CHICAGO — Commercial real estate firm Cresa has signed a 21,000-square-foot office lease to relocate its headquarters to Chicago from Washington, D.C. The firm will occupy space at 167 Green St. in Chicago’s Fulton Market district. Cresa says the decision to relocate follows the announcement of several high-level, Chicago-based leadership hires. The new office will house Cresa’s tenant advisory practice, project management and lease administration teams. The office will feature a mix of collaborative and private work areas. Cresa, which exclusively represents occupiers, maintains more than 80 offices and 1,000 employees.
COLUMBUS, OHIO — Woda Cooper Cos. Inc. has broken ground on Lockbourne Greene, a 60-unit affordable housing community in Columbus. Completion is slated for mid-2023. Woda Cooper is building the $15.8 million project with co-developer Healthy Homes, which is affiliated with Community Development for All People (CD4AP) and Nationwide Children’s Hospital. The project is the transformation of a vacant and blighted Columbus Land Bank property. The three-story building will feature 12 one-bedroom units, 40 two-bedroom units and eight three-bedroom units. All of the units will be designated for residents who earn 40 to 80 percent of the area median income. Monthly rents are expected to range from $669 to $999, depending on the income category and size of the apartment. Lockbourne Greene will feature an onsite management office, fitness center and community room. SproutFive will operate an early learning center at the property for children ages 6 months to 5 years old. Residents will also have access to supportive services coordinated by CD4AP. A new $15 million Affordable Housing Linked Deposit Pilot Program from Franklin County supports funding for Lockbourne Greene at no out-of-pocket cost to taxpayers. The program places funds into an interest-yielding investment at three private banks — …
ELK GROVE VILLAGE, ILL. — A joint venture between Clear Height Properties and Blackbird Investment Group has sold a 56,500-square-foot industrial building located at 1400 Greenleaf Ave. in the Chicago suburb of Elk Grove Village. The sales price was undisclosed. The partnership acquired the property in January 2021 and invested $720,000 in renovations. Originally constructed in 1973, the building features a clear height of 18 feet, three loading docks and 9,500 square feet of office space. Justin Lerner of Transwestern represented both the sellers as well as the buyer, Ideal Property Investments. Avatar Financial Group provided a $1.5 million bridge loan for the acquisition.
MADISON, WIS. — An affiliate of Next Realty LLC has acquired Essex Square, a 44,000-square-foot retail center in Madison. The purchase price and seller were undisclosed. The property is home to 15 tenants, including Concentra Health Services, Half Price Books, The Camera Store, Allstate, Great Clips and MOKA Coffee. Many of the tenants have operated at the property for more than 20 years. Built in 1987 and located along East Towne Boulevard, Essex Square is situated adjacent to the 790,000-square-foot East Towne Mall. Landmark Credit Union provided acquisition financing.
MADISON, WIS. — Marcus & Millichap has arranged the sale of Sauk Point Square in Madison for $5 million. The 26,350-square-foot retail center is located at 701 N. High Point Road and is home to a mix of local retailers. Marcus & Millichap’s Rowlett Group represented the seller, a group of local investors, as well as the buyer, an out-of-state limited liability company.
HOFFMAN ESTATES, ILL. — It Gym, a locally owned fitness studio that offers personal training and group exercise classes, will open a 3,300-square-foot facility at Bell Works Chicagoland in Hoffman Estates. The gym, owned by local personal trainer Gina Kaiser, is slated to open this summer. Bell Works Chicagoland is a redevelopment of the former AT&T corporate campus. Somerset Development is the owner.
WOODBURY, MINN. — JLL Capital Markets has brokered the $65.1 million sale of Beyond Apartments in Woodbury, a suburb of the Twin Cities. Built in 2021, the 255-unit apartment community features studios, one-, two- and three-bedroom units. Amenities include a sky lounge patio, pet wash, coworking lounge, fitness center, golf simulator and underground parking. Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL represented the seller, Roers Cos. Affiliates of MLG Capital purchased the asset. Scott Streiff and Brock Yaffe of JLL originated a 10-year Fannie Mae loan for the acquisition.
CHICAGO — Interra Realty has arranged the $8.5 million sale of a four-building multifamily portfolio in Chicago’s Hyde Park neighborhood. The 24-unit, fully leased portfolio includes two buildings on Blackstone Avenue, one building on Dorchester Avenue and one on Greenwood Avenue. They were all built in the early 1900s. Joe Smazal of Interra brokered the transaction. A private seller sold the portfolio to an East Coast-based buyer that maintains a significant presence in Chicago.
MINNETONKA, MINN. — Dick’s Sporting Goods is set to open a House of Sport store in Minnetonka this May. The retailer says that the store is designed to explore the future of retail through multi-sport experiences. Dick’s currently operates two other House of Sport stores in Rochester, N.Y., and Knoxville, Tenn. Specifically, the store will feature a 35-foot rock climbing wall; batting cage for baseball and softball; golf hitting bays; putting green; hockey shop; House of Cleats that will seasonally rotate product; health and wellness area; and a service area dedicated to sharpening hockey skates, breaking in gloves, stringing lacrosse sticks and building and repairing bikes. The store will also offer community programming such as sport clinics, rock climbing, summer camps, yoga classes and birthday parties. The House of Sport store in Minnetonka will also feature a 20,000-square-foot outdoor turf field and running track that will open later this year. In the winter months, the field will be converted to an ice skating rink. Dick’s is looking to hire more than 200 associates for the location.
PEORIA, ILL. — The Boulder Group has negotiated the $7.9 million sale of a single-tenant retail property net leased to Best Buy in Peoria. The 46,432-square-foot building is located at 5001 N. Big Hollow Road. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a West Coast-based investor. A Midwest-based real estate company was the buyer. Best Buy has more than four years remaining on its lease.