ITASCA, ILL. — Lee & Associates of Illinois has brokered the $6.2 million sale of a 59,778-square-foot industrial building in Itasca. The property is located at 700 District Drive. Jeffrey Janda of Lee & Associates represented the seller, Levi Holdings. The buyer, Venture One Real Estate, purchased the building pre-leased to Premistar, an HVAC contractor. Cal Payne of CBRE represented Premistar, and Michael Clewlow represented Venture One on an internal basis.
UNIVERSITY CITY, MO. — Subtext, in partnership with Larson Capital Management, has acquired nearly two acres at 6650 Delmar Blvd. in the St. Louis suburb of University City for the development of LOCAL on Delmar. The five-story, 259-unit apartment complex will be situated in the city’s Delmar Loop entertainment district just north of Washington University in St. Louis. Construction is slated for completion in summer 2026. LOCAL on Delmar will offer a mix of studio, one-, two- and three-bedroom layouts, including townhomes. There will also be 399 parking spaces in an attached five-story garage and more than 7,000 square feet of shared amenity spaces, including a work-from-home hub, wellness suite, gym, yoga studio, pool terrace and clubroom. The project team includes ESG Architecture & Design, Brinkmann Constructors and Stock and Associates Consulting Engineers Inc. First Mid Bank & Trust is the lender.
SOUTH LEBANON, OHIO — Hall Structured Finance (HSF) has provided a $21.9 million construction loan for River Creek Lofts, a 120-unit apartment development in South Lebanon, about 30 miles northeast of Cincinnati. Dayton-based VCARVE Constructions is the developer. The four-story project will feature amenities such as a clubhouse, outdoor pool, fitness and yoga center, dog wash station, banquet area, kitchen and coffee station. Residents will have access to multiple pickleball courts and a basketball court as well as 236 miles of walking and biking trails along the Little Miami River to Lake Erie via a pedestrian bridge. Amir Giryes of Giryes Capital Group arranged the loan.
CHICAGO — Interra Realty has arranged the sales of two multifamily properties in Chicago for a total of $7.3 million. A 10-unit building at 4540 N. Ravenswood Ave. in the Ravenswood neighborhood sold for $4.2 million. Brad Feldman of Interra represented the buyer, a local private investor, and the seller, Vassil Bayraktarov, whom Feldman represented on the original acquisition in 2021. The property was built in 2019. In the second transaction, a 16-unit asset at 5408-5414 N. Campbell Ave. in the Lincoln Square neighborhood sold for $3.1 million. Feldman procured the local private buyer and represented the confidential seller. All of the units received renovations in 2009. The buyer plans to make cosmetic upgrades to increase the rent roll. The property sold for 99 percent of the list price.
OMAHA, NEB. — Plum Market Travel Services has been awarded a contract to operate 10 dining, retail and Gourmet Natural Market locations at Omaha Eppley Airfield (OMA) in Nebraska. The agreement, part of OMA’s $950 million terminal expansion and modernization plan, comprises the majority of the food-and-beverage offerings. Plum Market Travel Services is a subsidiary of Plum Market, a natural food, beverage and wellness essentials retailer. The 10 locations consist of nine brands spanning various cuisines and formats. Notable brands include Runza, Panda Express and Sambazon, along with several local Omaha restaurants such as Block 16 and Fernando’s. Additionally, Plum Market will open two of its own concepts: a full-service kitchen and bar with all-natural snacks and travel essentials, and a convenient grab-and-go, quick-service format. The terminal expansion is slated to open in 2027.
DERBY, KAN. — Marcus & Millichap has brokered the $5.3 million sale of Spring Creek Center, a 31,557-square-foot retail strip center in the Wichita suburb of Derby. Built in 2007, the property is situated on 3.3 acres at 1821 E. Madison Ave. There are 12 fully leased suites spread across three buildings featuring a mix of medical, dining and service-oriented tenants. Alex Perez and Chris Garavaglia of Marcus & Millichap represented the seller, a private equity group. An all-cash private investor from the East Coast was the buyer. Colby Haugness, broker of record in Kansas, assisted in closing the transaction.
CINCINNATI — Cincinnati Children’s has acquired a recently constructed office building in the Cincinnati Innovation District that will be home to over 200 employees who focus on non-laboratory research. The health system will occupy the top two floors of the six-story, 180,000-square-foot building at 3090 Exploration Ave. The purchase price was undisclosed. JobsOhio provided a $32 million low-interest loan to help Children’s acquire the property, which was built by Terrex Development & Construction. As part of the agreement with JobsOhio, Children’s committed to creating 100 new research jobs with a payroll of at least $10 million. The health system also committed to increasing research that relies on federal funding. The two floors to be occupied by Children’s encompass a total of 60,000 square feet. The four lower levels will be leased to other organizations. Cushman & Wakefield will market those spaces for lease. The building will also include a breakfast and lunch dining concept, details of which will be announced in the coming months. Build-out of the interior space for Children’s is expected to take nine to 12 months and will be overseen by TriVersity Construction. BHDP Architecture will lead the design. Motz Engineering will handle mechanical, electrical and plumbing, …
SHALERSVILLE, OHIO — Geis Development is underway on the construction of a new 220,000-square-foot manufacturing facility for Viega in Shalersville, about 40 miles southeast of Cleveland. Viega works in press technology for metal pipe fittings and valves. The project is situated within Geis’ Turnpike Commerce Center. Construction began in November and is slated for completion in early 2025. The 80-acre parcel and construction of the new plant represent an investment of approximately $200 million in Ohio. Geis is collaborating with Viega’s design team to ensure that the project aligns with Viega’s sustainability goals, which include reducing the carbon emissions associated with importing products by manufacturing more items in the U.S. The new facility will be completely carbon neutral from the start, supporting the company’s long-term goal of achieving net-zero carbon emissions for all its plants by 2035.
MONEE, ILL. — Venture One Real Estate, in partnership with DRA Advisors, has purchased a 718,709-square-foot industrial building in Monee, a southern suburb of Chicago. The purchase price and seller were undisclosed. Located at 25850 Ridgeland Ave., the property is fully leased to one tenant. Constructed in 2004 and situated on 44 acres, the facility features a clear height of 30 feet, 75 exterior docks, two drive-in doors and more than 100 trailer stalls. Sean Devaney, Kurt Sarbaugh, Ed Halaburt, Ross Bratcher, Scott Duerkop, Keith Stauber and Steve Ostroswki of JLL represented the seller. Brian Walsh and Lucas Borges of JLL arranged permanent financing for the transaction. Venture One utilized its acquisition fund, VK Industrial VI, which is co-sponsored by Venture One and Kovitz Investment Group.
CHESTERFIELD AND O’FALLON, MO. — Keystone Construction Co. has completed the corporate headquarters for both Tubular USA and SourceOne Solutions LLC in suburban St. Louis. Tubular USA, a supplier of in-line galvanized pipe and tubing, now occupies a 131,000-square-foot facility in Chesterfield that replaces two existing buildings in Weldon Spring. The project, situated within Spirit Valley Business Park, features offices, steel fabrication, warehouse space and room for future growth. Tubular’s steel products are integrated into the building’s architectural design. The project team included Gray Design Group, Stock & Associates Consulting Engineers Inc. and Knapp Engineering. The 37,500-square-foot headquarters for SourceOne Solutions is situated on a 6.4-acre site in O’Fallon. The company is involved with the design, construction, maintenance and renovation of commercial lighting solutions. The new facility was designed and constructed to allow for multiple expansions in the future. In addition to warehousing and manufacturing space, the property features 6,500 square feet of office space with a covered entry and patio, executive offices, training and conference rooms, open workstations and a café. The project team included Gray Design Group, Knapp Engineering and Civil & Environmental Consultants.
