ROMEOVILLE, ILL. — Lee & Associates has brokered the sale of a 37,720-square-foot industrial building in Romeoville for $2.8 million. The property is located at 515 Anderson Drive. Ryan Earley, Jeff Galante and Terry Grapenthin of Lee & Associates represented the buyer, Venture One Real Estate. Earley, along with Caroline Dell, have been retained to market the building for lease. The seller was not disclosed.
DETROIT — The Detroit City Council has approved a development agreement for Bedrock and Woodborn Partners to develop a mixed-income residential development on the former Frederick Douglass public housing site. The 22-acre property has been vacant since public housing structures were demolished in 2014. Bedrock has selected architectural firm Rossetti to create the master plan for the $300 million project. The proposed neighborhood will consist of 913 housing units for rent and for sale, spread across six residential styles including townhomes, carriage homes, duplettes, flats, walk-ups and apartments. Other plans call for more than three acres of open parks and courtyard space, 19,000 square feet of retail space, more than 1,100 parking spaces, an early childhood education center and a 80-room hotel. Affordable housing developer Jonathan Rose Cos. will advise on the development of the affordable housing component of the project. Approximately 25 percent of the rental units will be designated as affordable. Proceeds from the $23 million sale of the site will enable the Detroit Housing Commission to invest in preservation and renovation of other affordable housing units throughout the city. Over the next several years, Bedrock plans to develop up to 3,500 residential rental units in Detroit. The developer’s …
CHICAGO — Ready Capital Structured Finance has provided a $7.9 million loan for the refinancing of a 38,000-square-foot office property in Chicago. The building, located on West Carroll Avenue in the Fulton Market neighborhood, was repositioned from an industrial warehouse into an office property. The non-recourse, floating-rate loan features a 36-month term. The borrower was not disclosed.
AURORA, ILL. — Essex Realty Group Inc. has brokered the sale of a single-tenant retail property occupied by Walgreens in Aurora for $7.5 million. The property is located at 1180 Farnsworth Ave. Walgreens has approximately 12 years left on its initial lease term. Steven Livaditis and Joe Scheck of Essex represented the buyer, CIMA Investors LLC, in the transaction. The seller was not disclosed.
ATKINSON, ILL. — Love’s Travel Stops has purchased a 13-acre site at the northwest corner of I-88 and South State Street in Atkinson in northwestern Illinois. The purchase price was not disclosed. Love’s plans to open a location at the property in 2019. Dave Schmidt and Linda Kost of Realty Metrix Commercial represented Love’s in the transaction. JMP Atkinson Petroleum Inc. was the seller.
MASON CITY, IOWA — Marcus & Millichap has arranged the sale of the Quality Inn & Suites in Mason City in northern Iowa for an undisclosed price. The 60-room hotel is located at 410 5th St SW. Jake Erickson of Marcus & Millichap brokered the transaction with assistance from Barry A’Hearn. Neither the buyer nor the seller were disclosed.
CHICAGO — Citizens Bank has provided a $20.9 million loan for the construction of 42 luxury apartments at Norweta Row in Chicago’s Lincoln Park neighborhood. The development also includes 31 for-sale condominium units that will share amenities with the apartments, but were not part of the collateral for this loan. The apartment phase of the project is due for completion in spring 2019 and will encompass 79,000 square feet. Community amenities will include a pool, fire pit, outdoor grilling area, sport court and dog wash station. Christopher Knight and Greg LaBine of HFF arranged the loan on behalf of the borrower, Broder.
DAYTON, OHIO — SunTrust Banks Inc. has arranged a $20.3 million Fannie Mae loan for the refinancing of a 300-unit multifamily property in Dayton. Built in 1988, the Class B property is located 11 miles southwest of Dayton’s central business district. Joe Markech of SunTrust originated the 12-year loan, which features a 30-year amortization schedule. Markech sourced the transaction through Michael Dury of PR Mortgage & Investments.
JANESVILLE, WIS. — CBL Properties has sold Janesville Mall in southern Wisconsin to RockStep Capital for $18 million. Boston Store, Dick’s Sporting Goods, Kohl’s and Sears anchor the 600,000-square-foot mall. Other tenants include Bath & Body Works, American Eagle Outfitters, Claire’s, Finish Line, GameStop, Ulta Beauty, Victoria’s Secret and Yankee Candle. CBL will use proceeds from the sale to supplement cash flow, fund redevelopment programs and other capital improvements, and reduce debt. Don MacLellan and Rick Chichester of Faris Lee Investments represented both the buyer and the seller in the transaction.
DOWNERS GROVE, ILL. — Elkay has signed a 47,073-square-foot industrial lease in Downers Grove. The kitchen sink company is relocating two of its business teams from 2222 Camden Court in Oak Brook in August, but the company’s headquarters will remain at the Oak Brook property. Dan Arends of Colliers International represented Elkay in the lease transaction. The landlord was not disclosed.
