CHICAGO — CIM Group has topped out the 34-story, 690-unit apartment tower that sets on top of the Block 37 retail center. The residential property is scheduled to open mid-2016. The Block 37 retail center is located at 108 N. State St. and is 275,000 square feet. The retail portion of the building is five stories and has 340 spaces of parking underground. Block 37 tenants include Anthropologie, Sephora, Disney, Eileen Fisher, Zara, Magnolia Bakery and Puma. The property also has access to Chicago’s Pedway and the CTA Red and Blue Lines. An AMC Theatre and several restuarunts are also under construction and set to open mid-October.
BOLINGBROOK, Ill. — Colliers International has brokered the acquisition of two properties in Bolingbrook, which is 30 miles southwest of Chicago. Prologis bought the properties located at 800 and 850 S. Veterans Parkway from International Airport Centers for an undisclosed price. The properties are located within Remington Lakes Business Park. Colliers International represented both the buyer and seller in the acquisition and has also been hired by Prologis to lease the properties. 800 S. Veterans Parkway is a 325,144-square-foot industrial facility constructed in 1999 that is situated on 16 acres. It features nearly 25,000 square feet of office space, 291 parking spaces and 46 docks. The adjacent property, 850 S. Veterans Parkway, is a 361,176-square-foot facility constructed in 1997 that is situated on 32 acres. It features 30-foot ceiling height, ESFR sprinklers, 37 dock positions and three drive-in doors. Both properties were vacant at the time of sale.
CAROL STREAM, Ill. — Cushman & Wakefield has arranged the lease of a 154,000-square-foot property in Carol Stream, approximately 30 miles west of Chicago. GELS Logistics Inc., also known as 360zebra, leased the property located at 430 Kimberly Drive. Duke Realty owns and manages the property. Jason West, Sean Henrick and Michael Magliano of Cushman & Wakefield represented 360zebra. Brian Colson of NAI Hiffman represented Duke Realty. 360zebra is an international logistics group.
CHICAGO — Monroe Capital LLC has arranged the financing of a $57.5 million senior credit facility to support Battery Ventures’ acquisition of Physical Security Business Unit (PSBU). Battery Ventures is a global technology investment firm. PSBU was previously part of the security division of NICE Systems and is now being renamed Qognify. Qognify helps organizations capture, analyze, and leverage big data to anticipate, manage, and mitigate security and safety risks, maintain business continuity, and streamline operations. Monroe Capital LLC is a provider of senior and junior debt and equity co-investments to middle-market companies.
DYER, IND. — Skilled nursing developer Mainstreet and operator Symphony Post Acute Network have opened Symphony of Dyer, a skilled nursing facility in Dyer approximately 30 miles south of Chicago. Construction on the facility began in June 2014. It comprises 130 beds in 85,108 square feet of space. Development costs were $20.8 million.
DETROIT — Bernard Financial Group has arranged a $70 million loan to refinance the First National Building in downtown Detroit. The office building, located at 660 Woodward Ave., is 25 stories and over 800,000 square feet. The borrowing entity is 660 Woodward Associates LLC, an affiliate of Bedrock Real Estate Services. Dennis Bernard and Kevin Kovachevich originated the loan and arranged it through a national commercial mortgage-backed securities (CMBS) lender. The First National Building was constructed in 1922. The property includes an internal 10-story parking garage with 477 spaces. Bernard Financial Group is a Detroit-based mortgage banking firm. Bernard Financial will provide full servicing for the loan. Detroit-based Bedrock Real Estate Services is a full-service real estate firm specializing in acquiring, leasing, financing, developing and managing commercial and residential space.
MINNETONKA, MINN. — Carter Validus Mission Critical (CVMC) REIT II Inc. has acquired its third data center property for $19.9 million from an undisclosed seller. The property has 135,000 square feet for rent and is comprised of three buildings located on 15.5 acres close to St. Paul. The data center property is a tier II carrier grade facility that offers three megawatts of UPS infrastructure in the main building, 1.25 megawatts of UPS infrastructure in the secondary building and houses a research lab and office space in the third building. The property is 100 percent leased. Tenants include TW Telecom of Minnesota LLC and Uroplasty LLC. Carter Validus Mission Critical REIT II Inc. is a public non-traded company. CVMC REIT II Inc. intends to focus its acquisitions on assets in the data center and healthcare sectors.
HAMMOND, IND. — Transwestern has arranged the sale-leaseback of the Kaplan College building in Hammond, which is approximately 30 miles from Chicago. The property is 24,440 square feet and was sold to an undisclosed private investor for $3.5 million. Education Corporation of America (ECA) sold the facility which is located at 7833 Indianapolis Blvd. Marc Imrem and Andrew Watson of Transwestern represented the seller. ECA operates a platform of schools in the post-secondary education sector. Transwestern is a privately held real estate firm that specializes in agency leasing, management, tenant advisory, capital markets, research and sustainability services.
ROCHESTER HILLS, MICH. — Landmark Investment Sales has brokered the sale of a 13-acre former Kmart. The property is 121,000 square feet and sold for $6.8 million. The space is located at the intersection of Rochester Road and Avon Road in Rochester Hills, which is approximately 30 miles from Detroit.
ROMULUS, MICH. — Developer Chris Semarjian of Industrial Commercial Properties (ICP) and Stuart Lichter of Industrial Realty Group (IRG) have purchased the Northline Industrial Center in the greater Detroit area. The property is located at 38481 Huron River Drive and has over 1 million square feet of warehouse facilities situated on 164 acres. Anchor tenants include Home Depot, W.F. Whelan Company and Renaissance Global Logistics. Gary Glotzhober of Colliers International brokered the acquisition of the property from Soave Enterprises. The Northline property was originally designed and built for a government jet engine manufacturing facility. It was sold to Ford Motor Company and ultimately was owned and occupied by Kelsey-Hayes as a wheel manufacturing facility. This property is Semarjian and Lichter’s fourth major acquisition in metro Detroit. Developers Chris Semarjian (ICP) and Stuart Lichter (IRG) partner on national and regional projects and specialize in the acquisition, development and management of commercial and industrial real estate.