NORMAL, ILL. — Co-developers CA Ventures and Tartan Realty Group have begun Phase I of One Uptown on the Circle, a $27 million mixed-use development in Normal’s Uptown neighborhood, roughly seven minutes north of Bloomington. Phase I will include an eight-story tower housing a 114-room Hyatt Place Hotel and 1,600 square feet of retail space. The property will be located across the street from the Marriott Hotel and Conference Center and will feature a 2,300-square-foot outdoor terrace connected to a 1,500-square-foot meeting space, as well as a pool and fitness center. Phase II will feature a 6,500-square-foot restaurant or retail below 34 multifamily units.
Midwest
BOLINGBROOK, ILL. — Marcus & Millichap has arranged the $5.9 million sale of Shops at Lily Cache Creek, a 17,960-square-foot retail property in Bolingbrook, a suburb of Chicago. The shopping center is located at 741-769 E. Boughton Road and is nearly 93 percent occupied. A majority of the current leases are set to expire in 2016 or later with each tenant operating under a net-lease. Austin Weisenbeck and Sean Sharko of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a privately owned limited liability company, and the buyer, a national shopping center owner.
CHICAGO — Darwin Realty & Development Corp. has arranged the lease of 115,200 square feet of industrial space in Chicago. MWD Logistics Inc., a third-party distribution firm, will occupy space in a 259,680-square-foot building at 1480-1540 E. 97th Place. MWD leased the space as part of an expansion of its business within the Calumet Business Center, where it currently leases 90,625 square feet of space in an adjacent building. Darwin Realty & Development Corp. represented MWD in the lease deal. Chris Gary of NAI Hiffman represented the landlord, Ashley Capital.
CHICAGO — Regus, a shared office center operator with more than 2,000 locations worldwide, has signed a long-term, 21,000-square-foot lease at 55 E. Monroe St. in Chicago. Regus plans to commence its lease in January 2015. GlenStar Properties and its partner Walton Street Capital own the office building and signed Regus through its in-house representative Christian Domin. In the past 12 months there has been more than 140,000 square feet of new leases at 55 E. Monroe, bringing the building to 88 percent occupancy.
CANTON, LANSING AND OKEMOS, MICH. — Bernard Financial Group has arranged a $4.1 million loan for a four-property retail portfolio in Michigan totaling 39,409 square feet. Two of the four shopping centers are located in Canton and the other two are located in Lansing and Okemos. Dave Dismondy of Bernard Financial arranged the loan on behalf of the borrower, GK Retail Portfolio Inc.
COLUMBUS — First Market Properties LLC has acquired a 682-unit multifamily portfolio in Columbus for $30 million. Arbor Commercial Mortgage provided a mortgage of $24 million. The portfolio consists of four properties totaling 158,424 square feet, including Abbington Village at 988 Muirwood Village Drive; Ashley Village at 2272 Sunshine Place; Chatham Village at 2315 Muirwood Drive; and Courtship Village at 1503 Monmouth Street in Lancaster. First Market Properties plans to make immediate interior and exterior upgrades to the properties to increase rents and cash flow.
MINNEAPOLIS — Marcus & Millichap has arranged the $1 million sale of Federal Plaza, a 39,884-square-foot office property in Minneapolis. Federal Plaza is located at 219 S. Fourth St. Michael Ahles and Mox Gunderson in Marcus & Millichap’s Minneapolis office represented the seller, a bank/financial institution and the buyer, a private investor.
HIGHLAND HEIGHTS, OHIO — Osborne Capital Group has arranged a 10-year, $4 million financing with Ladder Capital Finance for the company's Brainard Crossing retail center in Highland Heights, a suburb approximately 15 miles east of Cleveland. Brainard Crossing is located on Wilson Mills Road between Brainard Road and Interstate 271. Brainard Crossing will comprise of the redevelopment of a long-vacant supermarket into a 40,000-square-foot shopping center anchored by Fitworks. The small shop space includes TNT Tanning, Highland Wellness and Grind Burger.
COUNCIL BLUFFS, IOWA — Darland Construction Co. has completed a new 28,000-square-foot clinic for Alegent Creighton Health in Council Bluffs, approximately seven miles east of Omaha. The clinic, located at 31st and West Broadway, opened in April. The single-story, free-standing facility includes reception and office spaces, 42 exam rooms and three nurse stations, a physical therapy treatment area and an on-site pharmacy. Leo A. Daly was the architect for the project.
CHICAGO — Essex Realty Group Inc. has arranged the $2.6 million sale of 3301 N. Clark St. in Chicago. The seven-unit, mixed-use property is located in the heart of Chicago’s Lakeview neighborhood. Doug Imber and Kate Varde of Essex Realty Group represented the undisclosed seller. Jim Darrow and Jordan Gottlieb represented the undisclosed buyer.