Midwest

MT. PROSPECT, ILL. — Bayshore Properties Inc. has acquired Mount Prospect Greens, a 344-unit apartment complex in the Chicago suburb of Mt. Prospect. Built in 1973, the property features a mix of one-, two- and three-bedroom units. There are 156 units that have been renovated with new countertops, cabinets and appliances. Tyler Hague and Lauren Stoliar of Colliers represented the seller, Pepper Pike Capital Partners. Dan Sacks and Eric Rosenstock of Greystone originated a $44.2 million Fannie Mae loan for the $49.5 million acquisition.

FacebookTwitterLinkedinEmail

WESTMONT, ILL. — Mid-America Real Estate Corp. has brokered the sale of a 47,000-square-foot property occupied by LA Fitness in the Chicago suburb of Westmont. The sales price was undisclosed. LA Fitness recently executed a new 15-year lease. Joe Girardi and Matt McParland of Mid-America represented the sellers, Kensington Development and IM Properties Plc. A 1031 exchange investor was the buyer.

FacebookTwitterLinkedinEmail

CHICAGO — BMO Financial Group has opened BMO Tower at 320 S. Canal St. in Chicago’s West Loop Gate neighborhood. The 50-story office tower will serve as BMO’s new U.S. headquarters. More than 3,000 employees will be based at BMO Tower, which rises more than 700 feet. Developed by Riverside Investment & Development, the property’s main floor features a new technology-enabled BMO bank branch. The project, which features a fitness center and 1.5-acre greenspace, was designed to achieve WELL Building Platinum and LEED Gold certifications.

FacebookTwitterLinkedinEmail

HUNTLEY, ILL. — Venture One Real Estate has broken ground on a 729,823-square-foot speculative industrial facility in Huntley, a northwest suburb of Chicago. Known as Venture Park 47, the project will be located at the intersection of Illinois Route 47 and Jim Dhamer Drive. The building will feature a clear height of 40 feet, 72 docks, four drive-in doors, 448 car parking stalls and 130 trailer stalls. Completion is slated for the third quarter of 2023. Brian Kling and Reed Adler of Colliers will market the project for lease.

FacebookTwitterLinkedinEmail

ALGONQUIN, ILL. — McShane Construction Co. has completed The Oaks at Algonquin, a 166-unit senior living community in suburban Chicago. Spectrum Retirement Communities was the developer. The property features independent living, assisted living and memory care units. Amenities include three restaurants, a pub, salon, media lounge, theater, health club, rooftop deck, memory care garden and doctor and therapist offices. Vessel Architecture provided architectural services for the three-story community.

FacebookTwitterLinkedinEmail

DETROIT — Diversified Synergies LLC has signed a 200,000-square-foot industrial lease at 201 Waterman St. in Detroit’s Delray neighborhood. The Bedrock-owned Fort Street Industrial Campus, formerly named the Sakthi Industrial Campus, is slated to open as early as July. Diversified Synergies packages and distributes products for pharmaceutical, food and consumer goods for Fortune 500 companies. The Highland Park, Mich.-based company is a joint venture between Staffing Synergies Inc. and Diversified Chemical Technology Inc. Bedrock acquired the former Sakthi Industrial Campus in September 2020. The property features roughly 529,000 square feet of industrial space, 89,000 square feet of flex office space and more than 10 acres of developable land. Bedrock is the full-service real estate arm of billionaire businessman Dan Gilbert.

FacebookTwitterLinkedinEmail

CHICAGO — Principle Construction Corp. has completed a 178,850-square-foot speculative industrial building in Chicago. IDI Logistics was the developer. Located at 3700 S. Morgan St., the property features a clear height of 36 feet, 32 dock positions, two drive-in doors and 103 car parking stalls. Principle’s Darrin Dehmlow served as project manager and Matt Frane was the onsite superintendent. Macgregor Architects served as project architect.

FacebookTwitterLinkedinEmail

CINCINNATI — City Club Apartments has broken ground on the redevelopment of Union Central Tower, a historic skyscraper in downtown Cincinnati. Plans call for 281 luxury apartments in a mix of unfurnished long-term rentals and furnished short-term rentals, as well as ground-floor commercial space. The total cost of the redevelopment is estimated to be $90 million. Union Central Tower, most recently known as PNC Tower, was built in 1913 and at 31 stories was the fifth-tallest building in the world upon completion, as well as the second-tallest outside of New York City. The property was designed by legendary turn-of-the-century Cincinnati architecture firms Garber & Woodward and Cass Gilbert. “Investments like the Union Central project are a key part of attracting the young, diverse talent that our city needs in order to thrive,” says Cincinnati Mayor Aftab Pureval. The community will feature a ground-floor lobby, library and lounge; 17th-floor private club with views of the Ohio River, Roebling Bridge and sports stadiums; abundant coworking spaces; 19th-floor Sky Park and Entertainment Sky Club with gourmet kitchen; rooftop terrace with wellness sauna, rooftop pool, hot tub, wraparound loungers, cabanas, fireplace, grilling stations, outdoor kitchen and Zen garden; 24/7 fitness center; indoor and outdoor theaters; multi-function …

FacebookTwitterLinkedinEmail

INDIANAPOLIS — Avison Young has brokered the sale of Building 5 within Whiteland Exchange Business Park in the Indianapolis suburb of Whiteland. The sales price was undisclosed. Sean McHale and Peter Seoane of Avison Young represented the seller, Jones Development. DHL Supply Chain was the buyer. Avison Young was also the leasing agent for Whiteland Exchange, which totals 2.4 million square feet.

FacebookTwitterLinkedinEmail

EAST LANSING, MICH. — Newmark has arranged the sale of three student housing assets totaling 496 beds that serve Michigan State University in East Lansing. The sales price was undisclosed. The properties include: The Gates, a 139-bed property built in 2014; The Manor, a 56-bed building constructed in 2015; and The Tower, a 301-bed property. Amenities include controlled access, resident events, onsite parking, laundry facilities and a pedestrian bridge to campus. Ryan Lang, Jack Brett, Ben Harkrider and Debbie Corson of Newmark represented the seller, MJW Investments. Blue Vista Capital Management was the buyer.

FacebookTwitterLinkedinEmail