CINCINNATI —Macy’s Inc. has announced that the company plans to close approximately 100 stores beginning in early 2017. This number constitutes roughly 15 percent of Macy’s current portfolio of 675 full-line stores. Specifics on the locations set to close will be announced at a later date. Cincinnati-based Macy’s intends to improve the stores that will remain in its portfolio by adding new vendor shops and bringing new businesses onto the sales floors through additional license agreements; increasing the size and quality of staffing through programs including “My Stylist” personal shopping services; infusing new technology; and creating new in-store events and experiences. The company also intends to invest in building the capacity of its websites and apps to create a faster, simpler interface for customers. Over the past six years, approximately 90 Macy’s stores have been closed and 13 new stores have been opened.
LOMBARD, ILL. — Lifespace Communities Inc. has completed the $19 million expansion and renovation of Beacon Hill, a continuing care retirement community in Lombard, approximately 20 miles west of Chicago. The expansion added a 28,000-square-foot building to the community featuring a new theater and lounge, multiple dining venues, a kitchen and culinary preparation space, and various activity areas for entertainment and wellness functions. Beacon Hill is 32 years old and hosts more than 500 residents in its 360 apartments homes and undisclosed number of memory care and skilled nursing suites. Construction on the new building and renovations began in 2014. Chicago-based Walsh Construction was the contractor for the project, which Minneapolis-based Tremain Architects & Planners designed.
LEAWOOD, KAN. — Restoration Hardware Holdings Inc. has opened a 56,000-square-foot design gallery at Town Center Plaza in the Kansas City suburb of Leawood. RH Leawood offers three levels of artistic installations of home furnishings in a gallery setting, including an entire floor dedicated to the company’s RH Modern line with an integrated RH Contemporary Art Gallery. The new location features a 5,000-square-foot studio called the Design Atelier, which offers a fully integrated workspace for architects, designers and customers to reimagine one room or an entire home. Architect James Gillam of Backen, Gillam & Kroeger designed RH Leawood.
CHICAGO — Essex Realty Group Inc. has brokered the sale of a 39-unit apartment property in Chicago’s Rogers Park neighborhood for $4.1 million. The property, located at 1914-24 W. Morse Ave., was built in 1929. The building is near the Chicago Transit Authority Red Line and is less than a mile from Loyola University and Lake Michigan. Matt Welke of Essex Realty represented the seller in the transaction, and Dough Fisher represented the buyer. Both parties were undisclosed.
BURLINGTON, IOWA — Marcus & Millichap has arranged the sale of Rosebush Gardens, a 36-unit assisted living community in Burlington, for $3.7 million. Burlington is located along the Mississippi River near the Illinois and Missouri border. A local private owner sold the property to a regional owner-operator. The 28,049-square-foot facility was built in 1999. It was 83 percent occupied at the time of sale. The price per unit was $102,778. Ryan Fleming, Eric Bell, Mark Myers, Joshua Jandris and Charles Hilding of Marcus & Millichap represented the seller in the transaction.
LEWIS CENTER, OHIO — NXT Capital has provided a $29 million acquisition loan for a 336-unit apartment property in Lewis Center, approximately 20 miles north of Columbus. Remington Woods is a Class A property that features amenities such as a heated swimming pool, business center, coffee bar, game room, walking trails, fitness center, movie theater and clubhouse. Built in 2014, Remington Woods offers one- and two-bedroom units. Chad Kiner of NXT Capital arranged the financing. The borrower and terms of the loan were not disclosed.
ST. CHARLES, ILL. — KeyBank Real Estate Capital has provided a $21.9 million Fannie Mae loan to refinance a 228-unit apartment property in St. Charles, approximately 40 miles west of Chicago. Prairie Point was built in two phases in 1972 and 1976. Prairie Point features amenities such as a clubhouse, fitness center, pool with sundeck and playground. Located at 1820 Wessel Court, the property offers one- and two-bedroom units. Todd Linehan of KeyBank arranged the loan for the undisclosed borrower.
BROWN DEER, WIS. — New Perspective Senior Living has opened New Perspective | Beaver Creek, a 158,712-square-foot seniors housing community in the Milwaukee suburb of Brown Deer. The community features 87 independent and assisted living units, and 48 memory care apartments, as well as a warm-water pool, fitness center, multiple dining options, computer labs and more. Other partners on the project included Harrison Street, RNT LLC, Tushie Montgomery and Design 2 Construct.
TOLEDO, OHIO — Reichle Klein Group has brokered the $6.3 million sale of a 278,000-square-foot office building in Toledo. The 16-story Edison Plaza is located at 300 Madison Ave. Toledo Edison Co. sold the building to 300 Madison LLC. Peter Shawaker of Reichle Klein Group represented the seller in the transaction.
CHICAGO — Essex Realty Group Inc. has arranged the sale of a 12-unit apartment property for $3.2 million. Located at 3507-11 N. Elston Ave., the property consists of three contiguous buildings, which contain a mix of two-bedroom and three-bedroom units. The buildings were completed in 2015 and include 12 parking spaces. Matt Welke of Essex Realty Group brokered the transaction. Neither the buyer nor the seller was disclosed.