CHICAGO — The project management group of Colliers Bennett & Kahnweiler has overseen the completion of the $6.5 million design and build-out for the British School of Chicago, located at 814 W. Eastman St. in Chicago’s Cabrini-Green neighborhood. The school is leasing approximately 75,000 square feet of the five-story building, with the remaining ground-floor space available for retail lease. The facility features a full-size gym, a cafeteria, science and industrial technology labs, a music program, art rooms and a 10,000-square-foot rooftop playground. The project achieved LEED-Silver certification, and includes a green roof, low-flush toilets, low-polluting HVAC systems and a building automation system that lowers energy usage. The school is part of a 175,000-square-foot mixed-use project currently under development by Structured Development. The project will also include a retail component and a parking garage, and is scheduled for completion in the summer. The school, which moved from its previous location at 1643 W. Bryn Mawr Ave., opened in January. The base building architect was Valerio DeWalt Train, and the school’s architect was ISI/Epstein.
Midwest
NOVI, MICH. — Lee & Associates of Michigan has brokered the sale of 16,048 square feet of flex space located at 46695 Magellan Dr. in Novi. The property was acquired by IPG Photonics, which plans to use the facility as its metro Detroit showroom and laboratory. The seller, Anlin Development, was represented by Jon Savoy and Joseph Pellerito of Lee, while the buyer was represented by Mark Schafer, also of Lee. The sale price was not disclosed.
CARY AND GRAYSLAKE, ILL. — The Lake Bluff, Ill., office of Inland Real Estate Sales has arranged the sale of two Illinois apartment communities for $11.1 million. In Cary, the company sold Oak Knoll Apartments, a four-building, 97-unit community located at 100 Sunset Dr., for $6.2 million. The community comprises 57 one-bedroom, 35 two-bedroom, four three-bedroom and one studio unit. Amenities include individual balconies or patios and an outdoor pool. Richard Kehoe and John Hanson of Inland represented the undisclosed seller; the buyer was also undisclosed. In Grayslake, Kehoe and Hanson represented both undisclosed parties in the $4.9 million sale of Grayslake Apartments, located at 325 Neville Dr. The property contains 70 one-bedroom units that each measure 650 square feet.
MILWAUKEE — Wells Real Estate Investment Trust II has acquired a three-story, 230,000-square-foot office building located within Park Place at 11200 W. Parkland Ave. in Milwaukee. The building is currently fully leased to Wells Fargo until 2016. It was acquired from Washington Mutual for an undisclosed amount.
MOKENA, ILL. — Mokena-based companies J-4 Development Co. and JL Burke Contracting have announced that a 125-suite Hyatt Summerfield Suites will be built at Hickory Creek Waterworks and Resort, a water park and sports complex located in Mokena. The hotel will feature a café/lounge, high-speed Internet access, a park area with a pool and grill, a gym, a complimentary breakfast buffet, a 24-hour market, and complimentary grocery services and laundry facilities. Groundbreaking is scheduled to occur this year, with completion in late 2009. In addition to the Hyatt Summerfield Suites, Hickory Creek will feature another 105-room hotel, a 45,000-square-foot indoor water park, an 80,000-square-foot sports academy with four multi-purpose athletic fields, a 94,500-square-foot mixed-use building and two multi-level parking structures.
FRANKFORT, ILL. — Marcus Theatres Corp., a division Milwaukee-based The Marcus Corporation, has signed a letter of intent to develop a new theater as part of a mixed-use center that is being developed by Chicago-based HSA Commercial in Frankfort. Located near the intersection of Lincoln Highway and LaGrange Road, the new development will feature upscale specialty retailers, entertainment venues, restaurants, office space, and will be able to accommodate future theatre expansion. Due diligence and planning will commence soon on the theater, with completion expected as early as summer or fall 2009.
HUDSON, WIS. — Hudson-based Stone Development Group has entered into a $182.7 million agreement with DBMB KRK 27 for the development of 87 Kids ‘R’ Kids Learning Centers in the greater Chicago area. Primarily located in the South, Kids ‘R’ Kids will be expanding into the Midwest for the first time. Stone has commenced initial zoning and permitting work for the first day-care facility, which will be located in Crystal Lake, Ill. Development of two more sites will begin in the third quarter. The company plans to develop six to eight projects per year starting in 2009, with the final completions scheduled in 2019.
INDIANAPOLIS — Indianapolis-based Flaherty & Collins Properties has broken ground for the construction of Cosmopolitan on the Canal, a 218-unit apartment community located at the corner of Michigan and Senate streets in Indianapolis. The approximately $37.2 million project will feature 20,000 square feet of first-floor retail space, as well as a five-level parking garage. Amenities include a conference room with videoconferencing, a cyber café with Internet access, a health and fitness club with a pool, terrace space, and the Cosmo Café on the Canal. Apartment rents will range from $995 to $2,300 per month; retail space is currently leasing for $21 per square foot. The property is being developed by Flaherty & Collins Properties, with The Housing Studio providing design services, and Flaherty & Collins Construction serving as general contractor. Brian Epstein of Urban Space Commercial Properties is serving as the retail leasing agent.
UNIVERSITY PARK, ILL. — Denver-based ProLogis has leased ProLogis Park 57, a 320,000-square-foot industrial facility located in University Park, to Iowa-based Jacobson Cos. The company plans to use the facility as a regional distribution center, and was represented in the lease transaction by Brian Fogelberg and Larry Johnson of CB Richard Ellis. Terms of the lease were not disclosed.
MINNEAPOLIS — GE Real Estate has provided $28.5 million in fixed-rate financing for the acquisition of a mixed-use property located in the warehouse district of downtown Minneapolis. The property, which was formerly a John Deere factory, contains 316,375 square feet of office and retail space, as well as a five-level parking garage. The property is occupied by more than 40 tenants, including design firms, modeling agencies, architects, and other creative and professional firms. The borrower, City Center Retail, plans to invest $4 million in renovations and upgrades, which will bring the property to market-level rent and occupancy rates. United Properties has been hired to market the property. The transaction was arranged by Scott McMullin and John Crump of Holliday Fenoglio Fowler.