CHICAGO — SVN | Chicago Commercial has arranged the sale of an entire city block located at 400 N. May St. in Chicago’s Fulton Market. The block is comprised of a 75,000-square-foot timber and beam office building and 43,000 square feet of land currently being used as a parking lot. Stephen Cusano, Chad Schroedl, Drew Dillon and James Mead of SVN represented the seller, May St. Investments LLC, which owned the property for over 30 years. MCZ Development purchased the property.
KALAMAZOO, MICH. — Hunt Mortgage Group has provided a $13.6 million loan for the refinancing of Lakeview Apartments in Kalamazoo. The 280-unit multifamily property was built in 1967. Amenities include a fitness center and health club discount, laundry facilities, package service and a clubhouse. The property is currently 93 percent occupied. The borrower, PR Lakeview LLC, acquired the property in March 2011 and invested $2 million in renovations. The 10-year loan features a 30-year amortization schedule.
CHICAGO — Summit Design + Build LLC has completed the conversion of an 18-story mixed-use building into apartments in Chicago’s Uptown neighborhood. Montrose Apartments, formerly known as Pensacola Place, underwent a phased conversion and renovation of floors one through three, which were vacant offices and retail space. Developer Waterton Associates purchased the property in 2015 with plans to modernize and refresh the building. Summit started construction in the summer of 2016, beginning with the conversion and new construction of 23 studio and one-bedroom apartments. Summit also renovated the lobby and first-floor leasing center, and added new tenant amenity spaces including a fitness center and third-floor urban lounge. Summit completed construction while the building was fully operational and occupied. Chicago-based Brininstool + Lynch provided architectural services for the project.
MUNDELEIN, ILL. — Merit Partners LLC has brokered the sale-leaseback of a 38,543-square-foot industrial building in Mundelein. Venture One Real Estate acquired the property through its acquisition fund, VK Industrial IV LP, which is a partnership between Venture One and Kovitz Investment Group. The building is situated on three acres at 939 Tower Road. The sale-leaseback was completed with American Marketing Services & Consultants Inc. (AMSC) David Liebman of Merit Partners brokered the sale-leaseback. He also represented AMSC in the original site acquisition and build-to-suit transaction. The property features a clear height of 24 feet, four exterior docks, one drive-in door and 6,281 square feet of office space.
CHICAGO and PHILADELPHIA — Equity Commonwealth (NYSE: EQC) has agreed to sell a two-property office portfolio for $670 million. The properties feature a total of 2.4 million square feet and are located in Chicago and Philadelphia. One of the properties included in the transaction is a 1.5 million-square-foot office building located at 600 W. Chicago Ave. in Chicago. Sterling Bay acquired the property for $510 million. The space serves as the headquarters for Groupon. It formerly served as a Montgomery Ward catalog warehouse. The sale marks a full departure from the Chicago office market for Sam Zell, chairman of Equity Commonwealth. Equity Commonwealth also sold an 826,000-square-foot property at 1600 Market St. in Philadelphia for $160 million. The 40-story building was built in 1983 just a block away from City Hall. The asset is 84 percent leased. The buyer was not disclosed. Equity Commonwealth sold off a bundle of assets in the last quarter of 2017. This included a two-property, 15-building office portfolio in Moon Township and Pittsburgh, Pa., for $71 million; a 131,000-square-foot office building at 789 E. Eisenhower Parkway in Ann Arbor, Mich., for $24.9 million; a 175,000-square-foot industrial property in North Haven, Conn., for $10.5 million; and a …
CLEVELAND — KeyBank Real Estate Capital has provided a $237.1 million bridge loan for the acquisition of a 12-property office portfolio located throughout eight states. The Class A and B properties are located in Arizona, Illinois, Georgia, Florida, Maryland, Massachusetts, Michigan and Tennessee. The portfolio, which is 71 percent leased, includes nine multi-tenant buildings and three single-tenant buildings totaling more than 2.2 million square feet. Alex Buecking, Devin Jolley and Josh Berde of Key arranged the loan on behalf of the borrower, Bridge Investment Group Partners.
IOWA CITY, IOWA — Berkadia has arranged a $46.5 million loan for the refinancing of The Quarters at Iowa City, an 892-bed student housing property. The development is located at 2401 Highway 6 East near the University of Iowa. The community features studio, two- and three-bedroom floor plans and amenities such as a resort-style pool, outdoor sand volleyball court, fitness center, game lounge, outdoor grill area and private shuttle to campus. Peter Benedetto and Aaron Moll of Berkadia arranged the two-year loan, which features a 75 percent loan-to-value ratio. Voya Investment Management provided the loan for the borrower, The Tailwind Group.
TROY, MICH. — Paslin has signed a 140,000-square-foot industrial lease in Troy. A full-service engineering and manufacturing company that builds welding automation systems for the auto industry, Paslin will occupy the entire facility, which is located at 500 W. Long Lake Road. The company occupies other properties in Warren and Shelby Township, Mich. Jason Capitani of L. Mason Capitani represented Paslin in the lease transaction. The landlord was not disclosed.
PEWAUKEE, WIS. — The Dickman Co. Inc./CORFAC International has brokered the sale of a 16,440-square-foot industrial building in Pewaukee, about 20 miles west of Milwaukee. The sales price was not disclosed. The property is located at 1275 Hickory St. Nick Keys of the Dickman Co. represented the seller, Evergreen Business Development Wisconsin LLC. Bast Mequon LLC purchased the property.
FOX LAKE, ILL. — Adelphia Properties has arranged the sale of a 4,800-square-foot mixed-use property in Fox Lake, about 56 miles north of Chicago. The sales price was not disclosed. The property, located at 1 Nippersink Blvd., was 100 percent leased at the time of sale. In addition to three apartment units on the second floor, the ground floor is home to one tenant, Lucky Bernies Gaming. Simeon Spirrison and George Spirrison of Adelphia represented both the buyer, a local investor, and the undisclosed seller.
