Midwest

Morgan/Harbour Completes Two Spec Warehouses Totaling 560,000 SF in Illinois Industrial Park

by Kristin Harlow September 25, 2018

FRANKLIN PARK, ILL. — Morgan/Harbour Construction has completed two speculative warehouses on behalf of CenterPoint Properties at CenterPoint Logistics Center O’Hare in Franklin Park. One of the buildings totals 225,891 square feet and features a clear height of 32 feet, 50 exterior docks and parking for 68 trailers. The other building totals 333,696 square feet and features a clear height of 36 feet, 92 exterior docks and parking for 76 trailers. Cornerstone Architects provided architectural services, while Spaceco Inc. was the civil engineer. James Estus of Colliers International is marketing the properties for lease.

September 25, 2018

Acquisitions Indiana Midwest Retail

Cooper Group Arranges $3M Sale of Retail Center Near Indianapolis

by Kristin Harlow September 25, 2018

SHELBYVILLE, IND. — The Cooper Commercial Investment Group has arranged the $3 million sale of a 22,470-square-foot retail center in Shelbyville, a southeast suburb of Indianapolis. The property, shadow anchored by Kroger, is fully leased to tenants such as Buffalo Wild Wings, Shoe Sensation and Pet Value. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an East Coast-based private investment group. The team also procured the buyer, a Florida-based private investor. The sale represents a 7.7 percent cap rate.

September 25, 2018

Acquisitions Healthcare Midwest Minnesota

Montecito Buys 31,775 SF Medical Office Building in Willmar, Minnesota

by Kristin Harlow September 25, 2018

WILLMAR, MINN. — Montecito Medical has purchased a Class A medical office building totaling 31,775 square feet in Willmar, a city in southwestern Minnesota. The purchase price was not disclosed. The building was constructed in 2005 as a build-to-suit for Fischer Laser Eye Center and Janning ENT. The facility includes an 8,000-square-foot ambulatory surgery center where patients can receive LASIK, cataract, cornea and refractive procedures. Newmark Knight Frank brokered the sale. The seller was not disclosed.

September 25, 2018

Acquisitions Michigan Midwest Retail

Dominion Arranges Sale of Former Summit Place Mall in Waterford Township, Michigan

by Kristin Harlow September 24, 2018

WATERFORD TOWNSHIP, MICH. — Dominion Real Estate Advisors has arranged the sale of the former Summit Place Mall in Waterford Township near Pontiac. Southfield, Mich.-based commercial real estate development and investment company Ari-El Enterprises acquired the property from California-based SD Capital LLC, which has owned the asset since 2008. The 1.4 million-square-foot mall is situated on 73 acres. It opened in 1962 as the first enclosed mall in Michigan. At its peak, Summit Place Mall was home to more than 200 stores. The Sears store was the last to close in 2014. DTE Energy plans to break ground this fall on a 50,000-square-foot facility at the site. Redevelopment of the full property could include more than 1 million square feet of mixed uses, including industrial, office, hospitality and fast casual restaurants, according to Arie Leibovitz, owner of Ari-El Enterprises. Dominion represented the seller in the transaction. Terms of the sale were not disclosed. A demolition is in the works for the property.

September 24, 2018

Acquisitions Illinois Midwest Retail

Kensington Development, IM Properties Acquire 310,000 SF Retail Center in Metro Chicago, Plan Redevelopment

by Kristin Harlow September 24, 2018

MORTON GROVE, ILL. — Kensington Development Partners and IM Properties have acquired Prairie View Plaza, a 310,000-square-foot retail center in Morton Grove. Edgemark Properties arranged the transaction on behalf of the seller, Federal Construction Inc. The asset sold for $11.3 million, according to local media reports. Kensington Development and IM Partners plan to reposition and redevelop the 26-acre property, located 16 miles northwest of Chicago, with new retail, restaurant and entertainment options. The site also has development potential for residential, hotel and medical office uses, according to the project developers. Kensington and IM plan to maintain the existing 3,120-square-foot Bank of America outparcel, as well as the 10,500-square-foot strip center currently anchored by Starbucks Coffee. Additional tenants at the center include LA Fitness, Dollar Tree and The Room Place. A development timeline for the project was not disclosed.

September 24, 2018

Development Illinois Midwest Multifamily

McShane Completes Construction of 45-Unit Apartment Project in Arlington Heights, Illinois

by Kristin Harlow September 24, 2018

ARLINGTON HEIGHTS, ILL. — McShane Construction Co. has completed Parkview Apartments in downtown Arlington Heights, a northwest suburb of Chicago. The seven-story, 45-unit apartment project is situated at the southwest corner of Dunton Avenue and Eastman Street. Residences are located on the upper five floors of the property, while the second floor and a portion of the first floor consist of secured parking for 58 vehicles. The remaining 1,314 square feet on the first floor serve as retail space. Tinaglia Architects designed the property and UP Development was the developer.

September 24, 2018

Acquisitions Midwest North Dakota Retail

Marcus & Millichap Brokers $5.5M Sale of Retail Property in Grand Forks, North Dakota

by Kristin Harlow September 24, 2018

GRAND FORKS, N.D. — Marcus & Millichap has brokered the sale of Med Park in Grand Forks for $5.7 million. Altru Health System anchors the 59,117-square-foot retail property, which is located at 1375 S. Columbia Road. Other tenants include a floral shop, pharmacy and UPS store. Adam Prins, Cory Villaume, Matthew Hazelton and Sean Doyle of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company.

September 24, 2018

Leasing Activity Midwest Office Wisconsin

Core Creative Renews 14,408 SF Office Lease in Milwaukee

by Kristin Harlow September 24, 2018

MILWAUKEE — Core Creative has renewed its 14,408-square-foot office lease at the Tannery Business Center in Milwaukee. The marketing agency occupies the space at 600 W. Virginia St. Ned Purtell and Scott Revolinski of Founders 3 Real Estate Services represented the landlord, SARA Investment Real Estate LLC.

September 24, 2018

Acquisitions Midwest Missouri Retail

Select Strategies Purchases Seven-Property Shopping Center Portfolio in Metro St. Louis for $78.4M

by Kristin Harlow September 21, 2018

ST. LOUIS — Select Strategies Retail Holdings V LLC, an affiliate of privately held real estate investment firm Select Strategies Realty, has purchased a seven-property shopping center portfolio in metro St. Louis for $78.4 million. The 1.1 million-square-foot portfolio is 91 percent leased to tenants such as Aldi, Fresh Thyme Farmers Market, Burlington and Planet Fitness. The properties include Creve Coeur, Kings Highway, LeMay Shopping Center, Gravois Plaza, Kirkwood Crossing, Overland Crossing and Fairview City Centre. Jeremy Sain of HFF represented Select Strategies. The seller was not disclosed.

September 21, 2018

Acquisitions Illinois Midwest Office

Bridge Investment Group Acquires 517,640 SF Office Complex in Rosemont, Illinois

by Kristin Harlow September 21, 2018

ROSEMONT, ILL. — Bridge Investment Group’s office division has acquired O’Hare International Center, a pair of nine-story office buildings adjacent to O’Hare International Airport in Rosemont. The purchase price was not disclosed. The buildings total 517,640 square feet. Bridge plans more than $5 million in capital improvements, including the renovation of both lobbies, a new tenant lounge and conference center. Renovations are expected to begin in mid-October. Originally built between 1984 and 1987, O’Hare International Center is currently 83 percent occupied. Rob Lundin, John Clark and John Norris of Newmark Knight Frank will market the property for lease. The seller was not disclosed.

September 21, 2018

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