CRYSTAL LAKE, ILL. — Greenstone Partners has arranged the $3 million sale of a nearly 12,000-square-foot retail property in the Chicago suburb of Crystal Lake. The building, located at 5899 Northwest Highway, is 77 percent occupied with two vacant units. Jason St. John and AJ Patel of Greenstone represented the seller, a local, private partnership. The duo also procured the buyer, a private partnership completing a 1031 exchange.
SCHAUMBURG, ILL. — SparrowHawk has negotiated new leases with tenants totaling 32,101 square feet at its industrial property located along National Parkway in Schaumburg. The 147,752-square-foot property is now 95.5 percent leased with one remaining space available for immediate occupancy. Italy-based TECH.PA signed a lease for 9,094 square feet for its first industrial showroom and warehouse space in Chicago and the U.S. The company, which specializes in the field of industrial automation and robotics, will take occupancy this month. Kelly Joyce of Colliers represented SparrowHawk in the lease and serves as the leasing agent for the property. John Hunter of John Hunter Services represented the tenant. Adaptive Adventures leased and moved into 3,355 square feet of space. The nonprofit organization provides outdoor sports opportunities to improve the quality of life for children, adults and veterans with physical disabilities. Jarvis Lighting renewed and expanded its lease to 19,652 square feet. The commercial lighting manufacturer and distributor previously occupied 10,552 square feet.
ILLINOIS AND INDIANA — Morgan Properties has acquired two multifamily portfolios totaling eight communities and 2,986 units in Illinois and Indiana for $410 million. With the addition of these new assets, Morgan Properties now owns and operates 2,035 units in Illinois, 3,692 units in Indiana and more than 95,000 units nationwide. The Illinois portfolio consists of The Lakes of Schaumburg in Schaumburg, Blackhawk Apartments in Elgin and The Gates of Deer Grove in Palatine. The Indiana portfolio consists of The Boardwalk at Westlake, Parkside at Castleton Square, Lakeside Crossing at Eagle Creek, The Elliott at College Park and The Preserve on Allisonville. Morgan Properties plans to invest more than $40 million in capital improvements across the two portfolios. The seller was undisclosed.
CHICAGO — The Habitat Co. and P3 Markets have topped out construction of the first building at 43 Green, a $100 million mixed-income apartment development in Chicago’s Bronzeville neighborhood. Centered around the Chicago Transit Authority’s 43rd Street Green Line station, the project represents the first equitable transit-oriented development (ETOD) on Chicago’s South Side. The project will be developed in three phases and ultimately bring 300 new apartments to the neighborhood. The first building is the largest of the three planned buildings. The 10-story asset will house 99 apartment units as well as 5,500 square feet of retail space. Half of the units will be reserved for households earning up to 60 percent of the area median income. Construction of Phase I is slated for completion in February 2023. Construction on Phase II is expected to begin later this year. Bowa Construction and McHugh Construction are jointly building the project. Landon Bone Baker is the architect. Momentum Coffee and Super Cycle will occupy retail space. Financing for 43 Green involved a multi-layered capital stack, including the use of the City of Chicago’s low-income housing tax credits allocation and tax credit investor Stratford Capital. Fifth Third Bank provided debt via HUD’s 221(d)(4) …
CALEDONIA, WIS. — Zilber Property Group has acquired a 93-acre land site with plans to build a new industrial park in Caledonia, about 20 miles south of Milwaukee. Named Caledonia Corporate Park, the project will be comprised of up to five speculative industrial buildings totaling approximately 1.6 million square feet. The development will be situated along the I-94 Corridor. Site preparation and infrastructure work will begin shortly, with construction expected to commence in the spring. Chad Navis and Rachel Agba represented Zilber on an internal basis for both the land acquisition and development entitlement process. Michael Kleber of Zilber will oversee lease-up. Pinnacle Engineering Group is the project architect and Riley Construction is the general contractor.
ST. PAUL, MINN. — Kraus-Anderson Development Co. has completed construction of MODA on Raymond, a $38.6 million multifamily project located at the corner of Raymond and University avenues in St. Paul. Designed by UrbanWorks Architecture, the development houses 220 market-rate apartment units and 2,314 square feet of commercial space. The six-story property is located one block from the Green Line station in the St. Anthony Park neighborhood. Units at MODA on Raymond range from 361 to 1,180 square feet. Amenities include a fitness center, outdoor courtyard, pool, clubroom, rooftop patio, convenience market, pet wash and dog run. Monthly rents start at $1,077 for studios.
SHARONVILLE, OHIO — Marcus & Millichap has brokered the sale of the Summit Woods office portfolio in Sharonville near Cincinnati for $22 million. The portfolio consists of two Class A buildings that were constructed in 2006 and 2015. Joseph DiSalvo, David Peirce and Alexander Nulf of Marcus & Millichap represented the undisclosed seller and procured the buyer, Shelbourne Global. The portfolio sold at 97 percent of the suggested list price.
TOPEKA, KAN. — Northmarq has provided a $26.9 million Fannie Mae loan for the refinancing of The Overlook Apartments in Topeka. Built in 2002, the 318-unit apartment complex features one-, two- and three-bedroom floor plans. Amenities include an outdoor pool, hot tub, fitness center and clubhouse. Dan Trebil of Northmarq secured the fixed-rate loan. The borrower was undisclosed.
COLUMBUS, OHIO — AndHealth has unveiled plans to expand its operations in downtown Columbus, bringing 65 new jobs to the area. The healthcare company is moving its office from 1201 Dublin Road to 2 Miranova Place, a 12-story tower. AndHealth says the new space will enable it to more than triple its existing employee count, and the company plans to hire additional software developers, data scientists, healthcare professionals, physicians, providers and other health experts. AndHealth operates the first-ever Virtual Center of Excellence (VCOE) for migraine reversal and will soon launch a second VCOE for autoimmune diseases, including rheumatoid arthritis, psoriasis, ulcerative colitis and Crohn’s disease. AndHealth, which provides virtual healthcare services, works with employers and benefits brokers to provide its services to employees with chronic diseases.
GARY, IND. — Merchants Capital has provided more than $13 million in financing for the rehabilitation of the Carolyn Mosby Apartments in Gary. A joint venture between Gorman & Co. and the Gary Housing Authority (GHA) was the borrower. GHA built the property in the late 1960s as a public housing development. The eight-story building comprises 142 units that are reserved for seniors or disabled residents earning 30 to 60 percent of the area median income. The financing will preserve the affordability of the property for its residents. The project received an allocation of $13 million in tax-exempt bonds from the Indiana Housing & Community Development Authority, enabling GHA to partner with Gorman to convert the property from public housing to a long-term Section 8 Housing Assistance Payments contract. Merchants Capital facilitated the bond purchase in the form of a $13 million construction loan from Merchants Bank of Indiana. Following construction completion, the loan will convert to a $5.2 million permanent loan pursuant to a Freddie Mac tax-exempt loan forward commitment, to be serviced by Merchants Capital. The project also received equity investments totaling roughly $9.7 million in return for federal low-income housing tax credits and federal historic rehabilitation tax …