Midwest

Hanley Investment Group Negotiates $3.9M Sale of Michaels-Occupied Property in Kansas City

by Kristin Harlow October 1, 2019

KANSAS CITY, MO. — Hanley Investment Group Real Estate Advisors has negotiated the sale of a single-tenant property occupied by Michaels in Kansas City for $3.9 million. The 22,810-square-foot building is situated on 1.9 acres at 8551 Prairie View Blvd. Renovated in 2012, the property serves as a pad site to Zona Rosa, a 1 million-square-foot retail center. Jeff Lefko and Bill Asher of Hanley represented the seller, Texas-based N3 Real Estate. Steve Maynard of Maynard Group represented the buyer, a private partnership from Southern California and Missouri.

October 1, 2019

Development Illinois Midwest Multifamily

Summit Begins Adaptive Reuse Project at Former Historic Sears Store in Chicago

by Kristin Harlow September 30, 2019

CHICAGO — Summit Design + Build has begun the redevelopment of 1900 W. Lawrence Ave. in Chicago’s Ravenswood neighborhood. The building was formerly home to a Sears department store, which opened in 1925 and was shuttered in 2016. The adaptive reuse project involves the conversion of the commercial building into residential space, including 59 apartment units ranging from one- to three-bedroom floor plans. The 105,000-square-foot, three-story building spans the length of an entire city block along Lawrence Avenue. Summit plans to add a fourth floor as well as two elevators and three staircases. Since the building does not have many windows, extensive work will be required to create new openings for the apartments. The project will also feature 30,000 square feet of retail space, of which DeVry University will occupy approximately 15,000 square feet. The third Chicago campus for the university will include 11 classrooms, technology labs, interview rooms, staff offices and an auxiliary lounge. Newmark Knight Frank represented DeVry in its lease. CA Ventures and Springbank Capital Advisors are the developers. Gillespie Design Group is the project architect. Completion is slated for fall 2020.

September 30, 2019

Acquisitions Illinois Midwest Retail

NewMark Merrill Acquires 159,785 SF Shopping Center in Chicago for $17.3M

by Kristin Harlow September 30, 2019

CHICAGO — NewMark Merrill Cos. Inc. has acquired Stony Island Plaza in Chicago for $17.3 million. The 159,785-square-foot shopping center is located in the South Deering neighborhood at the intersection of 95th Street and Stony Island Avenue. Jewel-Osco and DD’s Discounts anchor the center, built in 1999. It is currently 93 percent leased to several local and national brands, including Circle K, KFC, H&R Block, Foot Locker, GNC, Happy Nails and Seashell Restaurant. NewMark Merrill plans to improve signage, parking areas and landscaping. Rick Drogosz of Mid-America Real Estate Corp. represented the institutional seller. Sandy Sigal and Jim Patton of NewMark Merrill negotiated the purchase on behalf of NewMark Merrill. Kostas Kavayiotidis of Pacific Southwest Realty arranged acquisition financing with John Hancock Life Insurance. Jeffery Packard, Tom Treacy and Chris Bingham of John Hancock originated the financing.

September 30, 2019

Acquisitions Illinois Midwest Multifamily

JVM Purchases 146-Unit, Townhouse-Style Apartment Property in North Aurora, Illinois

by Kristin Harlow September 30, 2019

NORTH AURORA, ILL. — JVM Realty Corp. has purchased Randall Highlands in North Aurora for an undisclosed price. JVM Management Inc. will manage the community. Built in 2013, the property is comprised of 146 rental townhome units. Amenities include a pool, clubhouse, business center, playground and fitness center. The seller was not disclosed. JVM owns and operates three other rental communities in the Chicago metro area and is set to close on the acquisition of a fifth property in the market later this year.

September 30, 2019

Illinois Leasing Activity Michigan Midwest Missouri Retail

Metro Commercial Brokers New Midwest Locations for Edge Fitness Clubs

by Kristin Harlow September 30, 2019

ILLINOIS, MICHIGAN AND MISSOURI — Metro Commercial Real Estate has brokered several leases on behalf of The Edge Fitness Clubs for new locations across the Midwest. The properties include: Windmill Plaza in in Sterling Heights, Mich.; West River Centre in Farmington Hills, Mich.; an unnamed center at Avon and Rochester roads in Westland, Mich.; Cave Springs in St. Peters, Mo.; Mackenzie Point in Shrewsbury, Mo.; and Westridge Court in Naperville, Ill. There are also three new locations in Pennsylvania. The fitness centers are all expected to open later this year or in 2020. Brandon Anapol and Scott Benson of Metro led the leasing team. With these new leases, Metro has brokered 16 locations totaling approximately 640,000 square feet for Connecticut-based Edge over the last 12 months. Edge currently operates 25 locations across Connecticut, Delaware, Pennsylvania and New Jersey.

September 30, 2019

Kansas Leasing Activity Midwest Office

DashNow Opens 5,407 SF Office at City Center Lenexa in Kansas

by Kristin Harlow September 30, 2019

LENEXA, KAN. — DashNow has opened a 5,407-square-foot office at The District at City Center Lenexa in Kansas. The company has leased an entire floor of the office building known as Penn I. DashNow offers an app that enables restaurant customers to pay their bills at the table through their smartphones. The app improves efficiency for restaurants and servers. Todd Weltmer of Parkway Realty represented DashNow in the lease transaction. Ryan Biery of Copaken Brooks represented the landlord, Copaken Brooks. When fully developed, City Center Lenexa will span more than 2 million square feet with office, retail and residential space.

September 30, 2019

Development Hospitality Michigan Midwest

101-Room Hilton Garden Inn to Open at Former Bank Building in Flint, Michigan

by Kristin Harlow September 27, 2019

FLINT, MICH. — A new 101-room Hilton Garden Inn is set to open in downtown Flint in 2020. The building was formerly known as the Genesee County Savings Bank Building. The historic 11-story building was Flint’s second skyscraper when it opened in 1920. (The height of a skyscraper in those days was typically much lower than today.) Plans for the Hilton Garden Inn include a full-service restaurant, meeting and banquet center and rooftop deck. Crescent Hotels and Resorts will manage the hotel. Flint-based firms DW Lurvey Co. and Sorenson Gross are jointly managing construction of the project. Detroit-based Kraemer Design Group is serving as architect, interior designer and historic consultant. Developer Uptown Reinvestment Corp., Michigan Economic Development Corp., Charles Stewart Mott Foundation, Skypoint Ventures and Local Initiatives Support Corp. are providing project financing, along with Huntington Bank and Old National Bank.

September 27, 2019

Development Illinois Industrial Midwest

Premier Design + Build Breaks Ground on Two-Building Industrial Project in Wood Dale, Illinois

by Kristin Harlow September 27, 2019

WOOD DALE, ILL. — Premier Design + Build Group has broken ground on a two-building industrial development in Wood Dale. Bridge Development Partners is the developer and the facility will be known as Bridge Point Wood Dale. The first building will serve as a 100,738-square-foot build-to-suit for Forward Space LLC, a provider of office furniture and workplace solutions. The second building will be a 241,888-square-foot speculative warehouse. Completion of both buildings is slated for spring 2020. Cornerstone Architects Ltd., Swift Structural Design LLC and Manhard Consulting make up the project team.

September 27, 2019

Illinois Loans Midwest Retail

JLL Secures $9.4M Refinancing for Chicago Recreational Facility

by Kristin Harlow September 27, 2019

CHICAGO — JLL has secured a $9.4 million loan for the refinancing of The Armoury, a 46,040-square-foot industrial facility repurposed as an entertainment trampoline park and athletic training facility in Chicago. The property is fully leased to Altitude Trampoline Park and Performance Training Systems. Christopher Carroll, Jason Bond and Lucas Borges of JLL arranged the fixed-rate loan with a financial holding company. A partnership between Clear Height Properties and Diamond Realty Holdings was the borrower.

September 27, 2019

Acquisitions Illinois Midwest Retail

Quantum Brokers Sale of Studio Movie Grill-Occupied Property in Chicago

by Kristin Harlow September 27, 2019

CHICAGO — Quantum Real Estate Advisors Inc. has brokered the sale of a single-tenant building net leased to Studio Movie Grill in Chicago for an undisclosed price. The property is located at 210 W. 87th St. Studio Movie Grill has 14 screens as well as a full bar and restaurant. Chad Firsel of Quantum represented the seller, a Chicago-based development company, and the buyer, a Michigan-based private real estate investor.

September 27, 2019

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