DETROIT — Interior Environments has inked a 6,117-square-foot office lease at the Burns & Wilcox building, which is located at 119 State St. in Detroit. Steve Eisenshtadt, Andrew Bower and Jordan Friedman of Friedman Real Estate represented the undisclosed landlord. The tenant has launched the nation’s first minority-owned office furniture dealership, according to Friedman.
ELKHART, IND. — Industrial Commercial Properties (ICP) has acquired Concord Mall in Elkhart, about 15 miles east of South Bend. ICP plans to redevelop the 600,000-square-foot shopping mall and adjacent outparcels into a mixed-use business park. Concord Mall was originally built in 1972 and has been suffering vacancies in recent years. Early this year, JC Penney unveiled plans to close its store at the mall, leaving Hobby Lobby as the sole anchor tenant. Hobby Lobby will continue to operate at the location. A timeline for construction was not provided.
ARLINGTON HEIGHTS, ILL. — The development arm of Bradford Allen has submitted plans for a 300-unit apartment development in the Chicago suburb of Arlington Heights. The eight-story project will feature 25,000 square feet of ground-floor retail space. Approximately 30 of the units will be designated as affordable housing. Bradford Allen submitted plans to village officials in a joint venture with Moceri+Roszak, which is also the architect. Plans call for 17,500 square feet of indoor and outdoor amenity spaces, including an outdoor pool, sun deck, fitness area, media rooms, business center, library, work-from-home conference rooms, golf simulator, dog walk and pickleball court. There will also be indoor parking for 484 vehicles and 86 outdoor parking spaces for the retail component. The proposed project is adjacent to the former Daily Herald building, which Bradford Allen is converting into a 150,000-square-foot medical office complex known as ArlingtonMed. Together, the buildings are part of a potential 16-acre, master-planned community that includes additional apartment buildings and retail space.
NAPERVILLE, ILL. — The Picklr, a Utah-based company that intends to open roughly 500 pickleball venues across the country within the next several years, has selected Fox River Commons in Naperville as the site of its first location in the greater Chicago area. The Picklr signed a lease with owner Continental Realty Corp. (CRC) for 27,333 square feet within the 241,000-square-foot shopping center. The Picklr plans to open at Fox River Commons in 2024. Cherene Keenan represented the landlord on an internal basis, while Carter Randall of PPC Commercial represented the tenant. Located at 808 S. Route 59, Fox River Commons is home to International Fresh Market, Amish Furniture Gallery, Ball Factory, Entourage, Galleria Lighting and VAI’s Italian Inspired Kitchen + Bar.
WILMETTE, ILL. — Interra Realty has brokered the $9.2 million sale of Art House Eleven 21, an apartment building in the Chicago suburb of Wilmette. Developed in 2018, the 16-unit building at 1121 Greenleaf Ave. features six two-bedroom units, eight three-bedroom units and two retail spaces. Lucas Fryman and Craig Martin of Interra represented the buyer, Chicago-based HP Ventures Group. The duo also represented the seller, a joint venture between 4 Corners, Gabe Horstick and Josh Krueger. HP Ventures assumed the existing low-interest loan on the property, which was fully leased at the time of sale.
LA VISTA, NEB. — Marcus & Millichap has arranged the $1.9 million sale of a 3,305-square-foot restaurant property occupied by KFC in La Vista, a southwest suburb of Omaha. The net-leased building features a drive-thru and is located at 8311 Harrison St. KFC’s lease has 11 years remaining and features 10 percent rental increases every five years. Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.
CARMEL, IND. — Indiana-based Merchants Capital has completed a $303 million securitization of 11 multifamily loans via its fourth Freddie Mac-sponsored Q-Series transaction. The loans, ranging from $4 million to $62 million, were used for the acquisition or refinancing of multifamily properties spanning eight states. Florida, Indiana, Colorado and New Jersey make up 81 percent of the loan balance. Most of the properties are workforce housing developments, with a significant portion of the units’ composition comprising less than 80 percent of the area median income. According to Freddie Mac, Q transactions are structured pass-through securities backed by multifamily mortgage loans. They are backed by an underlying trust that holds multifamily mortgage loans that were not underwritten by Freddie Mac at the time they were originated, and the loans may not have been purchased by Freddie Mac prior to securitization. Merchants Capital has been the loan seller in four of the last nine Freddie Mac Q transactions. The transaction supports financing of affordable housing in underserved markets, qualifying as social bonds within the social bonds framework published on Freddie Mac’s website. Proceeds from social bonds are used to provide liquidity to social impact financial institutions, including parent company Merchants Bank of …
INDIANA, ARIZONA, PENNSYLVANIA, TEXAS AND UTAH — Newmark has brokered the sale-leaseback of a nine-building industrial portfolio totaling 754,795 square feet across five states. The tenant, Novae Corp., sold the portfolio for an eight-figure price. Four of the properties are in Indiana, while two are in Pennsylvania, one is in Arizona, one is in Utah and one is in Texas. Andrew Sandquist, Daniel Katcher, Adam Petrillo, JC Asensio and Briggs Goldberg of Newmark represented Novae, which is a manufacturer and exporter of utility trailers. According to Newmark, the sale-leaseback transaction provided capital liquidity for several initiatives, including organic growth opportunities and future acquisitions. The buyer was undisclosed.
ELGIN, ROMEOVILLE AND BUFFALO GROVE, ILL. — Colliers has arranged the sale of a three-building industrial portfolio totaling 541,283 square feet in metro Chicago. The sales price was undisclosed. The properties are located at 277 Alft Court in Elgin, 1881 Normantown Road in Romeoville and 351-355 Hastings St. in Buffalo Grove. The buildings were fully leased at the time of sale. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the seller, Ares Industrial Management. Venture One Real Estate was the buyer.
YORKVILLE, ILL. — Moda Homes has completed Phase I of Bristol Bay of Yorkville, a 240-unit build-to-rent townhome community in Yorkville, a southwest suburb of Chicago. Moda has completed 61 of the homes and is underway on Phase II. RMK Management Corp. is the property manager. Units at Bristol Bay range from 1,469 to 1,724 square feet, while monthly rents range from $2,325 to $2,700. All floor plans feature a main level with an open-concept kitchen and family room, powder room, coat closet, private patio and attached two-car garage. The second level of each home features a primary suite with a bath and walk-in closet, along with one or two secondary bedrooms, a full hall bath and laundry room with full-size washer and dryer.
