CHESTERTON, IND. — Mainstreet, an Indiana-based skilled nursing developer, and skilled nursing operator Symphony Post Acute Network have opened Symphony of Chesterton, a 106-bed skilled nursing facility in Chesterton, approximately 45 miles southeast of Chicago. Construction started in May 2015. Mainstreet developed the property and Symphony operates it. The 77,703-square-foot community cost $18.8 million to develop.
BURR RIDGE, ILL. — Waramaug Hospitality III LLC and Sidra Real Estate Inc. have acquired the Chicago Marriott Southwest at Burr Ridge for an undisclosed price. The 184-room, full-service hotel, located in Burr Ridge, approximately 20 miles southwest of Chicago, features over 10,000 square feet of meeting and event space that can accommodate up to 900 guests. Amenities include an indoor swimming pool, fitness center and business center. The hotel also includes Ciazza Restaurant & Bar. Waramaug is planning to renovate all public areas, guestrooms, meeting spaces and the restaurant. Interstate Hotels & Resorts will manage the property. The seller in the transaction was undisclosed.
LIBERTYVILLE, ILL. — PREMIER Design + Build LLC has completed the construction of two speculative warehouses in Libertyville, approximately 40 miles northwest of Chicago. The facilities are situated on 21 acres at 804 E. Park Ave. Bridge Development Partners is the project developer. Building 1 at Bridge Point 94 is 185,670 square feet, and Building 2 is 220,542 square feet. Both Class A facilities feature 32-foot clear heights, 56 truck dock positions and ESFR sprinklers. The buildings share a parking lot with 536 spaces. Cornerstone Architects Ltd. provided architectural services, and Pearson, Brown & Associates Inc. was the civil engineering firm. John Hauser and Michael Fonda of Avison Young are overseeing the lease-up of the building.
CLEVELAND —Cleveland, Ohio-based KeyBank Real Estate Capital has provided a total of $11.7 million in first mortgage loans for multiple parking garages in Indiana and Missouri. MVP REIT sponsors the properties. KeyBank provided an $8.2 million loan for a portfolio consisting of City Park Garage and Surface Parking Lot, both located in the central business district of Indianapolis. KeyBank also provided an additional $3.5 million loan for three surface parking lots, two in St. Louis and one in Kansas City. Randy Martin of KeyBank arranged the CMBS, non-recourse loans.
NEW RICHMOND, WIS. — Marcus & Millichap has brokered the $1 million sale of a 19-unit apartment property in New Richmond, approximately 45 miles northeast of Minneapolis, Minn. Heritage Apartments consists of 15 two-bedroom and four three-bedroom units located in two buildings, which were built in 1986 and 1997. The property has undergone renovations over the last eight years that include new windows, vinyl siding and roofs. The seller was a limited liability company that sold the asset, located at 1380 Heritage Drive, to a private investor. The property traded at its full list price and had a cap rate below 7 percent. Evan Miller, Mox Gunderson, Matthew Fitzgerald and Dan Linnell of Marcus & Millichap listed the property on behalf of the seller and secured the buyer in the transaction.
INDIANAPOLIS, PLAINFIELD AND BROWNSBURG, IND. — An entity led by Biynah Industrial Partners and Olympus Ventures has acquired an eight-building industrial portfolio in Indianapolis for $167 million. The Class A portfolio totals nearly 4 million square feet and was purchased from an affiliate of Transpacific Development Co. (TDC). The transaction also includes 42 acres of vacant land in addition to the eight buildings. Each facility is located within a master-planned distribution center. The portfolio is 94 percent occupied. Four buildings, which total 1.5 million square feet, are located in the Airwest Industrial Park in Plainfield. Two buildings, each 281,580 square feet, are situated in the AmeriPlex development in Indianapolis. EaglePoint 3, located at 901 E. Northfield Drive in Brownsburg, totals 396,000 square feet and features 32-foot clear heights. The last property is located at 710 S. Girls School Road in Indianapolis and is 1.3 million square feet and 100 percent leased. John Huguenard, Sean Devaney and Ed Halaburt of JLL represented the seller in the transaction. The buyer was self-represented. HFF placed a $100.2 million 10-year, fixed-rate loan with an international life insurance company on behalf of the joint venture.
EDWARDSVILLE, ILL. — TRiSTAR Properties has broken ground on two new industrial buildings within the Gateway Commerce Center in Edwardsville, approximately 25 miles northeast of St. Louis. The two speculative distribution facilities will total 1.1 million square feet. Gateway Commerce Center is a 2,300-acre logistics and bulk distribution park. PCCP LLC is partnering with TRiSTAR to fund the $49 million project. The first building, Gateway East 618, will be situated on 53 acres and span 618,450 square feet. The facility will feature 36-foot clear heights, 68 dock doors and two drive-in doors. Gateway East 513 will be a 513,760-square-foot building that sits on a 46-acre site. This facility will include 32-foot clear heights, 58 dock doors and two drive-in doors. Both buildings are expandable by over 1 million square feet. Ed Lampitt of Cushman & Wakefield is the leasing agent for the two buildings, which are both slated for completion in the latter half of this year. Contegra Construction is serving as the project’s general contractor. Gray Design Group is the architect of record, and Stock & Associates Consulting Engineers Inc. is providing civil engineer services.
GRAYSLAKE, ILL. — Strategic Properties of North America (SPNA) has acquired a 396-unit multifamily complex in Grayslake, approximately halfway between Chicago and Milwaukee, for an undisclosed price. SPNA plans to make $3 million worth of improvements to Grays Pointe Apartments. SPNA enacted Section 15 of the Condo Act, effectively allowing the company to dissolve the condominium association and apply the current apartment cap rate to the net operating income. The seller in the transaction was undisclosed.
ASHTABULA, OHIO — The Cooper Commercial Investment Group has brokered the $1.9 million sale of a 16,820-square-foot retail center in Ashtabula, approximately 60 miles northeast of Cleveland. A Cleveland-based private investor sold AT&T Plaza to a Kansas buyer. Tenants at the shopping center include AT&T, Springleaf Financial, Best Cuts and Cashland. Dan Cooper of Cooper Commercial represented the seller in the transaction.
TROY, MICH. — Friedman Integrated Real Estate Solutions has arranged a 62,318-square-foot office lease in Troy, approximately 25 miles north of Detroit. Midland Credit Management Inc. will occupy space in Building B of Troy Officentre. Osprey-Troy Officentre LLC owns the building located at 320 E. Big Beaver Road. Glenn DesRosiers of Friedman Integrated Real Estate Solutions represented the landlord in the transaction. Midland Credit Management is a subsidiary of Encore Capital Group, an international specialty finance company that provides debt-recovery solutions for consumers and property owners.