CHICAGO — Animal hospital operator GoodVets has opened two new full-service facilities in Chicagoland. GoodVets Southland is a 3,000-square-foot facility located at 18355 S. Halsted St. in Glenwood. GoodVets West Loop is a 4,500-square-foot facility located at 901 W. Jackson Blvd. in the West Loop neighborhood. The company had previously opened a location in the Streeterville neighborhood.
BROOKFIELD, WIS. — Korndoerfer Homes Inc. has renewed its 6,414-square-foot office lease in Brookfield. The home building company occupies space at 175 N. Corporate Drive. Dan Wroblewski, Matt Fahey, Joe Moritz, Ben Anderson and Brandon Ciebell of Colliers International brokered the lease transaction.
Omaha’s apartment market continues to be fundamentally strong and attractive to national and regional investors. According to Reis, Omaha’s asking rental rates have increased in every quarter over the past eight years, and vacancy remains low at 5.6 percent as of the end of 2018. Historically Omaha has had low vacancy. The 4.6 percent average vacancy rate over the past decade and 4.4 percent over the past five years is in line with the five-year national average of 4.5 percent. Looking forward, Reis expects the vacancy rate in 2019 to remain steady at 5.6 percent, and Colliers International expects the vacancy rate to dip slightly during 2019. Remaining affordable Not surprisingly, the relatively tight market, coupled with new construction, has continued to drive rents higher with asking rental rates growing at a strong 5.1 percent during 2019, according to Reis. Colliers, as well as local developers we surveyed, expect that rents will continue to grow in 2019, but at a more modest level, which we expect will be very close to Omaha’s average annual increase of 2.7 percent over the past 10 years. Importantly, Omaha also continues to have a relatively low cost of living for apartment dwellers with an …
DETROIT — Bedrock and the city of Detroit have completed an affordable housing project reserved for residents age 55 and above and who earn 30 to 60 percent of the area median income. This equates to earning $14,910 to $29,820 for a single person. Located within Detroit’s Brush Park neighborhood and part of Bedrock’s 8.4-acre City Modern development, The Flats at 124 Alfred is the first of six apartment buildings to be completed. The 54-unit building features one-bedroom floor plans that range from 600 to 735 square feet. Amenities include a fitness center, resident lounge, outdoor terrace and underground parking. Detroit-based Hamilton Anderson Associates designed the building. In 2017, Bedrock made a commitment to the city that 20 percent of its residential portfolio would be dedicated to affordable housing units. Bedrock plans to develop or rehabilitate a total of up to 3,500 residential rental units over the next several years, with 700 of those units designated as affordable housing.
EDWARDSVILLE, ILL. — Meridian Design Build has broken ground on a 673,920-square-foot speculative industrial building on behalf of developer Exeter Property Group in Edwardsville near St. Louis. The new facility is located on a 135-acre parcel within Gateway Commerce Center. The property will feature a clear height of 36 feet, 132 loading docks, four drive-in doors, 398 car parking stalls and 171 exterior trailer stalls. JRA Architecture and Stock & Associates Consulting Engineers make up the project team. A timeline for completion was not disclosed.
SALINE, MICH. — Marcus & Millichap has brokered the $2.9 million sale of a property net leased to Tractor Supply in Saline, about 10 miles south of Ann Arbor. The 18,104-square-foot building is located at 111 Sage Court. Tractor Supply has operated at the property for 18 years. Brett Winger and Dominic Sulo of Marcus & Millichap brokered the sale. Steve Chaben assisted on the transaction as the broker of record.
NAPERVILLE, ILL. — Higher Grounds Education has purchased a 9,897-square-foot building to open a Montessori school in Naperville. The purchase price was not disclosed. The property, situated on one acre at 5051 Ace Lane, formerly served as an Alder School daycare facility. Linda Kost and Dave Schmidt of Realty Metrix Commercial represented the seller, DBJ Corp. Higher Grounds plans to renovate the property and reopen the facility late this summer. Higher Grounds is a Montessori education program for children from birth to adolescence.
WAUWATOSA, WIS. — Walgreens has leased 4,429 square feet at 2265 N. Mayfair Road in Wauwatosa, a western suburb of Milwaukee. Ross Koepsel of Founders 3 Real Estate Services brokered the lease transaction. SRS Real Estate Partners is the landlord.
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.
