ST. CHARLES, ILL. — Cushman & Wakefield has brokered the sale of River Glen of St. Charles, located within the former Delnor Hospital, which was built in St. Charles in 1939. Located approximately 35 miles west of Chicago, the senior living community features 106 units of independent living, assisted living and memory care. The original hospital building has been converted into a modern, well-amenitized campus. Bridge Investment Group sold the asset to Citrine Senior Communities, a joint venture between affiliates of Citrine Investment Group and Jaybird Capital, for $20 million. Jaybird Senior Living will take over operations. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Tim Hosmer and Jack Griffin arranged the transaction.
HAMMOND, IND. — Marcus & Millichap has arranged the $4.6 million sale of a 14,158-square-foot retail center in Hammond, a city in Northwest Indiana. Built in 2017, the property is located at 1001 5th Ave. and is home to retail and medical tenants, including American Renal Associates. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap represented the seller, a developer based in Hobart, Ind. The property sold to a 1031 exchange investor.
HOFFMAN ESTATES, ILL. — Belle Tire Distributors has purchased a 1.7-acre lot in the Chicago suburb of Hoffman Estates for $1 million. Rick Scardino of Lee & Associates represented the seller, Prairie Point Center Development LLC c/o Conor Commercial. Dave Chopp of DRC Realty represented Belle Tire.
KANSAS CITY, MO. — Co-developers Brain Group and Mercier Street are underway on the conversion of the former Westport Middle and Westport High School campuses in Kansas City into Park 39, a $250 million mixed-use development. The live-work-play campus will be situated on 16 acres at 39th and McGee streets in the city’s Midtown district. Anchoring the project is The Residences at Park 39, a 138-unit apartment community within the four-story former Westport High School. Upon completion, The Residences will include flexible work areas, a fitness center and mailroom, auditorium transformed into modules, conference rooms and library and event spaces for groups large and small. Individual residences will have open floor plans with high ceilings and modern finishes for kitchens, bathrooms and living areas. Each unit will have its own washer and dryer and will range from 400 square feet to 1,600 square feet in size, with expected monthly rents ranging from $950 to $2,000. The building’s new infrastructure will include smart technology and updated electrical, plumbing and fire alarm and protection systems. The original brick-and-stone façade and the front entry of the 1908-era high school are being preserved and restored, as are the original hardwood floors and ceramic tile. …
BLOOMINGTON, IND. — Gray Capital has acquired Echo Park Apartments in Bloomington for an undisclosed price. The company says its business plan includes improving onsite management and reducing expenses. Amenities at the property include a bark park, resort-style pool, trash pickup and in-unit washers and dryers. Gray Capital’s property management company, Gray Residential, is now managing Echo Park as well as nearby apartment property Forest Ridge. Echo Park is the fourth property within Gray Capital’s $100 million multifamily investment fund, The Gray Fund. Previous acquisitions include Sycamore Terrace in Terre Haute, Ind.; Club Meridian in Lansing, Mich.; and Stonybrook Commons in Indianapolis. Gray Capital maintains roughly $775 million in assets under management.
NILES, MICH. — Marcus & Millichap has brokered the $4.2 million sale of Village West in Niles, a city in Southwest Michigan. The 54-unit apartment building is located at 746 Colony Court. Renovations made to the property in 2020 and 2021 included a new roof, windows and gutters, as well as upgraded electrical and HVAC systems. Aaron Kuroiwa, Jack Friskney and Austin Meeker of Marcus & Millichap represented the seller, a limited liability company that plans on using proceeds from the sale and a 1031 exchange to buy another multifamily asset in Indiana or Florida. The Marcus & Millichap trio also represented the buyer, a limited liability company that secured agency financing with five years of interest-only payments.
GLEN CARBON, ILL. — The Goodwill store in Glen Carbon, about 14 miles northeast of St. Louis, has reopened following months of renovations. The store at 210 Junction Drive has been reconfigured from 12,500 square feet of retail space and 3,000 square feet of backend space to 10,000 square feet of retail space and 4,850 square feet of backend space. The expanded backend space will help with the increase in donations the store has received. Additional renovations to the exterior will be made this spring. An entirely new donation reception area will be built with the addition of two new docks and enhanced accessibility, as the drop-off area will no longer require the use of stairs.
NEW RICHMOND AND SPARTA, WIS. — Starbucks has signed two new retail leases in Wisconsin. Each lease totals 2,460 square feet. The first property is located at 124 Grant Way in New Richmond, about 45 miles northeast of Minneapolis. The other is at 630 S. Black River St. in Sparta, about 28 miles east of La Crosse. Tony Colvin of Mid-America Real Estate represented Starbucks. The landlords for both properties were Jacques Holdings LLC and OLH II LLC.
OAKLAND TOWNSHIP, MICH. — Meadowbrook Animal Clinic has signed a 2,082-square-foot, five-year lease at Country Creek Commons shopping center in Oakland Township, a northern suburb of Detroit. The veterinary clinic is relocating from Rochester Hills. Barry Landau of Dominion Real Estate Advisors LLC represented both the tenant and landlord.
MADISON HEIGHTS, MICH. AND PITTSBURGH — Dick’s Sporting Goods has agreed to acquire outdoor retailer Moosejaw from Walmart. Founded in Michigan in 1992, Moosejaw operates brick-and-mortar locations in Arkansas, Colorado, Illinois, Kansas, Michigan and Missouri, in addition to its e-commerce platform. “We believe there’s potential to grow the Moosejaw business and provide compelling experiences and an expanded product assortment to its millions of loyal customers,” says Todd Spaletto, senior vice president of Pittsburgh-based Dick’s and president of the company’s specialty outdoor retailer, Public Lands. Moosejaw CEO Eoin Comerford will stay on following the acquisition, reporting to Spaletto. The deal is expected to close in March 2023.