CHARLESTON, ILL. — Triad Real Estate Partners has arranged the $2.1 million sale of the Highland Place Apartments, a 72-unit Low Income Housing Tax Credit (LIHTC) multifamily property in Charleston, a city in southern Illinois. The buyer is Charleston-based affordable housing developer Yost Management LLC. The buyer applied for 9 percent acquisition/rehabilitation tax credits through the Illinois Housing Development Authority (IHDA) in 2012 but was denied. A follow up application in 2013 received the award and Yost plans to renovate the property. The transaction was closed with a bridge loan in anticipation of IHDA financing at a later date. An Indianapolis-based tax credit and rural housing developer constructed the property in 1998 under the LIHTC program.
Midwest
CHAMPAIGN, ILL. — CA Student Living is developing a 27-story student housing community in conjunction with HERE Enterprises that will open in July 2015. The property will include 143 units and 526 beds and is located off-campus on E. Green Street. The architect is Hartshorne Plunkard Architecture and the general contractor is Clayco Construction. According to CA Student Living, HERE Champaign will be the nation's first all-duplex apartment student housing high-rise and will feature amenities such as a fitness center, golf practice bays, a sauna, Internet café and a rooftop deck with hot tub and grills. The property will also include a four-story parking garage with space for approximately 250 vehicles, as well as a robotic valet parking system.
MENDOTA HEIGHTS, MINN. — The Opus Group has completed a 31,100-square-foot expansion and renovation for Visitation School in Mendota Heights, a southeast suburb of Minneapolis. Phase I, completed in January 2013, included constructing a new 4,000-square-foot Science, Technology, Engineering and Math (STEM) building, known as Opus Hall. The first phase also included a 1,800-square-foot expansion to the school’s dining area and the creation of an interior courtyard. Construction of Phase II began in June 2013 and included 14,300 square feet of new construction, including the addition of a third level and 11,000 square feet of renovations. The project created a new entryway and commons for the school, including a three-story atrium space, new classrooms and breakout and study areas. Opus Design Build LLC was the design-builder and Opus AE Group LLC served as the design architect and architect of record. NELSON provided interior design services.
NAPERVILLE, ILL. — CenterPoint Properties has sold a 152,859-square-foot industrial building in suburban Chicago to Tri-Ring American Corp. The building is located at 820 Frontenac Road in Naperville and situated on 11.6 acres. Tri-Ring American Corp., a manufacturer of automotive components, will use the property for its distribution facility. Eric Tresslar, Joe Bronson and Kyle Barrett with NAI Hiffman’s industrial services group represented CenterPoint Properties in the transaction. Jeff Gilbert of Wagener Equities represented Tri-Ring.
NILES, ILL. — Scannell Properties has selected Meridian Design Build to provide design-build services for a new 306,448-square-foot package sorting and distribution center in Niles. The scope of the project includes the redevelopment of a 34-acre site at the northeast corner of Howard and Lehigh that was home for more than 50 years to a Grainger Industrial Supply distribution center. The project will include demolition of an existing 756,000-square-foot building and adjacent parking lots. The new automated sort facility will include 249 exterior trailer stalls and 556 employee parking stalls. Additional improvements include a vehicle maintenance garage and gateway security building designed to support daily operations at the facility. Precept Design LLC is providing architectural services. Spaceco Inc. is completing civil engineering work.
CHICAGO — Sterling Bay Cos. has completed the $22 million acquisition of Fulton West, a portfolio of existing and partially completed office, retail and parking facilities in the Chicago area, from an affiliate of Marc Realty. In its current stage of development, Fulton West includes three loft-style office buildings totaling approximately 165,000 square feet and parking facilities — structures and surface lots — for more than 314 vehicles. The Fulton West portfolio is bounded by Fulton Street North and Carroll Avenue between Elizabeth Street (eastern boundary) and Ada Street (western boundary). Sterling Bay expects the projects to be completed by Spring 2016.
BATAVIA, ILL. — @properties Commercial has brokered the $2.4 million sale of a 10,500-square-foot retail center at 805-820 Randall Rd. in Batavia, a western suburb of Chicago. Dan Stratis and Lee Ffrench of @properties Commercial represented the buyer, Bally Doyle, a private investment firm. Jameson Commercial represented the seller, a private investor. The property was approximately 90 percent leased at the time of the sale. Current tenants include Accelerated Physical Therapy, Delnor Medical, Cartridge World and USA Cleaners.
BOLINGBROOK, ILL. — Network Strategy LLC has sold 13 acres of land to Seefried Industrial Properties in Bolingbrook, a Chicago suburb. Seefried Industrial Properties plans to build a speculative building on the property, located on the corner of I-55 and Veterans Parkway. The purchase price was not disclosed. Ben Cremer and Michael Robbins with NAI Hiffman’s industrial services group represented Network Strategy in the transaction. Trevor Ragsdale and Grant Glattly of JLL represented Seefriend Industrial Properties.
FARMINGTON HILLS, MICH. — Polyflex Product Inc. has leased of 12,000 square feet of industrial space at 23460 Industrial Park Drive in Farmington Hills. The space is comprised of 3,000 square feet of office space and 9,000 square feet of warehouse space. Peter E. Kepic, Peter J. Kepic and Ryan Brittain of Colliers International represented the landlord, Selesco Associates Inc., in the lease transaction.
OHIO — UMH Properties Inc. has acquired eight Ohio manufactured home communities for $24.9 million. The communities include a total of 1,018 developed homesites that are situated on approximately 270 acres. The average occupancy for these communities is approximately 70 percent. With this acquisition, UMH owns 82 communities totaling 14,500 developed homesites.