Midwest

Nordic Realty Partners Purchases 19,500 SF Industrial Building in Sturtevant, Wisconsin

by Kristin Harlow March 20, 2019

STURTEVANT, WIS. — Nordic Realty Partners has purchased a 19,500-square-foot industrial building located at 9900 Durand Ave. in Sturtevant, about 30 miles south of Milwaukee, for an undisclosed price. The property includes 5,000 square feet of office space and 14,500 square feet of warehouse space. Nordic plans to make capital improvements and lease the space to one or more tenants. Titan Inc., a machinery manufacturing and testing firm recently acquired by Burke Porter Group, formerly occupied the building. The company is relocating to a larger facility. NAI MLG Commercial represented the seller in the transaction.

March 20, 2019

Midwest Retail Wisconsin

Shopko to Liquidate Assets, Close All Stores

by Kristin Harlow March 19, 2019

ASHWAUBENON, WIS. — Shopko, a Wisconsin-based retailer, has announced the commencement of its liquidation sale. The company will close all of its stores. In January, Shopko filed for bankruptcy protection, but was unable to secure a buyer. Gordon Brothers will oversee the liquidation process, which is expected to conclude 10 to 12 weeks from now. The vast majority of Shopko’s stores are located in the Midwest, but the company also operates a number of locations in the western portion of the country. Shopko is evaluating a strategy for its optical business. The first Shopko store opened in Green Bay in 1962.

March 19, 2019

Leasing Activity Midwest Missouri Mixed-Use Retail

Cullinan Properties Unveils Tenant Openings at Streets of St. Charles Near St. Louis

by Kristin Harlow March 19, 2019

ST. CHARLES, MO. — Several new retail tenants are slated to open this spring and summer at The Streets of St. Charles, a mixed-use community near St. Louis owned and managed by Cullinan Properties Ltd. Cherry Blow Dry Bar opened on Wednesday, March 6. Next on the list is Play Street Museum, an interactive play environment set to open on Monday, March 25. Also scheduled to open this spring and summer are Narwhal’s Crafted, a frozen cocktail bar, and YogaSix. Cullinan Properties previously announced the addition of Elekta as the newest office tenant. The Streets of St. Charles is a 27-acre mixed-use development.

March 19, 2019

Development Industrial Midwest Self-Storage Wisconsin

Phoenix Investors to Convert Wisconsin Industrial Facility into Self-Storage

by Kristin Harlow March 19, 2019

MOUNT PLEASANT, WIS. — Phoenix Investors has unveiled plans to convert its industrial facility located at 7505 Durand Ave. in Mount Pleasant into self-storage use. Phoenix plans to add up to 2,000 climate-controlled units at the 200,000-square-foot property. Store Here Self Storage will operate the facility.

March 19, 2019

Acquisitions Illinois Midwest Multifamily

North Wells Capital Acquires 43-Unit Multifamily Property in Chicago’s South Shore

by Kristin Harlow March 19, 2019

CHICAGO — North Wells Capital LLC has acquired 6943 S. Cornell, a 43-unit multifamily property in Chicago’s South Shore neighborhood. The purchase price was not disclosed. Originally constructed in 1912, the property is situated in one of Chicago’s designated opportunity zones, which were created by the Tax Cuts and Jobs Act of 2017. North Wells plans to make substantial upgrades to the units and common areas. Byline Bank provided acquisition and renovation financing.

March 19, 2019

Acquisitions Midwest Ohio Retail

Cooper Group Brokers $2.3M Sale of Retail Center in Mansfield, Ohio

by Kristin Harlow March 19, 2019

MANSFIELD, OHIO — Cooper Commercial Investment Group has brokered the $2.3 million sale of Mansfield Plaza in central Ohio. Tenants include Save-a-Lot, Family Dollar and AutoZone. Bob Havasi and Dan Cooper of Cooper Group represented the seller, a California-based private investment group. An Ohio-based investor purchased the asset at a cap rate of 7.8 percent.

March 19, 2019

Acquisitions Company News Illinois Midwest Texas Top Stories

JLL Agrees to Acquire HFF for $2B in Massive Real Estate Brokerage Merger

by Alex Tostado March 19, 2019

CHICAGO AND DALLAS — JLL (NYSE: JLL) and HFF (NYSE: HF) have entered into a definitive agreement for JLL to acquire all outstanding HFF shares in a cash and stock transaction valued at approximately $2 billion. Chicago-based JLL, a giant in the commercial real estate industry with a total market cap of approximately $7.4 billion, is a professional services firm that specializes in real estate and investment management. Dallas-based HFF is a full-service commercial real estate financial intermediary. Under the terms of the agreement, HFF shareholders will receive $24.63 in cash and 0.1505 JLL shares for each HFF share. Based on the closing price of JLL stock of $163.02 on March 18, the cash and stock consideration to be received by HFF shareholders at closing is valued at $49.16 per HFF share. When finalized, existing JLL shareholders are expected to represent 87 percent of shareholders, and existing HFF shareholders will make up the other 13 percent. The transaction has been unanimously approved by the boards of directors of both companies. The deal is expected to close in the third quarter of this year. Two years ago, JLL unveiled Beyond, its global strategic vision to drive long-term and sustainable growth. As …

March 19, 2019

Development Illinois Midwest Multifamily Seniors Housing

SWIDA, Bywater Development Open $11M Affordable Seniors Housing Community Near St. Louis

by Kristin Harlow March 18, 2019

SWANSEA, ILL. — Southwestern Illinois Development Authority (SWIDA) and Bywater Development Group, along with Bi-State Development and other key stakeholders, have opened Metro Landing of Swansea, a 62-unit affordable seniors housing community in Swansea. The $11 million, three-story development is a transit-oriented project connecting to St. Louis via the adjacent Swansea MetroLink Station. More than 40 of the 62 affordable one- and two-bedroom units have already been leased, with full occupancy expected by the end of March. Rents start at $565 per month for a one-bedroom apartment and $705 for a two-bedroom apartment. SWIDA and Bywater, which jointly developed the project, secured the majority of the financing from the Illinois Housing Development Authority (IHDA), with further construction financing provided by PNC Bank. Additional support came from the Illinois Department of Commerce and Economic Opportunity (DCEO) and Ameren, along with the St. Clair County Intergovernmental Grants Department. The Federal Transit Administration also played a role in the project, providing the necessary approval for Bi-State Development to sell the ground at the transit center to the developers for this project. St. Louis-based Altman Charter served as general contractor for the project. Chicago-based Worn Jerabek Wiltse Architects is the project architect, and the …

March 18, 2019

Acquisitions Hospitality Iowa Midwest Wisconsin

HREC Brokers Sale of Three-Property Hampton Inn Portfolio in Iowa, Wisconsin

by Kristin Harlow March 18, 2019

IOWA AND WISCONSIN — HREC Investment Advisors has brokered the sale of a three-property Hampton Inn portfolio in Iowa and Wisconsin. The portfolio included a 135-room hotel in West Des Moines, a 122-room hotel in Appleton and a 119-room hotel in Brookfield. Denver-based Walker Reynolds acquired the select-service portfolio. HREC represented the seller, affiliates of The Raymond Group and North Central Group, both headquartered in Madison, Wis.

March 18, 2019

Acquisitions Illinois Midwest Multifamily

Timberland Partners Acquires 232-Unit Multifamily Property in O’Fallon, Illinois

by Kristin Harlow March 18, 2019

O’FALLON, ILL. — Timberland Partners has acquired Parkway Lakeside, a 232-unit multifamily property in O’Fallon near St. Louis. The purchase price was not disclosed. Built in 2011, the Class A property consists of one- and two-bedroom townhome-style floor plans. Amenities include a saltwater pool, fitness center, fire pit, clubhouse and two dog parks.

March 18, 2019

Newer Posts

Older Posts