Midwest

Stream to Manage Two New Industrial Properties in Suburban Chicago

by Kristin Harlow May 24, 2019

ELK GROVE VILLAGE AND FRANKLIN PARK, ILL. — Stream Realty Partners has been retained to manage two new Class A industrial properties in suburban Chicago from Principal Real Estate Investors on behalf of an institutional client. The first is a 133,000-square-foot building in Elk Grove Village. Completed in December, the facility is situated on 6.5 acres. Seko Worldwide and Gran Quartz occupy the property, which features 20 exterior docks and a clear height of 32 feet. The second is a 400,370-square-foot building in Franklin Park. Completed in May, the facility is currently available for lease. Situated on 20 acres, it offers 79 exterior docks and a clear height of 36 feet.

May 24, 2019

Acquisitions Midwest Minnesota Office Retail

KW Commercial Arranges $2.6M Sale of Office, Retail Building in Burnsville, Minnesota

by Kristin Harlow May 24, 2019

BURNSVILLE, MINN. — KW Commercial has arranged the sale of the Nicollet Plaza Building in Burnsville for $2.6 million. The property, situated at 200 E. Travelers Trail, is a 20,653-square-foot, two-story office and retail building. Anchored by SharePoint Credit Union, the asset includes a mix of retail and office tenants. Matthew Klein, Andy Manthei and David Lund of KW Commercial represented the seller, Nicollet Plaza II LLC. The team also secured the buyer, Nicollet Office Partners LLC.

May 24, 2019

Acquisitions Midwest Missouri Office Top Stories

KBS Sells 580,368 SF Office Campus Near St. Louis to Lingerfelt CommonWealth

by Alex Tostado May 24, 2019

CLAYTON, MO. — KBS has sold Pierre Laclede Center I & II, a two-building, 580,368-square-foot office campus in Clayton, to Lingerfelt CommonWealth. The sales price was not disclosed. Pierre Laclede Center I & II were constructed in 1964 and 1970, respectively. KBS acquired the office campus in 2010 and implemented a $19 million renovation plan in the intervening years. Amenities include an outdoor veranda/patio area, conference rooms, fitness centers, café, deli, onsite concierge and car washing. The sale included a four-level, 1,304-stall parking garage. HFF marketed the property on behalf of KBS, a California-based private equity firm that owned the asset through its KBS Real Estate Investment Trust II portfolio. The buyer is a national real estate investment management firm based in Richmond, Virginia. Current tenants include Centene, Lathrop Gage, Morgan Stanley and Dana McKitrick P.C. Additionally, The St. Louis Club, a private dining club, occupies the top floor of the property with views of downtown and the Gateway Arch. Clayton is one of the St. Louis region’s most sought-after submarkets for office space and is considered the hub of the St. Louis metropolitan area. Clayton boasts over 1 million square feet of retail space as well, and the Pierre …

May 24, 2019

Acquisitions Illinois Midwest Retail

Kimco Sells Retail Property in Oakbrook Terrace, Illinois for $21M

by Kristin Harlow May 23, 2019

OAKBROOK TERRACE, ILL. — Kimco Realty Corp. has sold a 176,164-square-foot retail property in Oakbrook Terrace for $21 million. Known as 22nd Street Plaza, the shopping center is fully leased to retailers such as Home Depot, Party City and Big Lots. Restaurants Twin Peaks and Naf Naf Grill are located on the site as well. The property includes 850 parking spaces. George Good and Christian Williams of CBRE represented Kimco in the sale. A California-based private investor purchased the asset.

May 23, 2019

Acquisitions Industrial Michigan Midwest Self-Storage

SkyView Advisors Arranges Sale of 650-Unit Self-Storage Facility in Madison Heights, Michigan

by Kristin Harlow May 23, 2019

MADISON HEIGHTS, MICH. — SkyView Advisors has arranged the sale of a 650-unit self-storage facility in Madison Heights for an undisclosed price. The property, known as Michigan Storage Centers, is situated on 2.6 acres and spans 86,730 square feet. All of the units are climate-controlled. Cameron Vale and Ryan Clark of SkyView represented the undisclosed seller.

May 23, 2019

Acquisitions Industrial Midwest Wisconsin

Colliers Brokers Sale of 163,000 SF Industrial Building in Ripon, Wisconsin

by Kristin Harlow May 23, 2019

RIPON, WIS. — Colliers International has brokered the sale of a 163,000-square-foot industrial building in Ripon in central Wisconsin. The sales price was not disclosed. The property is situated on 13 acres at 100 Creative Way and is served by the Wisconsin Southern Railroad. The buyer, Rogers & Rogers Inc., intends to occupy about one-half of the building and lease the other half to other companies within Ripon.

May 23, 2019

Development Kansas Midwest Multifamily Seniors Housing

Tutera Underway on $1.5M Renovation of Senior Living Community in Overland Park, Kansas

by Kristin Harlow May 23, 2019

OVERLAND PARK, KAN. — Tutera Senior Living & Health Care is underway on a $1.5 million renovation of its senior living community in Overland Park known as The Atriums. This month, Tutera expects to complete Phase I of the project, which includes renovation of the first-floor common living areas. Tutera will also begin Phase II, an expected $1 million remodel of the property’s 203 units. Amenities within the 50,000-square-foot common living area include a dining area, pub, billiards room, reading corner and community lounges. The property features 168 independent living units and 35 assisted living units. The residences will be updated with new lighting, flooring, paint and other upscale finishes. Phase II is slated for completion in the next 12 to 18 months.

May 23, 2019

Kansas Leasing Activity Midwest Missouri Retail

Hotworx to Open Two Fitness Studios in Metro Kansas City

by Kristin Harlow May 23, 2019

LEE’S SUMMIT, MO. AND SHAWNEE, KAN. — Hotworx, a high intensity isometric fitness concept, has signed two long-term leases in Lee’s Summit, Mo., and Shawnee, Kan. The Lee’s Summit location will be located at 1309 NE Douglas St. and span 1,900 square feet. The studio is slated to open this summer. In Shawnee, Hotworx will occupy a 2,000-square-foot space in a Bank of America-anchored strip center. The location is also expected to open this summer. Bill Maas and Daniel Brocato of Block & Co. Inc. Realtors represented Hotworx in the lease transactions. The brokers are currently working with Hotworx to open a location in Liberty, Mo., later this year. The fitness company currently operates a studio in Lawrence, Kan.

May 23, 2019

Kansas Market Reports Midwest Midwest Market Reports Mixed-Use

Momentum Grows in Topeka Via Holistic Economic Development Plan

by Kristin Harlow May 23, 2019

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,” …

May 23, 2019

Development Indiana Industrial Midwest

Ranger Power to Build $175M Solar Project in Shelbyville, Indiana

by Kristin Harlow May 22, 2019

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.

May 22, 2019

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