CASCADE TOWNSHIP, MICH. — Old National Bank has purchased a development site at 2851 Charlevoix Drive SE in Cascade Township near Grand Rapids. The 1.2-acre parcel is situated directly across from a Walmart Supercenter and offers convenient access to I-96. Old National Bank plans to build a 3,470-square-foot retail branch, which is slated to open later this year. Bob Lotzar of NAI Wisinski of West Michigan represented the buyer in the transaction.
Woda Cooper, Franklinton Development Association Open 97-Unit Affordable Housing Project in Columbus
COLUMBUS, OHIO — Woda Cooper Cos. Inc. and co-developer Franklinton Development Association (FDA) have opened Starling Yard, a 97-unit affordable housing project in Columbus. The project involved the adaptive reuse of a vacant school built in 1908 along with two new-construction buildings. Starling Yard is situated in the Franklinton neighborhood on the west side of Columbus between Central and Brehl avenues. Originally built as West High School, the building later served as Starling Middle School before it closed in 2013. The property was purchased for the development project through an agreement with the Board of Education of the Columbus City School District. Starling Yard offers one-, two- and three-bedroom units for residents with household incomes of 30 to 80 percent of the area median income. Rental rates range from $401 to $1,295 per month, depending on income restriction and size of unit. There are five units adapted for those with mobility challenges and four units for those with sight and hearing disabilities. The restored school building features 45 units that preserve architectural features such as original tin ceilings, flooring, doors, trim and chalkboards. The new buildings total 52 units and rise three stories. Amenities include a community room, laundry room, …
VICTORIA, MINN. — Kraus-Anderson has begun construction of a new $20.4 million fire station for the City of Victoria at 8250 Kochia Lane. Designed by CNH Architects, the facility in metro Minneapolis will support staffing changes necessary to meet Victoria’s increased demand for service, according to a news release. The new station will enable firefighters to sleep inside the building and respond directly to calls for service versus responding from home or work, which will reduce overall response times across the community. The two-story, 40,230-square-foot building will feature six apparatus bays, a training tower, mezzanine, decontamination areas, living quarters, a lobby and offices. A large classroom will also function as the city’s emergency operation center. Completion is slated for June 2026.
WEST DUNDEE, ILL. — swissQprint America, the U.S. arm of the Swiss digital printing technology company, has acquired a 3-acre parcel within Canterfield Corporate Campus in the northwest Chicago suburb of West Dundee. The company plans to use the land to house its new 30,000-square-foot North American headquarters, which will include modern office space, a high-tech showroom and a parts warehouse. The development marks the third building within Canterfield Corporate Campus. The remaining land is owned by HLC Partners, a West Dundee-based, family-owned business and division of Haeger Industries. NAI Hiffman is the leasing agent for the campus. Site design is led by Karl Heitman, president of Heitman Architects. Development Solutions Inc. (DSI) is the general contractor.
O’FALLON, MO. — Northmarq has secured more than $18 million in HUD financing for Southernside Apartments, a 220-unit affordable housing community in the St. Louis suburb of O’Fallon. The property features one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center, game room, business center, great room, covered parking and walking trails. Eugene Harris of Northmarq arranged the 35-year loan on behalf of Hennessey Construction Co.
LISLE, ILL. — NAI Hiffman has negotiated three leases totaling 15,642 square feet at 2200 Cabot Drive, a renovated office building within the Corporate Lakes office park in Lisle. Agriculture company Syngenta signed a 13,381-square-foot lease at the five-story building. Prior to the pandemic, Syngenta occupied space in Downers Grove. Additionally, Bethany Christian Services inked a 1,217-square-foot lease, and Retirement Solutions leased 1,044 square feet. Patrick Kiefer of NAI Hiffman represented building owner RE Development Solutions in all three deals. The property is now 70 percent leased. RE Development Solutions acquired the building in November 2019 when it was 5 percent occupied. Ownership has completed extensive renovations, including a redesigned lobby, updated first floor and fifth-floor amenity suite, onsite deli, exterior monument signage, a conference room, updated corridors and washrooms and new mechanical systems. The building offers spec suites to meet demand from small and midsize companies seeking turnkey space.
BATTLE CREEK, MICH. — The Ferrero Group has entered a definitive agreement to acquire Battle Creek-based WK Kellogg Co. (NYSE: KLG) for $23 per share in cash, or $3.1 billion. The acquisition includes the manufacturing, marketing and distribution facilities of WK Kellogg’s portfolio of breakfast cereals across the United States, Canada and the Caribbean. In North America, Ferrero and its affiliated companies currently count for more than 14,000 employees across 22 plants and 11 offices. The North America portfolio includes Nutella, Kinder, Tic Tac and Ferrero Rocher as well as American brands such as Butterfinger, Keebler and Famous Amos. After the transaction closes, Battle Creek will serve as Ferrero’s headquarters for North America cereal. Additionally, shares of WK Kellogg’s common stock will no longer trade on the New York Stock Exchange, and the company will become a wholly owned subsidiary of Ferrero. The transaction, which has been unanimously approved by the board of directors of WK Kellogg, is subject to approval by WK Kellogg shareholders, regulatory approvals and other customary closing conditions. The deal is expected to close in the second half of 2025. Lazard is lead financial advisor to Ferrero, with BofA Securities acting as co-adviser and Davis Polk …
CHICAGO — Kayne Anderson Real Estate and JDL Development have entered into an agreement to acquire a 31-acre development site at 2001 N. Southport Ave. in Chicago. The site was formerly referred to as Lincoln Yards North and is situated prominently on the Chicago River. The developers plan to reimagine and rebrand the property. The new development, which will be heavily focused on residential, will be named Foundry Park. Plans call for homes, condos and apartments as well as commercial uses. The developers plan to include affordable housing units and create a walkable neighborhood with open green space. The transaction is expected to close by the end of the third quarter.
MINNEAPOLIS — Newmark has arranged the sale of a two-property student housing portfolio serving the University of Minnesota in Minneapolis. The portfolio includes The Bridges Dinkytown, a 210-unit community at 930 University Ave. SE, and The Knoll Dinkytown, a 101-unit property at 1101 University Ave. SE. Ryan Lang, Jack Brett, Ben Harkrider and Jim Damiani of Newmark represented the undisclosed seller. Ben Roelke, Ian Walker and Trent Houchin of Newmark arranged $36 million in financing through Corebridge Financial on behalf of the buyer, WFI, which will implement a $1.6 million capital improvement program at the properties. Both assets feature fully furnished apartments, ranging from studios to four-bedroom layouts.
CHICAGO — Beacon Capital Partners and Trammell Crow Co. (TCC) have completed Hyde Park Labs in Chicago. The partnership has also opened its STEM engagement center for local youth, Southside STEM Station, on the ground floor of the 300,000-square-foot development. The learning hub offers free STEM programs for students, families and educators on the city’s South Side. Located at 5207 S. Harper Ave. and rising 13 stories, Hyde Park Labs features nine full floors of Class A lab and office space, ground-level retail and four levels of parking. The developers say the project marks the South Side of Chicago’s first commercial, purpose-built advanced R&D lab building. More than 40,000 square feet of tenant amenities includes a fifth-floor terrace dubbed “The Lawn” with grills, firepits and direct access to the interior tenant lounge. The development also features private terraces on each floor, secure bike storage, an indoor bar and lounge and an executive boardroom. The University of Chicago has pre-leased approximately 55,000 square feet at Hyde Park Labs. In addition to faculty research, the university’s space includes its new UChicago Science Incubator, a partnership between the Polsky Center for Entrepreneurship and Innovation and Portal Innovations. Five UChicago-affiliated companies are among the …