RIVERWOODS, ILL. — Marcus & Millichap has arranged the $2.5 million sale of a 4,400-square-foot fuel station and convenience store occupied by Thorntons in Riverwoods, a northern suburb of Chicago. The newly constructed property is located at 1055 N. Milwaukee Ave. Thorntons recently signed a 20-year, absolute net ground lease. Nicholas Kanich of Marcus & Millichap represented the seller, a national real estate developer. The property sold to a Chicago-based private investor completing a 1031 exchange.
CHICAGO — Monarch Realty Partners has brokered the sale of a 15-unit apartment building in Chicago’s far south Chicago Lawn neighborhood. Located at 2537 W. 63rd St., the property features two commercial spaces. Robert Berman of Monarch represented the long-term, local owner in the sale. The property sold to an out-of-state buyer for an undisclosed price.
DES PLAINES, ILL. — CP Capital US has sold The Monarch, a 236-unit apartment complex in the Chicago suburb of Des Plaines. The buyer and purchase price were not disclosed. CP Capital completed The Monarch in 2020 and sold it fully leased. Amenities include a fitness center, pool, yoga studio, parking garage, game room, pet spa, dog park and clubhouse. The community is situated adjacent to Forest Preserves of Cook County, which offers numerous outdoor recreational activities and a network of hiking and biking trails.
GLENVIEW, ILL. — California-based Upside Foods, which produces lab-grown meat from animal cells, has unveiled plans to build its first commercial factory in Glenview, a northern suburb of Chicago. Called Rubicon, the facility will total 187,000 square feet. The factory will start by producing ground cultivated chicken products, with plans to expand to other species and formats in the future. Upside Foods will be the first tenant at the industrial park that is currently under construction at the site of the former Allstate corporate campus, according to Crain’s Chicago Business. Upside Foods says it is investing $140 million in the Midwest region and creating more than 75 new jobs.
DETROIT — Greatwater Opportunity Capital has unveiled plans to develop a $14 million affordable housing community in Midtown Detroit. The project marks Greatwater’s first-ever new-construction development. For the past 10 years, the firm has been renovating buildings in Detroit to restore housing and preserve affordability. The new development will be located at 3740 2nd Ave. and will feature 33 studios and 24 one-bedroom units along with first-floor commercial space and secure parking. Through the city’s NEZ property tax abatement, 20 percent of the units will be designated for residents earning up to 80 percent of the area median income. Completion is slated for spring 2025. Greatwater leveraged Opportunity Zone funds and financing from Diversified Members Credit Union for the project. McIntosh Poris is the architect, and the Monahan Co. is the general contractor.
COLUMBUS, OHIO — Colliers Mortgage has provided a $10.8 million Fannie Mae loan for the acquisition of The View on Grant, an 86-unit apartment complex in Columbus. The property, situated in the Discovery District, is an adaptive reuse of a former five-story steel pressing factory. The community features a public café and a 43-space, automatic stacked parking garage. Zach Shope of Colliers originated the 10-year loan on behalf of the borrower, VOG Owner LLC.
STERLING, ILL. — Quantum Real Estate Advisors Inc. has brokered the $1.9 million sale of a 40,880-square-foot retail center in Sterling, a city in Northwest Illinois. Some of the tenants include Joann Fabrics, Sherwin-Williams and CosmoProf. Jason Lenhoff of Quantum represented the seller, a national private real estate investor. The buyer was a private real estate investor based in Illinois.
EDGERTON, KAN. — Contegra Construction Co. has started construction of Inland Port 9, a 1 million-square-foot distribution center located in the Kansas City suburb of Edgerton. NorthPoint Development is leading the the project, which is situated within Logistics Park Kansas City (LPKC), a 3,000-acre, master-planned development that was launched 10 years ago. Inland Port 9 will feature a clear height of 40 feet, 100 dock doors and four drive-through doors. The building will also include flexible space for a single tenant or multiple tenants with options for office space. The facility includes eight make-up air units and exhaust fans, as well as 14 high-volume, low-speed fans for continuous air circulation. Parking will be available for 479 cars and 352 trailers. The project is scheduled for completion in February 2024. LPKC is a rail-served facility approximately 25 miles southwest of downtown Kansas City. The park currently hosts more than 14.4 million square feet of industrial space and has the capacity for a total of 30 million square feet. BNSF Railway’s intermodal facility anchors the property. Inland Port 9 will be the second distribution center that Contegra has built at LPKC. The company previously constructed an 850,000-square-foot project for Northpoint Development at the …
WAUKEE, IOWA — GreenLake Asset Management LLC has provided a $35.3 million construction loan for KeeTown Loop, a 40-acre master-planned entertainment district in Waukee, a western suburb of Des Moines. The project will be anchored by a 3,500-seat Live Nation concert venue. Additional plans call for an 88-unit apartment complex and two hotels: Aloft Hotel by Marriott and Home2 Suites by Hilton. There will also be 22,000 square feet of office space and 51,000 square feet of retail space. Spaces for Starbucks and McDonald’s are currently under construction. Future plans call for additional restaurants, a microbrewery and a variety of other retail concepts. GreenLake’s funding will enable the borrower to complete construction of the Live Nation venue and to purchase the land to be used for parking.
ST. LOUIS — Berkadia has negotiated the sale of Majestic Stove Lofts, a 120-unit multifamily property in St. Louis. The sales price was undisclosed. Located at 2017 Washington Ave. and built in 2006, the community was 96 percent occupied at the time of sale. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia represented the seller, St. Louis-based Regency Realty Co. LLC. The asset sold to a California-based buyer.