ATLANTA AND SIOUX CITY, IOWA — Americold Realty Trust has entered into a definitive agreement to acquire Cloverleaf Cold Storage from the company’s management and an investor group led by private equity funds managed by Blackstone. The purchase price was $1.24 billion. Atlanta-based Americold will acquire 22 cold storage facilities in nine states in the Midwest and Southeast, 21 of which are owned by Cloverleaf and one is managed by the company, totaling 5.2 million refrigerated square feet. Sioux City, Iowa-based Cloverleaf is the fifth largest cold storage provider in the United States. The company acquired competitor Zero Mountain in January. Bank of America Merrill Lynch and Goldman Sachs & Co. LLC are Americold’s financial advisors in the transaction, and King & Spalding LLP is its legal advisor. Wells Fargo Securities and Deutsche Bank Securities Inc. are Cloverleaf and Blackstone’s financial advisors, and Kirkland & Ellis LLP is their legal advisor.
CHICAGO — Retailers have begun opening at Addison & Clark, a mixed-use project located across the street from Chicago’s Wrigley Field. The lineup includes a 10,000-square-foot Harley Davidson showroom; a 30,000-square-foot Lucky Strike Social, a combination bowling alley, arcade and event venue; the city’s first Beerhead Bar and Eatery; Shake Shack; and Do-Rite Donuts and Chicken. Tenants yet to open include Cargo Food Authority, Cinemex CMX Cinemas, Kilwins and a 32,000-square-foot health club. A joint venture between M&R Development and Bucksbaum Retail Properties is developing the transit-oriented project. RMK Management is managing The Residences at Addison & Clark, a 148-unit luxury apartment component of the project that recently earned LEED Silver certification. First residents moved into the property in September 2018. Monthly rents range from $1,980 to $4,510.
GRAND RAPIDS, MICH. — BDO has signed a 35,000-square-foot office lease in Grand Rapids. The firm, which delivers assurance, tax and financial advisory services to its clients, will occupy space within 5300 Patterson Ave., a newly renovated office building. Owner Franklin Partners upgraded the lobby and common areas, which include a café, bank, fitness center and shared collaborative spaces. Mary Ann Wisinski of NAI Wisinski of West Michigan, along with Justin Decker and Mark Robbins of Avison Young, represented BDO in the lease transaction. Duke Suwyn of Colliers International represented Franklin Partners. As a result of BDO’s lease, the 140,000-square-foot building is 95 percent occupied. Other tenants include Kellogg Global Service Center, Kellogg Community Credit Union, Maxim Healthcare and Varipro.
CHICAGO — Men’s luxury apparel retailer Peter Millar has opened its first Chicago storefront at 877 N. Rush St. in the Gold Coast neighborhood. At 3,000 square feet, the location will serve as the retailer’s flagship store. Matt Ramsey and Anthony Genovese of JLL represented the tenant in the lease transaction. Founded in 2001, Peter Millar produces a wide range of casual sportswear, outerwear, tailored dress apparel and performance golf attire.
ROSELLE, ILL. — Marcus & Millichap has brokered the sale of Promenade Pointe of Roselle, a 15,626-square-foot mixed-use building located 30 miles northwest of Chicago, for $3.2 million. The property, completed in 2017, includes three retail spaces on the first floor, eight apartment units on the second floor and one office space on the second floor. At the time of sale, the retail spaces were fully occupied. Andrean Angelov and Ryan Engle of Marcus & Millichap brokered the transaction. Timothy Stephenson Jr. of Marcus & Millichap assisted in representing the undisclosed buyer.
SHELBY TOWNSHIP, MICH. — L. Mason Capitani CORFAC International has arranged the sale of a 16,830-square-foot industrial building located at 51255 Oro Drive in Shelby Township. The sales price was not disclosed. The buyer, Michigan Architectural Millwork, will use the building for the production of doors, plywood, moldings, hardwood boards and hardware. Jason Capitani and Joseph DePonio III of L. Mason Capitani represented both the buyer and the seller, JMJ Investment Co.
LISLE, ILL. — Briar Meads Capital LLC has purchased a 300,000-square-foot office property located at 2441 and 2443 Warrenville Road in Lisle. The purchase price was not disclosed. Briar Meads plans to rebrand the property as The Westwood and work with Wright Heerema Architects to update amenities. Plans call for upgrades and expansions to the café, fitness center, conference center, lounges and outdoor areas in addition to renovations of the lobby and common area spaces. The asset consists of two office towers built in 1991 and 1997. Currently, 157,426 square feet of space is available for lease. Dan Svachula, Michael Simpson, Adam Showalter and Allyson Yates of Cushman & Wakefield will market the property for lease. NAI Hiffman will manage the property.
BROOKFIELD, WIS. — Newmark Knight Frank has acquired MLG Commercial LLC, a Wisconsin-based company that offers real estate investment services to institutional or individual investors. MLG Capital pursues investments in approximately 15 states and self-manages its assets. The company is currently raising its fourth private real estate investment fund, MLG Private Fund IV LLC, a targeted $200 million equity fund that is accepting new accredited investors through March 31, 2021. Since the inception of MLG Capital in 1987, the firm has had investments totaling approximately 18.3 million square feet with a value exceeding $1.6 billion.
LINCOLN, NEB. — Investors Realty Inc. has brokered the sale of Williamsburg Apartments in Lincoln for $9.2 million. The 11-building, 138-unit complex is located at 3400 Serenity Circle. The property was constructed between 1978 and 1984. John Heine and R.J. Neary of Investors as well as Todd Watson of Century Sales & Management LLC represented the seller. The buyer, a private investor, purchased the asset as part of a 1031 tax-deferred exchange.
EDEN PRAIRIE, MINN. — First Washington Realty has purchased Prairie Village shopping center in Eden Prairie for an undisclosed price. Specialty grocery store Kowalski’s anchors the 78,313-square-foot shopping center. Effective immediately, the asset will be rebranded as Eden Prairie Village shopping center. The property is 98.4 percent leased. This is First Washington Realty’s third property in the Twin Cities.