CHICAGO — McShane Construction Co. has completed the rehabilitation and renovation of Borinquen Bella Apartments in Chicago’s Humboldt Park neighborhood. The work included both exterior and interior improvements for a total of 47 units and 62,896 square feet across four buildings, all owned by the Latin United Community Housing Association. Funding for the project, which was planned by Landon Bone Baker Architects, was made possible in part through Low-Income Housing Tax Credits and Housing and Urban Development funds.
STERLING HEIGHTS, MICH. — SOBB Sterling LLC has purchased a 206,000-square-foot shopping center in Sterling Heights for $7.6 million. Led by Joshua Simon, president of commercial real estate development firm SimonCRE, the SOBB Sterling partnership acquired Market Place Shopping Center through a foreclosure. Target, a 20-screen MJR Theatres, Ruby Tuesdays and a variety of regional and local retailers anchor the center, which is located on Van Dyke Avenue. More than 50,000 square feet of retail space is available in the 20-acre shopping center. Simon plans to renovate the retail property by updating the landscaping and parking lot and making overall building improvements. Target is currently remodeling its store to match the new look that Market Place Shopping Center will receive. SOBB Sterling LLC brings together investors from Arizona and Kansas to Michigan.
MADISON, WIS. — WS Development has unveiled plans for a major redevelopment of the Hilldale Shopping Center in Madison. The Massachusetts-based company, which owns and operates the 55-store, 475,000-square-foot mall, announced its $15 million proposal Tuesday.Redevelopment plans include transforming the existing enclosed mall area between Metcalfe’s and Macy’s and create an open air streetscape. The plan also proposes outward-facing storefronts along the existing streets in the area. A host of new stores, including kitchenware retailer Sur La Table, fitness studio Pure Barre, Morgan Shoes, Stride Rite and New Balance, are expected to open in fall 2014.
CARPENTERSVILLE, ILL. — Capital Real Estate Advisors LLC has purchased a 110,000-square-foot shopping center located on Western Avenue in Carpentersville, about 40 miles northwest of Chicago, for $7.1 million. Tenants at Springhill Market Place include Fifth Third Bank, Big Lots, Firestone, Auto Zone, Sherwin Williams, UPS and Fast Signs. National Realty Network represented Capital Real Estate Advisors in the transaction. Rosemont, Ill.-based Foresite Realty Partners is serving as the property manger.
WHEELING, ILL. — Baum Realty Group LLC has arranged the sale of a 14,348-square-foot retail strip center and 60,001-square-foot pad site in Wheeling, located about 28 miles north of Chicago. Danny Spitz, Greg Dietz and Ben Brichta of Baum Realty, along with Doug Renner and Gary Shvartsman of the firm’s landlord representation team, represented the seller. Baum also procured the buyer, an out-of-state investor, in the transaction. The retail property is located at 701- 749 N. Milwaukee Ave. in front of the 400-room Westin Chicago North Shore Hotel. With a 21 percent occupancy, the investment represents a value-add opportunity, according to Baum. The strip center includes 11,179 square feet of contiguous available space. Baum will continue its assignment as the leasing agent.
CHICAGO —A $25 million renovation of the Hyatt Chicago Magnificent Mile, which includes a new signature restaurant known as Level 2, is now complete. The hotel updated its 419 guestrooms, meeting space, lobby, indoor pool and fitness center. Chicago-based Looney & Associates led the design effort. It also added an Escape Bar, which offers space for informal small meetings with complimentary Wi-Fi, four iMac computers, two LCD HDTVs and printers. Guestrooms now feature new carpeting, drapery, wall covering, entertainment centers and oversized desks along with a stereo iPod docking station. The fitness center has been expanded by 60 percent and includes new cardio equipment with Wi-Fi access, individual TV screens and iPhone docking stations. The Level 2 restaurant serves contemporary American cuisine with organic local ingredients along with specialty cocktails and craft beers.
WEST ALLIS, WIS. — The Dickman Co. Inc./CORFAC International has completed the sale of a 50,845-square-foot industrial building in West Allis, about six miles west of Milwaukee. Samuel M. Dickman Jr. and Samuel D. Dickman of the Dickman Co. represented the seller, C.D.D.M. Enterprises LLC, in the transaction. Trent Poole of CBRE represented the buyer. The industrial property is located at 10930 W. Lapham St.
SCHAUMBURG, Ill. — Samwon Tech has purchased a 98,456-square-foot industrial property in Schaumburg, a Chicago suburb, for $5.2 million. Wiley Road Industrial Park LP sold the 11-unit property located at 1261 Wiley Road. Built in 1983, the property is fully leased to clients including Sherman Williams, Prism Healthcare and The Kaman Corp. Samwon Tech is an industrial metal fitting supplier and manufacturer whose parent company is based out of Korea. John Sharpe, a principal at Lee & Associates, represented Wiley Road Industrial Park in the transaction. Ronan Remandaban, also of Lee & Associates, represented Samwon Tech.
WAYNE, MICH. — Bernard Financial Group has arranged a $2.2 million loan for Rush Investments 1 & 2 Portfolio in Wayne, located about 20 miles west of Detroit. The portfolio includes an owner-occupied truck terminal and four multi-tenant office buildings. Rush Investments 1 LLC and Rush Investments 2 LLC are the borrowers. StanCorp Mortgage Investors LLC, a servicing correspondent of Bernard Financial Group, was the lender. Bernard Financial Servicing Group, a mortgage banking firm representing several life insurance companies and conduits in Michigan, will provide partial servicing for this loan. David Dismondy of Bernard Financial Group originated the loan.
MINNEAPOLIS — Chicago-based Magellan Development Group is building a 36-story apartment tower in the Loring Park neighborhood of downtown Minneapolis. LPM Apartments will feature 354 rental apartments, including studios, one-, two- and three-bedroom units. More than 41,000 square feet of amenity space will feature a fitness center, lap pool, hot tub, sauna and steam rooms, media and game room, resident lounge, business center and bicycle storage. LPM Apartments will also feature a community deck that will include a splash pool, hot tub, fire pits, grills and lounge areas. According to the Star Tribune, rental prices at the property range from $2 to $3 per square foot. James McHugh Construction Co. is serving as the general contractor. Loewenberg Architects LLC is designing LPM Apartments.