ELM GROVE, WIS. — Siegel-Gallagher has arranged a 3,255-square-foot office lease renewal in Elm Grove, a western suburb of Milwaukee. Jensen Health & Energy Center will continue to occupy space in The Tradesman Building, located at 500 Elm Grove Road. Building Trades United Pensions Trust Fund is the landlord. John Dulmes and Dan Walsh of Siegel-Gallagher brokered the transaction.
Whoever said you can’t find nature in the heart of the city has never been to Columbus, Ohio — well at least not recently. Columbus is making a big effort to replace roadways with greenways and alter people’s perceptions about what it means to live downtown. What used to be a dilapidated department store is what started it all. In 2002, Mayor Michael Coleman and the city council formed the nonprofit Columbus Downtown Development Corp. (CDDC), which was tasked with reshaping and revitalizing downtown into an urban hub. In 2008, The Lazarus Building, a department store that has been an urban icon for the last 100 years, received a $1 million facelift and is now fully leased to a mix of commercial, cultural and retail tenants in 1 million square feet of space. “The Lazarus Building suffered the same fate as malls and department stores in downtowns throughout the country,” recalls Guy Worley, CDDC president. “As more people left the cities for the suburbs, these malls and department stores were left to decay.” The building was the first LEED Gold-certified renovation project in Central Ohio — something the city takes pride in. “We didn’t want this project to come at …
CHICAGO — U.S. Bank has provided a $17.4 million equity investment in a 78-unit affordable housing multifamily project in Chicago. Park Place Family will be located at the intersection of West 50th Street and South Millard Avenue. Brinshore Development LLC and Back of the Yards Neighborhood Council will develop the project. The development is estimated to cost $27 million. The units will range from one to three bedrooms. Two units will be built for vision- or hearing-impaired residents, and four units will be accessible for handicapped residents. Eligible tenants will earn between 50 and 60 percent of the area’s median income. Rents will range from $546 for a one-bedroom unit to $960 for a three-bedroom unit. Site preparation is underway, and completion is slated for February 2017.
CHICAGO — Marcus & Millichap has brokered the sale of a 19-unit apartment property in Chicago. The building, located at 3161 N. Orchard St., sold for $6.5 million. The three-story asset was fully renovated in 2013. Upgrades included granite countertops, new kitchen cabinets, stainless steel appliances, new bathrooms, plumbing and electric, porches and newly stained hardwood floors. Kyle Stengle listed the property on behalf of the seller and secured the buyer in the transaction. Both parties were limited liability companies.
CHICAGO — NelsonHill has arranged a 122,000-square-foot industrial lease in Chicago. The facility is located at 1200 W. Cermak Road and features new lighting, loading docks, 18-foot clear heights and parking. The entire facility was leased in six transactions. Tenants in the property include Fastenal Co., Shyp Inc., MakeSpace, Windy City Greens, Gourmet Gorilla and Sherwin-Williams. Michael Nelson and Mark Nelson of NelsonHill arranged the transactions.
WEST ALLIS, WIS. — The Barry Co. has brokered the sale of an 8,000-square-foot industrial property in West Allis, a western Milwaukee suburb. Milwaukee Alarm Co. purchased the facility located at 2241 S. 116th St. from Cardinal Two LLC for an undisclosed price. Kevin Barry of The Barry Co. represented the buyer in the transaction. Travis Tiede of NAI/MLG Commercial represented the seller.
DELAFIELD, WIS. — Siegel-Gallagher has arranged a 1,019-square-foot retail lease in Delafield, approximately 30 miles west of Milwaukee. Delafield Hair and Friends LLC is leasing the space in Delafield Properties II from Ace Delafield Properties LLC. The property is located at 715 Genesee St. Devin Tessmer of Siegel-Gallagher brokered the transaction.
CHICAGO — Power Construction Co. LLC, along with Ascend Real Estate Group and Intercontinental Real Estate Corp. has broken ground on Niche 905 in Chicago. The 18-story, 202-unit luxury apartment tower will be located at 905 N. Orleans St. Designed by Fitzgerald Associates Architects, the building is expected to obtain LEED certification and will include one-, two- and three-bedroom units. The tower will also include 1,750 square feet of ground-level retail, parking for more than 150 vehicles and storage for 110 bikes, as well as views of Lake Michigan and the downtown skyline. Niche 905 will be located near the Chicago Transit Authority’s Brown, Purple and Red lines. Amenities at Niche 905 include a rooftop pool, spa and sundeck; grilling stations and a fire pit; outdoor bar; community garden; a fitness center with yoga studio; private party room with kitchen; business center; conference room; coffee bar; pet washing station and bike storage and workshop. Unit amenities include quartz countertops, glass tile backsplashes, under-cabinet lighting, plank flooring, 9-foot ceilings, private balconies and washers and dryers. Ascend Real Estate Group and Intercontinental Real Estate Corp. make up the development venture.
PALATINE, ILL. — Faris Lee Investments has brokered the $7.1 million sale of an 11,800-square-foot retail property. The Shops at Deer Grove is fully occupied and located on 1.5 acres in Palatine, approximately 30 miles northwest of Chicago. Tenants in the center include Starbucks Coffee, Menchie’s Frozen Yogurt, Pie Five Pizza, AT&T, Jersey Mike’s Subs and Chipotle Mexican Grill. Matthew Mousavi and Patrick Luther of Faris Lee Investments represented both parties in the transaction. The seller was an Illinois-based private developer and the buyer was a Wisconsin-based private investor.
WAUSAU, WIS. — The Morgan Partners has broken ground on a 45,000-square-foot Dick’s Sporting Goods and a 4,500-square-foot Red Robin in Wausau. The retail buildings will be situated on 5.2 acres. Neighboring tenants include Walmart, PetSmart, Michaels, Best Buy and Starbucks Coffee. Grant Schwab of The Morgan Partners represented the development team. Jon Reese of Great Street Realty Partners and Dan Cohen of Mid-America Real Estate-Wisconsin represented Dick’s Sporting Goods and Red Robin. Both businesses are slated to open in early 2016.