ROLLA, MO. — Marcus & Millichap has arranged the sale of a 221-unit self-storage facility in Rolla, a Missouri city located about midway between Springfield and St. Louis. The sales price was undisclosed. The property includes non-climate-controlled units along with one 400-square-foot office space and eight parking stalls. The facility is 93 percent leased. Marla Čolić and Anne Williams of Marcus & Millichap represented the seller, a limited liability company. A private equity group with storage holdings across the U.S. was the buyer.
CREVE COEUR, MO. — Western Specialty Contractors is completing the final phases of restoration work on the parking garage at CityPlace Four, a 103,000-square-foot office building in the western St. Louis suburb of Creve Coeur. Constructed in 2001, the four-story office building features a 339-space parking garage. A lack of maintenance, poor drainage and leaking planter boxes on the garage’s street-level concrete topping slab and a suspended deck had resulted in severe deterioration and water seepage into a parking area below. The garage has remained open during the multi-phase project. Phase III, which focuses on the garage’s southwest corner, will be completed this year. Phase IV on the northwest corner will be completed next year. ABS Consulting is the project engineer.
PERU, ILL. — Cawley Chicago has brokered the sale of the property formerly housing Raccuglia Law Offices and an assemblage of properties in Peru, about 100 miles southwest of Chicago. The sales price and buyer were not disclosed. The Raccuglia family hired Cawley Chicago’s Jon Chamlin to liquidate the real estate portfolio of their late father, attorney Anthony Raccuglia. Included in the sale was a development site on the corner of Rock and Maple drives that consists of 0.67 acres of commercial land. The law office, constructed in 1968, will remain the local offices of Meyers Flowers Bruno McFedron & Herrmann.
VERNON HILLS, ILL. — Lee & Associates has negotiated a 7,667-square-foot retail lease at Hawthorn Mills Square in the Chicago suburb of Vernon Hills. The tenant, Bullfrog International LLC, designs and manufactures high-end hot tubs. Rick Scardino and Michael Petrik of Lee & Associates represented the tenant. Matt Cavanagh of ARC Real Estate Group represented the landlord, an entity doing business as Hawthorn Hills Square 1687 LLC.
MERRILLVILLE, IND. — Draper and Kramer Inc. has arranged a $54 million loan for the refinancing of Prairie Point and The Reserve at Prairie Point Apartments in Merrillville, a city in Northwest Indiana. Built between 2002 and 2015, Prairie Point and The Reserve is a 440-unit luxury apartment community that underwent renovations in 2018. The Class A property features townhome-style units with private entrances and garages. Amenities include a clubhouse, fitness center, pool, sundeck, playground and sand volleyball court. Mark Perkowski of Draper and Kramer’s Commercial Finance Group arranged the loan on behalf of the borrower, Weiss Entities. A life insurance company provided the five-year, fixed-rate loan.
LADYSMITH, WIS. — A $21 million renovation project to be completed by Kraus-Anderson is underway for the Ladysmith School District in Northwest Wisconsin. Designed by Bray Architects, the project encompasses both the middle school and high school and includes a 22,000-square-foot remodel of academic classrooms, 10,131-square-foot gym expansion, 2,764-square-foot media center addition, new roof and other building improvements. The city’s elementary school will also receive a new roof. Completion is slated for summer 2024.
COLUMBUS, OHIO — Iconic Equities has acquired a 322,840-square-foot warehouse in Southeast Columbus for an undisclosed price. The Class B property is situated on 23 acres at 3275 Alum Creek Drive near I-70 and two intermodal facilities, the CSX Intermodal and Norfolk Southern Rickenbacker Intermodal. The transaction marks Miami-based Iconic’s second acquisition in Columbus in the past year.
KENOSHA, WIS. — Eagle Foods has signed a 287,000-square-foot industrial lease at 94 Logistics Park in Kenosha. The company will use the space as its Midwest distribution hub. Eagle Foods takes almost half of Building 7, a 599,308-square-foot warehouse featuring a clear height of 36 feet, 62 docks, 70 trailer stalls and parking for 186 cars. Ned Frank and Jim Herbst of Colliers represented the tenant. Frank, along with colleagues Fred Regnery and Steve Stewart, represented the owner, Logistics Property Co.
CINCINNATI — Marcus & Millichap has brokered the sale of a 15,000-square-foot medical office building occupied by Mercy Health in Cincinnati for $4.9 million. The net-leased property is located at 8599 Ridge Road. Mercy Health has 10 years remaining on its lease. Mark Ruble, Christopher Mitchel, Chris Lind and William Skoch of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.
CHICAGO — McShane Construction Co. and its joint venture partner Ashlaur Construction have broken ground on Phase IID of Westhaven Park. Located on Chicago’s Near West Side, the 12-story development will include 96 mixed-income apartment units along with ground-floor retail space. Of the total unit count, 66 percent will be designated as affordable, and 34 percent will be market rate. Amenities will include a fitness center, community room and rooftop terrace. LBBA is the project architect, while Brinshore Development and The Michaels Organization are the developers. Completion is slated for September 2024. McShane built a 113-unit condominium building during the first phase of Westhaven Park in 2006.