DETROIT — Platform LLC, the development arm of Peter Cummings, Mike Hammond and Dietrich Knoer, has purchased the former Wayne State University Criminal Justice Building for $2 million. When complete, the redevelopment of the 147,500-square-foot building will include approximately 69 apartment units, 19,000 square feet of retail space and a permanent Wayne State University art gallery. The building, located at 6001 Cass Ave., was originally built in 1920 and is currently vacant. The deal also includes a long-term ground lease of the adjacent property at 445 York Street, where an additional 64 apartment units and 48 condo units are planned. Both properties are located in the north end of Wayne State’s main campus.
Midwest
SCHILLER PARK, ILL. — Associated Bank has provided a $10 million land acquisition and construction loan to Bridge Development Partners to redevelop two industrial sites in Schiller Park, about 20 miles northwest of Chicago. The sites are located at 9555 and 9655 Soreng Ave., one mile from the I-294 interchange at Irving Park Road. The parcels were formerly two Hostess Brands sites totaling 9.9 acres. Both sites contained old buildings that have been demolished in preparation for the development of two speculative Class A industrial buildings. The completion of an 84,700-square-foot building and a second 72,825-square-foot building is slated for May 2017. Daniel Barrins of Associated Bank originated the loan.
ITASCA, ILL. — Captive Resources LLC has purchased 1100 N. Arlington Heights Road in Itasca, about 27 miles northwest of Chicago, for its new headquarters. The independent consulting company, which provides advisory services to captive insurance or self-insured companies, will relocate from its current headquarters in Schaumburg, Ill. Two properties in Schaumburg will be consolidated, and all employees will be relocated to the Itasca location in the third quarter of 2017. CRI will occupy approximately 100,000 square feet on the first four floors, with third-party tenants occupying the remainder of the 150,000-square-foot building. Originally constructed in 1999, the building is a six-story, Class A office property located on the northwest corner of Thorndale and Arlington Heights roads. Colliers International represented Captive Resources in the transaction.
TAYLOR, MICH. — Signature Associates has negotiated the sale of 108,850 square feet of industrial space in Taylor, about 18 miles southwest of Detroit. The building is located at 13500 Huron Street. Brad Viergever of Signature Associates represented both the seller, MYM 13500 JC Property Owner LLC, and the buyer, Hearn Industrial Services Inc. Hearn is a provider of quality control services to the automotive industry.
OVERLAND PARK, KAN. — Everest Medical Core Properties has acquired Foxhill Medical Center in Overland Park for $9 million. The 52,000-square-foot, three-story building features medical and dental suites. The property is located near I-435 in close proximity to several major hospitals and surgical centers. The building was renovated in 1998, and major exterior enhancements were completed in 2016. The building is 97 percent occupied, with an average of four years remaining on lease terms.
CHICAGO — Related Midwest has closed a $240 million construction loan and completed the tower crane installation at One Bennett Park, a 70-story luxury residential tower in Chicago’s Streeterville neighborhood. Wells Fargo provided the loan. Located at 451 E. Grand Ave., the building will offer 69 condominiums and 279 apartments. Condominiums will range in size from 1,737 square feet to 7,500 square feet and range in price from $1.85 million to $15 million. The 279 luxury apartments will include a mix of one- to four-bedroom floor plans. When complete in 2019, the building will be the tallest all-residential tower in Chicago at 836 feet, according to Related Midwest. Robert A.M. Stern Architects is the architect. Michael Van Valkenburgh Associates designed a 1.7-acre park adjacent to the project. Named after Chicago’s Edward H. Bennett, the project reflects the late architect’s vision of weaving green spaces into the urban fabric and balancing built environment with natural landscape.
FOND DU LAC, WISC. — Marcus & Millichap has arranged the sale of a 611,564-square-foot distribution center in Fond du Lac, about 40 miles west of Sheboygan, for $16 million. Built in 1977, the facility sits on 23.8 acres. Jeff Rowlett and Joe Powers of Marcus & Millichap represented the seller, a Madison-based private investor group, and the buyer, a group of private investors.
CHICAGO — Resource Innovation Office REIT Inc., a non-traded real estate investment trust, has purchased 1025 W. Sunnyside, an office building in Chicago, for $7.2 million. The building offers 27,852 square feet of office and retail space with exposed wood beams, high ceilings, open floor plans and café-style workspaces. The property is 100 percent occupied by tenants such as Fansided, an independent sports and entertainment network. Cedar Street Cos. was the seller.
DEARBORN, MICH. — Signature Associates has negotiated the lease of 109,000 square feet of industrial space for The Henry Ford. The building is located at 8747 Brandt Street. Jack Townsend of Signature Associates represented both the landlord, Brandt Street Properties LLC, and The Henry Ford.
FOREST PARK, OHIO — Phillips Edison & Co. has signed an incentive agreement with the city of Forest Park for the redevelopment of Civic Center Shopping Center. Forest Park is located about 20 miles north of Cincinnati. The city has approved a $35,000 grant to invest in capital improvements at the shopping center for retaining and attracting retailers. The 87,757-square-foot center is located at the corner of Waycross Road and Hamilton Avenue, and is anchored by Ollie’s Bargain Outlet and O’Reilly Auto Parts.