CHICAGO — Cushman & Wakefield has negotiated a 30,000-square-foot lease on behalf of Padel Chicago LLC for the first padel location in the city. Padel combines the elements of tennis, squash and pickleball. The property is located at 219 N. Paulina St. Chip Evans of Cushman & Wakefield represented the main investors, Lakeshore Sport & Fitness and Fabian Gosselin, in lease negotiations with the building owner, Walnut Street Properties. Lakeshore Sport & Fitness owns and operates large, multi-sport facilities. Gosselin is a Chicago venture-capital investor whose family has owned and operated a global hospitality and restaurant company for three decades. The Chicago padel facility, slated to open in the first quarter of 2025, will feature five indoor courts. Amenities will include private member lounges, locker rooms, coworking space and a coffee shop and bar.
DETROIT — Matthews Capital Markets (MCM), a financing division of Matthews Real Estate Investment Services, has arranged an $8.7 million loan for the refinancing of New Cadillac Square Apartments in Detroit. Located at 111 Cadillac Square, the apartment building rises 21 stories with 221 units. Jack Quigley of MCM arranged the loan through a credit union. The floating-rate loan features a free rate lock ability at the borrower’s discretion.
ST. CHARLES, ILL. — Quantum Real Estate Advisors Inc. has brokered the $8.5 million sale of a 47,000-square-foot retail center in St. Charles, about 40 miles west of Chicago. At the time of sale, the property was 97 percent leased to Syrup, Consume Cannabis, CD One Price, La Huerta Market and other local and national tenants. Brett Berlin of Quantum represented the seller, an Illinois-based developer. The buyer was a private group of investors based in Illinois and New Jersey.
INDIANAPOLIS — Brian Prince, formerly with Flaherty & Collins Properties, has launched real estate development firm Prince Property Group (PPG) in Indianapolis. The firm will focus on development projects in both Indiana and Florida. During his tenure at Flaherty & Collins, Prince was responsible for an estimated $400 million of real estate development. PPG specializes in urban infill mixed-use development and fosters public-private partnerships, particularly for smaller communities.
Metro Detroit’s retail market is characterized by strong tenant demand and investors’ eagerness to acquire and backfill vacant properties. In the downtown area, the revitalization efforts and adaptive reuse developments that started well before the pandemic continue. In fact, this year marked Detroit’s 100th commercial demolition, accelerated by $95 million in American Rescue Plan Act funding. Over the past five years, the City of Detroit has invested $1 billion in preserving or developing more than 4,600 affordable housing units. The hard work is paying off. Between July 2022 and July 2023, Detroit experienced population growth for the first time since 1957, according to the U.S. Census Bureau. A major highlight this year was the reopening of the long-abandoned train station, Michigan Central Station. Ford Motor Co. redeveloped the property in the city’s Corktown neighborhood into a 30-acre technology and cultural hub. Until Aug. 31, the first floor will be open for “Summer at The Station,” where visitors can take self-guided tours and enjoy food and beverages outside. This fall, the first commercial spaces will begin opening to the public. Meanwhile, developer Bedrock topped off construction of its Hudson’s project, the redevelopment of the former J.L. Hudson’s department store site. General …
CHICAGO — Brookfield Zoo Chicago has unveiled its “Next Century Plan” that will reshape more than 100 acres, representing nearly half of the zoo’s existing property. The zoo has outlined a 15-year campus plan in four phases, with further improvements projected over 30 years. Plans call for new, immersive experiences with the preservation of historical structures and includes nearly all existing zoo areas. The zoo also plans to expand its current property westward. The investment is expected to reach $500 million from public and private funding. The first phase of the project is underway and includes completed projects such as the $10 million renovation of the Seven Seas dolphin habitat, reimagining of the Theodore Roosevelt Memorial Fountain, new animal habitats within the Hamill Family Nature Plaza and the opening of the Philip W. K. Sweet Jr. Animal Care and Conservation Center. Culminating the end of Phase I is Tropical Forests, a $66 million project underway that creates four new outdoor habitats crafted to emulate the natural homes of gorillas, orangutans and monkeys. Tropical Forests, set to open in 2025, also includes a new Gorilla Conservation Center. Architectural and planning teams for the project include Booth Hansen, Jones & Jones Architects …
CHICAGO — Skender has completed interior construction of a 100,000-square-foot office headquarters for software developer Relativity in Chicago. The new workspace spans the 19th and 20th floors plus dedicated terrace space on the 23rd floor of the Central Standard Building at 231 S. LaSalle St. The space features a mix of private offices, open workstations, meeting rooms, lounge spaces, pantry areas and a boardroom. The build-out included the addition of an interconnecting staircase with stadium-style seating for townhall meetings as well as the installation of three gas fireplaces, a golf simulator, putting green, massage chairs and a giant video wall. The terrace features a gas firepit, two water features and audiovisual (AV) and lighting for events. The project team included CBRE as project manager, Partners by Design as architect, Syska Hennessy Group as engineer and TM Technology Partners as low voltage/AV designer.
ELLISVILLE, MO. — Midas Construction has topped off MILA Apartments in Ellisville, a far west suburb of St. Louis. The four-story, 227-unit luxury apartment complex is slated for completion in summer 2025. Midas Hospitality and Balke Brown are developing the project with affiliates Double Eagle Development and Diamond Income Fund. Designed by Rosemann & Associates, the property will feature a 141,000-square-foot parking garage. There will be eight floor plans ranging in size from 552 to 1,363 square feet. Amenities will include a courtyard, pool, bike storage, dog park, business center and fitness room. The project site was formerly home to a car dealership.
INDIANAPOLIS — Dwight Mortgage Trust (DMT), the affiliate REIT of Dwight Capital, has provided a $26.8 million bridge loan for Fountain Parc Apartments in Indianapolis. The 241-unit, garden-style multifamily property consists of 14 buildings on 15 acres. Amenities include a fitness center, pet wash station, dog park, playground, pool and firepit. The loan proceeds will retire existing debt and finance interior improvements. David Scheer of Dwight originated the loan on behalf of the borrower, Pepper Pike Capital Partners.
EAGAN, MINN. — Davis Healthcare Real Estate has opened Eagan Specialty Center, a 36,100-square-foot surgical facility in the Minneapolis suburb of Eagan. Located at 2975 Holiday Court, the building serves as the new home of Midwest Surgery Center, which occupies 27,000 square feet. Anne Madyun of Davis is marketing the available 9,000-square-foot space for lease. The project team included Synergy Architecture Studio and Timco Construction. Midwest Surgery Center, a joint venture between St. Paul Eye Clinic and Midwest ENT, relocated and expanded from its previous facility in Woodbury.