Midwest

New Construction, Mixed-Use Drive Columbus Office Market Activity

by Kristin Harlow October 24, 2019

As a whole, commercial real estate in Columbus has experienced high levels of activity in recent years, and the office market has been no exception. The amount of new office space hitting the market has kept vacancy and average rental rates relatively flat, pacing the economic growth of the region. The vacancy rate has hovered around 6 to 7 percent, and the average rental rates are around $18 to $19 per square foot on a gross basis. Developers in the region are anticipating continued growth, so there is an additional 830,000 square feet of office space currently under construction. With that amount of new construction, we don’t expect the vacancy or rental rates to change dramatically in the coming year. Let’s look at the trends driving these numbers. Population, economic growth Columbus continues to grow quickly. Columbus offers residents a low cost of living, great drivability, plenty of amenities and economic opportunity. Since 2010, the metro area has grown by 10.8 percent, adding over 200,000 people, which makes Columbus the 14th-largest city in the United States with over 2 million total residents. The population growth hasn’t slowed down; from 2017 to 2018, the area grew 1.2 percent, and forecasts expect …

October 24, 2019

Acquisitions Midwest Office Ohio

JLL Arranges $41.4M Sale of Two-Building Office Property in Easton, Ohio

by Kristin Harlow October 23, 2019

EASTON, OHIO — JLL has arranged the sale of One & Two Easton Oval, a two-building office property in Easton, for $41.4 million. The Class A asset spans 252,461 square feet and is situated approximately 10 miles northeast of Columbus’ central business district. Completed in the late 1990s, the property is 91.4 percent leased. Jim Postweiler, Peter Harwood, Derek Fohl and Patrick Shields of JLL represented the seller, Garrison Investment Group. Steve Buss and Marc Nanne of JLL represented the buyer, Minneapolis-based Founders Properties. Local JLL brokers Collin Wheeler and Aaron Duncan supported the sales effort. Keith Largay and Patrik Modig of JLL secured $27.8 million in acquisition financing. TCF Bank provided the seven-year, floating-rate loan.

October 23, 2019

Development Illinois Industrial Midwest

Bridge Development Breaks Ground on Final Phase of Industrial Campus in Waukegan, Illinois

by Kristin Harlow October 23, 2019

WAUKEGAN, ILL. — Bridge Development Partners LLC has begun development of the third and final phase of its Bridge Point North campus in Waukegan. Phase III will consist of four new buildings totaling 918,972 square feet. The buildings will range in size from 100,314 to 500,800 square feet. Clear heights will range from 32 to 36 feet. Phase III buildings are slated for completion in summer and fall 2020. Whit Heitman, Sam Badger and Jared Paff of CBRE are the leasing agents for the project. Premier Design + Build Group is the general contractor. The project team also includes architect Cornerstone Architects Ltd., structural engineer LJB Inc. and civil engineer Manhard Consulting Ltd. CIBC Bank and Simmons Bank provided project financing. Bridge Point North is a 225-acre campus that Bridge has been developing since 2015. Tenants include Amazon, Medline, Thermoflex and Bolke-Miller Corp.

October 23, 2019

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $10.6M Sale of Apartment Property in Chicago’s Lincoln Park

by Kristin Harlow October 23, 2019

CHICAGO — Interra Realty has brokered the sale of 1540 Fullerton in Chicago’s Lincoln Park neighborhood for $10.6 million. The four-story, 25-unit apartment property is located at 1540 W. Fullerton Ave. Completed in 2015, the fully leased asset includes 12 two-bedroom units, 12 three-bedroom units and one commercial space. Joe Smazal of Interra represented the private seller while Jeremy Morton and Ted Stratman of Interra represented the undisclosed buyer. At $425,400 per unit, the sale was the largest multifamily sale in Lincoln Park so far this year, according to CoStar data.

October 23, 2019

Acquisitions Midwest Retail Wisconsin

Next Realty Acquires 17,000 SF Retail Center in Metro Milwaukee

by Kristin Harlow October 23, 2019

DELAFIELD, WIS. — An affiliate of Next Realty LLC has acquired Hillside Terrace Shopping Center in Delafield, about 25 miles west of Milwaukee. The purchase price was not disclosed. The 17,000-square-foot retail center is located on Hillside Drive. The property is fully leased to tenants such as Jimmy John’s, Pizza Hut, Stone Creek Coffee and Chris & Co. Salon. This is the seventh acquisition for Next Realty Fund IX LP.

October 23, 2019

Acquisitions Midwest Missouri Office

Kadean Construction Purchases 5,250 SF Building for Kansas City Office

by Kristin Harlow October 23, 2019

KANSAS CITY, MO. — Kadean Construction has purchased the 5,250-square-foot building at 1821 McGee St. in Kansas City that the company has been leasing since January 2018. The purchase price was not disclosed. Kadean plans to immediately commence renovations to finish out approximately 2,700 square feet of existing shell space into new office space. The construction firm expects to fully occupy the space beginning in January. Headquartered in St. Louis, Kadean has been active in the Kansas City market since 2015.

October 23, 2019

Development Illinois Midwest Multifamily

Lathrop Community Partners Revitalizes Public Housing Project in Chicago

by Kristin Harlow October 22, 2019

CHICAGO — Lathrop Community Partners, a development partnership between Related Midwest, Heartland Housing and Bickerdike Redevelopment Corp., has revitalized the Julia C. Lathrop Homes public housing project in Chicago. Originally built in 1938 as part of the nation’s New Deal public housing effort, the project now consists of a mixed-income residential property. The rehabilitated North Campus includes the original administration building and updated apartment buildings along the re-activated riverfront. The 35-acre project features 16 buildings. Design firm HED served as the executive architect for Phase I of the redevelopment, which is now open. The firm helped with modernizing historic structures, addressing accessibility challenges and coordinating new technology and HVAC systems. When all phases are complete, Lathrop will comprise a total of 1,116 residences, with 494 units leased at market rates, 222 offered to working families that meet affordable housing guidelines and 400 reserved for Chicago Housing Authority households. The flagship amenity at Lathrop is the five-acre riverfront park, reimagined by landscape architectural firm Michael Van Valkenburgh Associates. The project team also included Farr & Associates, JGMA, McGuire Igleski & Associates and Terra.

October 22, 2019

Acquisitions Illinois Industrial Midwest

Darwin Realty Arranges Sale of 90,000 SF Industrial Building in Elgin, Illinois

by Kristin Harlow October 22, 2019

ELGIN, ILL. — Darwin Realty has arranged the sale of a 90,000-square-foot industrial building located at 501 Davis Road in Elgin. Consideration for the sale was in excess of $5 million. The property features seven loading docks, three drive-in doors, 5,000 square feet of office space and a clear height of 24 feet. Noel Liston of Darwin brokered the transaction. Chicago Logistic Service owned and occupied the building. Navis Industries, which provides plastic packaging films, purchased the building and plans to relocate from a 25,000-square-foot facility in Elgin.

October 22, 2019

Illinois Industrial Leasing Activity Midwest

Pacific Surfaces Signs 40,000 SF Industrial Lease in Elk Grove Village, Illinois

by Kristin Harlow October 22, 2019

ELK GROVE VILLAGE, ILL. — Pacific Surfaces LLC has signed a 40,000-square-foot industrial lease in Elk Grove Village. The India-based granite distributor has maintained a sales office in Chicago for several years, but this is the company’s first warehouse in the United States. Located at 1300 Mark St., the single-story facility features six docks, several bridge cranes and a clear height of 22 feet. It is situated in Elk Grove Industrial Park. The new property will enable Pacific Surfaces to sell smaller quantities to a broader market. John D’Orazio of Colliers International represented Pacific Surfaces in the lease transaction.

October 22, 2019

Acquisitions Illinois Industrial Midwest

Barber Murphy Brokers Sale of 21,000 SF Industrial Building Near St. Louis

by Kristin Harlow October 22, 2019

MILLSTADT, ILL. — Barber Murphy has brokered the sale of a 21,000-square-foot industrial building in Millstadt, about 17 miles southeast of St. Louis. The sales price was not disclosed. The property is located at 600 S. Breese St. In-Land Management Group LLC sold the asset to East Washington Street Property LLC. Barber Murphy represented both parties in the sale.

October 22, 2019

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