CHICAGO — Skender and its joint venture partner Blackwood Group have completed extensive renovations of two senior living apartment towers in partnership with the Chicago Housing Authority and Michaels Development. Canopy Architecture designed the 400,000-square-foot renovation project. Located at 3700 W. Congress Parkway in the East Garfield Park neighborhood, Irene McCoy Gaines Apartments rises 17 stories with 150 units. The property was built in 1964. All units underwent substantial renovations, including updated HVAC, electrical and plumbing systems. Skender added new amenity spaces such as a redesigned dining and community room, exterior courtyard and upgraded laundry spaces. Albany Terrace Apartments, located at 3030 W. 21st Place in the South Lawndale neighborhood, rises 17 stories with 350 units. The property was built in 1974. The building received upgrades to resident units, common spaces and HVAC systems, including electrical and plumbing systems. Skender also installed a new elevator. Each unit in both buildings received new flooring, paint, LED lights, kitchens and baths, and air conditioning and thermostats. Common areas and units received upgraded internet connectivity and Wi-Fi.
Midwest
COLLINSVILLE, ILL. — Gantry has arranged a $14.7 million permanent loan for the acquisition of Eastport Tech Center in the St. Louis suburb of Collinsville. The four-building industrial property, located on Eastport Plaza Drive, totals 202,508 square feet. The asset is fully leased to multiple tenants. Joe Monteleone and Bonnie Monteleone of Gantry represented the borrower, a private real estate company. A life insurance company provided the five-year, fixed-rate loan, which features a 30-year amortization.
LAKE ZURICH, ILL. — Marcus & Millichap has brokered the $7.7 million sale of Lakeview Plaza, a retail strip center totaling 52,400 square feet in the Chicago suburb of Lake Zurich. Built in 1987, the property is home to restaurants, health and fitness tenants, and automotive service users. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a private investment group, and procured the buyer, a family office specializing in owning and operating shopping centers.
DWG Capital Partners Acquires 84,612 SF Industrial Facility in Southeast Michigan Via Sale-Leaseback
HUDSON, MICH. — DWG Capital Partners, in partnership with MAG Capital Partners, has acquired an 84,612-square-foot industrial facility in southeast Michigan’s Hudson. The purchase price for the sale-leaseback transaction was undisclosed. Kecy Metal Technologies, a precision metal stamping company within ARC Group Worldwide’s portfolio, occupies the property at 4111 Munson Highway. Built in 1988, the facility features a 20-foot ceiling height. Doug Passon and Robert Bender of Fortis Net Lease represented the seller, while Aaron Eichenberg of Pantheon Commercial represented DWG. The transaction marks the first purchase in Michigan for DWG.
CHICAGO — IPA Capital Markets, a division of Marcus & Millichap, has arranged a $56 million senior construction loan and $12.5 million in equity for the development of the first phase of Yorktown Reserve in Chicago. The apartment project, which involves the transformation of Yorktown Mall, will include 271 units. Frank Montalto of IPA Capital Markets secured the debt with a local bank and arranged the equity with an institutional investor. Chicago-based Synergy Development was the borrower.
BLOOMINGTON, ILL. — Coldwell Banker Commercial Devonshire Realty has negotiated the sale of Country Financial/Country Co.’s main campus in Bloomington to Illinois State University (ISU) for $17.5 million. The property includes roughly 400,000 square feet of office space in three buildings on 28.3 acres. The transaction will occur in two phases as Country vacates one of the buildings over the next two years. ISU plans to renovate the buildings for its new engineering campus slated for fall 2025 enrollment. AJ Thoma III of Coldwell Banker Commercial represented the seller, and Bob Revoir of Cushman & Wakefield was a co-broker in the deal. Mike Talkington of AXIS 360 Commercial Real Estate Specialists represented ISU.
CARROLLTON, OHIO — Woda Cooper Cos. Inc. has completed Hemming Crossing, a 42-unit affordable seniors housing community in Carrollton, about 55 miles south of Akron. The three-story development is reserved for residents age 55 and older with incomes between 30 and 70 percent of the area median income. Hemming Crossing represents a $12.5 million investment in the community. Rents range from $315 to $830 per month, depending on income restriction and size of unit. Amenities include a community room with kitchenette, fitness center, grandchild playroom and outdoor playground. The project was made possible with funding supported by Low-Income Housing Tax Credits (LIHTCs) allocated by the Ohio Housing Finance Agency, which also provided an equity bridge loan. Marble Cliff Capital invested in the LIHTCs allocated to Hemming Crossing. Consumer National Bank provided a construction loan and first mortgage, and was a secondary investor in the tax credits. Appalachian Growth Capital provided a second soft mortgage. The project team included PCI Design Group, civil engineer Chadan Engineering and sustainability consultant Sol Design + Consulting. Woda Construction Inc. was the general contractor, and Woda Cooper’s management division, Woda Management & Real Estate, oversees leasing and property management.
BURBANK, ILL. — Quantum Real Estate Advisors Inc. has brokered the $5.7 million sale of a 17,683-square-foot retail center in Burbank, a southern suburb of Chicago. The fully leased property is home to tenants such as Meat Moot, Pizza Hut, Tropical Smoothie Café, OSF Healthcare and Dental Town. Dan Waszak, Zack Hilgendorf and Nick Hilgendorf of Quantum represented the seller, GW Properties. The buyer was a private investor based in Kansas.
DES MOINES, IOWA — General contractor and construction manager Kraus-Anderson (KA) has opened a new regional office in Des Moines. The move complements the company’s expansion, which includes new regional offices that opened this year in Fargo, N.D., and Phoenix. KA’s experience in Iowa dates to 1981, featuring 184 projects totaling more than $343 million. Bryan Michael will serve as director of operations in KA’s Iowa office. He is a construction and development professional with over 20 years of experience in the Iowa market, most recently serving as co-owner of Des Moines-based PDC Partners. KA’s Des Moines office will be located at 100 Court Ave. Built in 1901, the property is listed on the National Register of Historic Places by the U.S. Department of the Interior. The building has been renovated several times since 2008.
DETROIT — Developer Bedrock and General Motors Co. (NYSE: GM) have unveiled a conceptual plan to redevelop the Renaissance Center (RenCen) and 27 acres along the Detroit riverfront. According to the companies, the plan preserves the essence of Detroit’s skyline, right-sizes the RenCen’s footprint and connects the site to the heart of downtown. A surrounding entertainment district would feature restaurants, hospitality, residential and market space and complement Detroit’s Riverwalk, which draws more than 3.5 million annual visitors to the city. The project has an estimated price tag of $1.6 billion, according to Crain’s Detroit Business. First opened in 1976, RenCen is widely considered Michigan’s most iconic and recognizable property and serves as the headquarters of GM. The automaker purchased the asset in 1996 and has invested more than $1 billion in improvements to date. Earlier this year, GM unveiled its plans to leave RenCen for Hudson’s Detroit, the redevelopment of the former J.L. Hudson’s department store currently underway by Bedrock. GM plans to take occupancy in 2025. GM and Bedrock established a partnership earlier this year to study redevelopment opportunities for the RenCen site along with the City of Detroit and Wayne County. A team of urban planners, architects and …