APPLETON, WIS. — NAI Pfefferle has negotiated the sale of a 14,185-square-foot office building in Appleton. The sales price was not disclosed, but the asking price was $2.2 million. Elizabeth Ringgold and Jonathan Glassco of NAI Pfefferle negotiated the sale. Buyer and seller information was not provided.
EDEN PRAIRIE, MINN. — JLL Capital Markets has brokered the sale of Cascade at Town Center, a 204-unit multifamily community in the Minneapolis suburb of Eden Prairie. The property was built in 2001 with 18 additional units added in 2018. Units average 1,158 square feet. Amenities include a gym, clubroom, indoor pool, courtyard and garage parking. Josh Talberg, Joseph Peris and Mark Stern of JLL represented both the seller, a joint venture between Harbert Management and Magellan Investment Partners, and the buyer, FPA Multifamily. Elliott Throne and Scott Loving of JLL originated acquisition financing through Freddie Mac.
CHICAGO — Maverick Commercial Mortgage Inc. has arranged $5.6 million in financing for a three-tenant retail property in the Gold Coast neighborhood of Chicago. The 5,800-square-foot asset was fully leased at the time of the loan closing. A national lender provided the three-year, fixed-rate loan at 6.45 percent. The loan amortizes on a 25-year schedule. Chicago-based JDI Realty was the borrower.
NAPERVILLE, ILL. — Husband-and-wife franchise owners Veronika and Greg Parranto plan to open the first IMAGE Studios concept in Illinois at Fox River Commons shopping center in Naperville later this month. The Parrantos signed a lease with Continental Realty Corp. (CRC) for 10,645 square feet of space at the 241,000-square-foot shopping center. With this transaction, Fox River Commons is now 77 percent leased. Kristin Perry of CRC and Brooke Spinell of Mid-America Real Estate represented the landlord, while Carlie Wilmes of Reimagine CRE represented the tenant. IMAGE Studios, which operates nearly 100 locations throughout 22 states, is an exclusive salon suite that enables hair stylist and other beauty-care professionals to operate independently owned private salon studios under one roof. Approximately 35 new locations are expected to open in 2025, including two in the Chicago area, with seven additional sites expected in Chicagoland by different franchise owners. The Fox River Commons location will contain 48 private salon studios.
LENEXA, KAN. — Cactus Grill has opened at Lenexa City Center’s Restaurant Row in Kansas. The new location features house-made salsas, fajitas and espinaca dip as well as a spacious bar and patio. Copaken Brooks owns the property, and Erin Johnston is the landlord representative. Ed Gieselman owns Cactus Grill.
CHICAGO — Stantonic, a Chicago-based interior design and procurement firm, has announced that it is officially dropping the company name, “STANTON Interior Concepts” from the brand, effective immediately. The company says the rebranding enables the organization to further diversify its portfolio without the constraints of a strong name association, while also enhancing brand clarity and consistency directed toward the hospitality sector. Stantonic was founded in 2001.
CHICAGO — Friedman Properties has completed the first phase of renovations at the Reid Murdoch Building in Chicago’s River North neighborhood. The improvements included renovations to the lobby, corridors, restrooms and elevator cabs, as well as a new fully furnished, riverfront speculative office suite. Friedman acquired the eight-story, 320,000-square-foot building in 1998 and completed initial redevelopment in 2002. The property is listed on the National Register of Historic Places and has been designated a Chicago Landmark. The Reid Murdoch Building was originally constructed in 1914 as office, warehouse and manufacturing facilities for Reid, Murdoch & Co., one of the country’s largest wholesale grocers. The city purchased the property in 1955 to house traffic courts and other municipal offices, a use it retained until Friedman’s acquisition. Designed by George Nimmons, the building is a notable example of the “Chicago School” of architecture, with a red brick façade and decorative terra-cotta embellishments covering a steel-and-concrete skeleton. In 1926, the property’s symmetry was adjusted to accommodate the widening of LaSalle Street, reducing the side of the building west of the central tower to five window bays, while the east side retained its original six. The lobby now features a mix of exposed ceilings …
NEW BERLIN AND FRANKLIN, WIS. — Zilber Property Group (ZPG) has acquired a four-building industrial portfolio totaling 385,000 square feet in Southeast Wisconsin for an undisclosed price. Located in New Berlin and Franklin, the properties range in size from 80,000 to 125,000 square feet. The buildings are fully leased to eight tenants engaged in manufacturing, warehousing, distribution and logistics. Each property is situated in an established business park with essential infrastructure and access to major transportation systems.
BROWNSBURG, IND. — A joint venture between Buckingham and Onyx+East has broken ground on Mural Brownsburg, a 165-unit build-to-rent (BTR) community in the Indianapolis suburb of Brownsburg. The development is part of Buckingham’s Mural Collection. Phase I is underway at the intersection of US 136 and Northfield Drive. The three- and four-bedroom homes will range from 1,572 to 2,086 square feet. Under Buckingham’s property management, all Mural Brownsburg home and yard maintenance is included. Residents will enjoy walking paths, a neighborhood clubhouse and pool. The first units are expected to be available for rent beginning in October. Mural Brownsburg marks the first BTR venture for both Onyx+East and Buckingham. Onyx+East’s expertise is in for-sale single-family and townhome construction and Buckingham’s experience is in multifamily investment and management.
MONEE, ILL. — NewAge Products has signed a 168,741-square-foot industrial lease at 25340 S. Ridgeland Ave. in Monee. The lease brings the 621,246-square-foot facility to full occupancy, with NewAge Products joining Reynolds Consumer Products. Seefried Industrial Properties owns the building, which is situated within close proximity to I-57, I-80 and I-294. Additionally, the site is within 20 miles of three intermodal yards — the BNSF Intermodal Yard in Elwood, the Union Pacific Global IV Intermodal Terminal in Joliet and the Canadian National Intermodal Terminal in Harvey. Jason West of Cushman & Wakefield represented NewAge Products, while Sean Henrick and Ryan Klink of Cushman & Wakefield represented Seefried.
