BLOOMINGTON, ILL. — SVN Core 3 has arranged the sale of an 11,060-square-foot industrial building located at 4 Currency Drive in Bloomington for $1.2 million. The property features overhead doors, office spaces, three restrooms, a retail front, warehouse in the back and ample parking on three sides. The transaction involved local buyers and sellers. Jill Spratt of SVN Core 3 represented the seller, while Patrick and Dan Kniery of Re/Max Rising represented the buyer.
INDIANAPOLIS — Rubenstein Partners LP has completed a new equity investment that fully recapitalizes the Parkwood Crossing office campus in Indianapolis. Rubenstein acquired the eight-building, 1.2 million-square-foot office park in 2016. The company has implemented a comprehensive renovation of the Class A property since taking ownership. The new recapitalization enables Rubenstein to continue to modernize the campus with further amenities and the addition of two large greenspaces. Rubenstein has spent $36 million upgrading building lobbies, restrooms, entry facades and building systems as well as adding a number of indoor and outdoor amenities. The improvements are expected to coincide with two new roundabouts and roadway beautification projects through the center of the campus.
DECATUR, ILL. — Contegra Construction Co. is underway on a 611,000-square-foot warehouse for McLeod Express in Decatur, about 40 miles east of Springfield. Completion is slated for June 2025. The building will serve as McLeod’s second warehouse in Decatur. The project will feature a clear height of 36 feet and 56 dock doors, including four drive-through doors. Parking will be available for 63 cars and 64 trucks. There will also be a two-story, 6,000-square-foot office space. Founded in 1986, McLeod Express is a transportation company with more than 400 employees managing a fleet of over 300 trucks and 900 trailers.
ILLINOIS AND INDIANA — Alterra IOS has acquired three industrial outdoor storage (IOS) sites totaling 14 acres in metro Chicago for an undisclosed price. The parcels include 2201 E. Higgins Road in Elk Grove Village, Ill.; 22634 S. Frontage Road in Minooka, Ill.; and 300 W. Chicago Ave. in East Chicago, Ind. All three properties are fully leased to a company in the equipment rental industry and feature more than 30,000 square feet of accompanying warehouse space. Alterra’s industrial real estate platform, Alterra IOS, is focused on heavy industrial and outdoor storage space.
PLATTEVILLE, WIS. — Marcus & Millichap has brokered the $4 million sale of a 29-unit multifamily portfolio in Platteville, a city in western Wisconsin. The portfolio comprises Pioneer Bluff, built in 1890; Pioneer Ridge, constructed in 1997; and Pioneer Court, built in 1997. There are 27 four-bedroom units and two two-bedroom units. Nearly all of the units in Pioneer Ridge are furnished. Patrick Suffield of Marcus & Millichap represented the seller and the 1031 exchange buyer. Todd Lindblom, broker of record in Wisconsin, assisted in closing the transaction.
HINSDALE, ILL. — NAI Hiffman has negotiated a 2,330-square-foot medical office lease at 12 Salt Creek Lane within the Salt Creek Medical Campus in Hinsdale, a western suburb of Chicago. Brian Edgerton of NAI Hiffman represented ownership, Remedy Medical Properties, in the lease with Bloom Plastic Surgery. NAI Hiffman also proposed that the landlord complete a speculative build-out of the long-vacant office suite into clinical space. The space now occupied by Bloom Plastic Surgery had been vacant for more than 10 years. Remedy completed the build-out in September. The lease brings the 62,000-square-foot building to 86 percent occupancy. Joey Carr of Carr Realty Advisors represented the tenant.
ARLINGTON HEIGHTS, ILL. — Bradford Allen Development Co. and Moceri+Roszak have broken ground on a 301-unit apartment complex in Arlington Heights, a northwest suburb of Chicago. The project is part of a larger master-planned community that includes ArlingtonMed, a 150,000-square-foot medical office complex that previously housed the Daily Herald newspaper. Designed by Thomas Roszak Architecture, the eight-story multifamily building will include 26,000 square feet of ground-floor retail space. Amenities will include an outdoor pool, fitness center, media rooms, coworking space, dog walk, golf simulator and grill stations. The exterior of the building will feature green vertical accents that pay homage to the nearby Ned Brown Preserve. Clark Construction is the general contractor. Completion is slated for 2026. The multifamily building and ArlingtonMed represent the first two of up to four buildings in the master plan.
FARGO, N.D. — Lument has structured $21.5 million in tax-exempt and taxable bonds to fund the construction and long-term financing of Lashkowitz Riverfront, a 110-unit affordable housing community in Fargo. BlueLine Development and the Fargo Housing and Redevelopment Authority are developing the project. Thomas Dixon and Kyle Sullivan of Lument structured the financing. Lument parent company ORIX USA purchased the $21.5 million bonds to act as both a $10.3 million permanent mortgage and construction financing. The transaction utilizes both the 4 percent and 9 percent Low-Income Housing Tax Credits program — 83 units will be constructed utilizing 4 percent tax credits and 27 will be built using 9 percent tax credits. All units will be restricted for residents who earn 30 to 50 percent of the area median income. The total term, including construction and permanent financing, is 18 years, with five years of interest-only payments and a 40-year amortization schedule. The portion of bonds used during construction will have a three-year term. Fargo Housing and Redevelopment Authority will manage the property, with BlueLine Property Management facilitating the pre-leasing and lease-up process.
WELDON SPRING, MO. — New Perspective and Boldt Real Estate have opened New Perspective Weldon Spring, a 136-unit senior living community in the western St. Louis suburb of Weldon Spring. Located at 400 Siedentop Road, the property features independent living, assisted living and memory care units in studio, one-bedroom and two-bedroom layouts. Amenities include a formal dining room, café, fitness center, chapel and activity spaces. The community also offers artificial intelligence-driven fall detection technology SafelyYou, life and activity programming by LifeLoop, in-house therapy services from Fox Rehabilitation and a partnership with Curana Health to bring resident-centered care. The property is situated next to Persimmons Golf Club and near Progress West Hospital.
MUNDELEIN, ILL. — Colliers has arranged the sale of a 195,375-square-foot industrial building in Mundelein, a northern suburb of Chicago. The sales price was undisclosed. Known as Route 60 Logistics Center, the property is located at 1300 Allanson Road just west of a four-way interchange at I-94 and Route 60. Completed in 2021, the facility is fully leased to two tenants. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the sellers, Affinius Capital and Venture One Real Estate. An institutional real estate investor purchased the asset.