INDIANA, MICHIGAN AND OHIO — Four Corners Property Trust (NYSE: FCPT) has acquired 16 properties occupied by Bob Evans Restaurants as part of a $35.1 million sale-leaseback transaction. The transaction was completed simultaneously with Golden Gate Capital’s acquisition of Bob Evans Restaurants from Bob Evans Farms Inc. In the Midwest, the properties are located in Indiana, Michigan and Ohio. The other properties within the portfolio are located in Delaware, Maryland, New York, Pennsylvania, Virginia and West Virginia. The properties are occupied under a single triple-net master lease with a 20-year initial term.
CHICAGO — Fifield Realty Corp. and F & F Realty Ltd. have broken ground on 727 West Madison, a 492-unit luxury apartment tower in Chicago’s West Loop. The 44-story tower will be the tallest building in Chicago’s West Loop upon completion in late 2018. The property will also include 10,000 square feet of retail space. Chicago-based FitzGerald Associates Architects designed the building. Lendlease is serving as general contractor and Morgante Wilson Architects is providing interior design services. The residences at 727 West Madison will include studio, one-, two- and three-bedroom layouts ranging from 490 to 1,550 square feet. Amenities will include a large outdoor sun terrace and pool, fitness club with yoga studio, massage room, conference rooms and dog spa.
ST. LOUIS — The first Element by Westin hotel will open in St. Louis in 2019. Midas Forest Park LLC, a subsidiary of Midas Hospitality, recently bought the current home of Habitat for Humanity Saint Louis located at 3763 Forest Park Ave. for $2.4 million. The 1.5-acre property will serve as the site for the $25 million hotel, which will consist of eight stories and 119,000 square feet. The eco-conscious hotel will be constructed with an efficient use of space and sustainability in mind, and include 153 extended-stay rooms, 10,000 square feet of retail space and a rooftop lounge. Amenities will include a fitness center, saline pool and bike program. Midas Hospitality will manage the hotel, while sister company MC Hotel Construction will serve as the general contractor. Gray Design is the architecture firm. Carrolton Bank provided acquisition financing. Midas will lease the non-profit organization space for up to one year while Habitat for Humanity relocates.
LAFAYETTE, IND. — Marshalls and Ulta have signed retail leases at Lafayette Pavilions in Lafayette, northwest of Indianapolis. Marshalls will occupy 22,000 square feet and Ulta will occupy 10,000 square feet. Seth Biggerstaff, Jamison Downs and Kyle Hughes of Veritas Realty represented the landlord, ARCP MT Lafayette LLC.
NEW ALBANY, OHIO — RED Capital Partners has provided a $37.7 million loan for the construction of HQ Flats in New Albany, a northeast suburb of Columbus. CASTO is developing the 336-unit multifamily property, which will be located near the Hamilton Road and State Route 161 interchange. Terms of the non-recourse loan were not disclosed.
NAPERVILLE, ILL. — SVN | Chicago Commercial has arranged the sale of four retail buildings in downtown Naperville for $10.5 million. The buildings total 15,412 square feet and are located at 19-27 W. Jefferson Ave. Tenants at the buildings include Lululemon, Jimmy John’s, Adagio Teas, Francesca’s Collection and Cold Stone Creamery. Tim Franz of SVN represented the buyer, Jefferson Naperville LLC. The seller was not disclosed.
KIMBERLY, WIS. — Heritage Senior Living will open its 15th senior living community in Wisconsin at 825 Cobblestone Lane in Kimberly, east of Appleton. Aspire Senior Living will consist of 136 units and 140,000 square feet. The property will feature 45 independent living apartments, 48 assisted living apartments and 43 memory care suites. Independent living residents are expected to move in this June, followed by assisted living and memory care residents in July. Community amenities include two private dining rooms, a movie theater, a rehabilitation gym and pool, barber salon, pub, game room, bistro and convenience store. Rents for one-bedroom independent living units start at $1,990 a month, which includes parking, housekeeping and one meal a day.
DETROIT — Founders Brewing Co. has unveiled plans to open a taproom in the lower Cass Corridor neighborhood of Detroit. The 14,000-square-foot property will be located at 456 Charlotte St., directly behind the Detroit Masonic Temple. Construction is slated to begin this summer with a grand opening set to take place in winter 2017. The company will brew beers at this location, as well as serve year-round, seasonal and specialty beers on tap. Founders Brewing currently operates a taproom in Grand Rapids.
CHICAGO — Chase Bank will open a retail branch at the new Sienna apartment community located at 423 Ohio St. in Chicago’s Streeterville neighborhood. The branch will occupy 3,600 square feet on the ground floor and is slated to open this spring. Chase Bank will relocate from a branch approximately two blocks south. Sienna, which opened to residents in September 2016, consists of 50 apartment units. Golub & Co. and Diversified Real Estate Capital own the property.
ORANGE VILLAGE, OHIO — Fairmount Properties and the DiGeronimo Cos. have received a $142 million loan for the construction of Pinecrest, a 650,000-square-foot mixed-use project in the Cleveland suburb of Orange Village. More than 400,000 square feet of retail and restaurant space will include Whole Foods, REI, Silverspot Theaters, Pinstripes, West Elm, Williams Sonoma, Pottery Barn, Vineyard Vines and Kona Grill. The Offices at Pinecrest will consist of two adjoining 75,000-square-foot Class A office buildings, which will be positioned above the retail and restaurant component. Pinecrest will also feature a 145-room AC Hotel by Marriott, 87 high-end luxury apartments and a one-acre town center. The project is slated for completion in spring 2018. Trey Morsbach, Danny Kaufman and Jim Curtin of HFF arranged the loan with a syndicate of banks led by Huntington Bank, which also included KeyBank, First National Bank, First Commonwealth Bank and Flagstar Bank. HFF also assisted the developer in securing joint venture equity for the project in June 2016.