CHANNAHON, ILL. — Crow Holdings Industrial (CHI) has broken ground on a development in Chicago’s I-80 corridor, its first project in the Midwest. The 252,208-square-foot speculative industrial building will be located at 24601 S. Frontage Road in the Channahon Corporate Center. The building will feature a clear height of 36 feet, LED lighting, truck dock loading and trailer parking. ARCO/Murray is the general contractor.
LA CROSSE, WIS. — KeyBank Real Estate Capital has provided a $14.8 million loan through Fannie Mae for the refinancing of The Residences at Belle Square in La Crosse near the border of Minnesota. Built in 2016, the 93-unit, Class A apartment complex includes 30,000 square feet of retail space. Todd Linehan of KeyBank arranged the 10-year, fixed-rate loan, which features a 30-year amortization schedule. The borrower was not disclosed.
TOLEDO, OHIO — Joel J. Gorjian, principal of Gorjian Acquisitions, has completed the purchase of the Airport Plaza shopping center in Toledo for an undisclosed price. The 16,000-square-foot center is located on a 2.1-acre site along Airport Highway. Tenants include a nail salon and a laundry mat. The seller was a private investor. Gorjian has acquired 24 properties across the country in the last year.
Like many other Midwestern markets, Milwaukee is experiencing a mixed bag in retail. While headlines have been dominated primarily by closures, there has also been an abundance of new activity in the market. While it’s taken its hits, the retail market has fought back and retail vacancy has actually decreased slightly to 4.4 percent in the first quarter, according to CoStar Group. Rents are edging up and Class A space is difficult to find. The inventory of Class B and C space is more robust. Due to low demand, landlords are not enjoying much negotiating leverage. Market turbulence On the surface, multiple big box closings that have occurred in metro Milwaukee this year paint a gloomy picture of the retail marketplace. Grocery, wholesale, apparel, toys, restaurants and other categories of retailers have closed fairly rapidly. These include Pick ‘n Save (Kroger) in Cudahy, Sendik’s in West Milwaukee, Sam’s Club in West Allis, Toys ‘R’ Us and Babies ‘R’ Us in Brookfield and iPic Theater at Bayshore Town Center in Glendale. Another ominous cloud is the Bon-Ton bankruptcy and the closure of seven area Boston Store locations, including the company’s clearance center and furniture gallery in metro Milwaukee. Compound that with …
CHICAGO — Square Mile Capital Management LLC has provided a $55 million loan for the refinancing of Infinite Chicago, a 404-bed student housing community located in downtown Chicago. Stephen Skok of HFF arranged the financing on behalf of the borrower, CA Student Living, a division of CA Ventures. Loan terms were not disclosed, but the loan was used to repay an existing loan. Infinite Chicago, formerly known as the Gibbons/Steger office buildings, includes a pair of 18- and 19-story towers, originally constructed between 1910 and 1912. CA Student Living acquired the property in 2012 and completed the conversion of the buildings into student housing in 2014. Both Kendall College and School of the Art Institute of Chicago control master leases for a large portion of the beds at Infinite Chicago. The remaining tenant roster includes students from institutions such as DePaul University, Roosevelt University and Columbia College, among others. Shared amenities at the community include a landscaped rooftop with gas grills, fitness center, business center, group study rooms and an entertainment lounge. In addition, Infinite Chicago features 6,000 square feet of ground-floor retail leased to tenants such as Just Salad, 7-Eleven, BIBIBOP Asian Grill and Hero Coffee Bar.
BERWYN, ILL. — HFF has arranged an $18 million loan for the refinancing of Cermak Plaza in Berwyn, a western suburb of Chicago. The 307,138-square-foot shopping center is 95 percent leased to tenants including Walgreens, Marshalls, Ross Dress for Less, The Gap, McDonald’s, Office Depot, Dollar Tree, Party City and Shoe Carnival. The borrower, Cermak Plaza Associates LLC, originally developed the center in 1955. The property has undergone several renovations and expansions with the most recent being in 2014. Matthew Schoenfeldt of HFF represented the borrower. An insurance company provided the 10-year, fixed-rate loan. Loan proceeds were used to retire an existing loan and fund capital improvements in conjunction with the termination of a lease with Meijer and a new lease with Tony’s Finer Foods.
DES PLAINES, ILL. — The Opus Group has begun construction of a 113-unit luxury apartment project in Des Plaines. Located at 1555 Ellinwood Ave., the transit-oriented development will feature 1,400 square feet of ground-floor retail space. The project is a joint venture with Berkshire Group. Amenities will include a fitness center, yoga studio, clubroom, dog spa, outdoor amenity deck and bike storage. One- and two-bedroom units will vary in size. The property is being constructed on the former Sim’s Bowl site, which closed in 2009 and demolished two years later, according to the Daily Herald. Opus Development Co. is the developer while Opus Design Build is the builder. Opus AE Group is the structural engineer and ESG Architects is the architect. Completion is slated for the second quarter of 2019.
CHICAGO — Millennium Properties R/E has brokered the sale of a 14,383-square-foot office condo in Chicago’s Central Loop for $2.6 million. The buyer was Rent24, an international co-working company. This location will serve as the company’s third location since it entered the Chicago market in May. The coworking space features a mix of desk stations, private suites and three conference rooms. Recently updated, the unit has a dedicated office entrance, allowing secure access for tenants. Greg Block brokered the sale. The seller was not disclosed.
LAKE GENEVA, WIS. — Anderson Manufacturing LLC has signed a 19,370-square-foot industrial lease in Lake Geneva. The manufacturer of screws, rivets and other fastener solutions will occupy the space at 999 S. Wells St. Nick Keys of the Dickman Co. Inc./CORFAC International brokered the lease transaction. The landlord is 999 Wells LLC.
RICHFIELD, MINN. — Kraus-Anderson and Inland Development Partners have broken ground on a $53 million apartment project in Richfield, about nine miles south of Minneapolis. The three-story, 316-unit property will be located at 6745 18th Ave. The project includes six buildings, three of which are new construction. Approximately 20 percent of the units will be designated as affordable housing. Dougherty Mortgage arranged HUD financing for the project. The City of Richfield sold the property to the developers. Kraus-Anderson Construction is the general contractor. The first units are slated to open in the fall of 2019.
