CHICAGO — Essex Realty Group Inc. has arranged the sales of two multifamily properties in Chicago’s Greater Grand Crossing and Chatham neighborhoods. The first building includes 16 units and is located on South Indiana Avenue, while the second asset features 19 units and is located on South Drexel Avenue. Joe Kahlhammer, Robert Berman, Mike Anguiano, Daniel Shabsin, Jeremy DeMarco and Russell Tillery of Essex represented the seller in each sale. Further details were not provided.
LAKE BLUFF, ILL. — DarwinPW Realty/CORFAC International has brokered the sale of an industrial property located at 29870 N. Skokie Highway in Lake Bluff, a northern suburb of Chicago. The property features 26.8 acres of land and three buildings totaling 67,879 square feet. The space is home to functional industrial buildings, trailer parking and industrial outdoor storage. The three buildings are fully leased to 11 tenants. While much of the land is not usable for commercial purposes because of its native wetlands, the seven usable acres have been developed with outdoor storage, including a recently built paved and secure trailer lot. Jake Ehrenberg, Joel Mackintosh and Mike O’Malley of Perry Hill Ventures were the sellers. Matt Lewandowski of DarwinPW represented the buyer, a group of investors.
SPRINGFIELD, ILL. — Marcus & Millichap has negotiated the $2.4 million sale of a 4,480-square-foot property occupied by IHOP in Springfield. The building is situated at 2600 Sunrise Drive just north of Capital City Shopping Center, which is home to AMC, Big Lots, Panera and McDonald’s. Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, a limited liability company. Steven Weinstock of Marcus & Millichap assisted in closing the transaction, including a triple-net lease with a franchisee and 10 percent rental increases every five years.
BUFFALO GROVE, ILL. — Shorewood Development Group will build a 50,720-square-foot automotive sales and service center for Tesla in the Chicago suburb of Buffalo Grove. The project site at the southeast corner of Dundee and Old Arlington Heights roads is the former location of a Rohrman auto dealership that has been vacant for more than 14 years. Daniel Barrins of Associated Bank originated a financing package on behalf of Shorewood. In addition to the financing for the service center, the loan package includes financing for the acquisition and site work of a 10-acre adjacent land parcel that consists of retail and residential zone uses. The retail property can accommodate two buildings with a combined 30,000 to 40,000 square feet of space. The residential parcel is under contract to be sold to a local apartment developer to build four buildings with a total of 197 units.
SIOUX FALLS, S.D. — Sanford Health has unveiled plans to build Good Samaritan Society — Founder’s Crossing, a continuing care retirement community (CCRC) in Sioux Falls. The developer plans to break ground this spring. The first phase of the CCRC will include 146 independent living villas, 120 independent living apartments, 32 assisted living apartments and 32 memory care apartments, all slated for completion in 2026. A second phase over the following two years will add a short-term rehabilitation and long-term care center, additional villas, a Sanford Health clinic and a Lewis Drug location. The health clinic and pharmacy will be open to the public. Phase II is scheduled for completion by 2028.
GREEN BAY, WIS. — Cicero Construction Group is underway on the renovation of the Holiday Inn Express & Suites Green Bay East hotel. Completion is slated for June. The Wolf family, which owns and operates the hotel, is a second-generation family-owned business. The renovation project will include the hotel’s 80 guest rooms, the lobby area with registration desk, business center, Express Shop market, indoor pool and spa, Express Start breakfast bar and fitness center. Cicero will also fully revitalize the hotel’s public bathrooms, back-of-house laundry operations, meeting room, stairwells, corridors, offices, vestibule and elevator lobbies. In guest rooms, Cicero will install new carpeting, window treatments, furnishings and bedding along with updated color palettes on walls and ceilings. Guest bathrooms will be outfitted with new fixtures, tub-to-shower conversions and mirrors with built-in lighting.
COON RAPIDS, MINN. — Senior Living Investment Brokerage (SLIB) has brokered the sale of The Homestead at Coon Rapids, a 53-unit assisted living and memory care community in the northern Minneapolis suburb of Coon Rapids. The sales price was undisclosed. Built in 1999, the property features 29 assisted living units and 24 memory care units. The building totals 31,195 square feet on roughly three acres. Jason Punzel, Brad Clousing and Jake Anderson of SLIB brokered the sale. The seller was a large, national nonprofit looking to condense its portfolio to focus on core communities. The buyer was an in-state owner partnering with an in-state operator looking to grow its footprint in Minnesota.
RAYTOWN, MO. — Marcus & Millichap has arranged the sale of a two-tenant retail property totaling 6,360 square feet in Raytown, a southern suburb of Kansas City. The sales price was undisclosed. The fully leased building is home to Domino’s Pizza and SmileShack. Domino’s has occupied its space since 2015 and extended early through 2030. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a California-based limited liability company. A new loan was originated on the deal by the existing lender.
CHICAGO — Marriott International will purchase the Sheraton Grand Chicago in the city’s Streeterville neighborhood in a $500 million transaction, according to Marriott’s fourth-quarter 2023 results. Marriott will purchase the hotel for $300 million and spend an additional $200 million for the land. According to Crain’s Chicago Business, Tishman Realty has exercised its option to require Marriott to purchase the hotel, which was granted to Tishman as part of a 2017 settlement. The 1,218-room property is located at 301 E. North Water St.
GREEN BAY, WIS. — Associated Bank has provided $14.3 million in construction financing for Bay City Lofts, an affordable housing project in Green Bay. The financing package included a $6.3 million construction loan and $8 million of Low-Income Housing Tax Credit (LIHTC) equity. The bank also sponsored a $600,000 Affordable Housing Project (AHP) grant from the Federal Home Loan Bank of Chicago. Capital partners included federal LIHTC syndicator CREA, permanent lender IFF and the City of Green Bay. Located at 2510 University Ave., Bay City Lofts will feature 48 units, of which 40 will be designated as affordable for families earning 30 to 60 percent of the area median income. Gorman & Co. LLC and Lutheran Social Services of Wisconsin and Upper Michigan are the developers. The four-story building will feature one-, two- and three-bedroom floor plans. Construction is underway, with completion slated for late 2024. Lutheran Social Services will provide supportive services for residents. Gorman is serving as the co-developer, general contractor and property manager. Bryan Schreiter of Associated Bank’s commercial real estate division managed the loan closing. Stefanie Bachrach of Associated Community Development LLC, the bank’s community development corporation, managed the equity investment closing.
