Property Type

DSV Air & Sea Preleases 307,378 SF Industrial Building in Bensenville, Illinois

by Kristin Harlow October 4, 2022

BENSENVILLE, ILL. — DSV Air & Sea Inc. has preleased a 307,378-square-foot industrial building in the Chicago suburb of Bensenville. The property at 1401 Devon Ave. is slated for completion in spring 2023. ML Realty Partners owns the development along with an adjacent 297,238-square-foot building that was leased by Apex Logistics International Inc. last winter. Both buildings feature a clear height of 40 feet and are situated in DuPage County. The site is less than one-half mile north of Illinois Route 390. Kevin Segerson of CBRE represented DSV Air & Sea in the lease. Andrew Maletich, Matt Garland and Dustin Albers of Cawley Chicago represented ML Realty Partners.

October 4, 2022

Development Industrial Midwest Ohio

Adena Corp. Completes 160,000 SF Spec Industrial Facility in Mansfield, Ohio

by Kristin Harlow October 4, 2022

MANSFIELD, OHIO — Adena Corp. has completed a 160,000-square-foot speculative industrial facility in Mansfield, a city about midway between Columbus and Cleveland. Located at the intersection of Bowman Street and Cairns Road, the project features a clear height of 32 feet, 17 docks, eight drive-in doors, a 36-space concrete parking lot and 1,400 square feet of office space. The property is situated adjacent to Mansfield Lahm Regional Airport. Weston Devore of CBRE is handling the marketing and leasing.

October 4, 2022

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $4.4M Sale of Two-Building Multifamily Portfolio in St. Paul

by Kristin Harlow October 4, 2022

ST. PAUL, MINN. — Marcus & Millichap has brokered the sale of a two-building multifamily portfolio in St. Paul for $4.4 million. The properties total 40 units and are located along Grand Avenue within the Macalester-Groveland neighborhood. Originally constructed in 1925 and 1926, the buildings were fully leased at the time of sale. Abe Roberts of Marcus & Millichap represented the undisclosed seller and the buyer, a local investor.

October 4, 2022

Acquisitions Mixed-Use Multifamily Southeast Tennessee

Drapac Capital Sells Corner Mixed-Use Building in Downtown Memphis for $2.5M

by John Nelson October 4, 2022

MEMPHIS, TENN. — Drapac Capital Partners has sold its final Memphis asset, a four-story mixed-use building located at 44 S. Front St. A local investor acquired the property for $2.5 million and intends to operate the property for residential use. Austin Ehrat of Newmark represented Drapac in the transaction. The 22,922-square-foot building is located in downtown Memphis at the corner of Front Street and Monroe Avenue and features six apartments, ground-floor retail space and a full basement. The 1925-era property, which once housed the Mid-South Cotton Growers Association, was fully leased at the time of sale. Drapac Capital originally purchased the property in 2016 for $820,000.

October 4, 2022

Acquisitions Healthcare Michigan Midwest

JLL Arranges Sale of 23,328 SF Medical Office Building in Novi, Michigan

by Kristin Harlow October 4, 2022

NOVI, MICH. — JLL has arranged the sale of the Novi Wellness Center, a 23,328-square-foot medical office building in Novi, which is located about 29 miles northwest of downtown Detroit. The sales price was undisclosed. The property at 39500 West Ten Mile Road, renovated in 2020, was 97 percent leased at the time of sale by tenants such as Beaumont Health, Smile Doctors and ThriveWorks. Chris DiSalle of JLL represented the seller, Woodside Health. Private equity firm Excelsior Capital was the buyer.

October 4, 2022

Illinois Leasing Activity Midwest Office

Tenants Lease 20,913 SF of ‘Ready-to-Wear’ Office Suites at Bell Works Chicagoland

by Kristin Harlow October 4, 2022

HOFFMAN ESTATES, ILL. — Inspired by Somerset Development, the owner of Bell Works Chicagoland, has leased nearly 21,000 square feet of its “ready-to-wear” office suites. The suites total 23,628 square feet and offer spaces that are available for immediate occupancy with flexible, short-term leasing options. The owner also plans to launch a second version of the ready-to-wear suites, which will comprise nine new spaces totaling 20,000 square feet at the campus in Hoffman Estates. The current roster of tenants within the ready-to-wear spaces includes Clover Imaging Group, Stoltmann Law Offices, CPATAX Services, RiskSmith Insurance, CPA Advisors Group, Berkshire Hathaway Starck Real Estate, Victor Construction Co. Inc., LinkSpace and Mosquito Hunters. Colliers represented ownership in the lease transactions. Bell Works Chicagoland is the redevelopment of the former AT&T campus.

October 4, 2022

Industrial Leasing Activity Texas

ITS Logistics Signs 1 MSF Industrial Lease at Intermodal Logistics Center in Fort Worth

by Taylor Williams October 4, 2022

FORT WORTH, TEXAS — ITS Logistics, a Nevada-based third-party provider, has signed a 1 million-square-foot industrial lease at Intermodal Logistics Center, a project in Fort Worth by Northpoint Development. Intermodal Logistics Center is a seven-building development located on the city’s north side. Construction began in August and is expected to be complete in July 2023. ITS Logistics’ new space will feature 40-foot clear heights, 200-plus dock doors and parking for 211 trailers. Brad Struck, Clint Manning, Darren Woodson and John Bollman of Cresa represented the tenant in the lease negotiations.

October 4, 2022

Development Industrial Self-Storage Texas

Spartan Investment Group Underway on 314-Unit Self-Storage Expansion Project in Tyler, Texas

by Taylor Williams October 4, 2022

TYLER, TEXAS — Colorado-based investment firm Spartan Investment Group is underway on construction of a 314-unit expansion project at FreeUp Storage, a self-storage facility located about 100 miles east of Dallas in Tyler. The facility currently spans 77,342 net rentable square feet across 517 units, and the expansion will increase the size of the property by 26,700 net rentable square feet. The new building will feature climate-controlled and boat/RV storage space. Spartan Investment Group plans to begin leasing the new units later this month.

October 4, 2022

Acquisitions Multifamily Texas

IPA Negotiates Sale of 302-Unit Rowlett Station Apartments

by Taylor Williams October 4, 2022

ROWLETT, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Rowlett Station, a 302-unit apartment community located on the northeastern outskirts of Dallas. Units at the four-story complex feature an average size of 828 square feet, and amenities include a pool, fitness center and a sky lounge. Joey Tumminello, Drew Kile, Michael Ware, Taylor Hill and Will Balthrope of IPA represented the seller, Zale Properties, in the transaction. Brian Eisendrath and Cameron Chalfant, also with IPA, arranged acquisition financing on behalf of the undisclosed buyer.

October 4, 2022

Development Multifamily Texas

Civitas Capital Breaks Ground on 238-Unit Multifamily Project in Houston

by Taylor Williams October 4, 2022

HOUSTON — Dallas-based Civitas Capital Group has broken ground on UNITi Montrose, a 238-unit multifamily project in Houston. The site spans a full acre, and the building will rise six stories atop a three-story parking garage. Amenities will include a pool, coworking space and a courtyard, as well as 4,000 square feet of ground-floor retail space. Meeks + Partners is designing the project, and Arch-Con Corp. is serving as the general contractor. Completion is slated for late summer 2024.

October 4, 2022

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