ROCKFORD, ILL. — SVN | Chicago Commercial has arranged the sale of two multifamily buildings in Rockford for $1.9 million. Totaling 41 units, the properties are located at 902 and 948 N. Main St. Reid Bennett of SVN represented the seller, Windsor Apartments Limited Partnerships, while Cody Doran represented the buyer, Illinois FZ Property LLC.
CHICAGO — The Obama Foundation released the conceptual vision and site map for the Obama Presidential Center (OPC) in Chicago at a community event hosted by Barack and Michelle Obama on Wednesday, May 3. The center will be integrated into Jackson Park, a historic park on the South Side of Chicago. The design concept includes three buildings: a museum, forum and library. The museum, the tallest of the three buildings, will hold exhibition space, public spaces, offices and education and meeting rooms. The forum will contain Obama Foundation offices, an auditorium, restaurant and public garden. The forum and library will be single-story structures with planted roof terraces and will serve as community resources. The total size of the center will range between 200,000 and 225,000 square feet, but the concept site plan imagines a reshaping of the park that will result in a total net increase in green space for Jackson Park. The center is slated to open in late 2021. The design team for the OPC is led by Tod Williams Billie Tsien Architects | Partners and Interactive Design Architects. The landscape design team is comprised of Michael Van Valkenburgh Associates, Site Design Group and Living Habitats. Ralph Appelbaum Associates …
MENOMONEE FALLS AND WAUKESHA, WIS. — Marcus & Millichap has brokered the sale of two self-storage facilities in the greater Milwaukee area for $17 million. The Vault of Menomonee Falls and The Vault of Waukesha are located 15 miles from each other and approximately 20 miles from Milwaukee. The sales price is the highest on record for a self-storage portfolio in the Milwaukee-Waukesha-West Allis metropolitan statistical area, according to a news release. Built in 2016, The Vault of Menomonee Falls opened with a total of 451 units and 39,573 rentable square feet. Phase II construction will be completed over the next 12 months and will expand the property to a total of 80,230 net rentable square feet and 768 units. The Vault of Waukesha was built in 2014. The 582-unit facility expanded to 64,648 rentable square feet in 2015. Sean Delaney and Michael Mele of Marcus & Millichap represented the sellers, private investors, and procured the buyer, the publicly traded parent company of U-Haul.
WEBSTER GROVES, MO. — Cushman & Wakefield has negotiated the sale of Provision Living at Webster Groves, an 80-unit assisted living and memory care community in suburban St. Louis. Built in 2012, the three-story community consists of 62 assisted living units and 18 memory care units. Amenities include a bowling alley, theater, physician’s space and bistro/café. Sunrise Senior Living purchased the property for an undisclosed price. Richard Swartz, Jay Wagner and Jim Dooley of Cushman & Wakefield represented the seller, a joint venture between Provision Living Senior Communities and WellTower.
CINCINNATI — NorthMarq Capital has arranged a $2.6 million loan for the acquisition of Crescentville Distribution Center in Cincinnati. The 83,679-square-foot facility is located at 500-518 Crescentville Road. Susan Branscome of NorthMarq arranged the 10-year loan, which includes a 25-year amortization schedule. A life insurance company provided the loan to the undisclosed borrower.
CHICAGO — Kass Management Services has negotiated the sale of a 32-unit apartment building in Chicago for $2.4 million. The property is located at 1700 W. Juneway Terrace in the Rogers Park neighborhood. Built in 1924, the vintage three-story building includes a mix of one-, two-, three- and four-bedroom apartment units. The property was renovated in 2007 and was 90 percent occupied at the time of sale. Mark Durakovic and Andrew Gruesser of Kass represented the seller, CMHDC, a non-profit housing development corporation serving the Chicago metropolitan area. The buyer was not disclosed. Kass has managed the building since 2006.
Similar to the past couple of years, it is difficult to identify one or two items to highlight about the Omaha industrial market. Although the most impressive improvement might be the amount of new construction starts in 2016, factors such as sales prices per square foot, number of overall transactions, average asking rents, vacancy rates, landlord concessions all trended in a favorable direction for owners of industrial properties. This has been a staggering year- over-year trend, which has led many industry professionals to ask the same question: Is the market becoming too hot? User-driven projects over 100,000 square feet were the highlight of 2016, with multiple large projects breaking ground. Those users included Thrasher Inc., a rapidly growing, Omaha-based basement waterproofing and foundation repair company, which broke ground on its 209,000-square-foot office and warehouse facility located near 120th Street and Valley Ridge Drive; and Oxbow Industries, a Murdock, Neb.-based manufacturer, that is working with a developer on a new 140,000-square-foot facility at 150th Street and Schram Road. However, new construction starts for large projects were not the only storyline. Companies including Rotella’s Italian Bakery (6949 S. 108th St.) and State Steel (13413 Centech Road) made notable expansions to their existing …
SCHAUMBURG, ILL. — Square Mile has provided a $97.3 million loan for the acquisition of Schaumburg Corporate Center in Schaumburg. The office complex comprises over 1 million square feet, with two 14-story office towers and a four-story connecting atrium building. The property was built in phases in 1980, 1986 and 2002. John Hancock Life Insurance Co. developed, owned and leased the property, which is located across the street from the Woodfield Shopping Mall. A joint venture managed by GlenStar Properties acquired Schaumburg Corporate Center, with plans to renovate and reposition the property. Improvements will include the construction of a parking garage, a modernized eleveator, amenity upgrades and corridor updates. John Parrett of CBRE arranged the financing.
INDIANAPOLIS — Riverview Partners LLC, a joint venture between Goodwill and Strategic Capital Partners, has unveiled plans to develop a workforce housing community in Indianapolis. Riverview will target households that earn between $40,000 and $60,000 annually. The $26 million development, funded through a public/private partnership, will be located east of the Goodwill of Central and Southern Indiana headquarters at Michigan Street and White River Parkway. Riverview will feature 200 studio, one-bedroom and two-bedroom units. Amenities will include a fitness center, coffee bar and outdoor areas. The project will also include first-floor retail and office space for Goodwill workforce job training programs. Rents will start at $600 for a 450-square-foot studio apartment.
WEST BEND, WIS. — The Opus Group has completed construction of a new 60,000-square-foot corporate headquarters for Delta Defense LLC in West Bend, about 39 miles northwest of Milwaukee. Opus worked closely with Kahler Slater throughout the design process. The two-story building includes a fulfillment area for the concealed carry organization’s printing and shipping services, designated training rooms, a call center, mailroom, recording studio, café, prep kitchen and an employee fitness center with locker rooms. The building also features a unique flex space with a monument staircase that doubles as seating. The 5,000-square-foot space will serve as a site for weekly company meetings and community events. The building is located in the West Bend Corporate Center and visible from U.S. Highway 45. The facility includes parking for 176 cars and docks for shipping from the fulfillment center. Delta Defense began occupying the property in March. Opus Design Build was the design-builder for the project, while Opus AE Group was the architect and structural engineer of record. Kahler Slater was the design architect and interior designer. Opus Development Co. provided development support services.
