WHEELING, ILL. — Cinergy Dine-In Cinemas is slated to open in July at the former CMX CinéBistro location at Wheeling Town Center in the Chicago suburb of Wheeling. The 40,000-square-foot, seven-screen theater will offer a dine-in theater experience. Wheeling Town Center, developed by The Lynmark Group, is now fully leased. This is the ninth location nationwide for Cinergy, which is operated by Dallas-based Cinergy Entertainment Group Inc. Other tenants at Wheeling Town Center include 312 Nails, Artic Spoon, AT&T, City Works, Inland Bank, Meat & Potato Urban Kitchen, Mia’s Cantina, Starbucks and The Learning Experience.
CLAYTON, MO. — McCarthy Building Cos. has topped out construction of Forsyth Pointe, a nearly 1 million-square-foot office development in the St. Louis suburb of Clayton. US Capital Development is developing the two-building project, which will feature street-level retail space and views of the adjacent Shaw Park. Commerce Bank Tower will rise 10 stories and span 265,000 square feet. The other building will rise eight stories and total 210,000 square feet. The development will also feature 20,000 square feet of retail space and a seven-level parking garage accommodating 1,250 cars. Designed to achieve LEED Silver certification, the project will include a 45,000-square-foot garden terrace built over the parking structure. Additional amenities will include a 10,000-square-foot fitness center and a ground-floor arts and entertainment venue. A timeline for completion was not provided.
BLOOMINGTON, MINN. — Associated Bank and Old National Bank have provided $65 million in construction financing for Carbon 31, a 403-unit apartment complex in the Minneapolis suburb of Bloomington. The project will also include a 14,500-square-foot retail space to be occupied by Oxendale’s Market. Of the 403 units, 36 will be designated for renters earning up to 60 percent of the area median income. Completion is slated for January 2024. Each bank provided 50 percent of the total financing. Randy Stille of Associated Bank managed the loan and closing. The borrower was McGough Development.
INDIANAPOLIS — Trends International Inc. has renewed its 180,000-square-foot industrial lease at 5110 W. 74th St. within Park 100 Business Park in Indianapolis. The tenant, which produces licensed posters, calendars, stickers and stationery products, renewed its lease for seven years. Sean McHale of Avison Young represented the tenant, while Grant Lindley of Cushman & Wakefield represented the landlord, LINK Industrial. The location serves as Trends International’s corporate headquarters.
MOUNT PROSPECT, ILL. — Seefried Properties has broken ground on an 80,053-square-foot speculative industrial building in the Chicago suburb of Mount Prospect. The Class A project, located 2.5 miles from the O’Hare airport’s North Cargo Gate, will be designed to accommodate freight-forwarding and air cargo warehousing. World Courier Inc. has leased 34,011 square feet at the development. Mike Feeney and Jay Cook of Cresa represented the tenant, while Mike Sedjo, Jack Brennan, John Hamilton and Ben Dickey of CBRE represented Seefried. CBRE will handle lease-up of the remainder of the building. The project team includes general contractor Principle Constructors, civil engineer Kimley-Horn and architect Harris Architects. The building will feature a clear height of 32 feet, 16 exterior dock doors, ample car parking and 17 trailer stalls. A timeline for completion was not provided.
MINNEAPOLIS — Colliers Mortgage has provided a $7.4 million Fannie Mae loan for the refinancing of Apt on Essex, a 58-unit multifamily building in Minneapolis. The property offers micro-units and is located within walking distance of a Fresh Thyme grocery store. The 10-year loan features a 30-year amortization schedule. An entity doing business as J2 Catapult LLC was the borrower.
By Ryan Kelly, TWG Development Despite the affordable housing crisis, Des Moines has managed to endure the adverse factors that have caused a boom in housing prices nationwide — but we still have a ways to go. A sustained demand, an influx of business and new projects by national developers all played a role in Des Moines’ multifamily growth over the past two years. Developing Des Moines Home to some of the largest multinational finance and insurance corporations, Des Moines has pioneered Iowa’s growth. The city has also seen population growth — the most recent census revealed that Des Moines’ suburbs led to Iowa’s development while the city itself grew by 5.4 percent. Des Moines is the 10th-best place for business and careers, according to Forbes, and ranked as the fifth-best city to live in, according to U.S. News and World Report. The capital city has experienced a boom in employment, with a rise in the number of high-tech jobs, at a 6.7 percent rate. The Midwest’s low cost of living (7 percent lower than the national average) and Des Moines’ proximity to large cities have contributed to the growth of key industries, including logistics, ag-bioscience, manufacturing, data and insurance. …
ROMULUS, MICH. — Sealy & Co. has acquired AeroPlex One & Two, a 600,000-square-foot industrial property in Romulus. The purchase price was undisclosed. The two buildings feature clear heights of 30 feet, cross-dock configuration and ample truck and automobile parking. The property is located adjacent to the Detroit Metropolitan Wayne County Airport. Dan Labes of Newmark represented the seller and developer, Nemer Property Group.
AURORA, ILL. — D2 Capital Advisors has arranged an $18.2 million construction loan for Fox Valley Apartments, a 47-unit affordable housing redevelopment project in Aurora. The project consists of the adaptive reuse of two vacant, historic school buildings, the former Mary A. Todd School and Lincoln Elementary School. The Todd school will be transformed into 11 units and a health clinic for low-income families. The Lincoln school will be redeveloped into 14 units. Additionally, a new two-story building will include 22 units. Of the 47 total units, at least 30 percent will be designated for renters earning 30 percent of the area median income. The remaining units will be for residents who earn up to 60 percent of the area median income. The Illinois Housing Department Authority awarded 9 percent low-income housing tax credits for the project, which also qualified for state and federal historic tax credits. An undisclosed lender provided the fixed-rate construction loan. The borrower was Fox Valley Apartments LP, a joint venture that includes General Partner Visionary Ventures NFP. Jack Cortese and David Frankel of D2 arranged the financing.
RIVER FOREST, ILL. — Baum Realty Group LLC has negotiated the $8.7 million sale of an urgent care facility occupied by Loyola Medicine Immediate Care in River Forest, a western suburb of Chicago. The property, located at 7617 North Ave., features a lease guaranteed by Loyola University Health System, one of Chicagoland’s largest health systems. Loyola has more than nine years remaining on its lease. Patrick Forkin of Baum represented the buyer, a private local investor. The seller was not disclosed.