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.
ROGERS, MINN. — Venture Commercial Real Estate has brokered the sale of a 23,184-square-foot retail building in Rogers, about 25 miles northwest of Minneapolis. The sales price was not disclosed. The property is located on 1.7 acres at 20850 Rogers Drive. Clay Mote and Charlotte Cooper of Venture represented the seller, an investment partnership. The tenant, Northern Tool + Equipment, will continue to operate a store at the property. Realty Income Corp. purchased the asset.
TOLEDO, OHIO — Reichle Klein Group has negotiated the sale of a 26,560-square-foot industrial flex building in Toledo for $1 million. The property sits on 2.7 acres at 7319 W. Central Ave. The building was formerly home to Star Door & Sash Co. Robert Hawkins of Reichle Klein Group represented the seller, 7319 West Central LLC. Jason Westendorf of Reichle Klein Group represented the undisclosed buyer.
INDIANAPOLIS — A joint venture between PCCP and Strategic Capital Partners LLC (SCP) is developing two industrial buildings at Metro Air Business Park in Indianapolis. Buildings Two and Six will total 500,000 square feet. The $27 million development is slated for completion in the second quarter of 2018. SCP began developing the business park in 2006. The property will total more than 1.2 million square feet upon completion. Current tenants include DJ Ortho, Rolls Royce, Fiserv Solutions, Expeditors International, TRICOR Braun and Hiab USA. SCP acquired the property, located less than one mile from the Indianapolis International Airport, from the Indianapolis Airport Authority.
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.
KANSAS CITY, MO. — Lanter Distributing LLC has signed a 126,000-square-foot industrial lease to consolidate its regional operations into a single warehouse at SubTropolis in Kansas City. The provider of freight consolidation, pool distribution and less-than-truckload deliveries for food, pharmaceutical and health and beauty manufacturers initially leased 21,000 square feet at the underground business complex in 2012. Eight 3PL companies have located in SubTropolis to date, including Advanced Logistics Fulfillment, American Central Transport, FW Warehousing, Ground Freight Expeditors, Hallmark Cards, Paris Brothers and Rossi Motor Freight. Hunt Midwest owns the 6 million-square-foot property.
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.
WICHITA, KAN. — Bellwether Enterprise has arranged a $7.2 million CMBS loan for the acquisition of two manufactured housing communities in Wichita. River Oaks features 275 mobile homes while Lamplighter includes 225 mobile homes. Amenities include basketball courts, storage facilities and swimming pools. MJ Vukovich of Bellwether arranged the loan for the borrower, Park Street Partners. Benefit Street Partners was the lender.
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 …
COLUMBUS, OHIO — PCCP and The Pizzuti Cos. have formed a joint venture to develop Rickenbacker West I in Columbus. The 802,390-square-foot speculative industrial building will feature 36-foot clear heights. Project construction has begun and completion is slated for summer 2018. The property will be situated on 50 acres within the Creekside Industrial Center in the Rickenbacker Global Logistics Park. The Rickenbacker International Airport is located just south of the property.