 46,356-square-foot industrial property in Ann Arbor for $3.8 million. The building, located at 5500 S. State St., is net leased to Adaptive Energy LLC, a fuel cell manufacturer. Dan Stewart of SVN |Stewart marketed the property on behalf of the seller, MiPlace LLC. He also procured the buyer, JPL Ventures LLC.

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DevelopmentIndustrialMidwestOhioTop Stories

Amazon to Open Two 700,000 SF Fulfillment Centers in Ohio

by Taylor Williams

AKRON AND ROSSFORD, OHIO — Amazon (NASDAQ: AMZN) will open two fulfillment centers in Ohio in a move that will bring more than 2,500 new jobs to the northern part of the state. The properties, each of which will span more than 700,000 square feet, will be located in Akron and Rossford, the latter being a suburb of Toledo. The developments will be the e-commerce giant’s seventh and eighth industrial assets in Ohio, and will be used to sort, pack and ship various items to customers in the region. According to the Akron Beacon Journal, the Akron facility will be developed at the site of the former Rolling Acres mall, which was recently foreclosed upon and demolished. Construction is scheduled to begin in September, the paper reports. Amazon did not disclose additional timelines for the openings of the centers. “Ohio has been a great place to do business, serve customers and create jobs,” says Alicia Boler Davis, Amazon’s vice president of global customer fulfillment. “We’re excited to grow our team in the Buckeye state, which now includes more than 8,500 Amazonians.” “Amazon continues to demonstrate confidence in the great workforce and e-commerce business climate we have in Ohio,” adds Ohio …

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DevelopmentIndustrialMidwestSelf-StorageWisconsin

I|C Construction to Break Ground on 800-Unit Self-Storage Facility in Wisconsin

by Kristin Harlow

PLEASANT PRAIRIE, WIS. — I|C Construction is set to break ground on an 800-unit, 127,156-square-foot self-storage facility in Pleasant Prairie. Bruno and Lori Hanney purchased the 5.4-acre site at 9001 Wilmot Road for the development of the project. Upon completion, Extra Space Storage Inc. will manage the property. The facility will offer drive-in access, climate-controlled units, surveillance cameras, access codes and LED lighting. In.studio Architecture designed the project, which is slated for completion in January 2020.

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AcquisitionsMidwestMinnesotaOffice

NKF Brokers $12.8M Sale of Office Building in Edina, Minnesota

by Kristin Harlow

EDINA, MINN. — Newmark Knight Frank (NKF) has brokered the $12.8 million sale of Edina Business Plaza, an 84,380-square-foot office building in Edina. The three-story property is located at 7550 France Ave. South and was built in 1981. It is approximately 97 percent occupied. The anchor tenant is Coldwell Banker Burnet. Peter Tanis and John McCarthy of NKF represented the sellers, Edina Business Plaza LLC and SH Commercial Real Estate Services. Minneapolis-based Ackerberg Group purchased the asset.

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DevelopmentIllinoisIndustrialMidwest

CHI Purchases 42-Acre Site in Elgin, Plans 638,000 SF Spec Industrial Development

by Kristin Harlow

ELGIN, ILL. — Crow Holdings Industrial (CHI), in partnership with the California State Teachers’ Retirement System (CalSTRS), has purchased a 42-acre site at 2600 Mason Road in Elgin. The developer plans to break ground this month on Park 90 Elgin, a three-building speculative industrial development spanning 638,000 square feet. Building A will span 155,000 square feet, Building B will total 106,000 square feet and Building C will measure 377,000 square feet. Buildings A and B will include a clear height of 32 feet, while Building C will feature a clear height of 36 feet. Brian Kling and Reed Adler of Colliers International represented CHI in the land sale. The duo has also been retained to complete the lease-up of Park 90 Elgin.

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AcquisitionsMidwestOhioRetail

Marcus & Millichap Arranges $2M Sale of Property Net Leased to Rite Aid in Marion, Ohio

by Kristin Harlow

MARION, OHIO — Marcus & Millichap has arranged the $2 million sale of a 10,617-square-foot property net leased to Rite Aid in Marion, approximately 50 miles north of Columbus. The building is located at 1081 Mount Vernon Ave. Rite Aid has operated at the location for more than 21 years. Dan Yozwiak, Joe Sparano and Nathan Coe of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The buyer was not disclosed.

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