ST. CHARLES, ILL. — Lowe Enterprises Investors (LEI) has acquired AMLI at St. Charles in the Chicago suburb of St. Charles for an undisclosed price. Now called Ascend St. Charles, the 400-unit apartment property is located at 100 Lakeside Drive. Built in 2000, the property features 20 three-story buildings on 25 acres. The buildings include a mix of one- and two-bedroom units. Amenities include a pool with sundeck, clubhouse, sand volleyball court, business center, multimedia center and fitness center. Andy Sands of LEI led the acquisition team. Moran & Co. represented AMLI in the transaction, while Hunt Mortgage Group arranged acquisition financing. Greystar has been retained to provide property management services.
CHICAGO — Newmark Knight Frank (NKF) has been tasked with the pre-leasing of 1200 W. Fulton, a new 1.2 million-square-foot mixed-use development in Chicago’s Fulton Market. LAMB Properties LLC and IBT Group are developing the project. Plans call for approximately 900,000 square feet of office space, a boutique hotel, a ground floor plaza with a mix of retail and restaurants, as well as 700 underground parking spaces. NKF brokered the sale of the property site in March 2016. The transformation of Fulton Market, formerly known as the Meatpacking District, is in part due to Google, McDonald’s and WPP Group relocating to the area. William Rolander and Jon Cordell of NKF will lead the brokerage team assigned to lease the office space for the new development.
DES PLAINES, ILL. — Marcus & Millichap has brokered the sale of Metropolitan Square in Des Plaines, a northwest suburb of Chicago, for $13 million. The 120,983-square-foot mixed-use property is located at 518 Metropolitan Way. Completed in 2004, the property includes a 40,000-square-foot Shop & Save Market, a freestanding Fifth Third Bank, a 10,500-square-foot multi-tenant strip center and additional street-level retail space. Also included in the sale was a three-story, 22,000-square-foot medical office building. The property was 68 percent occupied at the time of sale. Other tenants include Tap House Grill, Panera Bread, Potbelly Sandwich Works, Giordano’s, Forever Yogurt, LA Tan, Elite Training & Fitness, Chiro One and Allstate Insurance. Sean Sharko and Austin Weisenbeck represented the undisclosed buyer and seller.
CHICAGO — Brookfield Property Partners LP (NYSE: BPY) has made an unsolicited proposal to acquire GGP Inc. (NYSE: GGP) for $14.8 billion. The offer is made up of $7.4 billion in direct share purchases at $23 per share, as well as $7.4 billion in shares in the combined company post-acquisition. Brookfield already owns approximately 34 percent of GGP. Existing GGP shareholders would own approximately 30 percent of the combined company. The transaction is subject to the negotiation and execution of transaction documents, as well as customary approvals. Citigroup Global Markets Inc. is serving as financial advisor and Sullivan & Cromwell LLP is serving as legal counsel to GGP. The transaction would boost BPY’s portfolio to almost $100 billion of real estate assets globally and an annual net operating income of approximately $5 billion, according to BPY. “Brookfield’s access to large-scale capital and deep operating expertise across multiple real estate sectors combined with GGP’s high-quality retail asset base will allow us to maximize the value of these irreplaceable assets,” says Brian Kingston, CEO of Brookfield Property Group. “We are excited about the opportunity to leverage our expertise to grow, transform or reposition GGP’s shopping centers, creating long-term value in a way that would …
PEORIA, ILL. — Miller Capital Advisory Inc. has sold The Shoppes at Grand Prairie in Peoria for an undisclosed price. The 468,127-square-foot lifestyle center is situated on 30.3 acres at 5201 W. War Memorial Drive. Completed in 2003, the property includes six multi-tenant buildings and one single-tenant building. The property is 94 percent leased to more than 35 tenants such as Bergner’s, Dick’s Sporting Goods, Marshalls, HomeGoods, DSW, H&M, Old Navy, J. Crew Mercantile, Banana Republic Factory and J. Jill. Amy Sands, Clinton Mitchell, Barry Brown and Claudia Steeb of HFF marketed the property for Miller Capital. An affiliate of Singerman Real Estate LLC purchased the asset.
ORLAND PARK, ILL. — Maverick Commercial Mortgage Inc. has arranged a $4 million loan for the refinancing of an automotive dealership in Orland Park, about 25 miles southwest of Chicago. CJ Wilson Mazda of Orland Park occupies the 22,000-square-foot dealership. Benjamin Kadish of Maverick arranged the five-year loan, which features a 20-year amortization schedule. Proceeds from the loan refinanced the existing first mortgage and paid for closing costs. A local lender provided the loan.
EDWARDSVILLE, ILL. — TriStar Properties has sold two industrial warehouse and distribution centers at Gateway Commerce Center in Edwardsville, about 25 miles northeast of St. Louis, for $64 million. Dallas-based L&B Realty Advisors purchased the buildings, which total 1.1 million square feet. The properties are 100 percent leased to GEODIS and DB Schenker, which are international third-party logistics firms. TriStar teamed up with PCCP to develop the buildings at Gateway Commerce Center, a 2,300-acre logistics and bulk distribution park. Cushman & Wakefield is the leasing agent for the park.
WAUKEGAN, ILL. — Bridge Development Partners has sold two industrial buildings totaling 1 million square feet in Waukegan for an undisclosed price. An institutional entity represented by Bentall Kennedy purchased the portfolio. The buildings were the first two facilities completed as part of Bridge Point North, a master-planned 225-acre business park. Building I is a 626,848-square-foot facility located at 1750 Bridge Drive. Completed in the fourth quarter of 2016, the building features 36-foot clear heights and is fully leased to an e-commerce tenant. Building II is a 400,758-square-foot facility located at 3900 Bur Wood Drive. Completed in September, the building features 32-foot clear heights. Bridge acquired the master-planned development from Cardinal Health in early 2015.
BURR RIDGE, ILL. — Aries Conlon Capital has arranged a $12.5 million bridge loan for the Crowne Plaza hotel near Chicago’s Midway International Airport in Burr Ridge, a southwest suburb of Chicago. The 123-room hotel, located at 300 S. Frontage Road and built in 1969, was previously a Quality Inn & Suites that had been fully renovated and reflagged recently as the IHG Crowne Plaza Hotels & Resorts brand. Managed by Chesapeake Hospitality, the property features meeting space, an indoor pool, restaurant, fitness center and business center. Rushi Shah of Aries Conlon arranged the 24-month, interest-only loan on behalf of the borrower, Vega Hospitality Group. Access Point Financial Inc. was the lender. Since the property’s cash flow was not yet at sufficient levels to cover the total debt, refinancing was almost impossible. Once the property is stabilized, the bridge loan will be refinanced to non-recourse permanent debt, according to Shah.
AURORA, ILL. — Interra Realty has brokered the sale of Downer Place Apartments in Aurora for $2 million. The 24-unit property is located at 449 W. Downer Place. The three-story building includes four one-bedroom units and 20 two-bedroom units with an average unit size of 1,150 square feet. James Clough of Interra represented the undisclosed buyer and seller.