LINCOLN, NEB. — Metonic Real Estate Solutions has acquired a 72-unit apartment complex in Lincoln for an undisclosed price. Marshall Apartments was built in 1998 and consists of two three-story buildings. The buyer plans to make improvements to the amenities and units. Seldin Co. will manage the property. The seller in the transaction was undisclosed.
ADDISON, ILL. — Turtle Wax Inc. will relocate its world headquarters from Willowbrook, Ill. to a 25,115-square-foot space in Addison, approximately 23 miles west of Chicago. Turtle Wax, a manufacturer of car care products, will occupy space at Meadows Office Center II, a two-story, 101,000-square-foot office building. The lease brings the facility, located at 2250 Pinehurst Blvd., to 70 percent occupancy. The asset is owned by a joint venture comprised of ACG Equities, Toft Asset Management and an undisclosed private investment fund. Daniel Nack of Cushman & Wakefield represented Turtle Wax in the transaction. Mark Smith and Bill Saviski of CBRE represented the landlord.
TERRE HAUTE, IND. — ICAP Development is set to break ground on Highland Quarters, a 60-unit, 224-bed student housing community located at 627 Cherry St. adjacent to Indiana State University in Terre Haute. The 106,000-square-foot, five-story project will feature fully furnished apartments with bed to bath parity and in-unit washers and dryers. The ground level of the project will provide roughly 6,000 square feet of retail space, secured parking for tenants and amenity spaces that will include a full-service fitness facility, study rooms and an entertainment lounge. The project is slated for completion by August 2017.
DOWNERS GROVE, ILL. — FM Capital has acquired a $5.7 million non-performing loan that is secured by a 37,780-square-foot medical property in Downers Grove, approximately 22 miles west of Chicago. The loan went into default when the borrower failed to make payments last summer. The Greenbriar Medical Office Building was constructed in 1972 and renovated in 2006. The property also includes a 125-space parking lot, conference facility and recently renovated common area. The property is currently 70 percent vacant.
WARREN, MICH. — Colliers International has brokered the sale of an 18,820-square-foot industrial building in Warren, approximately 20 miles north of Detroit, for an undisclosed price. Z & Z Properties LLC sold the property, located at 6795 E. 9 Mile Road, to Holman Holdings 2 LLC. Brent Beshears of Colliers represented the seller in the transaction.
CHICAGO — SVN | Chicago Commercial has arranged a 15,166-square-foot lease for Chicago Association of Realtors (CAR) in downtown Chicago. CAR has signed a 10-year lease for the entire eighth floor of The Realtor Building, which is owned by the National Association of Realtors. The space, located at 430 N. Michigan Ave. will serve as CAR’s headquarters. Wayne Caplan, Deena Zimmerman and Scott Maesel of SVN | Chicago Commercial represented the tenant in the transaction. Dean Kutrumanes of GNP Realty Partners represented the landlord. CAR is expected to begin occupying the space this December.
ST. LOUIS — HOK has designed a 17,000-square-foot office space for Square Inc. at the @4240 building in the Cortex Innovation Community in St. Louis. HOK and developer Wexford Science & Technology LLC previously renovated the LEED-certified building that once housed a 1940s phone factory. The new space features 16-foot ceilings, skylights, activity spaces, meeting and phone nooks, adjustable desks, acoustic panels and a micro kitchen that can accommodate various company functions. Artisan Building Co. served as the general contractor. San Francisco-based Square is a financial services and mobile payment company.
It’s no longer a secret. Residential housing is one of the biggest stories to hit Cleveland’s central business district in over a quarter century. The only thing more impressive than the long list of residential projects that have been completed over the last five years is an even longer list of residential projects that are either planned or under construction. Despite this prolonged surge in activity, several questions remain, with most centered around the viability and sustainability of this sector. But before we take a look forward, let’s first take a look back. Downtown Cleveland has added approximately 1,700 new rental units over the past five years, with the total residential rental inventory standing at nearly 5,900 units. Last year alone saw 573 new units come on line as the direct result of converting nearly 500,000 square feet of former commercial and office space to residential. But despite this additional inventory, the occupancy rate has increased nearly 2 percent over the last five years, ending 2015 at 97.5 percent. Population surge in CBD The downtown area contains approximately 14,000 residents, a 79 percent increase since 2000, according to a newly released report from the Downtown Cleveland Alliance. The average rent …
CHICAGO — 175 Harbor Drive LLC has acquired North Harbor Tower, a 600-unit high-rise apartment building in Chicago’s Lakeshore East neighborhood, for an undisclosed price. The building is located within a 28-acre master-planned community at 175 N. Harbor Drive. Amenities at North Harbor Tower include an outdoor sundeck, indoor pool, 24-hour fitness facility, fitness studio with complimentary classes and party room. A multi-million dollar renovation of the 55-story property is scheduled to begin later this year. The tower offers a mix of studio, convertible, one-, two- and three-bedroom units. The seller in the transaction was undisclosed.
BUFFALO GROVE, ILL. — CBRE has arranged the sale of an 11-acre parcel of land for future development in Buffalo Grove, approximately 33 miles northwest of Chicago. Ridgeline Property Group purchased the land for an undisclosed price. The developer plans to build a 157,000-square-foot speculative industrial building on the site. Once completed, the facility will feature 32-foot clear heights, 36 exterior docks, four drive-in doors and 173 parking spots. The property will be located at 850 Asbury Drive. Zach Graham and Ryan Bain of CBRE were the sole brokers in the transaction.