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AcquisitionsIllinoisMidwestMultifamily

HFF Arranges Sale of 325-Unit Apartment Tower in Chicago

by Kristin Harlow

CHICAGO — HFF has arranged the sale of Optima Chicago Center in the city’s Streeterville neighborhood. The sales price was not disclosed. The 325-unit apartment tower is located at 200 E. Illinois St. Constructed in 2013 and designed by David Hovey, the 42-story property features a mix of one-, two- and three-bedroom units as well as two penthouses. The property includes a 233-space parking garage and 20,644 square feet of commercial space. Amenities include a rooftop, outdoor lounge, fitness center, yoga studio, pool, recreation area and concierge services. Sean Fogarty and Marty O’Connell of HFF marketed the property on behalf of the seller, a partnership comprising Optima Inc., DeBartolo Development LLC and OPTrust. The team also procured the undisclosed buyer. Danny Kaufman of HFF worked on behalf of the new owner to secure acquisition financing through Pacific Life Insurance Co.

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LoansMichiganMidwestMultifamily

KeyBank Originates $14.7M Refinancing for Multifamily Property in Grand Blanc, Michigan

by Kristin Harlow

GRAND BLANC, MICH. — KeyBank Real Estate Capital has originated a $14.7 million Fannie Mae loan for the refinancing of The Grand in Grand Blanc near Flint, Mich. Developed between 2014 and 2017, the multifamily property features 102 garden-style units. Todd Linehan of KeyBank originated the 10-year loan, which includes a 30-year amortization schedule.

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AcquisitionsIllinoisMidwestMixed-UseMultifamily

Marcus & Millichap Brokers $11.3M Sale of Mixed-Use Building, Development Site in Chicago

by Kristin Harlow

CHICAGO — Marcus & Millichap has brokered the sale of a 53,931-square-foot mixed-use building and an adjacent development site in Chicago’s River West neighborhood for $11.3 million. The buyer, Tandem Development, plans to renovate the existing building and develop a 226-unit apartment tower on an adjacent parking lot. The 23-story tower will feature a parking garage and 2,300 square feet of first-floor retail space. Stephen Lieberman and Kyle Stengle of Marcus & Millichap represented the private seller and procured the buyer.

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AcquisitionsIllinoisIndustrialMidwest

HSA Commercial Sells 218,500 SF Industrial Building in Waukegan, Illinois

by Kristin Harlow

WAUKEGAN, ILL. — HSA Commercial Real Estate has sold a 218,500-square-foot industrial building in Waukegan for an undisclosed price. The property is located within the Delany Commerce Center, a 22.7-acre development. HSA developed the building in 2013 in partnership with Washington Capital Management Inc. The property is fully leased to Eagle Foods, a manufacturer and distributor of household food and snack products, and Trifinity Partners, a third-party logistics firm that serves major retailers. Mike Caprile, Ryan Bain and Zach Graham of CBRE represented the sellers in the transaction. A private investor purchased the asset.

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AcquisitionsHospitalityMidwestWisconsin

HREC Arranges Sale of 105-Room Hotel in Appleton, Wisconsin

by Kristin Harlow

APPLETON, WIS. — HREC Investment Advisors has arranged the sale of the 105-room Country Inn & Suites in Appleton for an undisclosed price. The hotel is located along U.S. Highway 41, which encircles the city and connects Appleton with Green Bay to the north and Milwaukee to the south. Scott Kaniewski of HREC represented the seller, a Midwest-based investment company. Duluth, Minnesota-based IGO Legacy Hotel Group LLC purchased the asset.

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DevelopmentIllinoisMidwestMultifamilyStudent Housing

CA Ventures, Focus Break Ground on 241-Unit Apartment Building Near Northwestern University

by Kristin Harlow

EVANSTON, ILL. — Developers CA Ventures and Focus have broken ground on 811 Emerson, an apartment building near Northwestern University in Evanston, Ill. The nine-story, 241-unit transit-oriented development is located at 811 Emerson St. One-, two- and three-bedroom floor plans will range in size from 400 to 1,100 square feet. Outdoor amenities will include a courtyard with a pool, fire pit and grilling stations. Indoor amenities will include a social lounge, business center and fitness center. Convenience store 7-Eleven will occupy a 3,300-square-foot retail space on the property’s ground floor. Focus is the general contractor, while bKL Architecture is providing architectural services. Pre-leasing will begin this fall, and the project is set for completion in the summer of 2019.

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IllinoisIndustrialLeasing ActivityMidwest

iHerb Signs 257,344 SF Industrial Lease in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — iHerb Inc. has signed a 257,344-square-foot industrial lease in Elgin. The company sells nutritional supplements, vitamins, personal care, baby care and other health products. The industrial building, Zilber Industrial I, is located at 2640 Auto Mall Drive with immediate access to I-90. Jack Brennan and John Hamilton of CBRE represented the tenant in the lease transaction. Dominc Carbonari and Frank Griffin of JLL represented the owners, Zilber Property Group.

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DevelopmentMidwestMissouriOffice

Save-A-Lot Selects The Crossings at Northwest in St. Louis for New Headquarters

by Kristin Harlow

ST. LOUIS — Save-A-Lot has selected a new location in St. Louis for its corporate headquarters. Currently located in Earth City, the supermarket chain is planning to move to The Crossings at Northwest mixed-use development and expand its headquarters workforce by approximately 64 people. The Crossings at Northwest, formerly Northwest Plaza shopping mall, is now home to companies such as Charter Communications, Starbucks and Menards, as well as a wide range of St. Louis County government services. Save-A-Lot has been headquartered in St. Louis for more than 40 years.

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LoansMichiganMidwestMultifamily

Love Funding Secures $7M HUD Loan for 232-Unit Affordable Seniors Housing Property in Detroit

by Kristin Harlow

DETROIT — Love Funding has secured a $7 million HUD 223(f) loan for the refinancing of Central Towers Apartments in Detroit. The affordable seniors housing property features 232 units within two buildings. David Strachan and Bruce Gerhart of Love Funding secured the 35-year loan. Financing proceeds will be used to pay off current debt, complete repairs and fund the reserve account.

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LoansMidwestMissouriMultifamily

Hunt Mortgage Provides $5M Acquisition Loan for 54-Unit Townhome Property in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Hunt Mortgage Group has provided a $5 million Freddie Mac small balance loan for the acquisition of Holly Ridge Townhomes in Kansas City. The 54-unit apartment property consists of 27 three-story townhome buildings. Built in 2007, the property is currently 94 percent occupied. The 10-year loan features a 30-year amortization schedule. PI Holly Ridge LLC was the borrower.

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