SHOREWOOD, ILL. — The Boulder Group has arranged the $13.1 million sale of a single-tenant property net leased to Jewel-Osco in Shorewood, about 40 miles southwest of Chicago. The 66,437-square-foot property sits on a 14.5-acre site at the intersection of Brook Forest Avenue and Jefferson Street. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a private real estate investment company based in the southwest. A California-based 1031 investor was the buyer.
INDIANAPOLIS — SunTrust Banks Inc. has originated a $4.2 million Fannie Mae loan for the refinancing of Temple Lofts Apartments in Indianapolis. The apartment property features 40 units within two buildings. The site was formerly home to a historic church that was converted into apartments. The 12-year loan features a 30-year amortization schedule. SunTrust sourced the loan through Jeff Spahn of PR Mortgage & Investments, a SunTrust correspondent based in Indianapolis.
LOS ANGELES AND NEW YORK — CBRE Global Investors (NYSE: CBRE) has formed a joint venture with Brookfield Property Partners (NASDAQ: BPY) to purchase three super-regional malls totaling 3.7 million square feet from General Growth Properties (NYSE: GGP). As part of the transaction, CBRE is purchasing a 49 percent stake in the three malls from BPY. The sales price for the portfolio was not disclosed, but The Wall Street Journal reports the deal is valued at more than $1 billion. The assets include Cumberland Mall, a 1 million-square-foot mall in northwest Atlanta; Ridgedale Center, a 1.2 million-square-foot mall in the western Minneapolis suburb of Minnetonka; and The Parks Mall at Arlington, a 1.5 million-square-foot mall in the Dallas/Fort Worth metroplex. The three malls were 98 percent leased at the time of sale to tenants including Amazon Pop-Up, AMC Theatres, Apple Store, Barnes & Noble, The Cheesecake Factory, Chick-fil-A, Costco, Dick’s Sporting Goods, Dillard’s, Disney Store, DSW, H&M, JC Penney, Macy’s, Nordstrom, Nordstrom Rack, Old Navy, Pottery Barn, Sears, Starbucks Coffee, Williams-Sonoma and Victoria’s Secret. “We believe that Class A, super-regional malls remain one of the most attractive investments available today,” says David Morrison, chief investment officer of the Americas at CBRE Global …
WEST ALLIS, WIS. — McShane Construction Co. will serve as general contractor for Six Points Apartments in West Allis, a western suburb of Milwaukee. Mandel Group Inc. is the developer. The first level of the four-story apartment complex will consist of a parking structure. Three levels of apartments comprising 177 units will be situated above the parking structure. Amenities will include a club area, fitness center and rooftop patio. This is McShane’s first major assignment in Wisconsin since opening an office in Madison earlier this year. Zimmerman Architectural Studios will serve as project architect.
ST. LOUIS — The Missouri Historical Society is nearing completion of a $30 million renovation of the Soldiers Memorial Military Museum in downtown St. Louis. Wiegmann Associates has completed work on the HVAC system and provided design services to KAI, the mechanical engineer of record, to reduce equipment costs and develop an energy-efficient system that protects historical exhibits. BSI Constructors is the general contractor for the project. The museum’s lower level was refurbished to increase exhibition space and the second floor has been converted into office space and meeting rooms. President Franklin D. Roosevelt dedicated the memorial site in 1936 and the museum opened in 1938. A reopening is currently scheduled for Nov. 3.
CUYAHOGA FALLS, OHIO — Inspirit Senior Living has acquired The Gardens of Cuyahoga Falls and The Gardens of Liberty Park (formerly the Gardens of Western Reserve) in Ohio. The acquisitions bring the Virginia-based owner-operator into Ohio for the first time, and increase its portfolio size to eight communities. Inspirit partnered with Venue Capital LLC, a New York City-based real estate and asset management firm, on the two acquisitions. Both communities offer assisted living and memory care. The Gardens of Liberty Park features 120 units, while The Gardens of Cuyahoga Falls features 130 units. Inspirit plans to extensively renovate the buildings and grounds. The seller was senior care industry veteran Rich Piekarski.
MILWAUKEE — Founders 3 Real Estate Services has brokered the sale of Birchwood Storage in Milwaukee for $6 million. The 487-unit self-storage facility is located on 6.3 acres at 5115 W. Good Hope Road. The property consists of 57 climate-controlled units and 430 non-climate-controlled units. Paul McBride of Founders 3 represented the buyer, Good Hope Road Self Storage LLC. Birchwood Good Hope Road LLC was the seller.
SCHILLER PARK, ILL. — Marcus & Millichap has arranged the sale of a 32-unit multifamily property in Schiller Park for $2.2 million. The property consists of two adjacent buildings at 3871-3873 Ruby St. Floor plans range from studios to two-bedroom units. Andrean Angelov, Ryan Engle and Samuel Antreasian of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also represented the private investor buyer.
CHICAGO — FPA Multifamily LLC has acquired The Lex, a 332-unit high-rise apartment complex located within the McCormick Square entertainment district in Chicago’s South Loop. The seller was Crescent Heights, a developer of luxury multifamily communities with five offices across the country. San Francisco-based FPA purchased the property free and clear of debt for an undisclosed price. Sean Fogarty, Marty O’Connell, Wick Kirby and Kevin Girard of HFF represented the seller in the transaction. Completed in 2009, The Lex consists of one 35-story tower and one seven-story building featuring a mix of one-, two- and three-bedroom residences. Units average more than 900 square feet each and include granite countertops, floor-to-ceiling windows and private balconies. Communal amenities include a pool, outdoor grilling stations, 24-hour fitness center, game room, resident lounge and business center. The Lex also features more than 17,000 square feet of ground-floor retail and dining space. The property is situated adjacent to the newly constructed Wintrust Arena and Marriott Marquis Hotel. The location puts The Lex within walking distance of Lake Michigan. The Lex was originally built as a condominium project, but failed as it was completed in the midst of the housing crisis, according to local real estate …
ARLINGTON HEIGHTS, ILL. — CBRE has arranged the $25.5 million sale of a 66,393-square-foot retail property occupied by Mariano’s Fresh Market in Arlington Heights, about 25 miles northwest of Chicago. The supermarket is located at 802 E. Northwest Highway. Christian Williams and Michael Kaider of CBRE represented the seller, an affiliate of Inland Private Capital, which purchased the asset in 2011 for $20.8 million. A joint venture between State Farm and Transwestern Investment Group was the seller, according to Crain’s Chicago Business.
