WINFIELD, ILL. — Synergy Construction & Development Co. has proposed plans for a 147-unit luxury apartment complex in the Chicago suburb of Winfield. Named Winfield Reserve, the project will feature a mix of studio, one-, two- and three-bedroom units. Plans also call for a 142-space parking garage, 6,000-square-foot indoor amenity space and a large outdoor area with a pool. Synergy expects to break ground in August 2024 and complete the project in early 2026. The project is part of the Town Center revitalization plan. The project site spans 2.4 acres at the intersection of Jewell Road and Church Street, 0.7 acres of which are currently owned by Metra and 1.7 acres by Northwestern Medicine Central DuPage Hospital (NM-CDH). NM-CDH and Synergy have entered into a Letter of Intent for the sale and purchase of the hospital property for $2.5 million, contingent upon the village’s final approval of the development. To facilitate acquisition of the Metra-owned property, village officials worked closely with Metra on an arrangement to swap ownership of commuter parking lots, which allowed assembly of parcels necessary for the project. The Town Center redevelopment plan is based on an agreement the village negotiated with NM-CDH to provide funding and …
ZION, ILL. — Industrial Outdoor Ventures is nearing completion of the first phase of Trumpet Park, a speculative industrial service facility (ISF) in Zion, a city in Northeast Illinois. Completion is slated for early 2024. The first phase, which is part of a larger $35 million project, is situated on nine acres adjacent to a FedEx freight terminal. Construction on the first phase includes an 11,440-square-foot maintenance/service facility and a paved parking area that will feature 180 stalls. ISFs provide supply chain infrastructure solutions to essential industries such as transportation, bulk material distribution, last-mile logistics, heavy equipment and the utility industry. When completed, the property will include a secured storage yard with fencing, security lighting and keypad access. The second phase of Trumpet Park will involve a larger 47-acre parcel. The project team includes Spaceco for civil engineering and surveying services, and Arete Design Studio for architecture, planning and design services. Chris Volkert, Ned Frank and Pat Hake of Colliers are the leasing agents.
CHICAGO — Breneman Capital has purchased Ashland Place, a 47-unit apartment property located at 33 S. Ashland Ave. in Chicago. Built in 2018, the community is situated in the city’s West Loop neighborhood and features two one-bedroom units and 45 two-bedroom units. Breneman assumed a loan on the property that features a 73.5 percent loan-to-value ratio, a fixed interest rate of 4.6 percent and roughly five years of remaining term. Dwelle Properties will manage the asset. Breneman plans to improve efficiencies at the property. The purchase price and seller were undisclosed.
WOODRIDGE, ILL. — Cushman & Wakefield has negotiated a 64,643-square-foot industrial lease at 2250 W. 75th St. in Woodridge, a southwest suburb of Chicago. Dan Wilkins and Lou Hall of Cushman & Wakefield represented the landlord, Molto Properties, while Jason West of Cushman & Wakefield represented the tenant, J&P Warehousing/Tardella Foods. The 101,871-square-foot building now has 37,228 square feet remaining available for lease.
CARMEL, IND. — Echo Real Estate Capital Inc. has acquired Three Penn Mark, a 33,000-square-foot medical office building located in the Penn Mark Plaza office park in Carmel, a suburb of Indianapolis. The purchase price was undisclosed. Tenants at the fully leased property include Ascension-St. Vincent, Turkle & Associates Center for Plastic Surgery and Abram’s Eyecare. Jackson Investment Group represented Echo in the purchase, while Colliers represented the undisclosed seller. FORUM Credit Union and T2 Capital Management provided acquisition financing. Echo plans to make capital improvements to the property. Echo’s Indianapolis-area portfolio now includes five buildings and nearly 200,000 square feet of hospital-anchored medical space.
LEE’S SUMMIT, MO. — Intrinsic Development has broken ground on Discovery Park, a $900 million mixed-use project in Lee’s Summit, a southeast suburb of Kansas City. The 3.9 million-square-foot development will span 268 acres near I-470 and Saint Luke’s East Hospital. Two hotels, a Marriott TownePlace Suites and a Home2 Suites by Hilton, are among the first properties to be built at Discovery Park. Combined, the hotels will offer 230 rooms and are slated for completion prior to when Kansas City hosts games for the 2026 FIFA World Cup. Plans also call for 2,791 luxury apartment units within a development named Alura, as well as Class A office space, medical office buildings and retail space. Among Discovery Park’s amenities will be a riverwalk district featuring access to more than five miles of trails connected to the Nature Trail at Unity Village and seven acres of recreational lakes for kayaking and paddle boarding. The Discovery Athletic Club will be a state-of-the-art fitness facility available to both residents and employees, as well as the Poolside Day Club. Construction of Discovery Park will take place in four phases from now until 2031. The first phase is The Village, which will include the two …
CHICAGO — Chicago-based Origin Investments forecasts that year-over-year national Class-A apartment rent growth will normalize by January 2025 and range from 2 to 3 percent, in keeping with historical rent growth averages. However, Origin also cautions that “unquantifiable risks” loom large over the market and could have broad implications for multifamily properties. The findings are from the company’s Multilytics Rent Growth Forecast Report. “The return to normalization has been expected because the rent growth levels of 2021 and 2022 were unsustainable. We are now paying for the distortions of the past,” says David Scherer, co-CEO of Origin. “The fact that many markets are returning to positive year-over-year growth is somewhat misleading,” says Ryan Brown, a data scientist with Origin. “While a given market may achieve 3 to 4 percent growth, you also have to consider the negative growth in 2023. As a result, the return of positive growth may only get you back to the peaks achieved in 2021 and 2022. It will take longer to move beyond that peak.” Origin also says that rent growth in 2024 faces numerous potential threats because of current economic conditions and uncertainties. For example, an increase in unemployment and lower wage growth trends, …
SCHAUMBURG, ILL. — McShane Construction Co. has completed The Quin Apartments in Schaumburg, a northwest suburb of Chicago. The Finger Cos. developed the 373-unit luxury apartment complex. The 708,000-square-foot development rises four stories and features an 802-space parking garage. Units are offered in one- and two-bedroom floor plans, with select floor plans featuring a den. Amenities include two clubrooms, a fitness center, golf simulator, guest suite, catering kitchen, business center and dog spa. Outdoors, tenants can enjoy lap and recreational pools, fire pits, grill stations, two gated dog parks and walking paths. Niles Bolton Associates provided architectural services. Monthly rents start at $2,010. Residents can now earn up to five weeks of free rent on select floor plans, according to the property’s website.
BEACHWOOD, OHIO — Matthews Real Estate Investment Services has brokered the $31.5 million sale of Pavilion Shopping Center in Beachwood, an eastern suburb of Cleveland. Located at 24055 Chagrin Blvd., the retail property features 207,000 square feet of leasable area and is fully occupied by 19 tenants. Anchor tenants include Giant Eagle, Ross Dress for Less, Big Lots and Michaels. The center was built in 1975 and renovated in 2013, according to LoopNet. Ben Snyder, Zachary Bates and Matthew Wallace of Matthews Real Estate represented the undisclosed seller. Marquee Capital was the buyer. The deal marked the second largest shopping center transaction in Ohio this year, according to the brokerage.
BUFFALO GROVE, ELGIN AND ROMEOVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 541,283-square-foot industrial portfolio in suburban Chicago for an undisclosed price. The three-building portfolio is fully leased to five tenants. In Buffalo Grove, 351-355 Hastings Drive is a 68,735-square-foot building that was constructed in 1998. The property features a clear height of 24 feet, six exterior docks, six drive-in doors and 10,355 square feet of office space. In Elgin, 2770 Alft Lane is a 246,446-square-foot property that was built in 2015. The building features a clear height of 32 feet, 40 exterior docks, four drive-in doors and 7,423 square feet of office space. In Romeoville, 1881 Normantown Road totals 226,102 square feet and was built in 2017. The property features a clear height of 32 feet, 35 exterior docks, two drive-in doors, 3,179 square feet of office space and parking for 40 trailers. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the undisclosed seller. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group.