WAYZATA, MINN. — NorthMarq Capital has arranged a $7.2 million loan for the acquisition of a building leased to Walgreens in Wayzata, 13 miles west of Minneapolis. The 15,149-square-foot building is located at 1055 Wayzata Blvd. East. The eight-year loan includes a 25-year amortization schedule. A life insurance company provided the loan. Joe Giordani of NorthMarq arranged the loan for the undisclosed borrower.
CHICAGO — NelsonHill has negotiated the sale of The Hudson Building, a historic auto showroom in Chicago, for $5.8 million. The three-story building, constructed in 1922 as part of Chicago’s Motor Row District, is located at 2222 S. Michigan Ave. The Hudson consists of 115,000 square feet, with the first floor serving as the original auto showroom with 19-foot clear heights. Echelon Capital purchased the building. Michael Nelson and Stevan Arandjelovic of NelsonHill represented ownership in the sale. Motor Row is listed on the National Registry of Historic Places.
WARRENVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of Cantera Commons in Warrenville, north of Naperville, for $3 million. The retail property is comprised of two multi-tenant buildings located at 28341-28361 Diehl Road. Potbelly Sandwich Shop occupies a 10,431-square-foot building, while Starbucks and Café Zupos occupy a 7,423-square-foot building. The building was approximately 25 percent occupied at the time of sale. The buyer was a private real estate investor based in Chicago. The seller was a special servicer on behalf of a CMBS trust. Chad Firsel of Quantum represented both the seller and purchaser in the transaction.
COLUMBUS, OHIO — The Columbus Downtown Development Corp. is seeking a national developer for a 21-acre mixed-use project at the Scioto Peninsula along the city’s waterfront. A request for qualifications (RFQ) was released on Friday. The Scioto Peninsula mixed-use development will include residential, commercial, office, retail and cultural amenities. The goal is to transform downtown Columbus and its waterfront areas into an active live, work and play environment for residents and visitors. The project will encompass 3.1 million square feet, including 1,575 to 1,800 apartments, up to 840,000 square feet of office space, 180,000 square feet of retail space and up to 240 hotel rooms. The Scioto Peninsula, located near the Scioto River, will be anchored by the National Veterans Memorial & Museum, which is slated to open in 2018, as well as the COSI science museum. The development site is adjacent to the Scioto Mile, Columbus’ system of waterfront parks, with easy access to recreational trails connecting to The Ohio State University, Victorian Village and other Columbus neighborhoods. RFQ submittals are due on March 27. A developer is expected to be chosen in July, and the project is expected to break ground in the first half of 2018.
MISSION, KAN. — Berkadia has arranged the sale of the Bridges at Foxridge in Mission, just north of Overland Park. Berkadia also arranged the acquisition financing for the buyer, Landmark Realty of San Francisco. The seller was New York-based Sterling Equities. The sales price was not disclosed. Constructed between 1966 and 1973, the 317-unit apartment community is located at 5250 Foxridge Drive. Unit sizes average at 1,267 square feet. Community amenities include a swimming pool, fenced dog park, garages and carports, children’s playground, fitness center, tennis court and clubhouse with full kitchen, complimentary computers and Wi-Fi. Michael Sullivan, Grant Kollman, Brett Meinzer and Alex Blagojevich represented the seller in the transaction. John Schorgl originated the acquisition loan with Fannie Mae. The 10-year loan includes 36 months of interest-only payments.
CHICAGO — Stan Johnson Co. has negotiated the sale of 400 S. Financial Place, a retail center in Chicago’s Loop, for $7.9 million. The property is one of only two one-story retail assets along West Van Buren Street in Chicago’s CBD. Brandon Duff, Brad Feller, Tom Fritz and Josh Pardue of Stan Johnson marketed the property on behalf of the seller, a local Chicago-based private investor group. The buyer, a partnership between North American Real Estate and Belgravia Group, purchased the property as part of a 1031 exchange.
OVERLAND PARK, KAN. — Block & Co. Inc. Realtors has brokered the sale of 1.65 acres of land located at Metcalf 75 Shopping Center in Overland Park. The land was purchased by an undisclosed buyer and will be used to build a 16,870-square-foot medical facility. Metcalf 75 Shopping Center will be torn down to make way for the new medical facility. David M. Block and Darren Siegel brokered the transaction on behalf of the property owners. Cary Fox and Bill Shakelford of AREA Real Estate Advisors represented the buyer. Darren Siegel, David M. Block and Steve Caffey of Block & Co. also handled lease negotiations between the new buyer and the existing tenants to vacate the property. Block & Co. has been the leasing and property management company for Metcalf 75 Shopping Center since the 1970s.
MUSKEGON, MICH. — Signature Associates has arranged the sale of a 39,598-square-foot office building in Muskegon in western Michigan. The sales price was not disclosed. The property is located at 2389 Laketon Ave. Camcar Plastics, a full-service plastic injection molding company, purchased the building. Jim Olsen of Signature Associates represented the seller, Orchard View Public Schools.
CHICAGO — Blackstone and Equity Office have unveiled a $500 million investment plan to remake Willis Tower in downtown Chicago. The tower will be transformed with office, retail and entertainment space. This will be the first renovation for the tower, constructed in 1973. Approximately 460,000 square feet of existing space within the tower will be reconfigured. This includes 150,000 square feet of space for exclusive tenant use, including a full-service fitness center, expansive tenant lounges, private event space and concierge services. The plan also calls for more than 300,000 square feet of new retail, dining and entertainment space to be added to the base of the building, and a new 30,000-square-foot outdoor deck and garden space. Part of the investment will also focus on enhancing the tower’s 103rd floor Skydeck Chicago experience. Work to transform the tower is scheduled to begin this month, and will create an additional 2,500 jobs. San Francisco-based design firm Gensler designed the renovation. Gonzalez Architects designed the tenant-only office amenities, and Los Angeles-based Hetzel Design is overseeing the design concepts for the Skydeck enhancements. Design-build firm Turner Clayco will oversee the construction of the new Willis Tower.
DETROIT — Metro Detroiters are mourning the loss of a legend in the world of business and sports. Mike Ilitch, founder of Little Caesars Pizza, owner of the Detroit Tigers and Detroit Red Wings and chairman of Ilitch Holdings, died Friday, Feb. 10 at a local hospital. He was 87. Ilitch was not only known for his outstanding business acumen, but also his passion for all things Detroit. Thanks to a $40 million gift from he and his wife Marian, Wayne State University broke ground in July 2016 on the Mike Ilitch School of Business, a new academic building on the public university’s Detroit campus. It was the largest gift in the school’s history. “There is an initial desire to say that Mike Illitch’s greatest accomplishment has to surround real estate. He was a brilliant investor and ahead of his time in terms of his holdings. His greatest contribution to the City was his steadfast devotion to it. He invested when it seemed very few still did and his actions and that of his family and organization have served as a beacon of hope for the city. He worked tirelessly showing the world that Detroit belonged among the elite as a world-class city. The legacy …
