PONTIAC, MICH. — The City of Pontiac and the stadium ownership group have agreed to demolish The Pontiac Silverdome, the former home to the Detroit Lions, according to Crain’s Detroit Business. The 127.5-acre site hosted the Lions from 1975 until the team moved to Ford Field in 2002. Neither a timeframe for the demolition nor a redevelopment plan has been established yet. Toronto-based Triple Properties Inc. has owned the stadium since 2009, when the company purchased the property from the city for $583,000. Last month, the city sued Triple Properties, citing safety code violations and illegal storage of vehicles.
WENTZVILLE, MO. — Hampton Inn St. Louis Wentzville has opened near St. Louis. The $12 million hotel features 64,000 square feet and 109 rooms. The hotel is located at 150 Wentzville Bluffs Drive in the new Wentzville Bluffs development. Amenities include a fitness center, indoor pool, meeting rooms and outdoor grill area. Midas Hospitality is managing the hotel. MC Hotel Construction, the sister company of Midas, was the general contractor.
KANSAS CITY, MO. — Ready Capital Structured Finance has arranged a $13.3 million loan for the acquisition of an industrial portfolio in Kansas City. The portfolio includes Rivergate Center, a five-building, 238,976-square-foot industrial property located at 1500-1634 N. Topping Road, and Midtown Park, a four-building, 320,400-square-foot property consisting of two office/warehouse buildings and two distribution buildings. The fixed-rate loan features a 60-month term and will also be used for the renovation and stabilization of the portfolio. The borrower was not disclosed.
SCOTTSBURG, IND. — Strawberry Fields REIT LLC has received a $4.4 million HUD guaranteed loan for the refinancing of The Waters of Scottsburg, a skilled nursing facility in southern Indiana. The 99-bed facility is currently 69 percent occupied. Strawberry Fields, which owns 57 facilities largely located in the Midwest, acquired the building in 2014. The fixed-rate loan features a 35-year term.
NORTHLAKE, ILL. — Bridge Development Partners LLC has completed the Phase I expansion of the freezer facility at Bridge Point Northlake, a 55-acre business park on the site of a former distribution facility for Dominick’s grocery chain in Northlake. Phase II of the expansion, a 61,469-square-foot build-to-suit for candy maker Fannie May, is currently underway. Located at 555 Northwest Ave., Phase I is now available for lease and features a 162,000-square-foot cooler facility and a 256,752-square-foot freezer facility. Each property features clear ceiling heights of 32 to 40 feet. Bridge Development Partners acquired the site in partnership with Hunt Realty Investments and Akard Street Partners. John Suerth and Jason Lev of CBRE, who represented the previous owner in the sale, have been retained to market all three properties at Bridge Point Northlake.
EDWARDSVILLE, KAN. — Emery Sapp & Sons (ESS) and Lane 4 Property Group have broken ground on the $60 million Village South development in Edwardsville. The 32-acre site is located at the corner of 110th Street and I-70. The mixed-use project will include both a Holiday Inn and La Quinta hotel in addition to a 22,000-square-foot conference center and 17,000 square feet of retail space. Six additional pad sites will be available for retail uses. Minnesota-based Compass Commodity Group III is the landowner and master developer. Lane 4 is managing the first phase of construction, while ESS is doing all of the earthwork. Other members of the development team include BHC Rhodes as project engineer, Lamont Cos. as hospitality developer, Base4 Architects and Engineers as design partner and Polsinelli PC as legal counsel. Phase I construction is slated for completion in summer 2018.
LOMBARD, ILL. — McShane Construction Co. has completed Apex 41, a 181-unit luxury apartment complex in Lombard, for developer GlenStar Properties LLC. The three-acre property is located at 2760 S. Highland Ave. across from Yorktown Shopping Center. The apartments were constructed atop a two-story parking deck. The complex incorporates a mix of studio, one- and two-bedroom units. Amenities include a community clubhouse, fitness center, yoga studio, business center and resort-style swimming pool. Stephen Rankin Associates provided architectural services, and Greystar will manage and lease the property.
CHICAGO — Waterton has acquired an 81-unit apartment property in Chicago’s West Loop for an undisclosed price. Formerly known as Aberdeen Place, the property has been rebranded as The Aberdeen West Loop. Located at 20 N. Aberdeen St., the property is situated near Randolph Street’s Restaurant Row, Google’s Midwest headquarters and McDonald’s future global headquarters. The four-building property features a mix of studio, one-, two- and three-bedroom units. All units feature bamboo hardwood flooring, granite countertops and private patios.
OLATHE, KAN. — Colliers International has brokered the sale of a 515,132-square-foot industrial building located at 16600 S. Theden St. in Olathe. John Stafford of Colliers brokered the transaction on behalf of the buyer, Himoinsa Power Systems Inc., while Mike Mitchelson of CBRE represented the seller, Lone Elm 515 LLC. The sales price was not disclosed.
NORTH RIVERSIDE, ILL. — Adelphia Properties has arranged the sale of a 4,765-square-foot retail building in North Riverside, a suburb of Chicago. The sales price was not disclosed. The building is located at 8409 W. Cermak Road. Tenants include Sliccily Pizza Pub, Lacey’s Place and a law office. Simeon Spirrison of Adelphia represented the seller, a Chicago-based private investor. A Chicago-based investment group purchased the property.