MILWAUKEE — Hammes Partners has sold a 23-property medical office portfolio across nine states for $400 million. The Class A properties, totaling 979,000 square feet, are located in Virginia, Washington, North Carolina, Illinois, New York, New Jersey, Pennsylvania, Alabama and Texas. Mindy Berman and Steve Leathers of JLL Healthcare Capital Markets brokered the sale on behalf of Milwaukee-based Hammes. Giant healthcare REIT Welltower Inc. (NYSE: WELL) was the buyer, according to media reports. “Selling points included the portfolio’s alignment with major health systems, durable income and locations in strong metro markets,” says Berman. Hammes Partners is a private equity platform that invests on behalf of institutional investors, with a focus on the U.S. healthcare real estate market. Toledo, Ohio-based Welltower is a real estate investment trust that mostly invests in healthcare and seniors housing properties. — Kristin Hiller
Midwest
PLEASANT PRAIRIE, WIS. — Doheny’s has entered into a sale-leaseback agreement with STAG Industrial Holdings LLC for a 195,415-square-foot property in Pleasant Prairie. STAG purchased the industrial building for $16 million. Doheny’s, a swimming pool supply company, signed a long-term lease with the new ownership. Sam Badger, Whit Heitman, Brad Weiner and Jared Paff of CBRE represented Doheny’s in the transaction. Doheny’s has eight distribution centers nationwide.
ELGIN, ILL. — The Boulder Group has arranged the sale of a single-tenant property net leased to Jewel-Osco in Elgin for $14.8 million. The 69,129-square-foot building, located at 1660 Larking Ave., was remodeled in 2009. Jewel-Osco has approximately 19 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented both parties in the transaction. A Los Angeles-based real estate firm completing a 1031 tax-deferred exchange purchased the asset. A Southwest-based private real estate investment company was the seller.
OMAHA, NEB. — Investors Realty has negotiated the sale of the Financial Plaza office building in Omaha for $8.9 million. Located at 9140 W. Dodge Road, the 85,604-square-foot building is 81 percent leased. Tenants include TIAA-CREF, Travelex Insurance Services, Verizon Business Services and Hugo Enterprises. Ember Grummons of Investors Realty and Martin Panzer and Kurt Weeder of Cushman & Wakefield/The Lund Company represented the seller, an affiliate of Jasper Stone Partners. The buyer, an affiliate of Lockwood Development, plans to extensively renovate the interior and exterior portions of the building.
SOLON, OHIO — Industrial Commercial Properties (ICP) has completed the lease-up of 6680 Parkland Blvd. after acquiring the 82,000-square-foot office and warehouse property in December. Two tenants, King Nut and Loan Protector, will begin occupying the building in the first half of this year. Matthew Beesley of Cushman & Wakefield/Cresco Real Estate represented King Nut, a nut and snacks company, in the lease transaction. Steve Voinovich of CBRE represented Loan Protector, an insurance broker. ICP worked with David Stover of Hanna Commercial Real Estate on the acquisition.
RIVER FOREST, ILL. — Interra Realty has brokered the sale of 7772 Central Ave., a 13-unit apartment building in River Forest, about 10 miles west of downtown Chicago. The private buyer purchased the asset for $2 million. Built in 1927, the property comprises nine one-bedroom units and four two-bedroom units. The property was 85 percent occupied at the time of sale. Patrick Kennelly represented both parties in the transaction.
Many of us remember a time when a great new job was measured primarily by the paycheck and the size of the office. How times have changed. And nothing illustrates that better than the favor of mixed-use developments. As the workforce demographic has evolved, so have the amenities that attract top talent. Smart companies know that creating an appealing environment for the best candidates means access to food options, walking distance to shopping and retail choices, and close proximity to housing. Millennials are a big part (but not the only part) of this changing trend, especially as older millennials assume decision-making roles. But employers in general are learning that it makes sense to cater to their workforce by creating a more attractive work environment. From malls to millennials The landscape of American living and working has transformed over the decades. Up until the mid-20th century, mixed-use was everywhere, as many shop owners and employees lived in homes behind their businesses or apartments above their shops. With the rapid growth of the federal interstate system and growing popularity of single-use zoning regulations, however, commercial and residential spaces were largely separated. Not surprisingly, this combination gave rise to the golden age of …
STURTEVANT, WIS. — Ashley Capital has broken ground on the second industrial building at Enterprise Business Park in Sturtevant. The 438,000-square-foot speculative building will be located at 11201 Enterprise Way. Completion is slated for late this year. John Sharpe and Tom Boyle of Lee & Associates and Terry McMahon and Cody Ziegler of Cushman & Wakefield |Boerkewill market the property for lease. Upon build-out, Enterprise Business Park will span 1.3 million square feet. The first building, totaling 376,000 square feet, is now leased to four tenants.
FRANKLIN, WIS. — New Perspective Senior Living has begun development of a 149-unit senior living community in Franklin. The 180,000-square-foot property will be situated on six acres at 7220 Ballpark Drive South. The community will feature independent and assisted living apartments as well as Betty’s Harbor, a neighborhood specifically designed for residents with memory loss. In addition to a two-story lobby and reception area, the property will feature a wellness center, dining room, café, beauty salon, movie theater and dance hall. Milwaukee-based Stevens Construction is the general contractor. Completion is slated for spring 2020. Eden Prairie, Minn.-based New Perspective Senior Living will operate the property.
KANSAS CITY, MO. — WürthBaer Supply Co. has signed a 66,448-square-foot industrial lease at 1758 N. Topping Ave. in Kansas City. Founded in 1950, the company is a specialty wholesale distributor to the woodworking industry. The Vernon Hills, Ill.-based company will relocate from its facility at 7440 E. 12th St. in Kansas City. Steven Podolsky of Podolsky Circle CORFAC International represented the tenant, which will take occupancy of the new space in June. Karbank Real Estate Co. assisted Podolsky Circle.