Midwest

CHICAGO — Luxury Living has begun pre-leasing efforts for Cadence Apartments in Chicago’s Illinois Medical District. The 11-story apartment complex is located at 2050 W. Ogden St. and features 161 units. Amenities include an outdoor terrace, fitness center, coworking lounge, business center, outdoor rooftop, pool, indoor lounge and bike storage. The property is now more than 25 percent leased and expected to be fully leased by the end of the summer. Monthly rents start at $1,650 for studios. Pierkarz Associates was the architect and Brianne Bishop Design was the interior designer.

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CHESTERFIELD, MO. — Keystone Construction Co. has broken ground on a $6 million flex industrial building within Spirit Valley Business Park in Chesterfield, a western suburb of St. Louis. The 40,000-square-foot building can accommodate one to four tenants and a range of uses such as warehouse, office, manufacturing and showroom space. Located at 675 Spirit Valley West Drive, the project will feature four separate entrances, a ramped drive-in, overhead dock doors, a 142-foot truck court and floor-to-ceiling heights ranging from 24 to 27 feet. Completion is slated for June. Spirit Valley Business Park is situated next to the Spirit of St. Louis Airport. Keystone built the infrastructure for the park in 2008 and has since constructed 10 buildings.

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TINLEY PARK, ILL. — Urban Innovations has begun a renovation of the historic Karl Vogt Building at 6811 Hickory St. in the Chicago suburb of Tinley Park. The property will become the Vogt House by Banging Gavel Brews, a craft brewery. Completion is slated for June. The Vogt Building is the only building in Tinley Park listed on the National Register of Historic Places. While the structure was thought to have been built by Karl Vogt, it was actually constructed around 1865 by John Lewis or his brother Allen Cleveland Lewis, creator of the Lewis Institute, the first junior college in the United States. The project entails an interior and exterior renovation of the four-story, 7,835-square-foot building. The brewery will feature both indoor and outdoor seating, new landscaping, new infrastructure and two kitchens. To comply with the National Park Service’s landmark criteria, new front and rear porches will match historical layout and details. The original interior corridor and stairs, front and back doors, cornices and ornamental brackets will be refurbished. The architects, Katherine Pohl and Joakim Backstrom of Altus Works, have been working closely with the National Park Service and the Illinois State Historic Preservation Office.

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GREEN BAY, WIS. — Marcus & Millichap has arranged the sale of Hoffman and Hibernia Apartments in Green Bay for $2.4 million. The 34-unit apartment building was completely renovated in 2014. David Tarnoff, Patrick Suffield and Yianni Mouflouzelis of Marcus & Millichap represented the seller, a local private investor. The team also secured and represented the buyer, a Wisconsin-based private investor.

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GRANDVILLE, MICH. — Crumbl Cookies has signed a lease to open a 2,721-square-foot location at Century Center in Grandville, a southern suburb of Grand Rapids. Tjader Gerdom and Michael Murphy of Gerdom Realty & Investment represented the tenant in the lease. Dave Denton of DAR Development represented the undisclosed landlord. Crumbl Cookies has more than 700 locations across the country.

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ILLINOIS AND WISCONSIN — First Citizens Bank’s Healthcare Finance group has provided $44.2 million in acquisition financing for a three-property medical office portfolio in Illinois and Wisconsin. A partnership between Kayne Anderson Real Estate and Remedy Medical Properties was the borrower. The portfolio totals more than 266,000 square feet. The properties include the ProHealth Medical Group urgent care center in Brookfield, Wis.; the Moreland Medical Center in Waukesha, Wis.; and the Silver Cross Health Center urgent care facility in Mokena, Ill.

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CHICAGO — McHugh Construction and its joint venture partner Brown & Momen have completed construction of 508 Pershing at Oakwood Shores, a $24.3 million affordable housing development in Chicago’s Bronzeville neighborhood. The project rises four stories with 53 units. The Community Builders was the developer for the project, which is part of the larger Oakwood Shores. The 55,000-square-foot building was constructed on land formerly occupied by the Chicago Housing Authority’s Ida B. Wells, Madden Park and Clarence Darrow Homes. Of the 53 units, 36 are financed through the Low-Income Housing Tax Credit program and are designated for households earning up to 80 percent of the area median income. The remaining 17 units are market rate. National Affordable Housing Trust provided funding in partnership with UnitedHealth Group. Nia Architects and Antunovich Associates designed the project.

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BROOKFIELD, WIS. — Colliers has brokered the sale of the Shoppes at Brookfield Commons in the Milwaukee suburb of Brookfield for $9.2 million. The 42,356-square-foot shopping center is located at the intersection of West Bluemound and North Moorland roads. The property is 40 percent vacant. Some of the tenants include Chipotle, H&R Block and LasikPlus. Adam Connor led a Colliers team that represented the seller and procured the buyer, a private Illinois-based real estate company. The transaction marked the first acquisition in Wisconsin for the buyer.

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MUNDELEIN, WEST CHICAGO AND ELMHURST, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a three-building industrial portfolio in metro Chicago for an undisclosed price. The 56,128-square-foot portfolio is 90 percent leased to seven tenants. The properties include: a 14,845-square-foot, single-tenant building in Mundelein that was built in 1989; a 21,900-square-foot, multi-tenant building in West Chicago that was constructed in 1988; and a 19,383-square-foot, single-tenant asset in Elmhurst that was built in 1972. Noel Liston and Nick Crejci of Core Industrial Realty represented the undisclosed seller. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group.

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GRAYSLAKE, ILL. — Hanley Investment Group Real Estate Advisors has arranged the $3.7 million sale of a newly constructed retail property occupied by Kiddie Academy in Grayslake, a northern suburb of Chicago. The 9,492-square-foot, net-leased building is located at 807 Barron Blvd. Jeff Lefko and Bill Asher of Hanley, in association with ParaSell Inc., represented the seller and developer, The Woodmont Co. Gordon Nielsen of Summit Commercial Real Estate LLC represented the buyer, a private investor, based in Fairfax, Va. The sales price represented a cap rate of 6.6 percent.

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