CHICAGO — Cohen Financial has secured a $6.5 million acquisition loan for a single-tenant, 13,600 square-foot property currently leased to Walgreens. The in-fill development is located at 3222 N. Milwaukee Ave. in Chicago. Don Trossman of Cohen Financial secured the loan for the borrower, Focused Sanford Property II LLC, with Illinois-based First Bank & Trust Co.
Midwest
CHICAGO — MB Real Estate has arranged a lease renewal and expansion for Dale & Gensburg P.C. at 200 W. Adams in Chicago. The Chicago-based law firm provides legal services to small and mid-sized businesses and individuals. The firm renewed its existing 4,033-square-foot lease on the 24th floor of the 32-story central Loop office property andexpanded by 1,470 square feet to accommodate its growing operations. Andrew Davidson and Christine Torres of MB Real Estate’s corporate services and tenant advisory group represented Dale & Gensburg in the lease negotiations. The building’s owner, Lincoln Property Co., was self-represented by Genny Emerson.
MOLINE, ILL. — Sam’s Club will open a new store this week in Moline in western Illinois. According to the Quad-City Business Journal, the 136,000-square-foot club is located at 6600 44th Ave. A grand opening ceremony will take place Thursday, Aug. 21. The store will feature a Sam’s Club pharmacy and optical center and offer its members discounts on produce, meats and other goods. The new membership warehouse club will bring 170 new jobs to the community. Sam’s Club, a division of Wal-Mart Stores Inc., is the nation’s eighth largest retailer. The store offers products and services in more than 630 clubs across the U.S., as well as in Brazil, China and Mexico.
CHICAGO — A new hotel, Hyatt The Loop Chicago, is set to open in February. Developer John Murphy is currently converting the historic office building, located at 100 W. Monroe St., into a hotel. Architect Frank Chase designed the building in 1927. Upon completion, the 22-story building will feature 257 guest rooms, 2,540 square feet of meeting space, a 24-hour fitness center, a new French restaurant, Cochon Volant Market, Bakery, Brasserie and Bar, and a rooftop bar. Integrated Clark Monroe LLC owns Hyatt The Loop Chicago. Interstate Hotels and Resorts, a U.S.-based global hotel management company, will operate the hotel. Hyatt The Loop Chicago will join five Hyatt-branded hotels in downtown Chicago, including Park Hyatt Chicago, Hyatt Regency Chicago, Hyatt Regency McCormick Place, Hyatt Chicago Magnificent Mile, and Hyatt Place Chicago/River North.
EDEN PRAIRIE, MINN. — NorthMarq Capital has arranged an $11 million loan for an undisclosed borrower to refinance Prairieview Shopping Center, a 114,646-square-foot retail property in Eden Prairie, approximately 17 miles southwest of Minneapolis. Patrick Minea of NorthMarq Capital’s Minneapolis office structured the loan with a 25-year term and 25-year amortization schedule. NorthMarq arranged financing through its correspondent relationship with Thrivent Financial.
OAK BROOK, ILL. — Rosemont, Ill.-based First Hospitality Group (FHG) Inc. will manage The Drake Oak Brook Hotel in Oak Brook, the suburban counterpart of Chicago’s famous Drake Hotel. Originally built in 1961, The Drake Oak Brook is currently closed and is undergoing a significant revitalization of the exterior, entrance, public space, office space and guest rooms. Under FHG’s management, the property will offer 80 guest rooms and 50 suites for long-term stays that are designated as Residences at the Drake. The renovation also includes 11,300 square feet of meeting space and a 2,000-square-foot outdoor patio overlooking the fountain, along with several ballrooms and meeting rooms. The Drake Oak Brook Hotelis scheduled to reopen as an independent hotel this fall. The hotel is in close proximity to O’Hare International Airport and more than five luxury golf resorts. The Drake Oak Brook joins 20 other Illinois hotels in FHG’s growing national management portfolio.
BANNOCKBURN, ILL. — NAI Hiffman has won the assignment to manage and lease a 210,000-square-foot, Class A office asset located at 3000 Lakeside Drive in Bannockburn, 30 miles north of Chicago. Bannockburn Corporate Center, located directly off the intersection of Half Day Road and I-94, is currently 62 percent occupied. The building includes indoor executive parking, ample natural light and adjoining blocks of available space. Linda Garske and Jason Wurtz with NAI Hiffman’s leasing team will market existing and upcoming availabilities at the property. The assignment of Bannockburn Corporate Center comes after NAI Hiffman won the assignment to manage and lease the 486,000-square-foot Naperville Woods Office Center in Naperville, Ill. With the two properties added to its portfolio, NAI Hiffman leases and manages more than 56.6 million square feet of office, industrial and retail space in the Chicagoland region.
EAGAN, MINN. — A joint venture between Simon and Paragon Outlet Partners has opened Twin Cities Premium Outlets in Eagan, a suburb of Minneapolis-St. Paul. The center offers 409,000 square feet of retail and is located at the intersection of U.S. Highway 13 and U.S. Highway 77. The center includes more than 100 outlet stores featuring high-quality designer and name brands. Some stores include Armani Outlets, Asics Outlet, Express Factory Store, J Crew Factory Store, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Cole Haan, Michael Kors and more. A grand opening celebration event for the new outlet center took place Aug. 14-17.
INDIANAPOLIS — Tikijian Associates has brokered the sale of Villa Paree Apartments, a 209-unit complex in Indianapolis. EMK Property Investors purchased the property for an undisclosed price. The complex is located at the northeast corner of Kessler Boulevard and Allisonville Road. Tikijian Associates represented the seller, an Indianapolis-based private real estate investment firm, which owned Villa Paree for more than 20 years. The transaction completed a reverse 1031 tax-deferred exchange for the seller and a forward 1031 exchange for the buyer. With offices in Cincinnati and Indianapolis, EMK invests in value-add multifamily communities in Indiana, Kentucky, Ohio, Texas and other U.S markets. Barrett & Stokely Inc., a regional apartment management firm with headquarters in Indianapolis, will manage the property for the new owner.
PONTIAC, MICH. — Bernard Financial Group has secured a $1.8 million loan to refinance Walton Ridge, a 155-pad mobile home park in Pontiac. The property is situated on nearly 36 acres next to a lake and Galloway Creek. Dave Dismondy of Bernard Financial originated the loan for the borrower, Walton Development Co. LLC. Assurity Life Insurance Co. was the lender in the transaction.