ELMHURST, ILL. — Focus Healthcare Partners LLC, a Chicago-based real estate investment and asset management firm, has acquired a senior living community in Elmhurst for an undisclosed price. The buyer will rebrand the property as The Roosevelt at Salt Creek and convert it from an entrance-fee model to a rental community offering both independent living and assisted living. Life Care Services will manage the community and help facilitate its multi-year renovation. The transformation will include building out common areas with a new design and broadening programming options for residents. Amenities will include an indoor pool, cinema, art studio, game room and sports lounge. The property was formerly named Lexington Square Senior Living.
LANSING, ILL. — Quantum Real Estate Advisors Inc. has brokered the $4.4 million sale of the River Place shopping center in Lansing, a southern suburb of Chicago. The 47,000-square-foot property consists of a 7,350-square-foot building and a 39,728-square-foot building. At the time of sale, the property was roughly 97 percent leased to tenants such as Dollar General, Subway, Dunkin’ and SVS Vision. Chad Firsel and Dan Waszak of Quantum represented the seller, a Wisconsin-based developer and investor. The buyer was a Virginia-based investor.
AVON, IND. AND CANTON, MICH. — Marcus & Millichap has arranged the sales of two Childtime childcare properties in Avon, Ind., and Canton, Mich. The properties sold for $2.6 million each. Both had corporate guarantee from Learning Care Group and seven-year lease extensions. Dominic Sulo of Marcus & Millichap represented the seller, a limited liability company. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap secured and represented the buyer, a private investor.
ST. LOUIS — Newmark has arranged the sale of Everly on the Loop, a 428-bed student housing community serving Washington University in St. Louis. The sales price was undisclosed. Built in 2017, the high-rise property includes fully furnished units. Amenities include a fitness center, rooftop deck, yoga and spin studio, study rooms and resident shuttle to campus. Located at 6105 Delmar Blvd., Everly on the Loop is situated in the pedestrian-friendly West End neighborhood of St. Louis. Ryan Lang, Jack Brett, Ben Harkrider and Mac Crowther of Newmark represented the sellers, GMH and AGC. The buyer was R5. According to Newmark, total student enrollment at Washington University is just over 17,000, with 90 percent of undergraduate students attending from out of state.
CHICAGO — Structured Development has opened Wendelin Park, a new mixed-income housing community and park in Chicago’s Lincoln Park neighborhood. Replacing a former industrial site, the Wendelin Park development includes three residential buildings oriented around a new publicly accessible park. The master plan includes The Seng, a 34-unit affordable condominium building and Post Chicago, a co-living community with 431 beds. Foundry, a 27-story, 327-unit apartment tower, is under construction and scheduled to open in the fourth quarter. The new park features a community garden, dog park, children’s climbing and play area and 20-foot sculpture from Chicago artist Ruth Aizuss Migdal. Attending the grand opening celebration were descendants of Wendelin Seng, founder of the Seng Furniture Co., which previously occupied the project site.
AUBURN HILLS, MICH. — Northmarq has brokered the $8.6 million sale of a 77,100-square-foot industrial property in Auburn Hills. The single-tenant facility is fully leased to the Morrell Group, including its division Stegner Controls, which is a motion controls manufacturer that services dozens of industries including the automotive industry. The property at 3333 Bald Mountain Road was built in 1998 and renovated in 2021. It features 57,825 square feet of warehouse space and 19,275 square feet of office space. BJ Feller and Josh Dicker of Northmarq represented the seller, a Michigan-based developer. The buyer was a California-based private investor.
CHICAGO — Interra Realty has negotiated the $7.5 million sale of a two-building multifamily portfolio on Chicago’s South Side. The properties on South Paxton Avenue total 79 units and consist of three studios, 21 one-bedrooms, 33 two-bedrooms, 13 three-bedrooms and nine four-bedroom units. As part of the transaction, the buyers assumed the existing long-term Fannie Mae loan from the seller. Lucas Fryman of Interra represented the sellers, Mendy Raskin and Jon Kranzler. Brad Feldman of Interra represented the buyer, a local private investor. The portfolio was 94 percent occupied at the time of sale.
LAKE ZURICH, ILL. — Principle Construction Corp. has completed a 13,500-square-foot apartment and retail building in downtown Lake Zurich, a far northwest suburb of Chicago. The brownfield redevelopment project at 17 S. Old Rand Road was made possible by the consolidation of several vacant lots from previously demolished, outdated retail buildings. The new development includes 6,750 square feet of first-floor commercial space and four luxury apartment units. The anchor tenant is Lake Zurich Florist, which is doubling its retail footprint. All four apartment units are occupied. Muran Architects designed the building.
Technology, like commercial real estate, becomes increasingly vulnerable to the need for replacement and updates over time. Just as multifamily landlords can update properties by periodically replacing outmoded flooring and fixtures to suit the latest occupier preferences, technology must also keep up with the latest trends. For the best renter experience, multifamily properties need Internet connectivity that will serve residents as their technological needs grow and their tolerance for frequent outages diminishes. Disruptions associated with repairs or network upgrades can threaten customer satisfaction and renewal rates. Unfortunately for many landlords who rely on traditional telecommunications lines for their properties’ Internet, modern usage is straining older infrastructure. Booming wireless technology use is gobbling up bandwidth to connect everything from consumers’ phones and laptops to fitness monitors, smart TVs and other household appliances. As a vice president of product catalog who has worked for over a decade at broadband service provider Pavlov Media, John Danner understands the problem of limited Internet bandwidth all too well. He is eager to see technological improvements that will replace these old systems. “The old copper infrastructure can’t meet the requirements of the next generation of wireless connectivity,” explains Danner. “With fiber-optic connections, the sky is the …
INDIANAPOLIS — Northmarq has brokered the sale of the Clearwater Springs shopping center in Indianapolis for an undisclosed price. The 132,156-square-foot shopping center is located at 5151 E. 82nd St. Anchor tenants include Aldi, Haverty’s Furniture and Michaels. Additional retailers include Starbucks, Athletico, David’s Bridal and AT&T. Blaise Bennett of Northmarq represented the buyer, a Cincinnati-based private equity firm. Wes Podell of Podell Partners represented the undisclosed seller.