OSCEOLA, WIS. — Marcus & Millichap has negotiated the $1.1 million sale of a 9,026-square-foot retail property occupied by Dollar General in Osceola, about 47 miles northeast of Minneapolis. The net-leased building is located at 928 240th St. Mitch Grant and Nicholas Kanich of Marcus & Millichap represented the seller, a Milwaukee-based limited liability company. The property sold to a 1031 exchange, all-cash buyer. Todd Lindblom assisted in closing the transaction as the Wisconsin broker of record.
MARYVILLE, ILL. — BarberMurphy has arranged the sale of a 3,158-square-foot office building located at 17 Professional Park Drive in Maryville, about 20 miles northeast of St. Louis. The sales price was undisclosed. Fireside Financial LLC sold the property to Grand Property LLC. BarberMurphy represented both parties in the transaction.
MINNEAPOLIS — Cushman & Wakefield has negotiated nearly 45,000 square feet in office leases at The 15 Building, a downtown Minneapolis office building known for its mural of Bob Dylan. R2 and Goldman Sachs Asset Management own the property, which is now 70 percent leased. The building rises 12 stories, totals 130,000 square feet and features new speculative suites. New tenants for the spec suites include Fjorge, which leased the entire fifth floor; Arux, which leased the entire 11th floor; and Inspire11, which inked a lease for the entire ninth floor. Channel Z renewed its lease for 6,000 square feet and Chobani renewed its lease for 2,500 square feet. Tom Tracy and Katie Tufford of Cushman & Wakefield have worked as the leasing agents for the property since February 2020.
YPSILANTI, MICH. — Lincoln Avenue Capital (LAC) is developing Huron Vista and Residences at Huron, two new affordable housing communities that will provide 156 units for families and individuals and 152 units of seniors housing in Ypsilanti. Financing came from tax-exempt bonds and 4 percent low-income housing tax credits from the Michigan State Housing Development Authority; a PILOT from the City of Ypsilanti; an equity investment from KeyBank Community Development Corp.; a construction loan from KeyBank; and a permanent loan from Freddie Mac, serviced by KeyBank. Construction is scheduled to begin this month, and completion is slated for fall 2024. Both properties will feature outdoor gathering spaces, a pool and fitness center.
BELLWOOD, ILL. — Evergreen Real Estate Group has topped off construction of Bellwood Senior Apartments in Bellwood, a western suburb of Chicago. The 80-unit affordable seniors housing property is slated for completion in August. The $30 million project replaces a former Walgreens property. Operated by Evergreen’s in-house management team, Bellwood Senior Apartments will be reserved for residents age 62 or older with incomes at or below 60 percent of the area median income. General contractor F.H. Paschen has completed the concrete block masonry and precast plank structure. The construction crew is currently installing mechanical, electrical, plumbing and fire protection, which will be followed by drywall work, windows and façade finishes. Weese Langley Weese Architects Ltd. is the project architect. Amenities will include laundry rooms on each level, three community rooms, storage rooms and a fitness center. The Illinois Housing Development Authority served as the tax credit issuer and subordinate funds provider. The Village of Bellwood provided tax-increment financing incentives and a loan. Additionally, Bank of America is the investor and construction loan lender, Hudson Housing Capital syndicated the tax credits and Cook County provided HOME funds.
PELLA, IOWA — Northmarq has brokered the $11.1 million sale of Highpoint at Pella, a 100-unit apartment community in Pella, about 45 miles east of Des Moines. Built in 1999, the property features a fitness facility, pool and grilling areas. The community is situated near Lake Red Rock, the largest lake in Iowa. Parker Stewart, Dominic Martinez and Anthony Martinez of Northmarq represented the seller, Axiom Equities. Local investor HighPoint Apartments LLC was the buyer.
STURGEON BAY, WIS. — Marcus & Millichap has arranged the $1.1 million sale-leaseback of a 1,650-square-foot property occupied by Jimmy John’s in Sturgeon Bay, a city in eastern Wisconsin. The single-tenant, net-leased building is located at 845 Egg Harbor Road. The property was originally built in 1995 and reconfigured for Jimmy John’s in 2017. Damien Yoder and Madison Harman of Marcus & Millichap represented the seller, a private investor. Tom Gommels of Marcus & Millichap secured and represented the buyer, an out-of-state private investor. Todd Lindblom assisted in closing the transaction as the Wisconsin broker of record.
CHICAGO — Sterling Bay has topped out construction of 360 North Green, a 24-story office building in Chicago’s Fulton Market district. Boston Consulting Group will serve as the anchor tenant upon completion and has leased roughly 250,000 square feet. The firm plans to relocate nearly 1,000 employees from Chicago’s Loop. Totaling nearly 500,000 square feet, the development will include amenities such as private outdoor terraces. The project will also feature more than 5,000 square feet of ground-floor retail space. Gensler is the architect and Power Construction is the general contractor. Completion is slated for February 2024.
JANESVILLE, WIS. — Chase Properties has acquired Pine Tree Plaza in Janesville, about 70 miles southwest of Milwaukee. The purchase price was undisclosed. The 184,834-square-foot shopping center is home to tenants such as TJ Maxx, HomeGoods, Michaels, Old Navy and Petco. The property was 82 percent leased at the time of sale. Ben Snyder and Zack Bates of Matthews Real Estate Investment Services brokered the transaction, which marks Chase’s sixth acquisition within its Chase Properties Retail Opportunities Fund IV. Chase is an Ohio-based owner and operator of shopping centers.
DETROIT — A 50-unit, 32,248-square-foot Veterans Affairs domiciliary and health clinic has opened in Detroit. Baker Barrios Architects served as the architect for the adaptive reuse project, which involved the conversion of a two-story office building originally completed in 2008. The property once housed the corporate offices of the Michigan Basic Property Insurance Association. In addition to the clinic, the building now houses 50 transitional residential units, a computer lab, clubhouse, therapy rooms, indoor and outdoor multipurpose spaces and administrative offices. The project was designed to support the mission of the John D. Dingell VA Medical Center by offering a safe home with programming to help veterans establish a path to independent living.