REBusinessOnline

Bedrock Breaks Ground on 1.4 MSF Mixed-Use Project in Detroit

DETROIT — Bedrock has broken ground on the 1.4 million-square-foot Monroe Blocks project on two city blocks at the corner of Monroe Street and Campus Martius in downtown Detroit. Slated for completion in 2022, the development is one of four transformational projects underway as part of a $2.1 billion investment in Detroit that Bedrock first announced in 2017. In total, Monroe Blocks will include 847,000 square feet of office space, 482 residential units and 117,000 square feet of retail …

JLL Arranges Construction Financing for $115M Mixed-Use Project in Chicago’s Uptown Neighborhood

CHICAGO — JLL Capital Markets has arranged construction financing for The Draper at 5050 N. Broadway, a mixed-use development in Chicago’s Uptown neighborhood. The project involves the conversion of a former 400,000-square-foot office building into 342 residential units. The developer, CEDARst Cos., raised $41 million of project equity. Urbanite Capital provided a $13 million structured loan and Bank of the Ozarks provided a $61 million construction loan. Chuck Johanns and Dave Hendrickson …

GlenStar to Complete $20M Renovation of Office Property in Chicago

CHICAGO — GlenStar Properties LLC and its joint venture Angelo Gordon & Co. LP have unveiled plans to complete a $20 million renovation of President’s Plaza in Chicago’s O’Hare submarket. The two-building, 830,479-square-foot office property is located at 8600 and 8700 W. Bryn Mawr Ave. Plans call for a lobby refresh at both buildings, new tenant lounge with a coffee café, renovation of the fitness center, renovation of the deli, new technology for the conference center, new lobby …

Faris Lee Investments Brokers $16.6M Sale of Shopping Center in Saint Charles, Illinois

SAINT CHARLES, ILL. — Faris Lee Investments has brokered the sale of Main Street Commons in suburban Chicago for $16.6 million. The 171,564-square-foot shopping center is situated on 20 acres. At the time of the sale, the property was 85 percent leased to tenants such as Ross, TJ Maxx, Five Below, Ulta and Cost Plus. Rick Chichester, Donald MacLellan and Shaun Riley of Faris Lee represented the seller, Sabal Financial Group LP. The buyer was not

KeyBank Provides $15.7M Refinancing for Michigan Multifamily Property

ANN ARBOR, MICH. — KeyBank Real Estate Capital has provided a $15.7 million Fannie Mae loan for the refinancing of Manchester Flats Apartment Homes in Ann Arbor. The 173-unit multifamily property is comprised of nine buildings on six acres of land. The property was built in 1957 and renovated in 2013. Todd Linehan of KeyBank arranged the nonrecourse, fixed-rate loan with a 15-year term and 30-year amortization

Westmount Realty Capital Acquires 1.4 MSF Industrial Portfolio in Chicago, Ohio

CHICAGO, CINCINNATI AND COLUMBUS, OHIO — Westmount Realty Capital LLC has acquired a 1.4 million-square-foot industrial portfolio in Chicago, Cincinnati and Columbus. The portfolio consists of 12 buildings constructed between 1970 and 1994 with clear heights ranging from 20 to 26 feet and an average office finish of 7 percent. Some of the larger tenants within the portfolio include Pactiv, Sonoco Products, Graham Packaging, SAF-Holland USA and FedEx. In the Chicago area, the portfolio …

Opus Breaks Ground on 218-Unit Apartment Building in Minneapolis

MINNEAPOLIS — The Opus Group has broken ground on a six-story, 218-unit apartment building in the North Loop neighborhood of Minneapolis. Located at the intersection of West River Parkway and Plymouth Avenue, the development will include a mix of studios, alcoves, one- and two-bedroom units and penthouses. Completion is slated for summer 2020. This project is the third in the North Loop for

Jameson Brokers $4.7M Sale of Retail Center in Montgomery, Illinois

MONTGOMERY, ILL. — Jameson Commercial has brokered the $4.7 million sale of Season’s Ridge Plaza in Montgomery, a western suburb of Chicago. The retail center sits on 3.8 acres at 1779-1799 Douglas Road and includes a freestanding Walgreens and Pet Supplies Plus. Esther Berman and Mark Jones of Jameson represented the seller, a local retail developer. A California-based buyer purchased the

Marcus & Millichap Arranges $2.8M Sale of Apartment Property in Northern Illinois

HARVARD, ILL. — Marcus & Millichap has arranged the sale of Harvard Park Apartments in northern Illinois for $2.8 million. Built in 1975, the 40-unit apartment property is located at 108-124 W. Brink St. The five-building property features two-bedroom units with private patios. David Tarnoff of Marcus & Millichap brokered the transaction on behalf of the undisclosed

Forever 21 to Open at Outlets of Des Moines

DES MOINES, IOWA — Forever 21 is scheduled to open on Saturday, Dec. 15 at the Outlets of Des Moines in Iowa. The store will feature a section for men, women, girls, plus-size apparel and accessories. This is the eighth store to open at the outlet center this year. Developed by New England Development, Outlets of Des Moines features stores such as Old Navy Outlet, Nike Factory Store, Tommy Hilfiger, Under Armour and Express Factory Outlet. The 300,000-square-foot property opened in October …

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