AUBURN HILLS, MICH. — Bernard Financial Group has arranged an $11.2 million loan for the refinancing of a 137,994-square-foot office building in Auburn Hills. Multiple tenants occupy the building, located at 691 N. Squirrel Road. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the CMBS loan on behalf of Auburn Newco LLC.
OAK BROOK, ILL. — Michael Jordan’s Restaurant has opened in Oak Brook, about 20 miles west of Chicago. Executive chef Craig Couper, who also heads the kitchen at Michael Jordan’s Steak House in downtown Chicago, prepares some of Jordan’s signature items, including prime Delmonico ribeye steaks. In addition to lunch and dinner, the restaurant features made-to-order coffee brewed by Metric Coffee. Michael Jordan’s Restaurant seats 150 diners, not including the 90-seat bar and 68-seat patio. Chicago-based DMAC Architecture designed the restaurant. Cornerstone Restaurant Group oversees all seven Michael Jordan-branded restaurants.
ST. LOUIS — SVN/Infinity Commercial Group has negotiated the sale of a 105,800-square-foot office and warehouse property in St. Louis for $5.3 million. The building sits on 5.4 acres and is located at 1325 N. Warson Road. Mark Zvibleman of SVN/Infinity Commercial Group represented the seller, North Warson Associates. Tom Schenk represented the buyers, White Warson 1 LLC and WFLP LLC.
CHICAGO — CBRE has arranged the sale of Coast at Lakeshore East in Chicago for $222.5 million. The 515-unit luxury apartment tower is located at 345 E. Wacker Drive. The 45-story property offers studios, one-, two- and three-bedroom units. Amenities include a fitness center, outdoor heated pool, indoor spa and a sky garden lounge. John Jaeger, Dan Cohen and MJ Zaring of CBRE represented the sellers, Magellan Development Group and institutional investors advised by J.P. Morgan Asset Management. Morguard Corp. purchased the property.
WHEELING, ILL. — The Lynmark Group has broken ground on Wheeling Town Center, a $110 million mixed-use project in the Village of Wheeling. The development will feature over 300 luxury apartments, 100,000 square feet of retail and entertainment space and a pedestrian-friendly plaza. CMX movie theater will anchor the retail space, along with City Works Eatery and Pour House. The development, located at 351 W. Dundee Road, is adjacent to the Wheeling Park District. Completion is slated for fall 2018. CallisonRTKL designed the project, and William A. Randolph is serving as general contractor.
BLOOMINGTON, IND. — A joint venture between CA Student Living and Regency Consolidated Residential has broken ground on Evolve Bloomington, a 751-bed mixed-use property located across from Indiana University’s Memorial Stadium in Bloomington. When complete, the development will feature seven buildings. A five-story main building will include 183 units and an expansive outdoor courtyard with 2,800 square feet of street-level retail. Other portions of the property will consist of a second five-story building with 72 units wrapped around a shared parking deck; a three-story building with eight units and 5,000 square feet of retail; and four three-story buildings with three to five units per building. The property will offer a mix of studio, one-, two-, three- and four-bedroom fully furnished units and 16 townhome residences. Community amenities will include an outdoor pool, hot tub and cabana; a jumbotron for sporting events and movie nights; grilling and fire pit areas; an indoor basketball court; coffee bar; game room; study lounge; fitness room; yoga studio; dog run; and spa with sauna. Niles Bolton Associates is the project architect, and Indianapolis-based Gilliatte General Contractors is the project’s general contractor. Pre-leasing for the community is set to begin this fall, with delivery slated for …
DETROIT — Hunt Mortgage Group has provided a $5.3 million Freddie Mac small balance loan for the refinancing of Pasadena Apartments in Detroit. The 11-story multifamily property consists of 167 residential units and two retail units. The borrower, Pasadena Investments LLC, acquired the property in 2009. Improvements completed since the acquisition include kitchen renovations, exterior waterproofing and painting, a new laundry room, elevator cabs, Wi-Fi and security cameras. Originally built in 1902, Pasadena Apartments is currently 92 percent occupied. Matt Shane of Q10 | Lutz Financial arranged the 10-year loan, which features a 30-year amortization schedule.
COLUMBIA, MO. — Hawthorn Bank has signed a 9,000-square-foot lease for a new bank branch in downtown Columbia. The bank will occupy the first two floors of the Plaza 807 office building once construction is complete on the new property. The five-story building, located at 807 E. Walnut St., will total 36,000 square feet. East 280 LLC owns the property. Professional Contractors & Engineers Inc. is the general contractor, while Simon Oswald Architecture is providing architectural services. Completion is slated for March 2018.
ELK GROVE VILLAGE, ILL. — Brennan Investment Group, a private real estate investment and development firm based in Chicago, plans to develop Elk Grove Technology Park, a new 85-acre infill development situated roughly three miles from O’Hare International Airport. The project could cost nearly $1 billion to develop, according to the Daily Herald. “Opportunities to develop near airports, in major metropolitan areas — and in scale — are virtually non-existent,” says Michael Brennan, chairman and managing principal of Brennan Investment Group. “We are confident this will become the most desirable and significant industrial development in the Chicago region, and perhaps in the United States.” Brennan Investment plans for Elk Grove Technology Park to house data centers and industrial space for digital manufacturing and robotics uses. Upon completion, four speculative industrial facilities will be built with opportunities for an additional five buildings, including sites for data centers. Brennan Investment will initially build out the infrastructure of the park with ponds, water features, sculptures, bike paths and pedestrian walkways. The site for Elk Grove Technology Park is bounded by Higgins Road to the north, Lively Road to the east, Oakton Boulevard to the south and King Street to the west. “Elk Grove …
You’d be hard-pressed to find a commercial real estate company in the Midwest more active than Bedrock Detroit. The full-service firm — which acquires, leases, finances, develops and manages commercial and residential space — has several projects in the development pipeline spread across property types. Since its founding in 2011, Bedrock has located more than 160 office and retail tenants to Detroit’s “technology-centric” downtown. In addition, Bedrock and its affiliates have invested more than $3.5 billion in acquiring, renovating and developing slightly more than 100 properties totaling about 16 million square feet in downtown Detroit and Cleveland. Bedrock is commonly referred to as the real estate arm of billionaire businessman Dan Gilbert’s Rock Ventures. Gilbert is the chairman and founder of Rock Ventures and Quicken Loans Inc., the mortgage lending giant headquartered in Detroit. Diverse project portfolio In January, a joint venture between Shinola/Detroit LLC and Bedrock broke ground on the eight-story, 130-room Shinola Hotel. Located at 1400 Woodward Ave., the boutique hotel is scheduled to open in fall 2018. (Shinola, a Detroit-based company, is best known as a manufacturer of watches, bicycles and leather goods.) Chef Andrew Carmellini and Noho Hospitality are developing the food and beverage offerings to ensure …
