LUTSEN, MINN. — The Duluth office of Kraus-Anderson has completed construction on Papa Charlie’s Event Center and Lodging in Lutsen within northeast Minnesota. Located at 467 Ski Hill Road, the 9,825-square-foot restaurant and lodge replaces the former facility that was shuttered by a 2023 fire. Designed by LHB Architects, the new $10 million replacement building includes Charlie’s Alpine Bistro. The two-story center’s lodging, called Sunset Studios, includes a bridal suite and eight custom lodging units with balconies overlooking the Poplar River and Moose Mountain. Construction began in September 2024.
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BARTLETT, ILL. — Brown Commercial Group has negotiated a 60,050-square-foot industrial lease at a newly constructed facility in the Chicago suburb of Bartlett. The tenant, Illinois Tool Works (ITW), has leased space at Blue Heron Business Park’s newest speculative building, which totals 166,573 square feet. Dan Brown and Mike Antonelli of Brown Commercial represented the developer and owner, Cratos Industrial. Dan Brown also represented Cratos in its original land purchase in 2024 and was retained as the leasing agent for the development. Bruce McConnell of Savills represented ITW.
NORTHBROOK, ILL. — Quantum Real Estate Advisors Inc. has brokered the $4.5 million sale of a 56,219-square-foot flex industrial building in the Chicago suburb of Northbrook. At the time of sale, the property on Techny Court was 82 percent leased. A private investor based in the northern suburbs of Chicago sold the asset to an affiliate of Core Acquisitions, a real estate investment and development firm based in Illinois. Brett Berlin and Max Himel of Quantum brokered the sale.
LIBERTYVILLE, ILL. — Marcus & Millichap has arranged the $2.5 million sale of a medical office property net leased to Forefront Dermatology in the Chicago suburb of Libertyville. Originally built in 1996 as a Burger King, the 6,300-square-foot building underwent a full renovation in 2018 and an expansion in 2022 to accommodate the seller’s wife’s dermatology practice, which was later acquired by Forefront Dermatology. The asset is located at 1234 N. Milwaukee Ave. Daniel Chumbley, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the buyer, a local private investor that is actively expanding its healthcare real estate portfolio across Chicagoland.
REDFORD TOWNSHIP, MICH. — Friedman Real Estate has negotiated the sale of an 18,800-square-foot industrial property located at 24800 Plymouth Road in the Detroit suburb of Redford Township. Phil Konopitski of Friedman represented the seller, Dudek Property Investments LLC. Crown Specialty Investments LLC was the buyer.
When asked what makes Florida appealing from a retail perspective, Steven Miskew, CEO of Southeast Centers, put it succinctly: “The good macro-economic drivers are here: population growth, lack of supply and low vacancy, all in a pro-business environment,” he said. As Miskew asserts, Florida’s population continues to swell as approximately 1,755 people move into the state daily, according to 2023 data from online self-storage platform StorageCafe. Additionally, U-Haul has ranked Florida as a top four growth state in its annual growth index — which analyzes the destinations for one-way moves across its fleet — every year since 2015. Seven Florida cities ranked in U-Haul’s top 25 growth metros in 2024. Florida’s growing population underpins the success of its retail sector as more rooftops directly correlates to more demand for corresponding services, including grocery, food-and-beverage, health and wellness and soft goods. Phil Kirkpatrick, business recruitment and property development at the City of Clearwater’s economic development and housing department, says that the Tampa Bay-area city is seeing very strong retail occupancy levels. “Vacancy is quite low as of the end of 2024, sitting at 5.4 percent,” says Kirkpatrick, acknowledging that the rate exceeds the vacancy rate of the overall Tampa Bay metro …
NEW YORK CITY — W. P. Carey, a New York City-based REIT specializing in net-leased deals, has acquired a food processing facility in Tennessee in a sales-leaseback transaction valued at $166 million. The exact location of the facility, which was completed in May and is occupied by a subsidiary of Canadian manufacturer and distributor Premium Brands Holding Corp., was not disclosed. The facility spans approximately 350,000 square feet. Building features include 40-foot clear heights, 27 dock doors and over 250,000 square feet of cooler and freezer space. In addition, the facility is fully powered by renewable energy sources and is expected to receive LEED Silver certification. Under the terms of the deal, which formally closed earlier this summer, Premium Brands is subject to a triple-net lease for a term of 25 years with fixed annual rent increases. Premium Brands will reinvest the proceeds of the sale into its core business. “We’re thrilled to partner with Premium Brands on this transaction, which highlights our conviction in the food production sector and our ability to structure real estate solutions that support operational growth for market-leading companies,” says Boyd Borjiet, vice president of investments at W. P. Carey. — Taylor Williams
HOUSTON — A limited liability company doing business as 14700 TP LLC has purchased Ten Pines at Summerwood, a multifamily property in northwest Houston, for $31.2 million. According to LoopNet Inc., the property was built in 2013 and totals 240 units. Units come in one-, two- and three-bedroom floor plans and are furnished with island kitchens, stainless steel appliances, ceramic tile flooring, walk-in closets and individual washers and dryers. Amenities include a pool, fitness center, business center, clubhouse, sports lounge and an outdoor lounge area. Dustin Seltzer of JLL was the listing agent on the deal.
KILLEEN, TEXAS — JLL has negotiated the sale of Killeen Marketplace, a shopping center in Central Texas. According to the website of the new owner, Chase Properties, Killeen Marketplace totals roughly 116,000 square feet and is anchored by Best Buy, Ross Dress for Less, Shoe Carnival and dd’s Discounts. The property traded as part of a portfolio deal that included a retail center in Lufkin, Texas, as well as two shopping centers in Arkansas. Adam Howells, Barry Brown and Erin Lazarus of JLL represented the seller, Ball Ventures, in the transaction. Deborah Johnson of JLL assisted in closing the deal as the broker of record.
AUSTIN, TEXAS — Biomedical engineering firm and medical device manufacturer Boston Scientific Corp. has signed an 11-year, 30,821-square-foot office lease at 3601 S. Congress Ave, just south of downtown Austin. The single-story building is part of Penn Field, a 16-acre campus that is a redevelopment of a former U.S. Army base. Local brokerage firm AQUILA Commercial, in partnership with CIM Group, represented the landlord, Creative Media & Community Trust Corp. (NASDAQ: CMCT), in the lease negotiations. The full-building lease brings Penn Field’s total occupancy to 93 percent.