OTTAWA, ILL. — Marcus & Millichap has arranged the $6.1 million sale of the Comfort Inn hotel in Ottawa, about 80 miles southwest of Chicago. The 69-room hotel is located at 120 W. Stevenson Road directly off I-80. The three-story property, built in 1995, features a business center, fitness center, complimentary breakfast and meeting facilities. Scott Havericak and Robert Hunter of Marcus & Millichap represented the seller, Ottawa Hospitality Group LLC. The duo also procured the buyer, Akal Hotels.
ROCHESTER HILLS, MICH. — Fitness concept Crossfit Maven has signed a 17,123-square-foot retail lease at Winchester Center in Rochester Hills. Michael Murphy, Bill McLeod and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, RPT Realty. John Salsberry of Colliers represented the tenant. Winchester Center, anchored by Dick’s Sporting Goods, Marshall’s and Burlington, is located on Rochester Road just south of Avon Road.
DETROIT — Related Cos. and Olympia Development of Michigan have proposed a $1.5 billion mixed-use project at The District Detroit, a sports and entertainment development spanning 50 blocks in downtown Detroit. The companies have begun a Community Benefits Ordinance (CBO) process with the City of Detroit, marking the next phase of plans to build new office, retail, residential with affordable housing, hotel and public space across 10 properties. The first meeting for residents in the areas surrounding the development will take place Tuesday, Nov. 29. The proposed development includes the construction of six new buildings and the renovation and adaptive reuse of four historic buildings. The type of development reflects initial feedback from the community, including more than 250 community engagement meetings to date, which will continue through the city-led CBO process. The new projects would include 695 mixed-income residential units, 20 percent of which would be reserved for those who earn up to 50 percent of the area median income, as well as 1.2 million square feet of office space, 100,000 square feet of retail space and 467 hotel rooms.
JOLIET, ILL. — Peak Construction Corp. is underway on a 1 million-square-foot speculative building at NorthPoint Development’s Third Coast Logistics Park in Joliet. The facility will feature a clear height of 40 feet, 103 dock doors, four drive-in doors and 264 trailer parking stalls. Peak will also construct a second speculative building at the industrial park. Plans call for a 1.2 million-square-foot facility with a clear height of 40 feet, 120 dock doors, four drive-in doors and 247 trailer parking stalls. Completion of both buildings is slated for fall 2023. The project team includes architect studioNorth Architecture and civil engineer Jacob & Hefner Associates.
SHAKOPEE, MINN. — The Opus Group has broken ground on River Valley Business Park in Shakopee, a southwest suburb of Minneapolis. The speculative project will include a 150,000-square-foot building and a 300,000-square-foot building on 51 acres. The smaller facility will feature 42 dock doors, up to 214 auto parking stalls and a clear height of 28 feet. The larger building will include 74 dock doors, up to 413 auto parking stalls and a clear height of 32 feet. Completion is slated for late 2023. Opus is the developer, design-builder, architect and structural engineer for the project. Kris Smeltzer and Danny McNamara of Cushman & Wakefield will market the development for lease.
OAK LAWN, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 13,000-square-foot retail building in the Chicago suburb of Oak Lawn for $3.5 million. Built in the mid-2000s and known as 51st Avenue Station, the property is fully leased to Chiro One, Miracle One, Cold Stone Creamery and other local and national tenants. Chad Firsel and Brett Berlin of Quantum represented the seller, a private fund based in Illinois. The Illinois-based private buyer completed a 1031 exchange.
VERNON HILLS, ILL. — Perry’s Restaurants, a Texas-based boutique restaurant group, is opening its third Chicago-area location. Perry’s Steakhouse & Grille is set to debut at Hawthorn Mall in Vernon Hills in late 2023. The 11,000-square-foot restaurant will include a main dining room and four private dining rooms. Chicago-based Aria Group Architects Inc. designed the Vernon Hills restaurant, which will accommodate up to 350 people. Perry’s also operates locations in Oak Brook and Schaumburg.
CHICAGO — Structured Development and Evergreen Real Estate Group have opened Schiller Place Apartments on Chicago’s Near North Side. The mixed-income apartment complex consists of 48 units across three buildings. Located immediately south of Structured’s NEWCITY development on land that was formerly home to the Isham YMCA, Schiller Place is fully leased. There are six market-rate units, 24 reserved for Chicago Housing Authority (CHA) residents, 13 set aside for households earning up to 60 percent of the area median income (AMI) and five reserved for those who earn up to 30 percent of AMI. Five of the units have been earmarked for veterans and five will house individuals sourced through the Statewide Referral Network, which works with households earning up to 30 percent of AMI with a head of household who has a disability or illness. The project team included GMA Construction and architecture firm Bailey Edward. Funding for Schiller Place included federal 4 percent Low-Income Housing Tax Credits awarded by the Illinois Housing Development Authority (IHDA) and syndicated by Hudson Housing Capital. IHDA also awarded Illinois Affordable Housing Tax Credits that were syndicated by Clocktower Tax Credits and sponsored by Housing and Human Development Corp., which will provide onsite …
CHICAGO — Northmarq has brokered the sale of a retail property occupied by Whole Foods Market in Chicago for $18.1 million. The 41,148-square-foot store is situated on the first floor of a condominium development at 6020 N. Cicero Ave. within the Sauganash neighborhood. The property was built in 2007. Isaiah Harf of Northmarq represented the seller, a private investor based in Maryland. The buyer was a California-based family trust.
Colliers Mortgage Provides $13.4M HUD-Insured Loan for Refinancing of Minnesota Multifamily Property
APPLE VALLEY, MINN. — Colliers Mortgage has provided a $13.4 million HUD 223(f) loan for the refinancing of Boulder Ridge in Apple Valley, a southern suburb of Minneapolis. The 112-unit multifamily property provides naturally occurring affordable housing (NOAH) and is managed by CommonBond Housing. The loan features a 35-year term and a 35-year amortization schedule. CB Boulder Ridge LLC was the borrower.