BLOOMINGTON, MINN. — Kraus-Anderson has completed a $91.8 million expansion of Friendship Village, a senior living campus located at 8100 Highwood Drive in the Minneapolis suburb of Bloomington. Lifespace Communities owns the property. Designed by SAS Architects and Planners, the 380,294-square-foot project adds a new five-story independent and assisted living building with 93 units. The expansion also includes a new three-story skilled nursing building and a three-story health center with a physical and occupational therapy gym and memory care suites. Services and amenities for assisted living and memory care include 24-hour nursing care, dedicated dining spaces, a fitness center, salon and activity rooms. Extended-stay offerings are three meals per day prepared restaurant-style, 24-hour nursing care, transportation services, a dietitian, social worker and physical, occupational and speech therapists. Rehabilitation services include chef-prepared meals, access to all Friendship Village amenities, physician and nursing care, a social worker, dietitian, salon and therapy services. Construction began in August 2019, and the new expanded spaces are slated to open in November.
PATASKALA, OHIO — Red Rock Developments is underway on a 946,400-square-foot speculative industrial building in Pataskala, about 19 miles east of Columbus. The project is situated on 83 acres at 7409 Mink St. within Red Chip Farms industrial park. Completion is slated for May 2024. The facility will feature a clear height of 40 feet, 156 dock doors, four drive-in doors, 210 trailer parking spaces, office space and 200-foot truck courts. Shane Woloshan of Colliers is leading leasing efforts for the new building as well as build-to-suit opportunities within Red Chip Farms.
ST. CLOUD, MINN. — An affiliate of Phoenix Investors has acquired a 922,444-square-foot industrial facility in the Minneapolis suburb of St. Cloud for an undisclosed price. Constructed in 1950, the property was formerly home to Electrolux Group and its upright freezer manufacturing and production business until it closed in late 2019. The vacant building features 31 dock doors, nine drive-in doors, office space, 980 parking stalls and a clear height of 28 feet. Paul Danko of Savills brokered the sale. Phoenix intends to lease up the property with multiple tenants.
LENEXA, KAN. — Physician Aesthetic Specialists is opening a flagship location at 87 Quivira Plaza in Lenexa. Scheduled to open on Friday, Dec. 1, the office will total 4,200 square feet and feature 10 treatment rooms with a dedicated consultation space. In addition to aesthetic services and massage therapy, the offerings include advanced procedures such as non-surgical facelifts and body contouring, laser treatments, stem cell hair restoration, stem cell therapy for skin rejuvenation, hormone replacement therapy, neurotoxin treatments and weight loss injections. Dr. Dan Margolin, the founder of Physician Aesthetic Specialists, performs all patient consultations and participates in all contouring procedures. The company currently operates at The Healing Arts Center of Lenexa.
BEDFORD PARK, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has purchased a 63,382-square-foot industrial building in the Chicago suburb of Bedford Park. Located at 7333 Lockwood Ave., the property was vacant at the time of acquisition. The single-tenant building features six docks, one drive-in door, parking for 43 cars and a two-ton crane. Prior to closing, Venture One received a 6B tax incentive from Bedford Park. Venture One plans to make improvements to the property such as office renovations, warehouse paint, parking lot paving, energy-efficient warehouse lights, roof replacement and sprinkler system upgrades. Rown McDonnell, Traci Payette and Stephanie Park of CBRE represented the undisclosed seller and will be retained to complete lease-up. VK Industrial VI, which is co-sponsored by Venture One and Kovitz Investment Group, targets industrial acquisitions in the Chicago, Northeast and Florida markets.
Internet connectivity is the digital equivalent of a foundation for any multifamily property. Residents want access for communications, entertainment, business and personal needs. Property operators need connections for management and reporting software resources. Good and reliable connections to the Internet, and a dependable Wi-Fi network as a way of distributing that access, are essential. Looking three to five years into the future, these connectivity needs become even more demanding and complex. The Internet of Things (IoT) creates a layer of interesting application and use cases for property owners. IoT defines the collective network of connected technology that enables communication between devices (“things”) and the cloud and/or among the devices themselves. IoT devices are the technology that creates smart home and buildings. IoT devices also support and simplify functions such as rental property management, energy usage reduction, maintenance cost reduction and more. “Looking into the future, IoT applications can make the property more efficient in surprising ways,” says Eran Dor, vice president of technology products at Pavlov Media. Leak detectors can provide early warning of flooding and appropriately shut off water before any significant damage occurs. Trash cans can be equipped with sensors that indicate when to collect, rather than requiring …
CHICAGO — An affiliate of Chicago-based Rany Management has acquired the remaining owned condominium units of the building at 4180 N. Marine Drive in Chicago’s Buena Park neighborhood. The purchase price for the approximately 8.9 percent of remaining units not previously owned by Rany affiliate, 4180 Holdings, was not disclosed. Formerly known as Polo Towers Condominium Association, the property will be renamed Marine Terrace Apartments. The 16-story building features 190 units and was built in 1957. The fully occupied property is located at the intersection of Marine Drive and Gordon Terrace. Amalgamated Bank of Chicago has been a lending partner on the project since 2013.
EAST CHICAGO, IND. — Mazzella Lifting Technologies Inc. has signed a 51,318-square-foot industrial lease at 4400 Homerlee Ave. in East Chicago. Ed Wabick and Marc Hale of DarwinPW Realty/CORFAC International represented ownership, The Missner Group and RealTerm Logistics. The tenant, a manufacturer and supplier of industrial lifting products, is relocating from Romeoville to a newly constructed building that offers tax savings in Indiana, according to DarwinPW. Completed in 2022, the 249,600-square-foot property features a clear height of 32 feet, 20 exterior docks, 35 trailer parking stalls and 286 car parking spots. National Lease Advisors Inc. represented Mazzella in the lease.
Curry Real Estate Services Completes Lease-up of Windmill Square Shopping Center in Overland Park, Kansas
OVERLAND PARK, KAN. — Curry Real Estate Services has completed the lease-up of Windmill Square shopping center in Overland Park. The newest tenants, Gather Home + Estate and 200Main Vintage, opened in mid-September. The vintage furniture and décor businesses came together as two like-minded operators to collaborate and share the responsibility of a showroom space for their respective collections. Curry completed exterior renovations to the nearly 50,000-square-foot Windmill Square this year. It was built in 1974.
CHICAGO — Advocate Commercial Real Estate Advisors has relocated its Chicago headquarters to 145 S. Wells in the West Loop. The commercial real estate firm will occupy 5,980 square feet on the 14th floor. Moceri + Roszak designed, developed and owns the 20-story building, which totals 210,318 square feet of rentable office space. Amenities include a penthouse amenity lounge with pool, ping-pong and foosball tables, a café and cocktail bar, golf simulator, outdoor deck, conference center and fitness center. Mark Bâby and Matt Lerner of Stream Realty Partners represented the landlord.