ELK GROVE VILLAGE, ILL. — Prologis and Skybox Datacenters have completed a 189,000-square-foot data center at 800 E. Devon Ave. in Elk Grove Village, a suburb of Chicago. Named Skybox Chicago I, the speculative facility sits on a 10-acre site. The project can accommodate a single tenant or several users. Leasing efforts are underway. The project was the conversion of a vacant distribution center.
ST. CHARLES, ILL. — Ready Capital has closed a $24.5 million loan for the acquisition, renovation and stabilization of a 220-unit multifamily property in the Fox River Valley submarket of St. Charles. The undisclosed borrower plans to renovate unit interiors and property exteriors as well as bring in new management. The nonrecourse, floating-rate loan features a three-year term and includes a capital expenditures facility.
SHAKOPEE, MINN. — JLL Capital Markets has brokered the sale of a 164,701-square-foot distribution center in the Minneapolis suburb of Shakopee for an undisclosed price. Logistics Insight Corp. fully leases the facility, which was constructed in 1984 and renovated in 2020. Building features include clear heights ranging from 20 to 21 feet, 19 dock-high doors, one drive-in door, LED lighting and 1.5 acres of outside storage. Colin Ryan and David Berglund of JLL represented the seller, Interstate Development. An affiliate of Boston-based STAG Industrial Inc. was the buyer.
GERMANTOWN, WIS. — Marcus & Millichap has negotiated the $3.8 million sale of a 10,782-square-foot property occupied by KinderCare in Germantown, a northern suburb of Milwaukee. Under corporate guarantor KinderCare Education, the childcare provider has just under 11 years remaining on its net lease. Dominic Sulo of Marcus & Millichap represented the seller, a Michigan-based limited liability company, while Sean Delaney and Jeffrey Herrmann of Marcus & Millichap represented the buyer, a California-based limited liability company. Dean Giannakopoulos and Frank Montalto of Marcus & Millichap Capital Corp. originated acquisition financing.
DEKALB, ILL. — Facebook parent company Meta has unveiled plans to expand its data center that is currently under construction in DeKalb, more than doubling the square footage from two buildings to five. With the increased footprint, the project now represents a total investment of more than $1 billion. Meta previously announced that it was building its 12th U.S. data center in DeKalb in June 2020. Development costs were estimated at $800 million at that time. Crain’s Chicago Business reports that the five-building campus will be the largest data center in the state of Illinois. Meta says it selected DeKalb, which is located about 65 miles west of Chicago, for its access to renewable energy, talent pool and community partners. Meta is collaborating with the University of Illinois at Urbana-Champaign on a pilot program with the goal of developing a more sustainable concrete mix to help reduce the carbon footprint. Meta has also invested in two new wind energy projects in the Illinois counties of Morgan and DeWitt.
CHICAGO — Skender has completed construction of 609 W. Randolph, a 15-story boutique office building in Chicago’s West Loop. Developed by Vista Property, the building spans more than 100,000 square feet and includes a tenant lounge, rooftop terrace, executive conference room, wellness studio and meeting spaces. The property has received WELL and LEED certifications and features high-performance air filters, motion-sensor restroom fixtures and touchless, automatic doors. CBRE is the leasing agent. Antunovich Associates designed the base of the building, while Partners by Design handled the design of the spec office suites.
KANSAS CITY, MO. — Flaherty & Collins Properties has received a $46.8 million HUD 223(f) loan for the refinancing of The Yards, a luxury apartment complex in the Stockyards District of Kansas City that opened in May 2020. The Yards consists of 232 apartment units, 3,150 square feet of commercial space and more than 9,500 square feet of amenity spaces. Kevin Muesenfechter and Ali Rode of Gershman Investment Corp. originated the loan. The HUD financing replaces the construction debt provided by Citizens Bank, Equity Bank and First National Bank of Omaha. Flaherty & Collins plans to build a second phase of the development.
OVERLAND PARK, KAN. — Dynamic Logistix has signed a lease totaling 44,483 rentable square feet of office space at Overland Park Xchange, a 733,400-square-foot office building in Overland Park. The third-party provider of shipping technology and freight solutions is relocating its headquarters from 7220 W. 98th Terrace in Overland Park. The company is scheduled to take occupancy of its new space today (Friday, April 29). Ryan Schneider of JLL negotiated the lease. Occidental Management owns Overland Park Xchange.
BROOKFIELD, WIS. — Marcus & Millichap has arranged the sale of a 31,067-square-foot office building in the Milwaukee suburb of Brookfield for $3.2 million. Nu-Art Dental Lab occupies the net-leased property, which is located at 160 Bishops Way within the Bishop’s Woods Office Park. Nu-Art has occupied the building since 2013. The Rowlett Group of Marcus & Millichap’s Milwaukee office represented the seller, a private investor. The Rowlett Group and Tom Gommels of Marcus & Millichap’s Minneapolis office represented the buyer, an out-of-state limited liability company. The tenant had more than seven years remaining on its lease term at the time of sale.
KANSAS CITY, MO. — Ready Capital has closed a $39.6 million loan for the acquisition, renovation and stabilization of a 258-unit multifamily portfolio in Kansas City’s central business district. The undisclosed borrower plans to implement a capital improvement plan to renovate unit interiors, exteriors and common areas at each of the four properties. The nonrecourse, floating-rate loan features a three-year term, two extension options and is inclusive of a facility to provide future funding for capital expenditures.
