CHICAGO — Akara Partners plans to develop a two-building, 270,202-square-foot apartment complex at 500 N. Milwaukee in Chicago’s River West Neighborhood Fulton River District near the West Loop. Following demolition of an existing vacant building on the site, Akara will proceed with construction of 227 apartment units, 14,000 square feet of street-level retail space and 102 parking spaces at the northwest corner of Milwaukee and Grand avenues. The design by Pappageorge Haymes Ltd. includes a four-story building on the corner totaling 55,074 square feet and a 14-story building on the other side of Green Street totaling 215,128 square feet. BMO Harris Bank is providing construction financing for the development and Goldman Sachs serves as the equity partner. CA Residential is Akara’s development partner and Tishman Construction is the general contractor. The development is scheduled for completion in 2016.
EAGAN, MINN. — Dougherty Mortgage has arranged a $24 million Fannie Mae loan for the acquisition of Thomas Lake Pointe Apartments, a 216-unit market rate multifamily housing property located in Eagan. The 12-year loan features a 30-year amortization schedule. Dougherty’s Minneapolis office secured the loan for the borrower, Thomas Lake Pointe Apartments LLC. Thomas Lake Pointe Apartments includes one-, two- and three-bedroom floor plans. The property includes a lodge-style community center, 24-hour fitness center, poolside pub with billiards, and hot tub.
TWINSBURG, OHIO — Developer Scannell Properties has selected Meridian Design Build to provide design-build construction services for a 303,888-square-foot package and sortation distribution center in Twinsburg. The new facility will be located at CornerStone Business Park, with access to I-480 and I-271. The building will include 99 loading docks, 236 interior van-loading positions, 509 exterior trailer stalls and 15,434 square feet of office/administrative space. Additional construction will include a freestanding 5,180-square-foot maintenance garage as well as a 3,135-square-foot gateway building, which will serve as a secure entry point into the facility. The architect is Precept Design LLC. Weber Engineering Services will serve as the civil engineer for the project.
BROADVIEW, ILL. — Paine/Wetzel TCN Worldwide has arranged the lease of a new 30,117-square-foot industrial space in Broadview. Golden Eagle Distributors will occupy space located at 2121 21st St. The general merchandise distribution company is relocating from 4139 W. Ogden Ave. in Chicago. The new property includes high ceilings, wide bays, 3,000 square feet of office space and two interior truck docks with elevators. The building also includes an overhead drive-in door and available parking. Albert Schulman of Paine/Wetzel TCN Worldwide represented Golden Eagle Distributors. Darwin Realty’s Dan Fanelli represented the building’s owner, GIS Rolling LLC.
PRAIRIE TOWNSHIP, OHIO — Equity Inc. will build a new 8,000-square-foot, freestanding medical office building in Prairie Township for Liberty Dialysis, an affiliate of Fresenius Medical Care. Construction on the new facility, located at 4500 W. Broad St., is scheduled to begin in April. Liberty Dialysis is an affiliated company of Fresenius Medical Care, developing, owning and operating dialysis clinics throughout the U.S. Fresenius Medical Care produces dialysis equipment and operates a network of more than 2,150 dialysis facilities in North America.
VERONA, WIS. — Lee & Associates has arranged a $625,000 land sale in Verona, approximately 11 miles southwest of Madison. The property is located at 671 Hometown Circle. Steve Doran and Todd Waller of Lee & Associates represented the buyer, Taco Bell of America LLC, in completing the transaction. Taco Bell plans to begin construction on a new restaurant at the location this spring and open this fall.
MILWAUKEE — KeyBank Real Estate Capital has secured a $21.5 million Freddie Mac CME loan for Presidio Square Apartments in Milwaukee. The 248-unit, garden-style apartment complex was built in 1991. Jeannie Johnson of KeyBank Real Estate Capital Markets’ multifamily team arranged the financing for the undisclosed borrower. The financing will be used to pay off an existing loan.
CHICAGO — Peet’s Coffee & Tea Inc. has opened a new store and Ghirardelli Chocolate Co. has signed a new lease in Chicago’s Wrigley Building. Peet’s will occupy 1,140 square feet on the ground floor of the south tower of the building at 400-410 N. Michigan Ave. The Peet’s store has been built with the company’s new store design that showcases the art of its coffee making and also features historic photos of The Wrigley Building from the early 20th century. Ghirardelli Chocolate Co. has signed a new lease for 7,000 square feet of retail space in the south tower for an ice cream and chocolate shop. The new store is set to open on Memorial Day. The Wrigley Building is owned by a group of investors led by BDT Capital Partners and includes Zeller Realty Group, and Eric Lefkofsky and Brad Keywell personally, as minority investors.
ST. CHARLES, ILL. — Darwin Realty & Development Corp. has arranged the sale of a 36,371-square-foot industrial facility in St. Charles. A Midwest-based food manufacturing and distribution company purchased the property, which is located on more than two acres at 2531 Dukane Drive. The property, which was built in 1980 and expanded in 2001, features an 18-foot, 6-inch clear ceiling height and three interior docks with one grade-level door. Geoff Kasselman of Newmark Grubb Knight Frank represented the seller, an East Coast-based printing services company.
O’FALLON, ILL. – Holland Construction Services Inc. has completed construction on the new O’Fallon Fire/EMS headquarters, and parks and recreation maintenance facility. Holland served as construction manager on the $5.8 million project. The 16,400-square-foot, five-bay firehouse features workstations, sleeping quarters, a weight room and a training/conference center. The 7,500-square-foot parks and recreation maintenance building includes four apparatus bays and multi-purpose administration space.