SCHAUMBURG, ILL. — IPic Entertainment is developing a new location for its entertainment venue in Schaumberg. The 55,000-square-foot facility will feature an eight-screen movie theater, a 250-seat restaurant and bar, and 16 upscale bowling lanes with plush couches and a 65-foot high definition video wall. Completion is anticipated to occur this year. IPic recently opened its first location at Bayshore Town Center in Glendale, Wis., and has two more locations under development in Arlington and Plano, Texas.
Midwest
FAIRVIEW HEIGHTS, ILL. — Swansea, Ill.-based Holland Construction Services has completed construction for Holy Trinity Church & School, an 80,000-square-foot Catholic school and church located on Fountains Parkway in Fairview Heights. The $14 million project constitutes the consolidation of the former Our Lady of Assumption and St. Albert the Great Catholic schools in Fairview Heights, as well as students from the former St. Stephen School in Caseyville, Ill. The facility is made up of a 15,240-square-foot church that seats approximately 1,200 people, a 31,756-square-foot school, and 38,129 square feet that comprises a parish conference room and a gymnasium. Stauder Architecture provided design services for the project, as well as master planning for the eventual expansion of the 19-acre site, which will include playgrounds and athletic fields.
ANN ARBOR, MICH. — Strathmore Development Co. has broken ground for the construction of Lower Town, a $171 million mixed-use development located adjacent to the University of Michigan Health System medical campus in Ann Arbor. The brownfield redevelopment will feature 185 residential dwellings, 138,275 square feet of retail space, 152,689 square feet of general and medical office space, and a 760-space parking structure.
SANTA ANA, CALIF. — Santa Ana-based Triple Net Properties, on behalf of tenant-in-common investors, has acquired the Eastern Wisconsin Medical portfolio, which consists of six Class A medical office buildings totaling approximately 153,000 square feet and is located in six different cities in eastern Wisconsin. The properties are leased by Aurora Medical Group, which has 15-year, triple-net leases for 100 percent of the space. The properties were sold by Aurora, which was represented by David Boerke and Jack Price of The Boerke Company. The acquisition price was not disclosed.
CHICAGO — A partnership between Chicago-based Sterling Bay Cos. and The Deitcher Group has acquired the former Chicago Housing Authority headquarters, an eight-story, 107,977-square-foot building located at 626 W. Jackson Blvd. in Chicago’s West Loop. The new owner plans to complete major capital improvements to the property, which will begin in the second quarter. The property was acquired from the Chicago Housing Authority. Leasing of the property will be handled by The Deitcher Group. The acquisition price was not disclosed.
ROSEMONT, ILL. — Boston-based NewStar Financial has provided $34.15 million in non-recourse, first-mortgage financing for Northwest Plaza, a 328,000-square-foot office property located in Rosemont. The property consists of two eight-story buildings with a retail concourse. The loan will refinance existing debt on the property, as well as provide additional capital to continue the property’s leasing strategy and complete the addition of a TGI Friday’s restaurant on a pad site. The loan carries a 3-year term with two 1-year extension options. Draper and Kramer served as financial advisor to the borrower, Fulcrum NWP, a single-asset entity managed by Fulcrum Asset Advisors.
CLEVELAND — Grubb & Ellis has brokered the sale of 10 industrial properties within Geis Development’s Northeast Ohio industrial portfolio for $50.95 million. The properties are located in Parma, Valley View, Oakwood Village, Twinsburg and Streetsboro, and total 815,315 square feet. The properties were acquired The Harbour Group. Terry Coyne of Grubb & Ellis’ Cleveland office, along with John Huguenard of Colliers Turley Martin Tucker, represented Geis.
ELMHURST, ILL. — Elmhurst-based International Contractors Inc. (ICI) has completed construction of four Chicagoland Wal-Mart projects. In Rockton, the firm completed a 205,147-square-foot Wal-Mart Supercenter that totaled $18 million. In Joliet, ICI completed the $11.5 million expansion and renovation of a Wal-Mart located at Route 59, converting it to a Wal-Mart Supercenter. Also in Joliet, ICI completed the $16.15 million Supercenter expansion of a Wal-Mart located at Route 52 and Joyce Road. Finally, ICI completed construction of a 198,000-square-foot Wal-Mart Supercenter located at Route 26 and Fairground Road in Freeport. The $16.35 million project is a Wal-Mart prototype, and will be used as a training center for Wal-Mart store planners.
ST. PAUL, MINN., AND COLUMBUS, OHIO — Meritex Enterprises has sold two properties located in Minnesota and Ohio for a total of $40.85 million. In St. Paul, the company disposed of a 250,695-square-foot office building located at 444 Lafayette Rd. for $36 million. Meritex had recently completed renovations to the property as part of a 10-year lease renewal with the Minnesota Department of Human Services. Meritex will also be providing property management services for the new owner, which was undisclosed. In Columbus, Meritex disposed of a 147,000-square-foot bulk distribution warehouse located at 1585 Westbelt Dr. for $ 4.85 million. The building is fully leased to Victory Packaging. The property was acquired by VP Partners.
MACOMB, ILL. — Marcus & Millichap has negotiated the sale of two student housing communities located near Western Illinois University in Macomb for $21.87 million. The first property, Campus Pointe Apartments, is located at 900 Linden Ln., and includes 18 buildings comprising 185 units. The second community, Campus Manor Apartments, is located at 902 N. Charles St., and includes 13 buildings comprising 175 units. Both properties have recently undergone capital improvements. Scott Harris of Marcus & Millichap’s Oak Brook, Ill., office represented the undisclosed seller; Gary Witten of the firm’s New Haven, Conn., office represented the buyer, Rabil Properties.