MINNETONKA, MINN. — A joint venture between LeCesse Development Corp., Morgan Management and UC Funds has broken ground on RiZE at Opus Park, a 322-unit apartment community in Minnetonka, a western suburb of Minneapolis. The $73 million project is a redevelopment of the Opus Business Park. The property will feature studio, one- and two-bedroom units. Plans call for construction of a six-story building and a 492-car parking garage. Amenities will include a clubhouse, fitness center, movie..
Bridge Sells 491,010 SF Industrial Portfolio in Chicago Area for $69M, Acquires 48-Acre Land Site for $27M
CHICAGO — Bridge Development Partners LLC has sold four industrial buildings totaling 491,010 square feet in Chicago’s O’Hare market for $69 million. The properties include: 1701 Nicholas Blvd. in Elk Grove Village; 11600 Grand Ave. in Northlake; and 9555 and 9655 Soreng Ave. in Schiller Park. With buildings constructed between 2014 and 2017, the property was 78 percent leased at the time of sale. Tenants include Pilot Air Freight Corp., NNR Global Logistics USA Inc. and Fujitrans USA..
ST. PETERS, MO. — Developer GBT Realty Corp. is nearing completion of The Shoppes at Mid Rivers, a 270,000-square-foot shopping center in St. Peters, a suburb of St. Louis. The project is the largest retail development in the St. Louis metro area in nearly a decade, according to GBT. Burlington, Marshalls, HomeGoods and Aspen Dental are set to open at the property in September. Academy Sports + Outdoors and Famous Footwear will open in October. Ross, OshKosh B’gosh, Five Below and Nail..
Deering Commercial Mortgage Arranges $16.5M Refinancing Loan for Student Housing Property in Minneapolis
MINNEAPOLIS — Deering Commercial Mortgage LLC has arranged a $16.5 million loan for the refinancing of a student housing property in Minneapolis. The 92-unit property, called 1301 University, is located near the University of Minnesota. The building features studio, one-, two-, three- and four-bedroom units. Amenities include a fitness center and underground parking. Len Deering of Deering Commercial Mortgage arranged the 10-year loan. Goldman Sachs provided the loan.
BLOOMINGTON, MINN. — Marcus & Millichap has brokered the sale of an 82,350-square-foot industrial building in Bloomington for $3 million. The property is located at 8301 Grand Avenue South. U.S. Venture, a distributor of energy, automotive and lubricants products, was the seller. As part of the sale, U.S. Venture executed a 10-year, triple-net lease and will remain in the building. U.S. Lubricants, a division of U.S. Venture, will continue to use the building as a bulk storage and..
CHICAGO — Structured Development has acquired a 40,000-square-foot loft office building in Chicago’s Lincoln Park for an undisclosed price. The property is located at 855 W. Blackhawk St., adjacent to another property that Structured Development purchased in 2015. Together, the sites will be redeveloped as The Shops at Big Deahl, a 200,000-square-foot mixed-use property. Demolition of the building located at 1450 N. Dayton St. is underway, with construction of The Shops slated to begin in..
Aries/Conlon Capital Arranges $31.5M Refinancing Loan for Office Property in Buffalo Grove, Illinois
BUFFALO GROVE, ILL. — Aries/Conlon Capital has arranged a $31.5 million loan for the refinancing of Riverwalk Phase II in Buffalo Grove, a northern suburb of Chicago. The 258,995-square-foot office property, located at 2100 E. Lake Cook Road, serves as the corporate headquarters for CVS Caremark. The Class A building is 75 percent leased, with PrimeSource Healthcare serving as the other anchor tenant. Amenities include a fitness center, conference room and deli. Accesso Partners was the..
HUBER HEIGHTS, OHIO — Marcus & Millichap’s Institutional Property Advisors division has brokered the sale of North Heights Plaza shopping center in Huber Heights, a suburb of Dayton. The sales price was not disclosed. The 182,453-square-foot retail center is located at 8280 Old Troy Pike. Dick’s Sporting Goods and Big Lots anchor the property, which was built in 1990. Other tenants include Five Below, Great Clips, Sally Beauty Supply, Verizon Wireless and Firehouse Subs. Craig Fuller,..
Wolverine to Convert Historic Orphanage Into $16M Affordable Housing Property in Marquette, Michigan
MARQUETTE, MICH. — Wolverine Building Group will redevelop the Holy Family Orphanage in Marquette, in Michigan’s Upper Peninsula, into an affordable housing property. Wolverine has partnered with Home Renewal Systems Communities and Community Action Alger Marquette for the $16 million project. The orphanage, originally constructed in 1915 and vacant since 1965, is listed on the National Register of Historic Places. The six-story building featured classrooms, bedrooms, playrooms, a laundry..
TROY, MICH. — L. Mason Capitani CORFAC International has negotiated five new office leases totaling 21,000 square feet at Wilshire Plaza, located at 901 Wilshire Drive in Troy. The new tenants include NB Coatings, Caliber Home Loans, Keller Williams, Dearborn Holding Co. and Avera Health. Mason L. Capitani negotiated the lease transactions on behalf of the landlord, Summit Wilshire LLC.