PLAINFIELD, ILL. — Adelphia Properties has brokered the sale of a 5,550-square-foot retail building in Plainfield for $2.6 million. The newly constructed property is located at 12750 S. Route 59, about 38 miles southwest of Chicago. Tenants include Potbelly and T-Mobile, with one vacant unit. George Spirrison and Simeon Spirrison of Adelphia Properties represented the buyer, a private investor. A Chicago-based developer was the seller.
CHICAGO — Natixis has provided a $270 million refinancing for the JW Marriott Chicago, a luxury hotel located within The Loop in downtown Chicago. Daniel Burnham designed the property in the early 1900s. It served as the Continental and Commercial National Bank Building for many years. In 2010, the first 12 floors of the building were transformed into a 610-room hotel. Architectural firm Lucien Lagrange & Associates led the $396 million restoration. The hotel offers amenities including a 20,000-square-foot spa; 38 meeting rooms totaling 45,000 square feet; a fitness center; barber and beauty shop; The Florentine, a full service Italian restaurant; lobby lounge; and 24-hour room service. Danny Kaufman and Jeff Bucaro of HFF placed the five-year, fixed-rate refinancing loan on behalf of UST XIX 208 S LaSalle, a German real estate investment fund managed by affiliates of Orlando, Fla.-based Estein USA. Natixis is the international corporate, asset management, insurance and financial services arm of Groupe BPCE, the second largest banking group in France. The firm is a full-service, direct lender for commercial real estate clients across the United States. Groupe BPCE has 31.2 million clients spread over two retail-banking networks — Banque Populaire and Caisse d’Epargne. — Katie Sloan
STERLING HEIGHTS, MICH. — Time Equities Inc. (TEI) has acquired Clinton Valley Shopping Center in Sterling Heights for $23.5 million. The 205,435-square-foot retail center is located at 44809 Schoenherr Road. The property is currently 91 percent occupied. Tenants include Hobby Lobby, Office Depot, DSW, OptimeEyes, Avenue, GameStop, Lifeway Christian, Carrabba’s Italian Grill and BD’s Mongolian Barbeque. Ami Ziff, Jonathan Kim and Adam Levitt of TEI represented TEI in the acquisition. Ben Wineman of Mid-America Real Estate Group represented the seller, Ramco-Gershenson Properties Trust. This is TEI’s fourth asset in Michigan.
EVANSTON, ILL. — Real Capital Solutions Inc. and RMK Management Corp. have opened 1620 Central, a 47-unit luxury apartment building in Evanston. The four-story property, located at 1620 Central St., is 40 percent leased. Floor plans include one-, two- and three-bedroom units ranging from 601 to 1,297 square feet. Monthly rents range from $2,020 to $3,287. Amenities include a bike storage room, electronic package management system and dry cleaning drop-off and pick-up. TJM Development Inc. and Real Capital Solutions developed the property. First National Bank provided project financing, while McHugh Homes was the general contractor.
TOPEKA AND MANHATTAN, KAN. — CBRE has arranged the sale of two multifamily properties near major universities in Kansas for an undisclosed price. Constructed between 2009 and 2014, the Lofts at College Hill is a 220-unit property located near Washburn University in Topeka. Amenities include a clubhouse, fitness facility, resort-style pool, media room, game room and business room. The Campus East Apartments consists of 110 units and is located one block from Kansas State University in Manhattan. Amenities include a pool, on-site laundry and on-site storage areas. A private equity group led by Oklahoma City-based real estate investor Lew McGinnis acquired the properties. Jeff Lamott of CBRE arranged the transaction on behalf of the sellers, Newsome Development and First Management.
MIDLAND, MICH. — Zolman Restoration has signed a 30,690-square-foot industrial lease in Midland, about 27 miles east of Mt. Pleasant. The property is located at 2520 Schuette Road. Zolman Restoration is a fire, flood and storm damage repair company. The company needed the space to house furnishings, equipment and fixtures while repairing a building damaged from fire. John Hamburger and Julie Strong of Signature Associates represented the tenant in the lease transaction. The landlord was not disclosed.
CHICAGO — Joe & The Juice has signed three leases to open its first locations in Chicago. The properties are located at 10 E. Delaware Place, 412 N. Wells St. and 8 E. Huron St. The Denmark-based company is known for its natural and organic ingredients in freshly prepared juices, coffee, shakes and sandwiches. The locations, the company’s first in the Midwest, are slated to open later this year and in 2018. Phil Golding, Todd Siegel and Amira Yunis of CBRE represented Joe & The Juice in the lease transactions.
CHICAGO — Bridge Development Partners LLC has sold four industrial buildings totaling 491,010 square feet in Chicago’s O’Hare market for $69 million. The properties include: 1701 Nicholas Blvd. in Elk Grove Village; 11600 Grand Ave. in Northlake; and 9555 and 9655 Soreng Ave. in Schiller Park. With buildings constructed between 2014 and 2017, the property was 78 percent leased at the time of sale. Tenants include Pilot Air Freight Corp., NNR Global Logistics USA Inc. and Fujitrans USA Inc. The buyer was an institutional investor. Bridge has also acquired a 48-acre land site located at 10601 Franklin Ave. in Franklin Park, Ill. Bridge purchased the property from Magellan Pipeline Co., a division of Magellan Midstream Partners, which is an oil pipeline, storage and transportation company. Currently, the site houses 14 storage tanks and multiple smaller buildings associated with the seller’s use of the site. Within the next few weeks, Bridge will begin demolition activities and other site remediation work on the 48-acre site. The development plans call for 656,189 square feet of industrial space spanning three buildings of 174,625 square feet, 277,762 square feet and 203,802 square feet, respectively. All three buildings will be delivered in the third quarter of 2018, and …
MINNETONKA, MINN. — A joint venture between LeCesse Development Corp., Morgan Management and UC Funds has broken ground on RiZE at Opus Park, a 322-unit apartment community in Minnetonka, a western suburb of Minneapolis. The $73 million project is a redevelopment of the Opus Business Park. The property will feature studio, one- and two-bedroom units. Plans call for construction of a six-story building and a 492-car parking garage. Amenities will include a clubhouse, fitness center, movie theater, resort-style pool and courtyards. US Bank provided construction financing. Humphreys & Partners Architects is the project architect, while Stonebridge Construction is the general contractor. Loucks Engineering is providing civil engineering services and Terracon is serving as environmental consultant. Completion is slated for winter 2018.
ST. PETERS, MO. — Developer GBT Realty Corp. is nearing completion of The Shoppes at Mid Rivers, a 270,000-square-foot shopping center in St. Peters, a suburb of St. Louis. The project is the largest retail development in the St. Louis metro area in nearly a decade, according to GBT. Burlington, Marshalls, HomeGoods and Aspen Dental are set to open at the property in September. Academy Sports + Outdoors and Famous Footwear will open in October. Ross, OshKosh B’gosh, Five Below and Nail Lounge will open in the first quarter of 2018. Approximately 30,000 square feet of space remain available for lease. Knoebel Construction Inc. served as general contractor.
