Middle Market Digest-The Midwest

NEWS & NOTABLES

OAK BROOK, IL—Officials from The Inland Real Estate Group of Cos., Inc., one of the nation’s largest commercial real estate and finance groups, say it collectively raised over $600 million in capital in 2016 across the various Inland funds for the purchase of investment real estate. Additionally, Inland Real Estate Acquisitions, Inc., the purchasing arm for the various Inland member companies, in 2016 facilitated the purchase of more than $1.1 billion in commercial real estate, including retail, multifamily, self-storage and medical office buildings, for its various investment funds.

CHICAGO—Elise Couston and Adam Marshall, senior managing directors in Newmark Grubb Knight Frank’s Chicago office, were awarded the 2016 Largest Industrial Investment Sale Transaction award from the Chicago chapter of the Society of Industrial and Office Realtors. This award was given during the annual awards presentation, held at the chapter’s March “Meet & Greet” event in Rosemont. Couston, 2014 SIOR Chicago chapter president, and Marshall received the award for their representation of both the buyer and seller in the sale of 1331-1337 Schiferl Rd., a recently completed 272,000-square-foot, 14-acre, speculative industrial building within Brewster Creek Business Park in Bartlett, IL. Marshall represented the property owner and developer, Ridge Development, in the transaction along with NGKF executive managing director Brian Carroll and director Mark Deady. Couston represented the undisclosed institutional buyer.

DEALTRACKER

KANSAS CITY—Hanley Investment Group Real Estate Advisors, a Corona Del Mar, CA-based brokerage firm, has just completed the sale of two new construction multi-tenant pad buildings in separate transactions in the Kansas City metro area. The total purchase price for both properties was $5,430,000. The first was an 8,000-square-foot multi-tenant pad building at Truman’s Marketplace, a regional power center in Grandview, MO. T-Mobile, McAlister’s Deli and KC Speed Nails occupy 100% of the building, located at 12410 S. US Hwy. 71. The buyer, a private investor from Thousand Oaks, CA, was represented by John Stafford of Colliers International. The seller, a private developer also from Kansas City, was represented by Hanley associate Jeff Lefko, along with executive vice president Bill Asher. In an off-market transaction, Lefko and Asher also negotiated the sale of a 6,360-square-foot newly-renovated multi-tenant pad building in Raytown, MO. Lefko and Asher represented the Los Angeles-based buyer, National Realty Group.

CHICAGO—The American Civil Liberties Union of Illinois has just signed a lease for13,000 square feet lease at 150 N. Michigan. The non-profit will move there from its 10,000-square foot office at 180 N. Michigan. The deal represents its first relocation and expansion in 20 years. David Burkards and Kyle Robbins of MB Real Estate’s corporate services and tenant advisory team represented the group in the negotiations. In the last six months, the ACLU has seen a significant increase in both membership and staff, it to look for a larger office. According to the ACLU’s associate director, K.T. Sullivan, “the ACLU has seen membership triple in Illinois since November, and we plan to increase our staff by 10% for the 2017-2018 fiscal year.” The ACLU plans to move into their new office in June of this year. Matt Lerner and Mark Bâby of Cushman & Wakefield represented ownership, John Hancock Real Estate. 

BUILDING BLOCKS

CHICAGO—Related Realty, the luxury brokerage division of Related Midwest, along with Harbor Side Development, today announced the sellout of Calumet Row, a collection of seven newly constructed brick-and-masonry rowhomes in Chicago’s Prairie Avenue District. Located at 1834-1840 S. Calumet Ave., the residences include four- and five-bedroom floor plans across two four-story buildings. Related Realty brokers Bridget Semmer and Erin Ward marketed the units on behalf of Harbor Side, and the final rowhome closed last month. Designed by architect Michael J. Leary, the homes range in size from 3,500 to 4,800 square feet and achieved sale prices between $1.2 million and over $1.9 million, with one home in the development setting a record price for single-family home sales in the Prairie Avenue District, according to MRED LLC.