FAIRMONT CITY, ILL. — HE Equipment has purchased a 16,867-square-foot truck repair facility in Fairmont City, just east of St. Louis. The purchase price was undisclosed. The property is located at 1087 State Route 3. Brokerage firm Barber Murphy represented both the buyer and the seller, Blackhawk Express.
GOSHEN, IND. — Evergreen Real Estate Group has completed Green Oaks of Goshen, a 120-unit assisted living community for low-income seniors in Goshen, a city in northern Indiana. Evergreen Construction Co., a division of Evergreen Real Estate Group, served as general contractor on the project, which recently welcomed its first residents and is currently 50 percent leased. Located at 282 Johnson St., the $30 million project replaces a vacant three-acre lot on the city’s north side near an existing Salvation Army building. Bourbonnais, Ill.-based Gardant Management Solutions operates the four-story community. Green Oaks of Goshen offers 49 studio and 71 one-bedroom units, all of which are reserved for seniors age 62 or older with incomes at or below 80 percent of the area median income. Amenities include a community room with kitchen, private dining room, media and theater room, computer room, fitness center, salon, library, community garden and outdoor area. The Indiana Housing and Community Development Authority authorized 4 percent Low-Income Housing Tax Credits (LIHTC) for the project. In addition, the City of Goshen issued tax-exempt bonds that were sold by Piper Sandler, providing debt financing. Affordable Housing Partners also invested in the project, providing LIHTC equity.
BLAINE, MINN. — JLL Capital Markets has arranged a $10.4 million loan for the refinancing of Sanctuary Business Center, a distribution center totaling 137,179 square feet in the Minneapolis suburb of Blaine. Completed in December 2022, the property features a clear height of 32 feet, 31 loading docks, two drive-in doors, 20 trailer stalls and 157 parking stalls. Bill Mork of JLL arranged the five-year loan on behalf of the borrower, Capital Partners. A regional bank provided the loan, which features a loan-to-value ratio of 65 percent and interest-only payments.
BLOOMINGTON AND NORMAL, ILL. — Churchill Living has selected RMK Management Corp. to manage Elm Point Apartments in Bloomington and Oak Point Apartments in Normal. Elm Point features 104 units ranging from 900 to 1,165 square feet. Monthly rents range from $1,190 to $3,800 per month. Oak Point includes 144 units ranging from 696 to 1,560 square feet. Monthly rents range from $1,050 to $2,150. Chicago-based RMK manages more than 8,800 apartment units across 38 properties in Chicago, Indiana, Wisconsin and Minnesota.
INDIANAPOLIS — Maverick Commercial Mortgage Inc. has arranged a $2.4 million loan for the refinancing of a 30,000-square-foot office building in downtown Indianapolis. The property is 97 percent leased to 30 tenants. Originally constructed in 1911, the building was renovated in 2006 with restored original woodwork, tile work and terrazzo flooring. A Midwest lending institution provided the five-year, fixed-rate loan on behalf of the Indianapolis-based buyer. Proceeds of the loan were used to retire the acquisition financing and for a partner buyout.
ORLAND PARK, ILL. — Marcus & Millichap has brokered the $2.1 million sale of a 14,000-square-foot retail building anchored by AutoZone in the Chicago suburb of Orland Park. AutoZone occupies about 60 percent of the property, which is located at 9310 W. 159th St. adjacent to a Jewel-Osco grocery store. Mitchell Kiven of Marcus & Millichap represented the seller, a private investor, and the buyer, a local investor based in suburban Cook County.
The emergence of generative artificial intelligence (AI) promises to greatly expand the property industry’s reach and abilities. Generative AI can offer suggestions, compile reports and create various types of content, ranging from video to software code. In the commercial real estate world, generative AI has the potential to harness myriad information to help owners, managers, lenders and investors assess portfolio performance, uncover operating risks and identify opportunities, among other activities, says Jeff Salladin, a managing director with Dallas-based private debt fund Revere Capital. But companies need to begin preparing for it now, he adds. “Commercial real estate can be slow to change — it wasn’t that long ago that mortgage brokers were sending us deals via overnight mail,” observes Salladin. “But whether they’re analysts or leadership teams, someone in your shop should be dipping their toe in the water and testing out AI.” Salladin also points out the need to proceed cautiously with this new technology as it evolves. Humans with expertise need to review what AI generates for the commercial real estate field. AI can narrow the focus of many tasks but cannot substitute for human reviewers or the human ability to critically apply information gleaned. AI Benefits Salladin …
CHICAGO — Skender has completed construction of The Leo, a 21-story luxury apartment tower located at 741 N. Wells St. in Chicago’s River North. VISTA Property is the developer. Designed by Antunovich Associates, the building features 168 units, including 50 studios, 101 one bedrooms and 17 two bedrooms. The project also includes 3,877 square feet of ground-floor retail space. Amenities include an in-gym yoga studio, outdoor pool, rooftop deck, kitchen café, group fitness terrace, private events room, dog run and bike room. Luxury Chicago Realty is handling leasing. Huntington Bank provided a first mortgage loan for the project. Monthly rents start at $2,250, according to the property’s website.
EAU CLAIRE, WIS. — PACE Loan Group has provided $8 million in C-PACE financing for The Washington, a 200-unit luxury apartment project to be built in Eau Claire, a city in western Wisconsin. The financing fills out the $41 million capital stack, which includes $20 million in debt and $13 million in equity. The three-building project will comprise a former managed care facility and two new ground-up buildings. The 10-acre site is located within two miles of the University of Wisconsin-Eau Claire and numerous healthcare facilities. The former managed care facility, which originally opened in 1937, will house amenities including a 2,000-square-foot commercial space on the first floor, rooftop deck, fitness center, clubroom, coworking space, media room, yoga studio, outdoor heated pool, dog park and dog washing station. It will also include 53 multifamily units. One of the new buildings will consist of 87 units; the other will feature 60 units. Both will have fitness centers, clubrooms, media rooms and underground parking. Construction will begin shortly and is slated for completion by September 2025. The PACE proceeds will be used to finance energy conservation and renewable energy measures. Qualifying projects include building envelope, Energy Star windows, high-efficiency HVAC, domestic hot …
Lee & Associates Negotiates 53,000 SF Industrial Lease for Bullfrog International in Elgin, Illinois
ELGIN, ILL. — Lee & Associates has negotiated a full-building industrial lease totaling 53,000 square feet on behalf of Bullfrog International in Elgin. The property at 1320 Gateway Drive features a clear height of 24 feet, two interior docks, two drive-in doors and an existing three-ton bridge crane. Bullfrog International is a designer and manufacturer of high-end hot tubs that has expanded its Chicago-area presence with industrial and retail space. Rick Scardino, Michael Petrik and Sean Bishop of Lee & Associates represented the tenant. Jeff Matella of Cushman & Wakefield represented the landlord, Bix Box Property Owner C LLC.