GODFREY, ILL. — IMPACT Strategies has begun construction of the new BJC Outpatient Center in Godfrey, about 30 miles north of St. Louis. The 20,000-square-foot outpatient clinic marks IMPACT’s eighth project for BJC HealthCare. St. Louis-based SCOUT Capital Group is the developer and Archimages Architects is the project architect. Midwest BankCentre provided funding. Completion is slated for summer 2023.
COLUMBUS, OHIO — JLL Capital Markets has arranged $155 million in acquisition financing for a 400,000-square-foot office campus in Columbus. Paul Spellman and Phil Galligan of JLL arranged the fixed-rate financing on behalf of the borrower, Golden Eagle Group Inc. Further details of the transaction were not provided.
BELVIDERE, ILL. — Scannell Properties has purchased 176 acres in the Chicago suburb of Belvidere with plans to build an industrial and retail development. The first project within the development will be a 1.3 million-square-foot industrial build-to-suit for an undisclosed Fortune 500 company. Plans also call for a 585,000-square-foot build-to-suit. Scannell Properties plans to reconfigure the roadway to provide two additional retail or commercial outlots. Adam Marshall of Newmark represented Scannell in the land acquisition.
CRYSTAL LAKE, ILL. — Northmarq has brokered the $34.7 million sale of a freestanding grocery store property occupied by Mariano’s in the Chicago suburb of Crystal Lake. Built in 2018, the property spans 74,800 square feet. The grocery store features a Starbucks, sushi bar, pizza oven, oyster bar and sweets shop. Jason Maier of Northmarq represented the seller, a New York-based private investor. The New York-based buyer completed a 1031 exchange.
EVANSTON, ILL. — Interra Realty has arranged the sale of a 43-unit apartment building in Evanston for $10.3 million. Originally constructed in 1918, the property at 612 Sheridan Road was 95 percent occupied at the time of sale. There are 21 one-bedroom units, 13 two-bedroom units and nine three-bedroom units. Brad Feldman of Interra represented the buyer, a local real estate investor. Patrick Kennelly and Paul Waterloo of Interra represented the seller, a private family group that had owned the property for more than 80 years.
DAKOTA DUNES, S.D. — Cushman & Wakefield has negotiated the $7.6 million sale of Tower Medical Plaza in eastern Nebraska’s Dakota Dunes. The property totals 35,130 square feet and is fully leased by seven tenants, including Beth Bruening PC, Dunes Family Pharmacy, ENT Consultants, Fyzical, Kevin L. Preston DO, Dunes Pain Specialists and MercyOne. The building is attached to the Dunes Surgical Hospital. Gino Lollio and Travis Ives of Cushman & Wakefield’s healthcare capital markets team partnered with James Hain and Richard Secor of Cushman & Wakefield/The Lund Co. on the transaction. Florida-based Catalyst Healthcare Real Estate purchased the asset from SSC MOB1.
For the better part of the last two decades, billions of dollars have poured into underserved neighborhoods across the U.S. as corporations, millennials and real estate investors rediscovered downtowns and other urban districts. But to former Carlyle Group executive Cedric Bobo and real estate entrepreneur Fred Greene, young people who grew up in the neighborhoods were often excluded from playing a role in the transitions. To remedy that problem, in 2016 they began training 15 Detroit high school students in real estate fundamentals and invested $150,000 to buy two properties with the idea of using the cash flow to fund scholarships. Soon after, Bobo and Greene officially launched Project Destined, an endeavor to effect social change in the commercial real estate industry by providing college students with financial literacy, entrepreneurship and real estate training. “Cedric found that there was a real need for diverse talent in commercial real estate but that it was hard for companies to find it,” reports Cristina Ciacciarelli, a junior at Burach College in New York City who completed the program in 2021 and now heads up corporate partnerships for Project Destined. “It was also hard for the companies to sell themselves to diverse talent even …
PLAINFIELD, ILL. — Wingspan Development Group has opened Sixteen30, a 284-unit luxury apartment complex in Plainfield, about 40 miles southwest of Chicago. Featuring eight garden-style buildings surrounding a 7,500-square-foot clubhouse and pool, Sixteen30 is currently 80 percent leased. The clubhouse includes a great room, coffee bar, fitness center, demonstration kitchen, pet spa and office suites. The property also includes a 24-hour package room. Outdoor amenities include a bocce ball court, two dog parks, a fire pit and grills. Units range from 600 to 1,500 square feet. Wingspan’s sister company, Nicholas & Associates, performed the construction. Lincoln Property Co. is overseeing leasing and property management. Monthly rents start at $1,600. The name Sixteen30 comes from the property’s address near the intersection of Lincoln Highway and U.S. Route 30. Lincoln was the 16th president of the United States.
INDIANAPOLIS — Co-developers HVAF of Indiana Inc. and Woda Cooper Cos. Inc. have completed Proctor Place, a $12.6 million affordable housing community in Indianapolis. The 61-unit property is located at 240 N. Warman Ave. and is available for residents who earn 30 to 80 percent of the area median income. The Indiana Housing & Community Development Authority provided housing tax credits for the project, and the City of Indianapolis Department of Metropolitan Development provided a Payment in Lieu of Taxes (PILOT) to support the development. Indianapolis Housing Agency provided project-based vouchers for 15 units to be set aside for homeless veterans. Other financial partners include Fallbrook Opportunity Zone Fund II LLC, Fifth Third Bank and Cedar Rapids Bank & Trust. HVAF will oversee supportive services at the property. Woda Construction Inc. was the general contractor and Woda Cooper’s management arm will oversee day-to-day operations.
SOUTH ELGIN, ILL. — Marcus & Millichap has brokered the $11.6 million sale of an AAA Storage property in South Elgin. Constructed in 1995 and located at 300 Sundown Road, the facility consists of 388 units within eight non-climate-controlled buildings, 13,000 square feet of flex industrial space and 28 outdoor parking spaces. At the time of sale, 96 percent of the units were occupied. Sean Delaney of Marcus & Millichap represented the seller, Shanahan Enterprises LLC, and procured the buyer, Trojan Storage. The transaction also includes an adjacent two-acre parcel where the new owner plans to build a three-story, climate-controlled building.
