CHICAGO — Chicago Mayor Rahm Emanuel has proposed incentives that would support the development of a $19.4 million, 72-unit affordable seniors housing apartment building in Chicago’s Humboldt Park. North and Pulaski Elderly Limited Partnership Corp., would develop the five-story building to include a mix of one- and two-bedroom apartments, as well as an exercise room, laundry facilities and management offices. The complex, proposed for the long-vacant southeast corner of North Avenue and Pulaski Road, would include apartments for seniors aged 55 and older earning up to 80 percent of area median income. The city would provide $4 million in Tax Increment Financing, a $3.5 million loan and $1 million in Low Income Housing Tax Credits that would generate $10.1 million in equity for the project. The development partnership includes U.S. Bancorp Community Development Corp. and Hispanic Housing Development Corp.
ANN ARBOR, MICH. — Colliers International has completed the sale of the former Borders corporate headquarters in South Ann Arbor. The 330,000-square-foot office complex includes two buildings and had a listing price of $18.3 million, according to AnnArbor.com. The property is located at 100 Phoenix Drive, just south of I-94. Colliers International Ann Arbor represented the seller, Modern Woodman of America, in the transaction. Gold Star Mortgage has signed a lease for 65,000 square feet. Colliers was hired to lease out the remaining vacant space. The buyer was undisclosed.
INDIANAPOLIS — Subaru of America has signed a build-to-suit agreement for a 715,000-square-foot distribution center. The new facility will be located in the Northwest Indianapolis submarket at Prologis Park Lebanon, proximate to major freeways and the Indianapolis International Airport. Thestate-of-the-art facility will be utilized as a regional parts distributioncenter. Subaru of America signed the build-to-suit agreement with Prologis Inc.
HOLLAND, MICH. — The 117,750-square-foot Lakeshore Medical Office Complex in Holland has sold to a private family office based in New York City and Chicago for $8 million. The four-building complex is 85 percent occupied and was owned by a CMBS Trust. Kevin Baker and Daniel Kukes of Landmark Commercial Real Estate Services Inc. represented the buyer in the transaction.
KANSAS CITY, KAN. — The Sporting Club and the U.S. Soccer Federation have agreed to explore the creation of the $50 million National Training and Coaching Development Center in Kansas City. The proposed project calls for a world-class soccer training facility that would serve as the destination in the United States for player, coaching and referee innovation. The National Training and Coaching Development Center would host U.S. national team camps, coaching education and referee development programming. The Sporting Club has issued a request for proposals to Wyandotte County land owners and real estate brokers to identify the best available location for the proposed center.
CHICAGO — Chicago Mayor Rahm Emanuel joined Near West Side community leaders and site developers Friday, April 12, for the formal reopening of the $22.3 million Harvest Commons apartments, located at 1519 W. Warren Blvd. The multifamily complex was redeveloped last year into 89 low-income studios with on-site social services. The renovation of Harvest Commons was financed through $3.9 million in Tax Increment Financing (TIF) assistance and $1.2 million in donated tax credits from the city. The city previously owned the building, valued at $2.3 million, and provided it to the developer for $1 through a request for proposals (RFP) process. Heartland Housing and First Baptist Congregational Church completed the project. Built in 1930 as the Union Park residential hotel and renamed The Viceroy in 1963, the six-story building primarily catered to itinerant guests before closing in 2006, when it was purchased by the city. The city council designated the art deco structure as an official landmark in 2010.
MACHESNEY PARK, ILL. — The Boulder Group has completed the sale of a single-tenant Associated Bank ground lease for $1.1 million. Associated Bank is the sole occupant of the 3,358-square-foot retail building, located at 622 Machesney Road in Machesney Park, a north suburb of Rockford, Ill. The property is located within Machesney Park Town Center, which is anchored by JCPenney, Big Lots, Burlington Coat Factory and Bergner’s. Associated Bank has 20 years of lease term remaining on a 21-year, triple-net-ground lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private developer, and the buyer, an individual based in the Midwest.
SPENCER, IND. — Architect George Ridgway and Pritchett Brothers, a Bloomington-based general contractor, have completed the renovation of the Tivoli Theatre in Spencer, located about 17 miles northwest of Bloomington. The transformation includes restored interior and exterior features and an addition to the north side of the building, which provides a kitchen, restrooms and additional office space. A project cost was not disclosed. Construction on the theater began in April 2012. Cook Group Inc. sponsored the renovation of the theater, which is owned by Owen County Preservations. The theater originally opened on New Year’s Eve in 1928. The Tivoli was damaged in a fire in 1985, but continued to operate until 1998 and fell into disrepair.
MARION, IND. — Landmark Commercial has arranged the sale of University Marketplace in Marion for $8 million. TJ Maxx, PetSmart and Hobby Lobby anchor the recently developed shopping center. Other retailers include Kohl’s and Meijer, which also own their own parcels in the shopping center. Daniel Kukes and Kevin Baker of Landmark Commercial represented the buyer, a non-traded REIT, and the seller, a Michigan-based developer, in the transaction.
LIVONIA, MICH. — Bernard Financial Group has arranged a $7.8 million loan for the refinancing of an industrial property in Livonia, located about 19 miles west of Detroit. The refrigerated industrial warehouse building includes 383,649 square feet of space. The 12-year, nonrecourse loan is self-amortizing and includes a 4.75 interest rate. Ashley Mastronardi LLC was the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan. Protective Life Insurance Co. and its subsidiaries provided the loan.