CHICAGO — Englewood Construction has completed work on Harry Caray’s 7th Inning Stretch restaurant and the Chicago Sports Museum in Chicago’s Water Tower Place building. Harry Caray’s Restaurant Group hired Englewood to build a new complex to pay tribute to Harry Caray, the late legendary baseball broadcaster renowned for his seventh-inning rendition of “Take Me Out to the Ball Game” at Chicago Cubs games at Wrigley Field. The 22,928-square-foot complex, which opened April 2, is on the seventh floor of Water Tower Place located at 835 N. Michigan Ave. The 250-seat restaurant and bar serves American cuisine and the 8,000-square-foot museum features five exhibits, ranging from unraveled sports mysteries to hall of legends. Chicago-based firms Barker/Nestor Architecture + Design and Ingrassia Design designed the project.
Midwest
WARREN, MICH. — Colliers International has arranged the $900,000 sale of a 151,953-square-foot warehouse in Warren, which is approximately 19 miles north of downtown Detroit. The property is located at 21001 & 21033 Groesbeck Highway. The warehouse was the former headquarters for Gardner White Furniture. Raffi Derbabian of Colliers represented the buyer, Safa Dabish, who will use the building for a food business.
WISCONSIN DELLS, WIS. — Marcus & Millichap has arranged the $1.2 million sale of a 228-room hospitality property in Wisconsin Dells, approximately 54 miles north of Madison. Dells Island Resort & Conference Center is located at 655 N. Frontage Road. Jon Ruzicka, Gordon Allred and Chris Gomes of Marcus & Millichap represented the seller, a bank/financial institution. Ruzicka and Allred also represented the buyer, a limited liability company. Matthew Fitzgerald of Marcus & Millichap assisted in closing the transaction.
CHICAGO — Reed Construction has completed 16,000 square feet of speculative office suites in Chicago’s Wrigley Building for Zeller Management Corp. The 502,000-square-foot property is located at 400 N. Michigan Ave. The build-out on the 7th floor of the building included the construction of walls, ceilings and glass office fronts. The divisible space features open workspace, private offices, conference rooms and pantries. Jason Gunderson was the senior project manager for Reed Construction. Griskelis Young & Harrell provided the architectural services. Zeller Realty Group is the leasing agent for the property. The Wrigley Building was constructed in 1921.
BROOKFIELD, WIS. — The Boulder Group has brokered the $2.4 million sale of a single-tenant, PNC Bank ground lease in Brookfield approximately 12 miles east of Milwaukee. The property is located at 12821 W. Bluemound Road. PNC Bank is the sole occupant of the recently constructed 4,020-square-foot retail building. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a private investor from the West Coast, and the seller, a Midwest based developer.
WOODSTOCK, ILL. — Marcus & Millichap has arranged the sale of a 47,650-square foot self storage facility located in Woodstock for an undisclosed price. Centerville Self Storage is located at 2105 S. Eastwood Drive. Built in 2000, the storage facility consists of 10 single-story buildings with 322 climate controlled and non-climate controlled units. Sean Delaney represented the seller, Centerville Self Storage LLC and the buyer, Sparkplug Capital LLC.
RICHFIELD, MINN. — Oak Grove Capital has originated an $11.1 million FHA 223(f) loan for Lyndale Plaza Apartments, a 94-unit affordable housing community in Richfield. The 35-year, fully amortizing loan was used to repay existing debt. Lyndale Plaza Apartments is a Class A property with 20 percent of its units set aside for low-income tenants. The original financing package included 4 percent tax credits, tax increment financing through the city of Richfield and a floating-rate, tax exempt bond issuance from the state of Minnesota. Oak Grove was able to obtain a waiver to HUD’s “three-year rule” and structure a long-term, fixed-rate FHA loan that locked in financing costs over the entire life of the property and allowed the borrower to pay for cost overruns that occurred during construction.
NAPERVILLE, ILL. — CBRE has arranged the lease of a 25,000-square-foot anchor retail space in Naperville to Fresh Thyme Farmers Market, a full-service grocer. The space is in the Cress Creek Square shopping center, which is located at 790-796 Royal St. George Drive. Current tenant Office Max will vacate the space, and the grocer plans to open in 2015.Lynne Brackett and Marisa Roussel of CBRE represented the landlord, Arthur Goldner & Associates Inc., in the transaction. Al Rodenbostel of ARCORE Real Estate Group represented Fresh Thyme.
GRAND RAPIDS, MICH. — Cohen Financial has secured more than $3.8 million in loans for two Michigan properties. Cathy Bronkema of Cohen Financial secured a $1.6 million acquisition loan for a single-tenant industrial building located in the Detroit area. Bronkema arranged the loan on behalf of the buyer, a Chicago-based investor, through a bank. Bronkema also secured a $2.2 million refinance loan for The Abbey Apartments, a 56-unit multifamily property located between Lansing and Grand Rapids. Bronkema arranged the loan on behalf of the buyer, a Michigan-based developer, through a life insurance company.
MUKWONAGO, WIS. — The Dickman Co. Inc./CORFAC International has completed the sale of an 11,400-square-foot retail building in Mukwonago, a city approximately 30 miles southwest of Milwaukee. The property is located at 723 N. Rochester Ave. Nathan Powers and Brian Riordan of Boerke Co. Inc. represented the buyer, 723 Rochester LLC. Dave Hazenfield of the Dickman Co. Inc. represented the seller, Cheryl A. Berg.