Midwest

Marcus & Millichap Arranges $6M Sale of Third and Fourth Floors of Chicago’s Museum of Broadcast Communications Building

by Kristin Harlow April 1, 2019

CHICAGO — Marcus & Millichap has arranged the sale of the third and fourth floors of the Museum of Broadcast Communications (MBC) building in Chicago’s River North neighborhood for $6 million. The property, located at 360 N. State St., is a four-story, mixed-use condo building totaling approximately 54,000 square feet. Until the sale, the MBC utilized the upper three floors, but will now consolidate operations on the second floor. STK Chicago, a restaurant, occupies the ground floor. Kyle Stengle and Stephen Lieberman of Marcus & Millichap marketed the floors on behalf of the museum. Fern Hill Co., a privately held real estate development and investment firm in Chicago, was the buyer.

April 1, 2019

Acquisitions Illinois Industrial Midwest

ML Realty Partners Acquires 218,000 SF Industrial Building in Elk Grove Village, Illinois

by Kristin Harlow April 1, 2019

ELK GROVE VILLAGE, ILL. — ML Realty Partners has acquired a 218,000-square-foot industrial building located at 701 Devon Ave. in Elk Grove Village for an undisclosed price. The property features a clear height of 24 feet and 16 exterior docks. Steve Stone of Cushman & Wakefield represented ML Realty in the sale. The seller was not disclosed.

April 1, 2019

Development Hospitality Midwest Minnesota

Kraus-Anderson Completes Construction of Luxury Hilton Hotel in Rochester, Minnesota

by Kristin Harlow March 29, 2019

ROCHESTER, MINN. — Kraus-Anderson Construction has completed The Hilton Downtown Rochester. Avra Hospitality will manage the 264-room luxury hotel, which will welcome its first guests on April 16. The top floor features premier suites with concierge services. Amenities include a rooftop terrace, fitness center, pool, sauna, steam room and spa. Onsite dining options include Benedict’s and Pittsburgh Blue Steakhouse. Rochester-based Titan Development & Investments in partnership with Chicago-based Harbor Bay Real Estate Advisors developed the project. HGA Architects and Engineers designed the hotel. First National Bank of Omaha provided debt financing.

March 29, 2019

Loans Midwest Minnesota Office

JLL Arranges $52.5M Acquisition Loan for Business Park in Eagan, Minnesota

by Kristin Harlow March 29, 2019

EAGAN, MINN. — JLL Capital Markets has arranged a $52.5 million loan for the acquisition of Grand Oak Business Park in Eagan. The 10-building business park is located on 83.5 acres of land. The Class A property comprises eight office buildings and two retail buildings for a total of 550,224 square feet. The buildings were constructed between 1999 and 2007. The property is 92 percent occupied. Adam Schwartz, Aaron Appel, Keith Kurland, Jonathan Schwartz, Matt Collins and Patrick Heitmann of JLL arranged the loan on behalf of the borrower, Group RMC. Morgan Stanley provided the loan.

March 29, 2019

Development Michigan Midwest Multifamily

Lockwood Cos. Opens Third Phase of Apartment Units near Howell, Michigan

by Kristin Harlow March 29, 2019

GENOA TOWNSHIP, MICH. — Lockwood Cos., a builder, manager and investor of apartments in Michigan and Ohio, has opened the third phase of Lakeshore Village Apartments in Genoa Township, about five miles southeast of Howell, Mich. The $24 million investment adds 144 units to the 240-unit complex. Phases I and II were completed in 2000. Phase III features one-, two- and three-bedroom units with monthly rents ranging from approximately $850 to $1,000. The development was financed through the Michigan State Housing Development Authority, resulting in monthly savings for residents. In addition to the existing pool, clubhouse and playgrounds, Lockwood added a new fitness center and business center.

March 29, 2019

Indiana Industrial Leasing Activity Midwest

Denso Signs 311,483 SF Industrial Lease in Jeffersonville, Indiana

by Kristin Harlow March 29, 2019

JEFFERSONVILLE, IND. — Denso Products and Services Americas Inc. has signed a 311,483-square-foot industrial lease at River Ridge Commerce Center in Jeffersonville. The Opus Group developed the 426,450-square-foot building, which features a clear height of 32 feet and 44 dock positions. Denso is an automotive parts manufacturer. Kevin Groves of CBRE represented Opus in the lease transaction.

March 29, 2019

Leasing Activity Midwest Ohio Retail

J. Crew, Sephora Join Retail Lineup at Pinecrest in Cleveland

by Kristin Harlow March 29, 2019

CLEVELAND — J. Crew and Sephora are the latest retail tenants to join Pinecrest, a 750,000-square-foot mixed-use development in Cleveland’s Orange Village. The retailers are set to open later this year. J. Crew will occupy 5,700 square feet Sephora will occupy 5,500 square feet across from Pottery Barn. Previously announced tenants at Pinecrest include REI, West Elm, Shake Shack and Vineyard Vines.

March 29, 2019

Development Illinois Midwest

City of Chicago Selects Studio ORD as Lead Architect for $8.5B O’Hare Airport Expansion

by Kristin Harlow March 28, 2019

CHICAGO — The city of Chicago has selected Studio ORD to lead the design of the $8.5 billion expansion at the Chicago O’Hare International Airport. Studio ORD will design the new O’Hare Global Terminal and Global Concourse. The city will now enter into contract negotiations with Studio ORD. In the coming months, a second team will be selected from the remaining four finalists to design two new satellite concourses to be built west of Terminal 1. The expansion will create tens of thousands of jobs, according to the city. Airport revenues, not taxpayer dollars, will be used to pay for the expansion. At 2.2 million square feet, the new O’Hare Global Terminal will more than double the space at the existing Terminal 2. The terminal project is valued at $2.2 billion. Construction is expected to begin in 2023. For the first time at O’Hare, the new Global Terminal will integrate international and domestic operations, enabling travelers to more easily connect to domestic flights from destinations from around the world under one roof. More than 83 million passengers use the airport each year. Studio ORD is a joint venture comprised of the following firms: Corgan Associates Inc., Milhouse Engineering and Construction …

March 28, 2019

Development Illinois Midwest Office

Clayco to Construct $26M Office Development in Chicago’s West Loop

by Kristin Harlow March 28, 2019

CHICAGO — Developers Bob Wislow and Camille Julmy have selected Clayco to construct a 12-story office development in Chicago’s West Loop. Located at 215 N. Peoria St., the $26 million mid-rise project will include a ground-level restaurant and lobby. Floors two through four will feature a 45-space parking garage and floors six through 12 will be leasable office space. Plans also call for an amenity rooftop. Clayco plans to break ground next month. Clayco’s in-house design firms, BatesForum and LJC Collaborative, make up the project team. CBRE will market the property for lease.

March 28, 2019

Acquisitions Midwest Minnesota Office

TCM Acquires 358,941 SF Office Property in Plymouth, Minnesota

by Kristin Harlow March 28, 2019

PLYMOUTH, MINN. — Ten Capital Management (TCM) has acquired Atria Corporate Center in Plymouth, located about 15 miles west of downtown Minneapolis, for an undisclosed price. The 358,941-square-foot office property was built in the late 1980s and substantially renovated in 2017. Atria offers food service, a complimentary coffee bar, fitness center, locker room with showers, training center, onsite management and heated parking. The seller was not disclosed.

March 28, 2019

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