REBusinessOnline

Churchill Downs to Sell Arlington International Racecourse in Suburban Chicago

ARLINGTON HEIGHTS, ILL. — Churchill Downs Inc. has listed the current home of Arlington International Racecourse for sale. The 326-acre site is located at the northwest corner of Euclid Avenue and Wilke Road in Arlington Heights, a suburb of Chicago. Tony Gange and Matt Ishikawa of CBRE are marketing the property. The infill site presents a redevelopment opportunity to support a variety of uses, according to CBRE. The property provides direct access to transit, with a Metra commuter rail stop …

Colliers Mortgage Provides $18.2M Acquisition Loan for Apartment Complex in Suburban Minneapolis

MAPLE GROVE, MINN. — Colliers Mortgage has provided an $18.2 million Fannie Mae loan for the acquisition of Crossroads at Elm Creek in Maple Grove. The 98-unit apartment complex rises three stories. Amenities include a fire pit, children’s play area, outdoor seating, a fitness center, coffee bar, community room and storage lockers. Peak Capital Partners LLC was the borrower. The 10-year loan features a 30-year amortization

Coldwell Banker Commercial Arranges $4M Sale of Industrial Building in Delavan, Wisconsin

DELAVAN, WIS. — Coldwell Banker Commercial has arranged the $4 million sale of a 100,000-square-foot industrial building in Delavan, about 45 miles southwest of Milwaukee. Built in 2019, the property sits on 17.4 acres at 2153 Hobbs Drive. The building features a clear height of 30 feet, eight docks and one drive-in door. Bill Mears and Adam Schultz of Coldwell Banker Commercial McGuire Mears & Associates represented both the buyer and seller in the transaction. The buyer, Prop Shaft …

Dayton Street Partners Acquires 7.8-Acre Industrial Site in Chicago

CHICAGO — Dayton Street Partners has acquired a 7.8-acre industrial site in Chicago for an undisclosed price. The site, which includes several buildings totaling 66,154 square feet, is located at 2217 S. Loomis St. Southfield Corp. was the seller. Dayton Street says it expects to garner interest from tenants that require direct access to the city’s neighborhoods as well as users that require significant trailer or fleet parking and outdoor storage. David Lane of Burr and Temkin, along with …

SRS Brokers $2.3M Sale of OfficeMax-Occupied Property in North Dakota

GRAND FORKS, N.D. — SRS Real Estate Partners’ National Net Lease Group has brokered the $2.3 million sale of a single-tenant retail property occupied by OfficeMax in Grand Forks. The 23,500-square-foot building is located at 3225 30th Ave. Built in 1998, the property sits on 2.5 acres near the University of North Dakota and Columbia Mall. Joseph Simon of SRS represented the seller, a Madison, Wis.-based private investor. Simon also represented the buyer, an Oregon-based private investor …

TD Bank: Why We Need to Address Affordable Housing Needs Now

By Gregg Gerken, Head of Commercial Real Estate for TD BankEven prior to the COVID-19 pandemic, it was a struggle to build or find affordable housing.But since the pandemic broke out, finding affordable housing may be even harder for those who now need it most. A Problem Made Worse by a Global Pandemic The lack of affordable housing was an urban, suburban and rural problem even before COVID-19. Rent-burdened families and seniors living on a budget reside in almost every small and …

JLL Arranges $153M Loan for Refinancing of Chicago Office Tower

CHICAGO — JLL Capital Markets has arranged a $153 million loan for the refinancing of 123 North Wacker, a 33-story office tower in Chicago’s central business district. The 550,000-square-foot building is situated in the West Loop submarket. The property has undergone more than $33 million in capital improvements over the past few years, including a reimagined lobby, a new tenant lounge and barista bar. Additional amenities include a conference center, fitness center, bike room and private …

Global Retail Sales for Domino’s Increased 12 Percent in Fourth Quarter

ANN ARBOR, MICH. — Domino’s Pizza Inc. (NYSE: DPZ) reported that its global retail sales increased 12 percent in the fourth quarter and 10.4 percent in fiscal 2020. U.S. same-store sales grew 11.2 percent during the quarter and 11.5 percent for the year. However, the Ann Arbor-based pizza chain missed Wall Street’s estimates for its fourth-quarter earnings and revenue, according to CNBC. Pandemic costs weighed on profits and U.S. same-store sales growth slowed compared with prior …

Best Buy’s Comparable Online Sales Grew Nearly 90 Percent in Fourth Quarter

RICHFIELD, MINN. — Domestic online sales for Best Buy Co. Inc. (NYSE: BBY) increased 89.3 percent in the fourth quarter on a year-over-year basis, according to the company. The Richfield-based retailer’s fourth quarter ended Jan. 30.“Online sales grew to a record $6.7 billion and made up 43 percent of our total domestic sales,” said CEO Corie Barry said in a news release. “Our stores played a pivotal role in the fulfillment of these sales, as almost two-thirds of our online …

Three Chicago-Based Firms Form Joint Venture to Provide Real Estate Solutions for Malls, Lifestyle Centers

CHICAGO — Frontline Real Estate Partners LLC, Carr Realty Advisors LLC and Stillwater Advisory Group Inc. have formed a new joint venture known as Frontline Real Estate Partners- Shopping Mall and Lifestyle Division. The venture will provide its clients with receivership, property and asset management, and leasing and disposition services for malls and lifestyle centers.“We have all seen the downturn of malls in recent years, with low occupancy levels and retailers going into …

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