CHICAGO — Chicago-based McHugh Construction Co. has begun building EnV, a 29-story luxury apartment community located at 161 W. Kinzie St. in Chicago’s River North neighborhood. San Antonio-based Lynd Development Partners is developing the 300,000-square-foot building. Designed to achieve LEED certification, the tower will include a green roof, high-efficiency mechanical systems and carpeting made with recycled fibers. In addition to 249 apartment units, the building will house 27,000 square feet of retail space and a 129-space parking garage on the first three floors. Amenities at the property will include a rooftop deck and pool, a dog run, a fire pit, and a full kitchen and wine storage lockers. Chicago-based architecture firm Valerio Dewalt Train designed the project, which is slated for completion in early 2010.
WARRENVILLE, ILL. — Skokie, Ill.-based The Missner Group has sold Corporate Lakes I, a 79,211-square-foot office building located at 2525 Cabot Dr. within Corporate Lakes Business Park in Warrenville. The property, which is 100 percent leased, was sold for approximately $10.7 million. A limited liability company formed and sponsored by Kevin Travers of Midwest Realty Advisors has acquired the three-story building. The property features an outdoor running path and a daycare area, and is within close proximity to restaurants and hotels. David Tarnoff, Howard Wiese and Brad Ader in the Chicago O’Hare office of Marcus & Millichap represented The Missner Group in the transaction.
FRANKLIN, WIS. — Colliers Barry has brokered the $6.8 million sale/leaseback of a multi-tenant industrial facility located at 4659 W. Basswood Dr. in Franklin. The 126,000-square-foot facility is situated within the Franklin Business Park. CR Franklin LLC has purchased the fully-leased building from Yellow Rose Enterprises. The seller plans to invest the proceeds from the sale into its business operations. Kevin Barry of Colliers Barry represented Yellow Rose Enterprises in the transaction.
MUNDELEIN, ILL. — Chicago-based Beacon Realty Capital has arranged $6.3 million in refinancing for Oak Creek Plaza, a 200,000-square-foot retail center located in the Chicago suburb of Mundelein. The 5-year fixed-rate loan was funded for the borrower through a life insurance company.
CHICAGO — Chicago-based M&R Development has broken ground on Parc Huron, a 221-unit apartment tower, which will be located at 469 W. Huron St. in Chicago’s River North neighborhood. The company purchased the site and plans for the 21-story building from Miami-based Lennar Corp. in November. The building, which is slated for completion in mid-2010, was designed to achieve LEED Silver certification. One-, two- and three-bedroom apartments averaging 969 square feet in size will be situated on floors five through 21 of the tower. Floors two through four of the building will feature a parking garage for 233 cars and a small commercial component will be located at street level. Amenities at the property will include a relaxation center, a fitness center, a cyber café, a business center and conference room, and a green roof. Additionally M&R Development is building a 14,000-square-foot park adjacent to the east side of the building. Construction financing for the project is being provided by Charter One Bank and PrivateBank. J.P. Morgan Asset Management and the partners of M&R Development are providing the equity. Walsh Construction Co. is the general contractor; Chicago-based Hartshorne + Plunkard Architecture was the designer for the tower. Chicago-based RMK Management …
DETROIT — After undergoing a $90 million restoration, the Doubletree Guest Suites Fort Shelby/Detroit Downtown has opened at the intersection of Lafayette Boulevard and First Street in Detroit. The site formerly housed the Hotel Fort Shelby, which first opened in 1917, and is on the National Register of Historic Places. Hilton Hotels Corp. will manage the Doubletree Guest Suites, which is owned by MCP Development. The 203-room facility is one of the only all-suite hotels in downtown Detroit. Additionally, the property features 21,000 square feet of conference and event space that was designed to achieve certification by the International Association of Conference Centers. Amenities of the conference and event component include hard-surface meeting tables, ergonomic conference seating, built-in audio/video and computer networking systems, and a comprehensive business center. Renovations also included the addition of the Finn & Porter restaurant, the Finn & Porter Sushi Bar, the Finn & Porter Round Bar lounge and a Bearclaw Coffee shop.
GRAND RAPIDS, MICH. — Two West Fulton LLC — which includes Chicago-based RSC & Associates, Grand Rapids-based CWD Real Estate Investment, and Grand Rapids-based Triangle Associates — has secured financing for its Gallery on Fulton project in downtown Grand Rapids. The Grand Rapids office of Fifth Third Bank, Macatawa Bank and Founders Bank funded the total commitment of $29 million for the project. The mixed-use development will include the Urban Institute for Contemporary Arts, a 3,600-square-foot retail component, 56 luxury apartments and a parking garage for more than 250 cars. The building is being designed to achieve LEED certification, and will feature “living” exterior walls of evergreen ivy, a “white” reflective roof and a roof garden gallery. In addition to exhibit space, the five-level, 37,000-square-foot arts center will house a film theater, a ceramics studio, an intimate black-box theater and an open-air terrace gallery. Completion of the project is expected in 2010.
GREENFIELD, IND. — Tikijian Associates has brokered the sale of Greenfield Village Apartments, a 256-unit multifamily community located in the Indianapolis suburb of Greenfield. Monsey, N.Y.-based White Eagle Capital has purchased the property from Indianapolis-based Pedcor Cos. The asking price was $12.9 million. Greenfield Village originally operated as an affordable housing property for lower income residents, and now functions as a conventional market-rate community. The community is White Eagle Group’s first purchase in Indiana. Indianapolis-based Barrett & Stokely will manage the property.
MIDDLEBURG HEIGHTS, OHIO — Gregory West of Colliers Ostendorf-Morris has brokered the sale of Middleburg Heights Med Arts buildings One and Two, which are located at 18660 E. Bagley Rd. in Middleburg Heights. Buildings One and Two total approximately 65,000 square feet, and were opened in 1977 and 1984, respectively. Fairlawn, Ohio-based Crescendo Commercial Realty purchased the buildings from Middleburg Heights Medical Arts Center Ltd. for $4.1 million.
MENDOTA HEIGHTS, MINN. — Walgreens Co. has signed a long-term lease within St. Paul-based Paster Enterprises’ Mendota Plaza shopping center located in Mendota Heights. The 14,820-square-foot freestanding out-lot building will be completed by spring 2010. The new building is part of a complete redevelopment and expansion of Mendota Plaza, which is expected to commence in the spring. Plans for the development call for updating the existing center, as well as adding two new buildings for restaurants and retail space. Future phases of the project call for the addition of office space, housing and a child care center facility. Tenants at the center will remain open during the first phase of construction, which will increase the development from 54,983 square feet in size to 77,403 square feet in size. Additional terms of the lease to Walgreens as well as the cost of completion for the project were not disclosed.