GENEVA, ILL. — Mid-America Real Estate Corp. has arranged the sale of Randall Square Shops in Geneva, about 40 miles west of Chicago. The sales price was undisclosed. The 54,147-square-foot retail center is home to McAlister’s Deli, Hand and Stone Massage, For Eyes, Men’s Wearhouse, Golf Tec, Milan Laser and Popeye’s. Joe Girardi and Emily Gadomski of Mid-America represented the seller, Viking Partners. Chicago-based Northpond Partners was the buyer.
ST. PAUL, MINN. — Marcus & Millichap has negotiated the sale of Wheelock Parkway Apartments in St. Paul for an undisclosed price. Located at 1609 N. Woodbridge St., the property features 44 one-bedroom units and 59 two-bedroom units across 85,580 rentable square feet. Amenities include an outdoor pool, laundry facilities, picnic areas, a walking path and playground. Constructed between 1965 and 1967, the community is situated near Como Park Zoo and Rosedale Center. Chris Collins, Evan Miller, Eric Wagner, Matthew Shide and Zack Olson of Marcus & Millichap represented the seller, a Minnesota-based limited liability company, and procured the undisclosed buyer.
BATAVIA, ILL. — Brown Commercial Group has brokered the sale of an 18,500-square-foot industrial building in the Chicago suburb of Batavia for an undisclosed price. Dan Brown of Brown Commercial Group represented the seller, Robart Manufacturing. Luke Dummitt of Brown Commercial Group represented the buyer, Acevision, an ultrasound sales, parts and repair provider. The company is expanding from its 9,000-square-foot lease in St. Charles, Ill.
SAINT CHARLES, ILL. — The Boulder Group has arranged the $3.1 million sale of a 2,090-square-foot property net leased to Andy’s Frozen Custard in Saint Charles, about 45 miles west of Chicago. The single-tenant building is located at 2630 E. Main St. and serves as an outparcel to the Foxfield Commons shopping center. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based development firm, and the buyer, a local real estate group. The asset features a 15-year lease that commenced in 2023 following the completion of construction.
DEERFIELD, ILL. — Walgreens Boots Alliance Inc. (Nasdaq: WBA) unveiled in its fiscal year 2024 earnings report that it plans to close 1,200 stores over the next three years, including approximately 500 closures in fiscal 2025. “In fiscal 2025, we are focusing on stabilizing the retail pharmacy by optimizing our footprint, controlling operating costs, improving cash flow and continuing to address reimbursement models to support dispensing margins and preserve patient access for the future,” says Tim Wentworth, CEO. “Fiscal 2025 will be an important rebasing year as we advance our strategy to drive value creation. This turnaround will take time, but we are confident it will yield significant financial and consumer benefits over the long term.” In its fourth quarter, the Deerfield-based company posted a $3 billion loss, which was mostly derived from tax charges related to opioid liabilities and a write down of an investment in a Chinese pharmacy chain. Fourth-quarter sales increased 6 percent from the same period a year ago to $37.5 billion. Sales in fiscal 2024 were $147.7 billion, an increase of 6.2 percent from the same period a year ago. Net loss in fiscal 2024 was $8.6 billion, an increase of 180.4 percent over the …
CHICAGO — JLL Income Property Trust has sold 180 North Jefferson, a 28-story apartment tower in Chicago’s West Loop neighborhood. The sales price was roughly $76 million, according to Crain’s Chicago Business. The property features 274 renovated units along with upgraded amenities. John Jaeger, Justin Puppi and Jason Zyck of CBRE represented the seller, which held the asset for nearly eight years. JLL says the disposition frees up capital for the strategy of pursuing suburban, garden-style apartment communities in highly rated school districts.
HARTLAND, WIS. — Associated Bank has structured a $59.8 million construction financing package for Westrock Residences, a 267-unit multifamily project in Hartland, about 25 miles west of Milwaukee. Three Leaf Partners and Continental Properties are the developers. Plans call for 27 townhouse-style units and 240 units in two-story stacked flats. There will be a mix of one-, two- and three-bedroom floor plans. Amenities will include a fitness center, golf simulator, pool, playgrounds, walking paths and a dog run. JLA Architects is the project architect. Site work is underway, and the project will be completed in phases. The first units are slated for occupancy in summer 2025. Continental Properties will manage the community. Ryan Krombach of Associated Bank originated the financing. Associated Bank, administrative agent and co-lead arranger, was joined by co-lead arranger Johnson Bank and Greenwoods State Bank to complete the construction loan syndication. The Village of Hartland is supporting the project with tax-increment financing that will reimburse the developers up to $15.9 million over 27 years using taxes the new development generates. The project site is a 45-acre former quarry that has been slated for redevelopment for decades.
GREENWOOD, IND. — CBRE has brokered the sale of Westminster, a 438-unit multifamily property in the Indianapolis suburb of Greenwood. The sales price was undisclosed. Built in 1971, the community has undergone extensive renovations totaling nearly $20 million since 2014. Residences come in one-, two- and three-bedroom layouts averaging 918 square feet. George Tikijian, Hannah Ott, Cam Benz, Claire Bullard and Ryan Stockamp of CBRE represented the seller, Van Rooy Properties, which acquired the asset in 2010. Monarch was the buyer.
LAKEVILLE AND SAVAGE, MINN. — Inland Real Estate Acquisitions LLC has acquired two luxury senior living communities in metro Twin Cities for an undisclosed price. Kingsley Shores Independent Senior Living in Lakeville features 101 units. Amenities include a dining room, library, wellness center, warm-water pool, salon, rooftop veranda, theater room, scheduled transportation and onsite social activities. Kingsley Place, an active adult community with 55 units, was also acquired as part of Kingsley Shores. Savage Senior Living at Fen Pointe in Savage features 122 units. Amenities include a dining room, library, fitness center, clinic space, community gardens, salon, theater room, chapel, art studio, coffee bar and walking paths. Both properties were 95 percent occupied at the time of sale. Matthew Tice and David Neboyskey of Inland completed the transaction on behalf of an Inland affiliate.
ST. LOUIS — Northmarq has negotiated the sale of Westpark Apartment & Townhomes, a 212-unit garden-style multifamily property in St. Louis. Located at 11409 Tivoli Lane, the community was largely built between 1996 and 2006 with a portion developed in 1969. Units range from 800 to more than 2,000 square feet. Amenities include a pool, fitness center, playground and basketball court. Dominic Martinez, Parker Stewart, Charlie McKee and Alex Malzone of Northmarq represented the seller, a locally based private investor, and the buyer, a national owner/operator of multifamily properties.
