Property Type

OAK BROOK, ILL. — Skender has completed the transformation of the former McDonald’s corporate campus in the Chicago suburb of Oak Brook into the new headquarters for Ace Hardware. The 250,000-square-foot development is located at 2915 Jorie Blvd. Ace’s new headquarters consists of open workstations, 150 conference rooms, 12 café/pantry spaces and a variety of collaboration areas and amenities. Originally built in the 1970s and designed by Dirk Lohan, grandson of famed architect Mies van der Rohe, the former McDonald’s campus consists of three buildings across more than 80 acres. The campus has sat empty since 2019 when the fast food giant moved its headquarters to downtown Chicago. The renovation repurposed many of the main building’s original architectural elements, including a large atrium in the center. The first floor of the parking garage is now an amenity suite that includes a fitness center, conference center, multipurpose room and large cafeteria with commercial kitchen. The project team included CBRE Design Collective as architect and ESD, now named Stantec Consulting Services, as engineer.

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OAKBROOK TERRACE, ILL. — JLL Capital Markets has arranged the sale of The Overlook at Oakbrook, a 54,120-square-foot retail center in the Chicago suburb of Oakbrook Terrace. Built from 2022 to 2023, the fully leased property consists of seven single-tenant and multi-tenant buildings. Some of the tenants include Guidepost, Lazy Dog, Panera and Vet Emergency Group. Alex Sharrin, Michael Nieder, John Detlaff and Noel O’Donnel of JLL represented the seller, GW Properties, and procured the buyer, MetLife Investment Management.

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OMAHA, NEB. — Investors Realty Inc. has brokered the sale of a 66,011-square-foot office building in Omaha for $6.2 million. The property at 8420 W. Dodge Road is 76 percent leased to Senior Market Sales. Ember Grummons and JP Raynor of Investors Realty represented the seller, an entity doing business as 8420 LLC. Joseph Failla of Atrium Properties represented the buyer, an entity doing business as 5332 So. 138th St. LLC.

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HAZELWOOD, MO. — IDI Distributors, an insulation distribution company, has signed a roughly 30,000-square-foot industrial lease at Hazelwood Business Park in suburban St. Louis. Industrial Commercial Properties owns the new business park, which is a redevelopment of the former St. Louis Mills Mall. Dan Lesinski and Billy Spence of Newmark Zimmer are the leasing agents for Hazelwood Business Park. The development can accommodate tenants ranging in size from 30,000 to 700,000 square feet.

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INDIANAPOLIS — The Life Properties, the property management and construction management affiliate of Olive Tree Holdings, is underway on a $6.1 million capital improvement program at The Life at Harrison Trails in Indianapolis. The project is currently 75 percent leased. Completion is slated for the fourth quarter of 2024. Upgrades include select interior renovations to 302 of the community’s 378 residences as well as upgrades to the office clubhouse and fitness center. Exterior improvements include new paint, repairs to the community’s sidewalk concrete, parking lot, dog park, resident pool, roofing, playground and signage. The project also includes the implementation of a new security system and significant landscaping improvements and cleanup. There are also sustainable upgrades, such as the installation of low-flow plumbing retrofits and LED lighting. The Life at Harrison Trails was built in 1973.

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WOODBRIDGE, N.J. — New Jersey-based Woodmont Industrial Partners has completed a 54,113-square-foot project in the Northern New Jersey community of Woodbridge. The building features a clear height of 32 feet, eight exterior dock doors, one drive-in door and build-to-suit office space. Woodmont has also secured a full-building lease with Indiana-based R.A.S. Logistics. Mindy Lissner, Chuck Fern, Jason Barton and David Gheriani of Cushman &. Wakefield represented Woodmont in the lease negotiations.

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AGAWAM, MASS. — Marcus & Millichap has brokered the $2.8 million sale of a 37,650-square-foot industrial building in Agawam, located just south of Springfield in western Massachusetts. The building, which was fully occupied at the time of sale, sits on a 3.4-acre site and features five loading docks and 40 parking spaces. Harrison Klein of Marcus & Millichap represented the seller, a group of private investors, in the transaction. Tom Hovey and Eric Suffoletto of Atlantic Capital Partners represented the buyer, an individual/personal trust.

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PHILADELPHIA — New Jersey-based DIGroup Architecture has relocated its Philadelphia office to Budd Bioworks. The 450,000-square-foot office and life sciences campus is a redevelopment of the former manufacturing facility of automotive parts provider The Budd Co. The square footage of the new office space was not disclosed. A partnership between New York City-based developer The Plymouth Group and private investment firm Centerbridge Partners owns Budd Bioworks.

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MURFREESBORO, TENN. — JLL has arranged a cash-out refinancing totaling $125 million for The Avenue Murfreesboro, an 864,467-square-foot open-air retail center located in the southern Nashville suburb of Murfreesboro. Chris Drew, Brian Dawson and Matt Casey of JLL arranged the five-year balance sheet loan on behalf of the borrower, Big V Property, which acquired the center in 2020. The direct lender was not disclosed. Built in 2007, Avenue Murfreesboro was 93.1 percent leased at the time of sale to tenants including Best Buy, Belk, Dick’s Sporting Goods, Havertys Furniture, Burlington, Barnes & Noble, Victoria’s Secret, Old Navy, H&M, Michaels, Petco, Ulta Beauty and Sephora.

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RINCON, GA. — Atlanta-based Core5 Industrial Partners plans to develop Effingham Business Center, a 121-acre industrial park situated in Rincon, a city in the Savannah market of Effingham County. The site is approximately 9.5 miles from Port of Savannah’s Garden City Terminal and 10 miles from Savannah/Hilton Head International Airport. The park will feature a 401,760-square-foot rear-load building, which will accommodate tenants 100,000 square feet and higher, and a 362,880-square-foot front-load building designed to accommodate tenants of 150,000 square feet and higher. Both buildings are being developed on a speculative basis and will feature 36-foot clear heights, automobile parking, office finishes, dock equipment, lighting and 185-foot truck courts. Delivery of both buildings is scheduled for the first quarter of 2025. CBRE’s Savannah office will handle leasing efforts on behalf of Core5 for both buildings.

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