Midwest

LANE4 to Break Ground on Three-Building Industrial Development in Liberty, Missouri

by Kristin Harlow October 28, 2019

LIBERTY, MO. — LANE4 Property Group has unveiled plans to develop a three-building, speculative industrial project in Liberty known as Liberty Logistics Center. Situated on a 68-acre tract of land at Missouri Highway 69 and Liberty Parkway, the project is adjacent to the Ford assembly plant and visible from I-35. Construction is expected to begin within a month and the first building, spanning 741,000 square feet, is slated for completion in late 2020. The two smaller buildings will measure 80,000 and 132,000 square feet. The project will also include a retail portion known as Liberty Parkway Plaza, containing eight pad sites fronting I-35 and the industrial buildings. LANE4 serves as developer for the entire project and leasing agent for the retail component. Joe Orscheln of CBRE will market the industrial portion for lease. Davidson Architecture & Engineering is providing architectural and engineering services.

October 28, 2019

Acquisitions Illinois Midwest Multifamily Student Housing

Greystar Acquires 388-Bed Student Housing Community in Chicago’s South Loop

by Kristin Harlow October 28, 2019

CHICAGO — Greystar has acquired 30 East, a 388-bed student housing community located in Chicago’s South Loop neighborhood. Columbia College Chicago holds a 10-year, 340-bed master lease at the community. The remaining 48 beds are open to students at any of the more than 20 colleges and universities located within two miles of the property. The 17-story community offers studio, one-, two-, three- and four-bedroom units. Shared amenities include a third-floor terrace and dog park, state-of-the-art fitness center and a sky lounge. The purchase price and seller were not provided, but Crain’s Chicago Business reports that Philadelphia-based Gilbane Development sold the asset for $60 million.

October 28, 2019

Acquisitions Hospitality Illinois Midwest

Marcus & Millichap Arranges $6M Sale of Hotel Property in Suburban Chicago

by Kristin Harlow October 28, 2019

ARLINGTON HEIGHTS, ILL. — Marcus & Millichap has arranged the sale of a 134-room Red Roof Inn property in Arlington Heights for $6 million. Built in 1984, the hotel is located at 22 W. Algonquin Road, nine miles from the Chicago O’Hare International Airport. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also represented the buyer, a partnership.

October 28, 2019

Acquisitions Illinois Midwest Office

Recreation Association Buys 30,000 SF Property in Highland Park, Illinois

by Kristin Harlow October 28, 2019

HIGHLAND PARK, ILL. — The Northern Suburban Special Recreation Association (NSSRA) has purchased a 30,000-square-foot property at 1221 Lake Cook Road in Highland Park for an undisclosed price. NSSRA provides recreation programs and services to people with disabilities in 13 North Shore communities. The new property will enable the organization to expand and offer additional programing and services onsite. Larry Serota, Cece Conway and John Marquardt of Transwestern represented NSSRA. The facility previously belonged to the Lakeside Congregation for Reform Judaism.

October 28, 2019

Leasing Activity Michigan Midwest Restaurant Retail

Vitality Bowls to Open First Location in Michigan

by Kristin Harlow October 28, 2019

GRAND RAPIDS, MICH. — Vitality Bowls is set to open its first location in Michigan. The café, slated to open on Saturday, Nov. 2, is located within the 575,000-square-foot Shops at CenterPoint. Vitality Bowls specializes in acai bowls, including the acai berries and a variety of other superfoods. The restaurant will be open for breakfast, lunch and dinner. There are currently more than 140 Vitality Bowls locations open or in development across the United States. Stonemar Properties owns Shops at CenterPoint.

October 28, 2019

Acquisitions Kansas Midwest Missouri Retail

Academy Bank Completes Merger with KCB Bank, Expands to 25 Kansas City-Area Locations

by Kristin Harlow October 25, 2019

KANSAS CITY, MO. — Academy Bank, a full-service community bank and wholly owned subsidiary of Dickinson Financial Corp., has completed its merger with Kearney, Mo.-based KCB Bank. The merger bolsters Academy Bank’s presence in Kansas City’s Northland communities, including Kearney, Liberty and Gladstone, Mo. It also expands the bank’s presence in Bonner Springs, Kan. Clients will now have access to 25 Academy Bank locations throughout the Kansas City metro area. The five KCB Bank locations will be officially transitioned to Academy Bank by Monday, Oct. 21.

October 25, 2019

Acquisitions Industrial Midwest Wisconsin

NKF Arranges Sale of 350,274 SF Industrial Property in Wisconsin

by Kristin Harlow October 25, 2019

STURTEVANT, WIS. — Newmark Knight Frank (NKF) has arranged the sale of a 350,274-square-foot industrial property located at 7601 Durand Ave. in Sturtevant. Neither the sales price nor the buyer were disclosed. Michael Prost, Sergio Chapa and Corey Chase of NKF represented the seller, Venture One Real Estate. NKF represented Venture One in January 2018 when the company acquired the property. Since then, Venture One implemented improvements such as a new roof, parking lot, lighting, façade and offices. The building features 24,000 square feet of office space and 30 dock doors.

October 25, 2019

Hospitality Loans Midwest Missouri

Petros PACE Finance Provides $8M C-PACE Construction Financing for Hyatt House Hotel in Kansas City

by Kristin Harlow October 25, 2019

KANSAS CITY, MO. — Petros PACE Finance LLC has provided an $8 million Commercial Property Assessed Clean Energy (C-PACE) loan on behalf of Pedersen Development Co. to finance energy-efficiency measures in the construction of a 13-story Hyatt House hotel in downtown Kansas City. Pedersen will use the funds to incorporate sustainable design features, including energy-efficient roofing, windows, HVAC equipment, hot water heaters and LED lighting. The 153-room hotel will be located at the southwest corner of Ninth and Broadway streets. C-PACE is a relatively new financing tool for energy- and water-efficiency projects. It is a low-cost, long-term financing product secured as a property tax assessment. Over the 20-year life of the loan, energy-conserving features are expected to generate more than $7 million in utility and maintenance savings as well as a carbon dioxide reduction of 1,159 metric tons. Completion of the hotel is slated for January 2021. Brinkmann Constructors is the general contractor.

October 25, 2019

Acquisitions Illinois Midwest Retail

Premier Commercial Realty Brokers $1.8M Sale of Building Formerly Occupied by Sports Authority in Illinois

by Kristin Harlow October 25, 2019

CRYSTAL LAKE, ILL. — Premier Commercial Realty has brokered the sale of a 56,310-square-foot building formerly occupied by Sports Authority in Crystal Lake for $1.8 million. The property sits on 5.2 acres at 800 Cog Circle, about 45 miles northwest of Chicago. Heather Schweitzer and Heide Casciaro of Premier represented the seller. Steve Pilafas of Great Street Realty represented the buyer, a Chicago-based investor and developer. The new owner has secured an undisclosed tenant for the property.

October 25, 2019

Industrial Leasing Activity Midwest Wisconsin

Hanes Signs 25,000 SF Industrial Lease in Menomonee Falls, Wisconsin

by Kristin Harlow October 25, 2019

MENOMONEE FALLS, WIS. — Hanes Cos. has signed a 25,000-square-foot industrial lease in Menomonee Falls. The property is located on Old Orchard Road. TJ Huenerbein, Samuel M. Dickman Jr. and Samuel D. Dickman of Dickman Co. Inc. represented the landlord, House 10 LLC, in the lease transaction. Bill Langhoff of Colliers International represented Hanes.

October 25, 2019

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