MARYSVILLE, MICH. AND MILWAUKEE — An affiliate of Phoenix Investors has acquired two industrial properties totaling roughly 2.3 million square feet and 145 acres in Michigan and Wisconsin for an undisclosed price. The facilities are located at 840 Huron Blvd. in Marysville, Mich., and 3280 S. Clement Ave. in Milwaukee. Both were previously owned by FCA US LLC, a wholly owned subsidiary of global automaker Stellantis, which leases both buildings. Phoenix’s portfolio now exceeds 80 million square feet nationwide. Tony Avendt and Jeff Hoffman of Cushman & Wakefield brokered the sale.
CHICAGO — Habitat has completed the lease-up of OC Living Phase I, the first residential building within the $200 million Ogden Commons community in Chicago’s North Lawndale neighborhood. Located at 1325 S. Washtenaw Ave., the building features 92 units, 90 percent of which are affordable, including 37 Chicago Housing Authority (CHA) units. Simultaneously, Habitat has closed financing and finalized a 75-year ground lease for OC Living Phase II at nearby 1312 S. Talman Ave. The $38 million building is scheduled to open in the second quarter of 2026, delivering an additional 75 units with 76 percent of them reserved as affordable housing, including 30 CHA-designated residences. Site preparation is underway. Amenities will include a children’s tot lot, bike racks, walking path, package room, resident lounge, fitness center and bike room. A planned third phase of OC Living is expected to feature townhome and multi-flat units, which will feature larger units designed for families. Habitat intends to break ground on Phase III in the second half of 2026 or early 2027. Once completed, Ogden Commons will feature 120,000 square feet of commercial and retail space with more than 350 mixed-income housing units. Designed by Habitat, along with Sinai Chicago and the …
NAPERVILLE, ILL. — Activate, an interactive gaming facility featuring a blend of physical activity and gaming experience, has signed a lease to open at Fox River Commons shopping center in the Chicago suburb of Naperville. The lease marks the second location in the greater Chicago area for Activate. In partnership with Sounds Fun Entertainment, Activate currently operates more than 40 locations across the United States and Canada. Activate consists of 14 separate game rooms in which participants are tasked with conquering an experience that lasts about 75 minutes. The tenant signed a lease with property owner Continental Realty Corp. (CRC) for nearly 12,000 square feet at Fox River Commons and plans to open this spring. Kristin Perry of CRC and Brooke Spinell of Mid-America Real Estate represented the landlord in the lease, while Courtney Waldon of Braden Real Estate represented the tenant. Activate also plans to open its third Illinois facility in the River North area next year.
ITASCA, ILL. — Entre Commercial Realty has brokered the sale of a 17,541-square-foot industrial building in Itasca for an undisclosed price. Located at 1211 W. Norwood Ave., the freestanding manufacturing facility offers heavy power and ample parking with immediate highway access. John Joyce and Sam Deihs of Entre represented the buyer, Sea Converting Inc., a custom converter that provides custom-made covers, protectors and cases.
DOWNERS GROVE, ILL. — Laramar Group has acquired ReNew Downers Grove, a 294-unit apartment complex in the Chicago suburb of Downers Grove, for $72.1 million. An affiliate of FPA Multifamily was the seller. The 17-year-old property features a pool, sun deck, fitness center and lounge. Laramar is expected to make unit upgrades. The 16-acre complex was just over 6 percent vacant at the time of sale. Kevin Girard, Mark Stern, Zachary Kaufman and Betsy Romenesko of JLL represented the seller. JLL also provided a $46.9 million Freddie Mac loan for the acquisition.
CHAMPAIGN, ILL. — Coldwell Banker Commercial Devonshire Realty (CBCDR) has arranged the $11.5 million sale of a 182,084-square-foot warehouse in Champaign. The 30-acre property is located at 2802 Bloomington Road. AJ Thoma III of CBCDR represented the seller, Ravel Properties LLC. The intended use of the space is for an agricultural chemical company.
ARCADIA, IND. — BWE has secured a $6.3 million USDA RHS 538 GRRHP loan to provide construction and permanent financing for the renovation of Hamilton Place, a 54-unit affordable housing property in Arcadia, about 45 miles north of Indianapolis. Lundat Kassa and Bob Morton of BWE arranged the loan with a 38-year term and 40-year amortization. The property’s units are spread across three single-story garden homes, two two-story townhomes and one apartment building, all of which are set to be renovated. The units are reserved for tenants earning up to 60 percent of the area median income. Renovated amenities will include a community room, computer center, playground, basketball court, exercise room and walking path. The project received additional financing through the use of 9 percent Low-Income Housing Tax Credits provided by the Indiana Housing and Community Development Authority.
BLOOMINGDALE, ILL. — Quantum Real Estate Advisors Inc. has negotiated the sale of a 25,000-square-foot retail center in Bloomingdale for $4.2 million. The property at 125 E. Lake St. was 95 percent leased at the time of sale to a mix of local tenants. Brett Berlin of Quantum represented the undisclosed seller. The private buyer was based in Illinois.
ITASCA, ILL. — Lee & Associates has brokered the sale of a 34,078-square-foot industrial building in Itasca for an undisclosed price. Located at 1170 Ardmore Ave., the property features multiple bridge cranes, a temperature-controlled warehouse and heavy power. Chris Nelson and Jeff Janda of Lee & Associates represented the seller, Tech-Max Machine Inc., a large parts manufacturing company that will expand into a larger facility in Itasca. Melody Mueller of Compass represented the buyer, Pulsarlube USA Inc., an Elk Grove Village-based company that specializes in single-point automatic lubrication.
CHANHASSEN, MINN. — BWE has arranged a $20 million loan to provide permanent financing for Lake Place, a 110-unit luxury active adult community in Chanhassen within metro Minneapolis. Lundat Kassa of BWE originated the financing through Freddie Mac on behalf of the borrower, Silver Creek Equity, a Minnesota-based developer. The 10-year loan features a 35-year amortization period and five years of interest-only payments. The loan replaces a high-interest rate, floating-rate construction loan. Lake Place was built in 2023 and completed lease-up during the loan underwriting. The property is reserved for residents age 55 or older, and 50 of the units are set aside for those who earn 60 percent or less of the area median income. Amenities include a clubhouse, fitness center, pickleball court, pet wash, bike room, library, creative arts studio and storage units.