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6260-W-Pebble-Rd-Las-Vegas-NV
AcquisitionsIndustrialNevadaWestern

Avison Young Brokers $10.3M Sale of El Camino Industrial Center in Las Vegas

by Amy Works

LAS VEGAS — Avison Young has negotiated the sale of El Camino Industrial Center, an industrial facility at 6260 W. Pebble Road in Las Vegas. A Las Vegas-based developer sold the asset to a California-based private investor for $10.3 million, or $290 per square foot. Built in 2023, the 35,446-square-foot El Camino Industrial Center features four dock doors, a clear height of 24 feet, two grade-level doors, ESFR sprinklers and a build-to-suit office. At the time of sale, the property was fully occupied. Chris Lexis and Joe Leavitt of Avison Young represented the seller, while James Griffis of Avison Young represented the buyer in the deal.

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DevelopmentIllinoisMidwestOffice

Urban Innovations Completes Renovation of Consumers Credit Union Headquarters in Lake Forest, Illinois

by Kristin Harlow

LAKE FOREST, ILL. — Urban Innovations has completed the renovation and expansion of the Consumers Credit Union headquarters building at 300 N. Field Drive in the Chicago suburb of Lake Forest. Urban Innovations led the 140,000-square-foot renovation of an existing three-story building, which the tenant purchased in 2022 to move its headquarters from Gurnee. The project for the company’s 500 employees entailed a new interconnecting grand staircase from the first floor to the basement. Amenities include a Starbucks with lounge, fitness center, large training room and cafeteria. Other project features include an upgraded lobby and reception desk, new executive offices, a 40-person boardroom, new conference and phone rooms, six coffee bars and pantries, and a refresh of existing finishes and lighting. Partners by Design was the architect.

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IndustrialLeasing ActivityMidwestMissouri

TAB USA, Animal Health International Ink Leases at Liberty Heartland Logistics Center in Metro Kansas City

by Kristin Harlow

LIBERTY, MO. — TAB USA and Animal Health International have inked leases at Liberty Heartland Logistics Center in the Kansas City suburb of Liberty. The Opus Group developed the three-building industrial project in a joint venture with Washington Capital Management Inc. TAB, an international manufacturer of industrial batteries, moved into its 66,700-square-foot space earlier this year for housing its first U.S. headquarters and assembly and distribution operations. Animal Health International, a global distributor of animal health products, will open its 255,000-square-foot distribution center in March. Liberty Heartland Logistics Center currently has 490,300 square feet of vacancy across two buildings. The first phase of the development was an 847,475-square-foot build-to-suit for Hallmark. Opus was the developer, design-builder, architect and structural engineer on the shell buildings and the architect and structural engineer on TAB’s build-out. Davidson Architecture & Engineering and Krudwig Structural Engineers completed the build-out for Animal Health International. Michael VanBuskirk, Mark Long, John Hassler and Scott Bluhm of Newmark Zimmer are the leasing agents.

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AcquisitionsIllinoisIndustrialMidwest

Brennan Investment Group Acquires 225,000 SF Industrial Building in Chicago

by Kristin Harlow

CHICAGO — Brennan Investment Group has acquired a single-tenant industrial building totaling 225,000 square feet in Chicago for an undisclosed price. The property is situated on seven acres at the intersection of I-55 and Pulaski Road. The transaction marks the second acquisition in Brennan’s corporate real estate fund, which launched in September and targets surplus industrial real estate from non-professional and corporate owners. Brennan plans to make significant property improvements, including doubling the existing loading capacity. Brennan now owns 12 million square feet in Chicagoland.

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AcquisitionsHealthcareMichiganMidwest

Walz Kraft Buys 11,010 SF Medical Office Building in East Lansing, Michigan

by Kristin Harlow

EAST LANSING, MICH. — Walz Kraft Capital Partners has purchased an 11,010-square-foot medical office building in East Lansing for an undisclosed price. The two-story property is fully occupied by Michigan Gastroenterology Institute, which was recently acquired by Pinnacle Gastroenterology Partners. The asset has operated as a gastroenterology clinic since it was constructed in 1998. The current tenant is affiliated with Michigan State University. Seth Haron of Marcus & Millichap represented the seller, while Walz Kraft was self-represented. The transaction marks Walz Kraft’s first acquisition in Michigan and its 18th in the United States.

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DevelopmentLeasing ActivityMidwestNebraskaRestaurantRetail

Lockwood Construction Begins Demolition of Former Charleston’s Restaurant in Omaha

by Kristin Harlow

OMAHA, NEB. — Lockwood Construction has begun demolition work on a former Charleston’s restaurant space in Omaha. Terra Gaucha, a Brazilian steakhouse, will open in the 8,788-square-foot space. The new location marks the restaurant’s first venture into Omaha. The building will feature an expanded dining area to accommodate private dining, an expansive wine wall and open bar concept, and extensive exterior updates and landscaping to coincide with other Terra Gaucha locations. The restaurant is expected to open in May 2025.

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Market ReportsMidwestMidwest Market ReportsRetailWisconsin

Local, Regional Tenants Drive Milwaukee’s Retail Market

by Kristin Harlow

By Russ Sagmoen, Isaac Berg and James McKenna, Colliers The greater Milwaukee retail landscape continues to thrive, with notable activity in regions such as Oconomowoc, Grafton, Franklin, Oak Creek and the Racine metro area. Franklin and Oak Creek have experienced steady growth over the past decade and are well-positioned to maintain this momentum.  Meanwhile, Racine County has seen a surge of recent activity, largely fueled by Microsoft’s announcement of a $3.3 billion state-of-the-art data center in Mount Pleasant. The Racine/Kenosha I-94 corridor serves as a vital connector between the Milwaukee and Chicago MSAs, enhancing its attractiveness for economic expansion. Market-wide, we are seeing a great amount of activity from local and regional retailers/franchisees and a slowdown from national brands. While there is some activity from national retailers, they tend to be selective about their site choices, highlighting the importance of prime locations and price sensitivity. Because of this, the majority of retail activity is driven by local and regional enterprises.  New retail product is scarce, with a lack of new construction due to rising interest rates and increasing land and construction costs. This has resulted in a decline in multi-tenant strip centers, with the bulk of new construction coming in …

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2200-Faraday-Ave-Carlsbad-CA
AcquisitionsCaliforniaIndustrialWestern

Hill Cos. Sells 233,194 SF Industrial Building in Carlsbad, California for $49.5M

by Amy Works

CARLSBAD, CALIF. — Greenwood Village, Colo.-based Hill Cos. has completed the disposition of Studio 2200, a Class A, freestanding industrial flex building in Carlsbad. IDEC Corp. acquired the asset for $49.5 million. IDEC, a manufacturer of industrial automation and control products, is relocating its existing operation from Silicon Valley to occupy a majority of the two-story 233,194-square-foot building, which is located at 2200 Faraday Ave. Situated on nearly 14 acres, Studio 2200 features private balconies and outdoor amenity spaces, prominent signage, ample dock- and grade-loading positions, a freight elevator, clear heights ranging from 15.5 to 17 feet and heavy power. Aric Starck and Drew Dodds of Cushman & Wakefield represented the seller, while Peter Curry of Cushman & Wakefield and CBRE’s Dennis Visser and Weston Yahn represented the buyer in the deal.

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Crossroads-Village-Apts-Fremont-CA
CaliforniaLoansMultifamilyWestern

Gantry Arranges $18.3M in Financing for Two California Bay Area Apartment Communities

by Amy Works

MILPITAS AND FREMONT, CALIF. — Gantry has arranged a total of $18.3 million in two permanent loans for the Spinnaker Pointe Apartments in Milpitas and Crossroads Village Apartments in Fremont. Totaling 540 units, the properties are fully stabilized and professionally managed. Gantry’s Tom Dao and Erinn Cooke represented the borrower, a private real estate investor, in arranging the financing. One of Gantry’s correspondent life company lenders provided the two five-year loans, which feature 30-year amortization schedules. The loans also feature no prepayment fees after the first 12 months from loan closing with rates in the mid-5 percent range, nonrecourse terms and a turnkey loan closing.

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3750-Nome-St-Denver-CO
AcquisitionsColoradoIndustrialWestern

IOV Acquires 10th Industrial Outdoor Storage Facility in Denver Market

by Amy Works

DENVER — Industrial Outdoor Ventures (IOV) has acquired its 10th property in the Denver area with the purchase of 3750 Nome Street, a 4.9-acre industrial outdoor storage site in Denver’s Airport Central submarket. Terms of the transaction were not released. The property includes a 24,000-square-foot warehouse with a clear height of 22 feet, two drive-in doors and four dock-high positions, as well as a 7,000-square-foot standalone office with additional storage and a private garage. At the time of acquisition, the property was vacant and on the market for lease. Sam Dragan and Mike Camp of CBRE represented the buyer and undisclosed seller in the deal.

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