ROBBINSDALE, MINN. — KW Commercial | AMK Properties has brokered the sale of Robin Center in Robbinsdale, a northwest suburb of Minneapolis. The 104,080-square-foot shopping center sold for an undisclosed price. Located on Lakeland Avenue, the property is home to Dollar Tree, CVS Pharmacy, Car-X and other local, regional and national tenants. Matthew Klein of KW Commercial represented the buyer, Robin Center Partners LLC. Steven Nelson and Kyle Thompson of Hoyt Properties, along with Chet Masserano of Corporate Real Estate Brokers, represented the seller, Robin Center LLP.
OMAHA, NEB. — Marcus & Millichap has arranged the sale of a 2,225-square-foot retail property occupied by Starbucks in Omaha for an undisclosed price. The seller, Monfort Cos., developed the property as a build-to-suit for Starbucks. Located at 9004 Fort St., the building features a drive-thru. Drew Isaac of Marcus & Millichap represented the seller. James Rassenfoss and Boomer Beatty of Marcus & Millichap represented the buyer, a private investor completing a 1031 exchange.
CHICAGO — The Habitat Co. and P3 Markets have broken ground on 43 Green, a $100 million mixed-income apartment community in Chicago’s Bronzeville neighborhood. The transit-oriented development will be located on a long-vacant, city-owned lot on the northeast corner of East 43rd Street and Calumet Avenue. Phase I will consist of a 10-story building with 99 units and 5,500 square feet of retail space. Half of the residences will be market-rate while the other half will be income-restricted to renters earning up to 60 percent of the area median income. Completion of Phase I is slated for February 2023. Later phases of 43 Green call for two more mixed-income buildings. All told, 43 Green will bring roughly 300 new units to the area. Bowa Construction and McHugh Construction are leading construction. Future retail tenants include Momentum Coffee and Super Cycle. Financing for 43 Green involved a multi-layered capital stack, including the use of the City of Chicago’s Low Income Housing Tax credit allocation, tax credit investor Richman Capital and HUD-insured debt provided by Fifth Third Bank.
MCCOOK, ILL. — Bridge Industrial has acquired 87 acres in McCook that was previously home to Caterpillar manufacturer Progress Rail. Bridge plans to build two industrial buildings totaling nearly 1.2 million square feet on the site. Progress Rail downsized its footprint and will continue to operate on the remainder of the area not sold to Bridge. Demolition of existing structures is scheduled to begin this month. Completion of the project is slated for mid-2023. The larger building, totaling 999,126 square feet, will feature 201 exterior docks, four drive-in doors, 211 trailer positions, 508 car parking spaces and a clear height of 40 feet. The smaller facility, totaling 189,953 square feet, will feature 43 docks, two drive-in doors, 48 trailer positions, 222 car parking spaces and a clear height of 36 feet.
ELGIN, ILL. — JLL Income Property Trust has purchased a two-building distribution center in the northwest Chicago suburb of Elgin for $47 million. Constructed in 2020, the buildings total 407,000 square feet. The larger building features a clear height of 33 feet, while the smaller one features a clear height of 29 feet. Both facilities are fully leased. The seller was undisclosed.
INDIANAPOLIS — Colliers has brokered the sale of a seven-building industrial portfolio totaling 248,363 square feet in metro Indianapolis for more than $25 million. Five of the buildings are located in Indianapolis while two are in Noblesville. Alex Cantu and Alex Davenport of Colliers represented the seller, GDW Properties. The portfolio sold to separate buyers, including Exeter Property Group, Biynah Industrial Partners, Trip Portfolio LLC and an unnamed private investor.
CHICAGO — Barstool Sports has opened a new sports bar at 14 W. Hubbard St. in Chicago’s River North. This is the first sports bar for Barstool Sports, which is a brand founded by Dave Portnoy and owned by Penn National Gaming (NASDAQ: PENN). The 8,500-square-foot space was formerly home to Henry’s Swing Club. DynaProp Development Corp. owns the property. Michael Weber and Ian Feinerman of @properties Commercial represented SBH Chi LLC, an entity affiliated with Stanton & Bowery Hospitality, which will operate the bar on behalf of Barstool Sports. Daniel Pedemonte of GDP Group represented DynaProp.
CEDAR RAPIDS, IOWA — Developer TWG has broken ground on Annex on the Square, a $49 million mixed-income apartment community in downtown Cedar Rapids. The property will include 202 units for residents earning up to 60 percent of the area median income along with 22 market-rate units. TWG will serve as owner and general contractor. Amenities will include a pool, fitness room, business center, bike storage, gated garage and top-floor deck. The development will also include 1,219 square feet of retail space. Studio Architecture is the project architect. Jeremy Tipton of NAI Iowa Realty Commercial coordinated the land acquisition. Completion is slated for January 2024.
KANSAS CITY, MO. — Northmarq has negotiated the sale of a 280-unit multifamily portfolio in Kansas City for $42.5 million. Built in 1985, Fountainhead consists of three-story apartment buildings. Three Fountains consists of a mix of one- and two-story townhomes. Both communities offer fitness centers and pools. Kyle Tucker and John Duvall of Northmarq secured acquisition financing through Freddie Mac. JB Partners sold the portfolio to Revitate Cherry Tree, a California-based investment company.
OMAHA, NEB. — Mohr Partners Inc. has brokered the sale of Orpheum Tower in downtown Omaha for an undisclosed price. Upon its construction in 1910, the 16-story tower was the tallest office building in Omaha at 220 feet. It was converted into 132 apartment units and served as the city’s tallest apartment tower until 2013. The building is listed on the National Register of Historic Places. Grant Palmer and Eric Beichler brokered the sale. A private REIT purchased the asset.