LOMBARD, ILL. — Millennium Properties has arranged the sale of Colonial Commons in Lombard for $1.2 million. The 15,500-square-foot retail center is located at 418-436 S. Main St. Improvements have been made to the center in the last few years, including an updated façade, new monument sign, windows, lighting and awnings. Two of the units were vacant at the time of sale. Neither the buyer nor seller was disclosed.
Millennials are the future, they’re concerned about the future and they’re bringing all of us into the future. This generation wants to live where they do their “living.” They want green space, bike paths, access to transit or shared transportation and an active neighborhood. In short, they want to live in downtown Columbus. Not the downtown of years ago, where the streets rolled up at 5 p.m. and you’d be hard-pressed to find a coffee shop open on the weekend. But the downtown of today, where green space is king, rooftops have followed, retail is popping up and there’s so much to do that sometimes it’s hard to decide what to choose. In 2002, the Columbus Downtown Development Corp. (CDDC) was formed and tasked with reshaping and revitalizing downtown Columbus into an urban hub. But would it work? Fifteen years later, we have the answer: the Millennials are coming, and they’re bringing everyone else with them. CDDC was created to lead game-changing city projects. Our ultimate goal is to give people and companies reasons to live, work and play downtown. We took an empty mall and turned it into an activated, mixed-use hub in the center of the city. We …
DETROIT — The Griswold, a $24 million apartment community, has opened in Detroit. The apartments, which sit atop a 10-story parking garage and retail structure, occupy floors 11 through 15 and consist of 80 one-, two- and three-bedroom units. The apartment homes feature open floor plans with nine-foot ceilings, floor-to-ceiling windows, granite countertops, stainless steel appliances and concrete floors. Apartments range from 750 to 1,600 square feet with rental rates from $1,030 to $3,500. The community is located at 1117 Griswold St. The Griswold is Detroit’s first new residential downtown construction project in 25 years, according to Fourmidable, which is managing the property. Roxbury Group was the developer, Walbridge was the construction manager and Kraemer Design Group served as the architect.
NORMAL, ILL. — Triad Real Estate Partners has brokered the sale of an eight-property, 391-bed student housing portfolio at Illinois State University in Normal. The sale price was not disclosed. The properties were built in the 1980s and are located within two blocks of campus. The portfolio was 99 percent occupied for the 2016-2017 school year. Green Street Realty purchased the portfolio with plans to renovate the units. An investment group based in Evanston was the seller. Young America Realty manages the properties.
NEW BERLIN, WIS. — Grandbridge Real Estate Capital has arranged a $4.7 million loan for the refinancing of an industrial property in New Berlin near Milwaukee. The building consists of 80,720 square feet and sits on approximately seven acres. The 15-year, fixed-rate loan includes a 15-year amortization schedule. An insurance company provided the capital.
LISLE, ILL. — National Express has signed a new long-term lease for 54,000 square feet of office space at Navistar Headquarters Campus in Lisle, approximately 25 miles west of Chicago. The campus is located at 2601 Navistar Drive. National Express previously occupied office space at 4300 Weaver Parkway, and is expected to move into the new office in the second quarter of this year. Jon Springer and Gary Fazzio of CBRE represented the tenant in the transaction. John Musgjerd of Jones Lang LaSalle represented the landlord.
AURORA, ILL. — INEOS Styrolution has signed a long-term lease renewal for 22,000 square feet of office space at 4245 Meridian Parkway in Aurora. The global manufacturer of petrochemicals, specialty chemicals and oil products has occupied the first floor of the building since 2012. The Class A office property consists of 140,000 square feet and is owned by a private account advised by UBS Realty Investors LLC. Ryan Moen of Bradford Allen arranged the lease transaction on behalf of ownership. Hartford Fire Insurance Co. and Sedgwick Claims Management Service also maintain leases within the building.
CHICAGO — Premier Design + Build Group LLC has been selected to construct a 40,750-square-foot distribution facility in Chicago’s Portage Park neighborhood. Dayton Street Partners and WBS Equities are the project developers. The speculative facility will sit on 1.6 acres at 4150 N. Knox Ave., a few miles south of O’Hare International Airport. The warehouse will feature 30-foot clear heights, two parking lots and four covered dock positions. Chris Kiziak of Premier Design + Build is the project manager and Scott Lebak is the field superintendent. Kimley-Horn will provide engineering services, while Cornerstone Architects Ltd. is providing architectural services. Mike Senner and Steve Kohn of Colliers International are handling the leasing.
COLUMBUS, OHIO — Grandbridge Real Estate Capital has arranged a $10.1 million loan for the refinancing of a student housing property in Columbus. The property consists of 45 units and 127 beds. The 15-year, fixed-rate loan includes a 30-year amortization schedule. An insurance company provided the capital.
MILWAUKEE — The Dickman Co. Inc./CORFAC International has brokered the sale of an 11,400-square-foot industrial building in Milwaukee. The building is located at 2330 W. Clyburn Ave. The buyers, Evan Hughes and William P. McQuillan, purchased the building from 6211 Church Road Property LP. TJ Huenerbein of the Dickman Co. represented the buyers.
