NORMAL, ILL. — Marcus & Millichap has negotiated the $3 million sale of a retail property leased to Chipotle and Blaze Pizza in Normal, which is located just north of Bloomington. The 5,311-square-foot building, located at 1601 E. College Ave., was constructed in 2016. Zack House, Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, a Delaware-based limited liability company. The buyer plans to hold the property as a long-term investment.
SCHAUMBURG, ILL. — RTM Engineering Consultants has signed a 15,452-square-foot office lease at 1933 N. Meacham Road in the Chicago suburb of Schaumburg. Joe Stevens of Transwestern Real Estate Services represented ownership, Integris Ventures. In addition to RTM’s lease, other recent new and renewal lease transactions completed at the building include Lavelle Law (12,620 square feet), Naylor Association Solutions (10,361 square feet), Familia Dental (10,361 square feet) and Armstrong Transportation (4,841 square feet). The seven-story, 142,000-square-foot building features a four-story atrium lobby, 50-person conferencing facility, full-service deli, fitness center and underground executive parking garage.
CHICAGO — Continuum Advisors has brokered the sale of The Oaks at Bartlett in the northwest Chicago suburb of Bartlett for $42 million. Built in 2007, the 283-unit seniors housing community offers a full continuum of care with 10 cottages, 154 independent living apartments, 49 assisted living units, 16 memory care units and 54 skilled nursing units. The property sold through a court-supervised process with Michael Flanagan of Flanagan & Associates LLC serving as the receiver. After the community defaulted on its bond obligations, Minneapolis-based Certus Living was brought in to operate and turn around the campus to positive NOI. David Kliewer and Jay Jordan of Continuum Advisors brokered the transaction and led an extensive marketing campaign to identify a stalking horse bidder followed by a court-supervised overbid process. A national institutional investor was the buyer.
NOBLESVILLE, IND. — Northmarq has arranged the $13.5 million sale-leaseback of two outpatient primary care properties in Noblesville, a northern suburb of Indianapolis. The portfolio totals 32,744 square feet and includes Riverview Health’s locations at 205 Noble Creek Drive and 865 Westfield Road. Christian Vaughan of Northmarq brokered the transaction. Riverview Hospital sold the assets to Four Corners Property Trust. The transaction represented a cap rate of 7.3 percent.
CHICAGO — Marcus & Millichap has negotiated the $11.2 million sale of a two-property self-storage portfolio in Chicago. Jeffrey Herrmann and Sean Delaney of Marcus & Millichap represented the seller, Honore Holdings, and procured the buyer, Storage Post. The portfolio includes two Honore Storage locations at 3215 W. Lawrence Ave. and 5145 N. Clark St. The properties total 50,858 rentable square feet. The Lawrence Avenue facility features 313 climate-controlled units and 95 non-climate-controlled units, while the Clark Street facility includes 108 climate-controlled units and 239 non-climate-controlled units.
LOMBARD, ILL. — The Boulder Group has brokered the $4.8 million sale of a 10,682-square-foot restaurant property net leased to P.F. Chang’s in the Chicago suburb of Lombard. The building is located at 2361 Fountain Square Drive. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a Midwest-based real estate investor. The buyer was a real estate investment trust. P.F. Chang’s has operated at the location since 2000.
WARREN, MICH. — Bernard Financial Group (BFG) has secured a $3.5 million loan for the refinancing of Parkview Tower Apartments in Warren, a northern suburb of Detroit. The apartment building features 157 units. Joshua Bernard of BFG arranged the loan through Ameritas Life Insurance Corp. on behalf of the borrower, Parkview Tower Apartments LP.
ANN ARBOR, MICH. — Landmark Properties has acquired the site of Galleria Mall in Ann Arbor with plans to build a 950-bed student housing community with its in-house construction arm, Landmark Construction. Named The Metropolitan on South U, the 241-unit development will be situated in the South University neighborhood a few blocks away from the Ross School of Business. Rising 18 stories, The Metropolitan will feature approximately 5,200 square feet of ground-floor retail space as well as community amenities, including a clubhouse, fitness center, pool and rooftop lounge. A timeline for construction was not provided. The community marks Landmark’s third ground-up residential development in Ann Arbor and seventh project in the market managed by the company.
OAK BROOK, ILL. — Oak Brook-based Pine Tree has received a $247 million loan for the refinancing of a six-property shopping center portfolio acquired earlier this year in partnership with a state pension fund. Bill Barry and Bill Stewart of Draper & Kramer Inc. arranged the loan through New York Life Real Estate Investors. The properties are located in Florida, Arizona, Oregon and Ohio. Anchor tenants include 13 TJX concepts, Nordstrom Rack, Ulta Beauty, Target and Dick’s Sporting Goods. Also included are several owned grocery stores, including Kroger, The Fresh Market and New Seasons Market.
ST. LOUIS — Anthem Blue Cross and Blue Shield has signed a lease to relocate to the Deloitte Building at 100 S. Fourth St. in downtown St. Louis. Anthem will occupy approximately 50,000 square feet in the 12-story, 260,000-square-foot building. The owner, Stanton Road Capital (SRC), is constructing its tenant amenity package, The Outpost, which will feature a fully modernized fitness center, 100-person conference room, Wi-Fi-enabled tenant lounge and grab-and-go food and beverage options. Anthem expects to relocate from its longtime office at 1831 Chestnut St. by fall 2025. Brandon Wappelhorst, Nick Fiquette and Tom Bajardi of Sansone Group represented SRC in the lease.
