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IllinoisLoansMidwestNorthmarqRetail

Northmarq Arranges $12.5M Loan for Refinancing of Five-Property Retail Portfolio in Metro St. Louis

by Kristin Harlow

EDWARDSVILLE, GLEN CARBON AND HIGHLAND, ILL. — Northmarq has arranged a $12.5 million loan for the refinancing of a five-property retail portfolio in metro St. Louis. The centers, built between 1998 and 2019, total about 110,000 square feet and are located in Edwardsville, Glen Carbon and Highland. Jeff Chaney of Northmarq arranged the fixed-rate loan, which features a 20-year term and a 20-year amortization schedule. A life insurance company provided the loan to the borrower, R.L.P. Development Co. Inc.

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IllinoisIndustrialLeasing ActivityMidwest

Stripmasters Services Signs 161,000 SF Industrial Lease in Decatur, Illinois

by Kristin Harlow

DECATUR, ILL. — Stripmasters Services Inc. has signed a 161,000-square-foot industrial lease at Commerce Park in Decatur, about 40 miles east of Springfield. Commerce Park is situated on 147 acres near I-72. Queenanne Realty LLC, a Chicago-based subsidiary of New Jersey-based Weiss Realty Co. Inc., owns the property. Weiss plans to expand the park over the next several years. Stripmasters is a commercial and industrial blasting, painting and power coating company that services the Midwest region.

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AcquisitionsIndianaMidwestRetail

Boulder Group Brokers $4.1M Sale of Firestone-Occupied Property in Portage, Indiana

by Kristin Harlow

PORTAGE, IND. — The Boulder Group has brokered the $4.1 million sale of a single-tenant retail property occupied by Firestone in Portage, a city in Northwest Indiana. The 6,116-square-foot building is located on Highway 6. Randy Blankstein and Jimmy Goodman of Boulder represented the buyer, a Midwest-based investor completing a 1031 exchange. A national development firm was the seller.

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AcquisitionsIowaMidwestRetail

Marcus & Millichap Arranges $1.8M Sale of Retail Center in Davenport, Iowa

by Kristin Harlow

DAVENPORT, IOWA — Marcus & Millichap has arranged the sale of Elmore Avenue Shoppes in Davenport for $1.8 million. The 9,800-square-foot retail center is located at 4810 Elmore Ave. The center was more than 85 percent leased at the time of sale to GameStop, Hungry Hobo, Novel Nail Studio, Computer Repair Center and 100% Chiropractic. The Rowlett Group, investment specialists in Marcus & Millichap’s Milwaukee office, represented the seller, a private investor group. The team also represented the buyer, which was a member of the seller’s investor group.

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DevelopmentMidwestMixed-UseOhioTop Stories

Trinitas Ventures, Crawford Hoying Begin $250M Phase II of Mixed-Use Project in Cincinnati

by Taylor Williams

CINCINNATI — A partnership between two regional developers, Indiana-based Trinitas Ventures and Ohio-based Crawford Hoying, has started construction of the $250 million second phase of The District at Clifton Heights, a mixed-use project in Cincinnati. The District at Clifton Heights is located across the street from the University of Cincinnati at the site of the former Deaconess Hospital. The first phase of the project centered on construction of The Deacon, an eight-story, 351-bed student housing building that opened in August 2019. Development costs for all phases of the project are estimated at $640 million. The largest piece of the second phase also revolves around student housing. Chicago-based Core Spaces is leading the development of a 14-story tower that will feature 1,112 beds across 380 units. Branded Hub Cincinnati, the project is scheduled for completion in advance of the fall 2024 semester. The other major component of the second phase involves the development of Hotel Celare, a $65 million project. The hotel will rise seven stories, house 171 rooms and 18,000 square feet of meeting space and feature a rooftop bar overlooking the campus entrance. Crawford Hoying is leading the development of the hotel, which is slated for a summer 2024 …

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LoansMidwestMinnesotaMultifamilyStudent Housing

Northmarq Arranges $41.6M Loan for Refinancing of Minnesota Student Housing Property

by Kristin Harlow

MANKATO, MINN. — Northmarq has arranged a $41.6 million loan for the refinancing of The Grove at Mankato in Mankato, a city in southern Minnesota. The 524-unit student housing property is located at 200 Briargate Road. Andy Finn of Northmarq arranged the nonrecourse loan, which features a seven-year term, 30-year amortization schedule and three years of interest-only payments. A credit union provided the fixed-rate loan. The borrower was undisclosed.

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LoansMidwestMinnesotaMultifamilyStudent Housing

Northmarq Arranges $41.6M Loan for Refinancing of Minnesota Student Housing Property

by Kristin Harlow

MANKATO, MINN. — Northmarq has arranged a $41.6 million loan for the refinancing of The Grove at Mankato in Mankato, a city in southern Minnesota. The 524-unit student housing property is located at 200 Briargate Road. Andy Finn of Northmarq arranged the nonrecourse loan, which features a seven-year term, 30-year amortization schedule and three years of interest-only payments. A credit union provided the fixed-rate loan. The borrower was undisclosed.

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DevelopmentIllinoisMidwestRetail

J.C. Anderson Completes Interior Buildout of Color Factory Art Museum in Chicago’s Willis Tower

by Kristin Harlow

CHICAGO — J.C. Anderson has completed the interior buildout of Color Factory, an interactive art museum. The venue is now open to the public and is situated within Chicago’s Willis Tower. The 24,000-square-foot space represents Color Factory’s largest venue and flagship location. Color Factory also operates locations in Houston and New York City. The Willis Tower location showcases interactive installations and curated exhibits inspired by the city of Chicago. J.C. Anderson built 10 galleries that incorporate 117 different paint colors. The project team included Shorecrest Project Management, Partners by Design and ESD.

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DevelopmentIllinoisMidwestRetail

J.C. Anderson Completes Interior Buildout of Color Factory Art Museum in Chicago’s Willis Tower

by Kristin Harlow

CHICAGO — J.C. Anderson has completed the interior buildout of Color Factory, an immersive art museum. The venue is now open to the public and is situated within Chicago’s Willis Tower. The 24,000-square-foot space represents Color Factory’s largest venue and flagship location. Color Factory also operates locations in Houston and New York City. The Willis Tower location showcases interactive installations and curated exhibits inspired by the city of Chicago. J.C. Anderson built 10 galleries that incorporate 117 different paint colors. The project team included Shorecrest Project Management, Partners by Design and ESD.

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DevelopmentIllinoisIndustrialMidwest

Summit Design + Build Breaks Ground on 42,000 SF Expansion to Eli’s Cheesecake Facility in Chicago

by Kristin Harlow

CHICAGO — Summit Design + Build has broken ground on a 42,000-square-foot addition to the Eli’s Cheesecake facility in Chicago. The industrial building currently spans 62,000 square feet. The addition marks the first expansion to the property since it was built in 1995. The expansion will include interior spaces for general bakery use, storage, bakery processing and a new mezzanine. Michael Aragona is the project architect.

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