BARABOO, REEDSBURG AND WYOCENA, WIS. — Greywolf Brokerage, a division of Greywolf Partners Inc., has negotiated the sale of a three-property portfolio of gas stations and convenience stores in Wisconsin for $1 million. The properties are located at 516 Ash St. in Baraboo, 306 E. Main St. in Reedsburg and 123 S. Washington St. in Wyocena. Together, the assets total 6,144 square feet. Steve Turner of Greywolf Brokerage represented the seller. Buyer and seller information was not provided.
CHASKA, MINN. — Associated Bank has provided a $30 million loan for the construction of The Gallery of Chaska in suburban Twin Cities. The four-story luxury apartment complex will feature 175 units at 3200 Clover Ridge Drive. Amenities will include a courtyard and pool. Units will feature condo-style finishes, and residents will have access to an underground parking garage with 182 parking spaces. Completion is slated for February 2024. Randy Stille of Associated Bank managed the loan and closing on behalf of the borrower, Chase Real Estate.
CHAMPAIGN, EDWARDSVILLE AND ROCKFORD, ILL. — IWG, a provider of flexible workspaces, plans to open three new locations in Illinois. The company states that the demand for hybrid working continues to grow with companies of all sizes. IWG will open a new headquarters center at 206 N. Randolph St. in Champaign. Additionally, IWG will open two Regus centers at 101 W. Vandalia St. in Edwardsville and 220 E. State St. in Rockford. Timelines for the openings were not provided. IWG opens the vast majority of its new locations in partnership with commercial real estate owners, developers and franchisee investors.
SAGINAW TOWNSHIP, MICH. — Greystone has provided a $10.8 million HUD 223(f) loan for the refinancing of Lakeside Village Apartments in Saginaw Township within central Michigan. The 200-unit affordable housing community was constructed in 1980. Lisa Fischman of Greystone originated the 35-year loan, which features a fixed interest rate and a 35-year amortization schedule. The Altman Cos. was the borrower. The property qualifies for a lower annual mortgage insurance premium (MIP) of 0.25 percent because it is rent-restricted. In addition to the refinancing, loan proceeds will enable the borrower to continue with ongoing property improvements, according to Greystone.
INDIANAPOLIS — Blueprint Healthcare Real Estate Advisors has arranged the sale of Discovery Commons at College Park, a 148-unit independent living community in Indianapolis. A publicly traded REIT sold the asset to Elevation Financial Group, which plans to convert the community to active adult living. The sales price was not disclosed.
ELGIN, ILL. — Principle Construction Corp. is underway on a new 31,200-square-foot industrial building for Alvil Trucking at 2570 Millennium Drive in Elgin. The logistics company is relocating from Elk Grove Village. The project will include a 15,400-square-foot warehouse, 9,800-square-foot truck maintenance area and 6,000 square feet of office space. Additional building features include four dock doors, four drive-in doors and a clear height of 28 feet. Principle is also constructing a 972-square-foot mezzanine storage area and amenities for truckers, including showers and rest areas. More than 50 parking spaces will be available for both trucks and trailers. Harris Architects is the project architect. Principle expects to complete the project before the end of the year.
CHICAGO — Waterton has acquired Alta Roosevelt Apartments in Chicago’s South Loop. Atlanta-based Wood Partners sold the property for $170 million, according to Crain’s Chicago Business. Located at 801 S. Financial Place and built in 2017, Alta Roosevelt features 496 units. Amenities include 50,000 square feet of common area space, which features an outdoor pool and spa, outdoor lounge with grilling stations and TVs, a dog park, bike room, package room, game room with bowling lanes, fitness center, yoga studio and entertainment kitchen. The property also includes a four-story parking garage. Waterton plans to rebrand the asset as The Elle, a nod to both Eleanor Roosevelt and Chicago’s elevated train station known as the “L.” Waterton will also make upgrades to the amenities. Danny Kaufman, Trent Niederberger, Lucas Borges and Mike Halbach of JLL arranged $99.5 million in acquisition financing on behalf of Waterton. The Freddie Mac loan features a seven-year term and a fixed interest rate.
ROMULUS, MICH. — The Kroger Co. has opened its newest customer fulfillment center (CFC) in Romulus. Powered by the Ocado Group, the roughly 135,000-square-foot CFC will leverage advanced robotics technology and creative solutions for Kroger delivery services. Kroger utilizes temperature-controlled vans and machine-learning algorithms that optimize delivery routes for grocery deliveries. Machine-learning algorithms adjust themselves to perform better as they are exposed to more data. Orders are delivered to customers’ doorsteps by trained Kroger associates. The CFC in Romulus will reach customers up to 90 minutes from the site and will employ more than 700 associates. Kroger first announced its partnership with Ocado, a technology company that specializes in grocery e-commerce, in 2018. Kroger currently operates CFCs in Ohio, Florida, Georgia, Wisconsin, Texas and Michigan. Additional centers are slated for California, Maryland, Arizona, Ohio, North Carolina and Colorado as well as South Florida and the Northeast.
ROLLING MEADOWS, ILL. — Marcus & Millichap has arranged the $1.5 million sale of Carnegie Street Business Center in the Chicago suburb of Rolling Meadows. The industrial property, located at 1225 Carnegie St., spans 25,800 square feet, includes seven suites ranging in size from 1,800 to 6,200 square feet. Peter Doughty of Marcus & Millichap represented the seller, a local private investor. Neil Bresnahan of Marcus & Millichap secured and represented the buyer, also a local private investor.
PEORIA, ILL. — The Cooper Commercial Investment Group has brokered the sale of a single-tenant property occupied by Oak Street Health in Peoria for $1.5 million. Dan Cooper of Cooper Group represented the seller, a private investment fund. The property sold to an all-cash buyer based in California. The sales price represented a cap rate of 6.7 percent. The property sold for 97 percent of the list price. Oak Street Health operates roughly 125 medical centers across 20 states and maintains a joint venture partnership with Humana Inc. Oak Street Health executed a new 10-year lease for the Peoria property in 2021.
