CHICAGO — Greenstone Partners has brokered the $3.6 million sale of two multifamily properties located at 1343 N. Western Ave. and 1045 N. California Ave. in Chicago’s Wicker Park and Smith Park neighborhoods. Jordan Multack and Jacob Goldstein of Greenstone represented the seller, a Chicago-based private investor. The buyer was also a private investor. The assets feature spacious layouts, rooftop decks and onsite parking.
AUBURN HILLS, MICH. — Automaker Stellantis (NYSE: STLA), parent company of brands including Jeep, Dodge and Ram, has unveiled plans to invest $13 billion over the next four years to grow its business in the U.S. market and increase its domestic manufacturing footprint. The investment, the largest in the company’s 100-year U.S. history, will support the introduction of five new vehicles across the brand portfolio; production of the all-new four-cylinder engine; and the addition of more than 5,000 jobs at plants in Illinois, Ohio, Michigan and Indiana. Stellantis says the investment will increase its annual finished vehicle production in the United States by 50 percent over current levels. The new product launches will be in addition to 19 refreshed products across all U.S. assembly plants and updated powertrains planned through 2029. In Illinois, Stellantis plans to invest more than $600 million to reopen the Belvidere Assembly Plant to expand production of the Jeep Cherokee and Jeep Compass for the U.S. market. Initial production launch is expected in 2027, and the company anticipates the creation of roughly 3,300 new jobs. With an investment of nearly $400 million, Stellantis plans to move assembly of an all-new midsize truck from Belvidere to the …
KANSAS CITY, MO. — Tutera Senior Living & Health Care has added 26 senior living communities to its portfolio through a transaction with AlerisLife and an ongoing partnership with Diversified Healthcare Trust. The expansion, which includes eight owned acquisitions and 18 new management agreements, strengthens Tutera’s Midwest presence. With this addition, Kansas City-based Tutera will operate 108 communities across 11 states, with 66 dedicated senior living communities totaling 5,422 units. The company’s overall portfolio now encompasses 9,755 units, with a mix of 56 percent senior living and 44 percent skilled nursing. The expansion broadens Tutera’s footprint into Tennessee, adding to its presence in Alabama, Illinois, Indiana, Iowa, Kansas, Louisiana, Missouri, Nebraska, Oklahoma and South Carolina. The phased acquisition and transition of the 26 communities is expected to be completed by the end of the year. Some properties will transition to new names under Tutera.
CHICAGO — CBRE has negotiated five new retail leases for QDOBA Mexican Eats in the suburbs of Chicago. The locations are in Vernon Hills, Wheaton, Downers Grove, Bloomingdale and Elmhurst. CBRE’s Phillip Golding represented the fast-casual restaurant. The 2,000-square-foot location at 700 N. Milwaukee Ave. in Vernon Hills is within The Marketplace at Vernon Hills, a retail center owned by Kimco Realty. Danada Square West in Wheaton is a grocery-anchored center owned by DLC. The 2,000-square-foot location in Downers Grove is within a property owned by Vic Mehta. LFI is the landlord for the Bloomingdale and Elmhurst properties. Holy Moley Guacamole is the franchise business for the new locations.
BROOKINGS, S.D. — Kraus-Anderson has completed the $7.4 million Yorkshire Medical Office Building for Brookings Health System at 2311 Yorkshire Drive in Brookings, a city in eastern South Dakota. Designed by TSP Inc., the 12,000-square-foot project marks the first phase of the new medical office building and will serve as the future home of the Brookings Health System Eye Clinic and Physical Therapy. The eye clinic features six exam rooms, a retail optical space and a dedicated procedure room. The physical therapy clinic, in collaboration with Avera Physical Therapy, includes a 2,100-square-foot rehabilitation gym, 10 treatment rooms and a HydroWorx therapy pool equipped with an underwater camera for advanced therapy sessions. The project is located 8 feet from the existing building that currently houses the eye clinic. Once the new facility is operational with patients, the old building will be demolished, allowing for the completion of a new parking area. An upcoming phase to be completed in the coming years will be a mirrored extension of the current structure.
ITASCA, ILL. — The RDI Group, a manufacturer of engineered systems for the roofing, construction, power, metal coil processing and medical industries, has leased a 25,141-square-foot industrial building at 1070 W. Ardmore Ave. in Itasca. Jeff Janda and Chris Nelson of Lee & Associates of Illinois represented the owner, Town & Country Distributors, as well as the tenant. The facility will serve as a satellite warehouse for RDI Group’s primary location at 1025 W. Thorndale Ave. in Itasca.
BERKELEY, MO. — BridgeCore Capital Inc. has provided a $1.8 million loan for the refinancing of a 44-unit, two-story multifamily property in Berkeley, a northwest suburb of St. Louis. The asset was built in 1957. The borrower was experiencing multiple technical defaults resulting from complexities with the existing agency lender. BridgeCore coordinated directly with the mortgage advisory team and title company to close the transaction within the expedited timeframe. BridgeCore also solved a number of unexpected ancillary issues that arose during the due diligence and closing process, including removal of one of the guarantors, adjusting the insurance coverage period at loan commencement and restructuring an entity certification into a written consent.
ELKHART, IND. — Merchants Capital has arranged $70 million in financing for the construction of Flats at Pinecreek, a 252-unit workforce housing development in Elkhart. Holladay Properties is the developer. Merchants Capital secured a $35 million Freddie Mac Forward Commitment permanent loan and a $35 million construction loan provided by Merchants Bank. Flats at Pinecreek will be supported via an 18-year tax-increment financing structure. Roughly 25 percent of the units will be reserved for residents earning between 60 and 80 percent of the area median income, with the remaining units provided at market rate. Flats at Pinecreek will include seven three-story buildings and a clubhouse. There will be 126 one-bedroom units, 105 two-bedroom units and 21 three-bedroom residences. Amenities will include a fitness center, pool, dog park, lounge and coffee bar, grill stations and a package delivery hub. Construction has commenced, and completion is slated for January 2027.
WARREN, OHIO — CBRE has negotiated the $9.4 million sale of a 94,000-square-foot industrial research and development facility in Warren, a city in eastern Ohio. CBRE’s Steve Timmel, Will Roberts and George Stevens represented the seller, Industrial Commercial Properties. An entity doing business as PG Warren Industrial LLC was the buyer. Built in 1998 and renovated in 2014, the building at 4551 Research Parkway features a clear height of 22 feet, 10 drive-in doors and a reinforced concrete foundation on an 11.9-acre site. The property was fully occupied by Aptiv at the time of sale and is part of the company’s broader Warren campus.
HALES CORNERS, WIS. — Marcus & Millichap Capital Corp. (MMCC) has secured an $8 million loan for Hales Corners Plaza, a 94,207-square-foot retail center in the Milwaukee suburb of Hales Corners. The property is fully leased to tenants such as Great Clips, AT&T, a nail salon and a physical therapy clinic. Michael Hughes of MMCC arranged the financing on behalf of the private client. A credit union provided the five-year loan, which features a 75 percent loan-to-value ratio, 6 percent interest rate and 30-year amortization period.
