Midwest

A renaissance is underway in Topeka, Kansas, with undeniable momentum as new commercial, industrial and residential developments emerge citywide. The year 2015 was pivotal with a $9.4 million public-private investment in infrastructure and amenities along Kansas Avenue downtown. Local investors have purchased more than 25 buildings on the avenue for gradual restoration into thriving businesses like Iron Rail Brewing, The Pennant, Cyrus Hotel and Kansas Avenue Lofts. The 45,000-square-foot Evergy Plaza is slated to open in March 2020 in the shadow of the Kansas Statehouse. A crowning jewel of downtown development, the plaza will feature a 50-foot performance stage, digital screen, programmable fountains, fireplaces and an ice skating rink during the winter. According to a recent market study, growth in the Capital City shows no signs of slowing down. St. Louis-based Development Strategies says downtown could support expansion over the next decade to include 900 new or rehabilitated housing units, 300,000 square feet of new or rehabilitated office space, 690,000 square feet of retail space and at least 200 more hotel rooms. “Investments downtown enhance quality of life and quality of place to help attract and retain a workforce that will take us into the next 15 to 20 years,” …

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SHELBYVILLE, IND. — Ranger Power has unveiled plans to build a $175 million, 199-megawatt solar project in Shelbyville, about 30 miles southeast of Indianapolis. Ranger Power plans to begin building the project in 2022 with completion slated for 2023. Upon completion, the plant will generate enough power to serve 35,000 households. Electricity generated by the project will be distributed exclusively through Indianapolis-based Wabash Valley Power Association, a wholesale electric supplier to 19 non-profit electric cooperatives in Indiana. The agreement extends through 2057. Approximately 1,014 acres of the 1,200-acre project are devoted to solar panels. Ranger has signed 17 lease agreements with private landowners within Shelby County. The project is called Speedway Solar, a reference to the Indianapolis 500 racing tradition. Shelby County Council approved the development in March.

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CHICAGO — Audit, tax and consulting firm RSM has expanded its footprint to 165,323 square feet within CME Center in Chicago. The property, located on South Wacker, is now 95 percent occupied. CME Center consists of two 40-story office towers connected by a 10-story center structure. The property totals 2.3 million square feet. Completed in phases during the 1980s, the asset was recently redeveloped with redesigned lobbies and common area enhancements. Tishman Speyer owns the property. Joe Gordon and Justin Lewis of Tishman Speyer represented ownership in the lease transaction with RSM. Rick Schuham of Savills represented RSM, which has 10,000 employees in 86 offices across the United States.

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MOUNT PROSPECT, ILL. — Avison Young has negotiated the sale of a 182,298-square-foot industrial portfolio in Mount Prospect for an undisclosed price. The two-building portfolio was 90 percent leased at the time of sale. The properties are situated on 8.2 acres at 1900-2000 Carboy Drive. Erik Foster, Mike Wilson, Chris Lydon and Chris Tecu of Avison Young represented the owner, Brennan Investment Group. San Francisco-based Glen Una Management Co. purchased the buildings.

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CRYSTAL LAKE, Ill. — Skender has broken ground on Residences of Crystal Lake, an independent living community in Crystal Lake, approximately 45 miles northwest of Chicago. Turnstone Development is leading the project. The three-story, 63,000-square-foot facility will offer 60 affordable units for seniors, and includes 5 ADA-accessible units, 12 adaptable units and two sensory units. Other project partners include design firm UrbanWorks, civil engineering firm GroundWork Ltd. and owner’s representative DKI Inc. The community is scheduled for completion in March 2020.

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RICHFIELD, MINN. — The Silver Group has brokered the sale of a single-tenant retail building occupied by Dunkin’ Donuts in Richfield, a suburb of Minneapolis. The sales price was not disclosed. The newly constructed, 2,000-square-foot building includes a drive-through window and outdoor seating. Dunkin’ has a 15-year lease. The Silver Group represented the seller, a local developer. Amy Senn of Newmark Knight Frank represented the buyer, which completed a 1031 tax-deferred exchange. The Richfield location is one of six standalone Dunkin’ stores in the Twin Cities.

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DETROIT — Morning Calm Management has acquired a nine-property industrial portfolio in metro Detroit for $83.7 million. Promanas Group sold the portfolio, which totals approximately 1.5 million square feet. The assets are located within Livonia, Auburn Hills, Redford, Saline, Lake Orion and Macomb Township. Tom Oldham and Dan Labes of Newmark Knight Frank oversaw the transaction.

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ST. LOUIS — HDA Architects and JNS Architects have completed the design of a new $45 million AC Hotel in the Central West End of St. Louis. The seven-story building will have 192 guest rooms. The project will be situated near the BJC Institute of Health at Washington University. The development team includes Koplar Properties, Concord Hospitality Enterprises and Homebase Partners. MC Hotel Construction is the general contractor. Construction is scheduled to commence this summer.

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WEST FARGO, N.D. — Kraus-Anderson has completed construction of a new Hornbacher’s grocery store in West Fargo. Located at I-94 and Sheyenne Street, the 61,000-square-foot property features an in-store pharmacy, Caribou Coffee and a 3,458-square-foot wine and spirits store. A seating mezzanine area overlooks the sales floor, which includes fresh produce, sushi, a deli, bakery, meat department, flower shop, popcorn shop and juicery. Hornbacher’s operates in Fargo and Moorhead, Minn. Its first store opened in Moorhead in 1951. The West Fargo store is the company’s eighth location.

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ST. CHARLES, MO. — Cushman & Wakefield has brokered the sale of Mark Twain Village in St. Charles for an undisclosed price. The shopping center spans 306,367 square feet and is anchored by a free-standing Bass Pro Shops. At the time of sale, the property was 98 percent occupied. Tenants include Aldi, Duluth Trading Co., Buffalo Wild Wings, Gordman’s and a free-standing Texas Roadhouse. Evan Halkias, Michael Marks, Mark Gilbert, Kyle Pershing and David Wirth of Cushman & Wakefield represented the seller. Buyer and seller information was not disclosed.

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