WARRENVILLE, ILL. — Ryan Companies US Inc. has acquired a 9.5-acre site within the Cantera Business Park for the future development of a $15 million medical office complex. Located in Warrenville, approximately 35 miles west of Chicago, the 80,000-square-foot complex envisioned by Ryan Cos. will include two two-story office buildings with shared amenities and common space. David Justh of CBRE represented the seller, a private investor, and is working with Ryan Cos. to market the development to healthcare systems and related users.
BROOKFIELD, WIS. — Embassy Suites by Hilton has opened a 203-room hotel following a $10 million renovation. The Embassy Suites by Hilton Milwaukee Brookfield, formerly the Brookfield Suites Hotel and Convention Center, is located 13 miles west of downtown Milwaukee. Brookfield Hotel Limited Partnership owns the property, and Aimbridge Hospitality manages it. Amenities at the hotel include made-to-order breakfast, complimentary evening receptions, a restaurant and bar, more than 6,000 square feet of meeting space, an indoor pool with whirlpool and sauna, business center, convenience store and fitness center. The Embassy Suites by Hilton Milwaukee Brookfield is located at 1200 S. Moorland Ave.
LANSING, MICH. — Pillar has originated an $8.5 million fixed-rate, Freddie Mac loan to refinance a 136-unit multifamily property in Lansing. Willow Ponds Apartments was built in 1998 and is fully leased. The property consists of two-, three- and four-bedroom units. The financing features a 10-year term and 30-year amortization schedule. Maplegrove Property Management of East Lansing and Grand Rapids, Michigan was the borrower. David Wilkins of Pillar arranged the financing.
GURNEE, ILL. — Steadfast Apartment REIT III Inc. has acquired a 136-unit apartment community in Gurnee, approximately 43 miles northwest of Chicago, for $7.6 million. Carriage House Apartments was built in 1970 and is 98 percent occupied. Situated on 8.4 acres, the apartment complex is comprised of 17 two-story buildings featuring one and two-bedroom units with an average size of 653 square feet. Community amenities include a swimming pool with sundeck, pool house, locker room, picnic area, laundry facilities and addition storage areas. Steadfast plans to upgrade the bathrooms, flooring and kitchen counters. Other improvements will include fresh paint and new appliances. The seller in the transaction was undisclosed.
DIXON, ILL. — Evergreen Real Estate Group has completed a $3.3 million renovation of Dixon Square Apartments, a 72-unit affordable housing community in Dixon, approximately 90 miles north of Peoria. Evergreen teamed up with HUD, the Illinois Housing Development Authority (IHDA) and City Real Estate Advisors to complete the project. The three-building property had not been significantly upgraded since it was completed in 1980. Evergreen made improvements to the laundry facilities, on-site playground, community garden and replaced the roof on each building. Renovations were also made to the units and included new flooring, appliances, cabinetry, countertops, plumbing fixtures, air conditioners and television hookups. The rehabilitation project, which started last spring, also included a 20-year extension of the community’s Section 8 Housing Assistance Payment contract, preserving the affordability of the residences through 2036. Dixon Square Apartments is located at 540 Freedom Walk.
MUNSTER, IND. — Homewood Suites by Hilton has opened a new hotel in Munster, approximately 11 miles west of Gary. Homewood Suites by Hilton Munster is a 99-room hotel that features complimentary breakfast, Wi-Fi, a grocery shopping service, heated indoor pool, outdoor sports court, fitness center and a meeting room that can accommodate 80 people. The property is located at 9120 Calumet Ave. General Hotels Corp., which co-owns the property with Simborg Development Inc., also manages the Homewood Suites by Hilton Munster.
ST. LOUIS AND HARVARD, ILL. — Ten-X has brokered the sale of two office/industrial properties for a total of $17.3 million. In the first deal, an undisclosed seller disposed of a Class A, 347,399-square-foot office tower in St. Louis for $8 million. AKNO 1010 Market Street St Louis Missouri LLC was the buyer. The 20-story property, built in 1981, is located at 1010 Market St. Amenities include ground-floor retail, a gym, conference room, lounge, covered parking, courtyard, 24-hour security, concierge services and on-site management. In the second deal, Optima Ventures LLC sold a 1.5 million-square-foot office and industrial property in Harvard, Ill. for $9.3 million. The 325-acre Midwest Corporate Campus is located at 2001 North Division St. The property is comprised of five manufacturing, distribution and office buildings and was formerly the regional headquarters for Motorola. The building, constructed in 1997, has been vacant since 2003. Amenities at Midwest Corporate Campus include two on-site daycare facilities, a cafeteria, rooftop and ground-level heliports, fitness center, auditorium, ponds and running and biking trails. Both properties were sold on the Ten-X Commercial online platform.
KANSAS CITY, MO. — LANE4 Property Group Inc. is remodeling and renovating the Red Bridge Shopping Center, a 150,000-square-foot retail property in Kansas City. The center is anchored by Lipari’s Sun Fresh Grocery Market and will see the return of tenant Euston Hardware. Since purchasing the center six months ago, LANE4 has secured leases and commitments for over one-third of the existing vacant space. Others tenants at the center include Blue Bicycle Fitness Center and Sofi Cucina Italiana Restaurant. The renovation is expected to be complete by this October and includes an extensive overhaul of the façade, new roofs and parking lots, two large tower elements that will open and bring natural light into restaurant spaces and new landscaping. Centric Projects is the general contractor. Generator Studio is the architect of record.
WILMINGTON, OHIO —Marcus & Millichap has brokered the sale of a 153,976-square-foot community shopping center in Wilmington, approximately 50 miles northwest of Cincinnati, for $6.6 million. An Ohio-based developer sold Meadow Park Plaza to a New York-based private investor. Located at 1627-1683 Rombach Ave., Meadow Park Plaza is anchored by Tractor Supply, Ollie’s Bargain Outlet, Goodwill and MC Sports, all with long-term leases in place. Other tenants include GNC, Citi Financial and LA Nails. Craig Fuller, Scott Wiles and Erin E. Patton of Marcus & Millichap listed the property on behalf of the seller and secured and represented the buyer.
WAUKEGAN, ILL. — Transwestern has arranged two industrial leases totaling 248,545 square feet in Waukegan, approximately 40 miles northwest of Chicago. Horizons Window Fashions, a manufacturer of specialty and customized window fashions, signed a long-term lease for 128,296 square feet at two adjacent properties in the Amhurst Lakes Business Center. Constructed in 1999, the 240,500-square-foot center is less than a mile from the I-94/State Route 137 interchange. In a separate transaction, Trifinity Partners Inc., a third-party logistics firm, leased 120,249 square feet of space at the Delany Commerce Center, a 218,500-square-foot facility at 2431 Delany Road. Tom Boyle and Jared Paff of Transwestern represented the tenants in both transactions.