CHICAGO — Meridian Capital Group has arranged $50 million in financing on behalf of Flagship Partners, for its retail property at 25 E. Oak St. in Chicago. Aaron Birnbaum, Ronnie Levine and Tal Savariego of Meridian Capital negotiated the 10-year CMBS loan through Goldman Sachs. The three-story property contains 38,445 square feet of rentable space. Tenants include Hermes, Giorgio Armani and Vera Wang.
EVANSTON, ILL. — M&R Development and RMK Managment Corp. plan to break ground on Central Station, a four-story apartment development in Evanston, on Wednesday. The project will include 80 apartment homes, 56 parking spaces and 10,650 square feet of street-level retail. The first occupancies are expected next July. Amenities will include a fitness center, cyber lounge and a common outdoor terrace. Apartment homes will measure between 592 and 1,488 square feet. The property is located one mile from Lake Michigan and one block from a Metra stop.
With the local economy recovering from the Great Recession, the commercial real estate industry in Cincinnati is heating up. Strong office leasing activity in recent quarters has driven down the vacancy rate. From a high of 21 percent in the first quarter of 2011, total vacancy has steadily dropped to its current rate of 19 percent, the result of approximately 700,000 square feet of positive absorption, according to Jones Lang LaSalle. The real estate services firm tracks Class A and B office properties greater than 20,000 square feet, excluding owner-occupied medical and government buildings. The growth of Cincinnati businesses has sparked increased demand for office space, leading to approximately 1 million square feet of product currently under construction or planned for the next year. Meanwhile, the lending climate has improved greatly since the depths of the recession. Cincinnati has welcomed corporate relocations and expansions during the past year. Following several years of short-term lease renewals and tenants giving space back, this is welcome news that is already improving market fundamentals. Driving the increase in office demand is job growth in the healthcare industry as well as the professional and business services sector. The three largest leases within the last year …
CHICAGO — Weis Builders, The Davis Group and VOA Associates have teamed to begin work on the second phase of Lake Park Crescent in Chicago. The multi-phase redevelopment will replace the 1960s-era public housing and provide mixed-income housing within both low and midrise buildings. The Davis Group has contracted Weis Builders to add a total of 132 units to the community, which is situated along Lake Michigan. The second phase will include the construction of a midrise building, three-story parking ramp, several low-rise buildings and the completion of sitework for these, and future buildings.
CLEVELAND AND TOLEDO, OHIO —Shopper's World plans to open a 52,000-square-foot location in Westown Square in Cleveland and a new 50,000-square-foot store in Manhattan Plaza in Toledo. In Cleveland, the department store will join Save-A-Lot, Family Dollar and Value World. At the Toledo location, additional retailers include Save-A-Lot, Citi Trends and Family Dollar. Shopper's World carries full lines of clothing as well as an assortment of shoes, linens and home decor. Greg Guyuron of Kowit & Passov Real Estate Group exclusively represents Shopper's World throughout northern Ohio.
CHICAGO — Marcus & Millichap has arranged the $1.9 million sale of 1801-1811 North Clybourn, an apartment and retail property in Chicago's Lincoln Park neighborhood. The property has been owned by a private trust since the 1930s. The building includes seven apartments and one retail unit with a full basement. The retail space previously housed the US Beer Company. Kyle Stengle of Marcus & Millichap represented the seller in the transaction. Stengle and Stephen Rachman, also of Marcus & Millichap, represented the buyer.
CHICAGO — Stainless Sales Corp. has signed a lease for 38,812 square feet at 2310 W. 57th St. in Chicago's South Side. The facility is located near the company's other south Chicago location. Matt Rogatz of Chicago Industrial Real Estate represented the building owner in the transaction. Steve Kohn of Colliers International represented the tenant.
WEST DUNDEE, ILL. — Opus Development Corp. has been selected to develop and build a 223,488-square-foot, build-to-suit warehouse for Maxzone Vehicle Lighting Corp. in West Dundee. Located on 11.3 acres in the Oakview Corporate Park, the facility will include 3,000 square feet of office space, 20 truck docks and two drive-in doors. Construction will begin this month, with completion slated for the end of this year. Eric Chang of US Asia Investment Group represented Maxzone in the deal. Noel Liston from Darwin Realty and Development Corp. represented The Opus Group.
CHICAGO — Cohen Financial has arranged $8.7 million for the refinancing of two apartment properties in Chicago. The buildings include a 36-unit property at 1166 N. Milwaukee St. and a 24-unit property at 3001 N. Spaulding Ave. Both properties are fully occupied. Michael Widen of Cohen Financial negotiated the 10-year, fixed-rate loans through PNC Real Estate Finance. The borrower is David Ruttenberg of Marc Realty Residential, a local commercial real estate distressed property investor.
OSWEGO, ILL. — Marcus & Millichap has arranged the $4.3 million sale of Meijer Outparcel Retail Center, an 18,651-square-foot retail property at 1500-1550 Douglas Road in Oswego. The center was built in 2007 and is fully occupied. Tenants include Buffalo Wild Wings, Men's Wearhouse and Sprint. John Abuja and Jason St. John of Marcus & Millichap represented the seller, a developer. They also secured the buyer, a private investor.
