CINCINNATI — Ready Capital has closed an $8.9 million loan for the acquisition, renovation and lease-up of a 197-unit, two-property manufactured housing portfolio within Cincinnati’s Butler County. The buyer plans to remove abandoned homes, purchase new homes and address deferred maintenance. The three-year, floating-rate loan includes a facility to provide future funding for capital expenditures.
MIDDLETON, WIS. — Marcus & Millichap has arranged the $3.1 million sale of Cornerstone Mall in Middleton, a northwest suburb of Madison. The 18,733-square-foot retail property is located at 2831 Parmenter St. and is 92 percent leased to tenants such as Hurts Donut Co. and Jet’s Pizza. Austin Weisenbeck, Sean Sharko and Marc Sitzer of Marcus & Millichap represented the seller, a Madison-based limited liability company. The buyer was undisclosed.
CHESTERFIELD, MO. — Gateway Studios & Production Services is scheduled to break ground this Thursday, Nov. 11, on its new $130 million campus in Chesterfield, a western suburb of St. Louis. When complete, the 32-acre project will be the largest production services and rehearsal facility of its kind in the country, according to Gateway Studios. The project will include a hotel and four studios that will accommodate the development and creation of arena-size tours, movie and television productions as well as corporate events. The development will employ more than 100 music and production professionals upon completion, which is slated for the first quarter of 2023.
PEMBINE, WIS. — An affiliate of Chicago-based Brick by Brick Capital, in partnership with tech-enabled hotel operator Life House, has acquired the historic Four Seasons Island Resort in the Northeast Wisconsin town of Pembine. The purchase price was undisclosed. The deal represents the first hotel in Wisconsin for both Brick by Brick and Life House, and the first of several planned acquisitions across the upper Midwest. Originally built in 1905 by the Wisconsin-Michigan Railroad Co., the 70-acre resort was a popular destination for visitors arriving by railroad from Chicago during the summer months. The hotel is located on Miscauno Island along a scenic stretch of the Menominee River, which is the natural border separating Wisconsin from the Upper Peninsula of Michigan. Life House will operate a wide array of amenities, including four dining options, a nine-hole golf course, wedding and conference facilities, an indoor pool, fitness room, arcade, pontoon boat tours and cross-country ski rentals.
WEST DUNDEE, ILL. — The Opus Group has begun construction on a 49,984-square-foot industrial build-to-suit for Chicago Logistic Service in West Dundee, a far northwest Chicago suburb. This is the ninth project Opus has built within the Oakview Corporate Park. The building will feature 10 dock doors, two drive-in doors, 15 trailer stalls, 39 parking stalls, 2,900 square feet of office space and a clear height of 28 feet. Completion is slated for July 2022. Opus is serving as developer, design-builder, interior designer, architect and structural engineer. Noel Liston of Darwin Realty represented both Opus and the tenant.
SOUTH HOLLAND, ILL. — Entre Commercial Realty has brokered the sale of a 40,500-square-foot industrial building in South Holland, a southern suburb of Chicago. The sales price was undisclosed. The property is located at 510 W. 172nd St. Chris Wilbur and Jeff Locascio of Entre represented the seller, Hadady Corp. Sam Deihs of Entre represented the buyer, Green Electric Solutions, an electronics recycler.
ROSEMONT, ILL. — Celero Commerce, a financial tech company, has renewed its 27,000-square-foot, full-floor office lease at Pointe O’Hare in Rosemont. The Class A office tower is located at 9550 W. Higgins Road. Celero inherited the Chicago-area office following its acquisition of Transnational Payments in October 2020, marking the sixth acquisition for the company since its formation in November 2018. Celero has approximately 260 employees with continued plans for expansion. Campbell Puckett, Andrew Kaplan and Jon Springer of CBRE represented Celero in the lease.
ELK RIVER, MINN. — Northwoods Management has acquired Elk Park, a 205,009-square-foot shopping center in Elk River, about 34 miles northwest of Minneapolis. The purchase price was undisclosed. Grocer Cub Foods is the anchor tenant. The property, which is located at 19216 Freeport Ave., is also home to Planet Fitness, Famous Footwear and Maurice’s. CBRE represented the seller, Brixmor Property Group.
JOLIET, ILL. — Principle Construction Corp. has broken ground on an $11 million service center in Joliet for Highway Transport, a company that transports liquid chemicals. The 17,730-square-foot service center, located on nearly 23 acres, will double the size of Highway Transport’s current facility in Joliet where it has operated for two decades. The new facility will feature a tank wash, maintenance shop, conference room, multiple offices and amenities for drivers such as a break room, Wi-Fi access and showers. The property will include parking for tanker trucks from the company’s fleet of more than 400 trucks. Partners in Design Architects is the project architect. Completion is slated for spring 2022.
JOPLIN, MO. — Matthews Real Estate Investment Services has brokered the $7.8 million sale of a 79,454-square-foot industrial facility occupied by FedEx in the Southwest Missouri town of Joplin. The property is located at 3752 Enterprise Ave. Brett Davis and Alexander Harrold of Matthews brokered the transaction. Both the seller and buyer were private investors.