Midwest

Lupe to Redevelop Retail Site in Woodbury, Minnesota Into Medical Office

by Kristin Harlow October 11, 2019

WOODBURY, MINN. — Lupe Development Partners has unveiled plans to redevelop a 6.7-acre retail site at the intersection of Valley Creek Road and I-494 in Woodbury. Lupe will tear down an existing Key Inn motel to make way for a new 34,000-square-foot medical office building. There will also be a credit union-anchored retail building and a drive-thru restaurant. Plans also call for the renovation of two small office buildings on Woodlane Drive. Demolition of the motel is expected to begin in early 2020. The first new buildings are slated for completion in September 2020. Aaron Barnard and Anne Stahley of Cushman & Wakefield will market the medical office building for lease. Sara Martin and Molly Townsend of Colliers International will market the retail portion for lease.

October 11, 2019

Acquisitions Industrial Michigan Midwest

Innovative Industrial Properties Acquires 156,000 SF Property in Michigan for $19M

by Kristin Harlow October 11, 2019

WARREN, MICH. — Innovative Industrial Properties Inc. (IIP) has acquired a 156,000-square-foot industrial property in Warren, a northern suburb of Detroit. The purchase price was $19 million. Concurrent with the acquisition, IIP entered into a long-term, triple-net lease agreement with LivWell Michigan LLC, a licensee of LivWell Holdings Inc. The tenant intends to operate the property as a licensed cannabis cultivation and processing facility. LivWell is expected to complete tenant improvements at the property and IIP has agreed to provide reimbursement of up to $23 million.

October 11, 2019

Development Illinois Midwest Office

J.C. Anderson Completes 30,824 SF Spec Office Build-out in Chicago

by Kristin Harlow October 11, 2019

CHICAGO — J.C. Anderson has completed a 30,824-square-foot office suite build-out on a speculative basis for property owner GlenStar Properties LLC at 55 E. Monroe St. in Chicago. The 1.3 million-square-foot office tower is located one-half block west of Michigan Avenue. The project scope included the addition of open offices, pantries, conference rooms and new lighting fixtures. Nelson provided architectural services.

October 11, 2019

Acquisitions Illinois Midwest Multifamily

JVM Acquires 254-Unit Apartment Community in Suburban Chicago

by Kristin Harlow October 10, 2019

LA GRANGE, ILL. — JVM Realty Corp. has acquired Uptown La Grange, a 254-unit luxury apartment community in La Grange, about 17 miles west of downtown Chicago. The purchase price and seller were not disclosed. JVM Management Inc. will manage the property, which was built in 2017. Uptown La Grange has a high walk score of 90, as it sits next to a 17-acre public park and is one block away from the LaGrange Road Metra train station. Community amenities at the property include a rooftop terrace, heated pool, bocce ball court, fitness center, yoga studio and clubroom. JVM now owns and operates five multifamily properties in the area.

October 10, 2019

Illinois Industrial Leasing Activity Midwest

Five Tenants Sign Industrial Leases Totaling 860,296 SF at Duke Realty-Owned Properties in Metro Chicago

by Kristin Harlow October 10, 2019

CHICAGO — Duke Realty Corp. has signed five leases with industrial tenants for four of its properties within metro Chicago. The leases total 860,296 square feet. Susan Bergdoll and Casey Grant of Duke represented the company in all the lease transactions. At Airport Logistics Center in Romeoville, RJW Logistics leased the entire 543,780-square-foot speculative building that delivered in August. Dominic Carbonari and Frank Griffin of JLL represented the tenant and Jason West and Sean Henrick of Cushman & Wakefield marketed the property for lease. Coda Resources leased all of the 183,296-square-foot speculative building known as 990 North Avenue in Glendale Heights. Frank Melchert of Cawley Chicago represented the tenant, while Kelly Disser, Eric Tresslar and Michael Freitag of NAI Hiffman served as listing brokers. At 375 W. South Frontage Road in Bolingbrook, Battery Systems signed a new lease for 17,850 square feet and Corrosion Materials renewed its 17,850-square-foot lease. Brian Kling and John Bolster of Colliers International represented Battery Systems. Ryan Earley and Terry Grapenthin of Lee & Associates were the listing brokers. Lastly, Black Horse Carriers signed a 97,520-square-foot lease at 1835 West Jefferson in Naperville. George Pappas of Hartford Associates represented the tenant and Brian Kling and David …

October 10, 2019

Illinois Leasing Activity Midwest Retail

Pete’s Fresh Market Opens at Baker Hill in Glen Ellyn, Illinois

by Kristin Harlow October 10, 2019

GLEN ELLYN, ILL. — Pete’s Fresh Market has opened at Baker Hill in Glen Ellyn, about 25 miles west of downtown Chicago. The store occupies 72,397 square feet at the shopping center owned by Phillips Edison & Co. Inc. (PECO). It is the regional grocer’s 15th location in the Chicagoland area. Since 2017, PECO has executed a comprehensive redevelopment at the property in partnership with the village of Glen Ellyn. In addition to the opening of Pete’s, improvements at the property include LED lighting, two electric vehicle charging stations and a new roof. Other tenants at the 135,355-square-foot Baker Hill include Orangetheory Fitness, Learning Express and Massage Envy.

October 10, 2019

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers Two Chicago Multifamily Sales Totaling $7.5M

by Kristin Harlow October 10, 2019

CHICAGO — Marcus & Millichap has brokered the sales of two multifamily properties on Chicago’s North Side for a combined $7.5 million. Kyle Stengle of Marcus & Millichap marketed the properties on behalf of the sellers. The first property, 1044 W. Newport Ave., is a two-story, nine-unit building in the Lakeview neighborhood. It sold for $4 million. Both the buyer and seller were local partnerships. The second property, 3507-3511 N. Elston Ave. in the Avondale neighborhood, is a four-story, 12-unit building. It sold for $3.5 million. Chicago-based Brennan Investments purchased the building from a California-based seller.

October 10, 2019

Acquisitions Michigan Midwest Retail

Gerdom Realty Arranges Sale of 23,900 SF Retail Property in Livonia, Michigan

by Kristin Harlow October 10, 2019

LIVONIA, MICH. — Gerdom Realty & Investment has arranged the sale of a 23,900-square-foot retail and office property in Livonia for an undisclosed price. The two-building asset is located on Middlebelt Road between 5 Mile and 6 Mile roads. Larry Siedell, Michael Murphy and Tjader Gerdom brokered the sale. A local investor purchased the property with plans to complete an exterior renovation. Gerdom will remain as the listing broker.

October 10, 2019

Illinois Market Reports Midwest Midwest Market Reports Multifamily

Investors Should Take a Second Look at Opportunities in Chicagoland Multifamily

by Kristin Harlow October 10, 2019

Chicago real estate has been the subject of considerable pessimism from local and national investors due to a variety of factors. Much of this can be blamed on our unfunded pension liability, which is expected to significantly increase real estate taxes across the area in the coming years. Many institutional multifamily investors claim that their data says to avoid Chicago. Instead, they seek multifamily properties at far lower returns and cap rates in places such as Nashville, Austin and Denver. While I believe those cities offer phenomenal investments, investors across the country are missing an amazing opportunity to invest in Chicago apartment properties. Real estate taxes Everyone seems to agree that real estate taxes will rise significantly in Chicago in the coming years. Who pays real estate taxes? Homeowners, commercial landlords and some businesses. Noticeably absent from this list are apartment renters who are generally unaffected by an increase in real estate taxes. In fact, a significant rise in residential real estate taxes should create even more demand for rental apartments in the Chicagoland area as would-be homeowners shift into the rental pool. Effect of high tax rates Do Chicagoans leave the city because of high tax rates? The data …

October 10, 2019

Acquisitions Illinois Midwest Multifamily

JLL Arranges Sale of Two-Property Multifamily Portfolio in Suburban Chicago for $25.7M

by Kristin Harlow October 9, 2019

PARK FOREST AND UNIVERSITY PARK, ILL. — JLL has arranged the sale of Central Park Apartments and Governor’s House Apartments for $25.7 million. David Gaines, Wick Kirby, Mark Barnes and Kevin Girard of JLL represented the seller, a joint venture between Buligo Capital Partners and Ferndale Realty Group. Bender Cos. was the buyer. Jason Bond and Trent Niederberger of JLL originated $20.5 million in acquisition financing through Fannie Mae. The 220-unit Central Park Apartments is located at 11 Fir St. in Park Forest and the 96-unit Governor’s House Apartments is located at 871 Burnham Drive in University Park. Both communities are approximately 30 miles south of downtown Chicago.

October 9, 2019

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