LOCKPORT, ILL. — ML Realty Partners has completed the lease-up of Heritage Crossing in Lockport, about 30 miles southwest of Chicago. The 2.5 million-square-foot industrial business park is comprised of eight buildings with clear heights ranging from 30 to 40 feet. LG Electronics expanded within the park, signing a new lease for 542,806 square feet at 14532 S. Gougar Road. Pitney Bowes Global Logistics signed a new lease for 363,224 square feet at 14746 S. Gougar Road. James Frank and Jason West of Cushman & Wakefield represented LG Electronics, while Mike Cook and David Prell of CBRE represented Pitney Bowes. Dan Leahy, Mark Moran and John Whitehead of NAI Hiffman represented ML Realty Partners.
DELHI TOWNSHIP, OHIO — A partnership between NorthPointe Group and PLK Communities is building Veridian Delhi Towne Square, a 180-unit apartment complex in Delhi Township, just west of Cincinnati. The project is the township’s first new, market-rate rental product in 40 years, according to the developers. PLK Construction will serve as general contractor, and PLK Communities will serve as property manager upon completion. The pet-friendly community will feature garden-style units that range in size from 600 to 1,600 square feet. The first units are slated for occupancy by summer 2023.
GROVEPORT, OHIO — Associated Bank has provided a $27.5 million loan for the construction of a 640,640-square-foot speculative industrial project in Groveport, a southern suburb of Columbus. The 47-acre site is located adjacent to Rickenbacker International Airport. The building will feature a clear height of 36 feet, 60 exterior docks, four drive-in doors, 185-foot truck courts and 154 trailer parking stalls. Completion is slated for this summer. The borrower, Groveport Venture LLC, is a partnership between CA Industrial Properties LLC, Stotan Industrial LLC and LaSalle Investment Management. Elizabeth Hozian, Evelyn Turner and Paul Henning of Associated Bank originated the loan, terms of which were not provided.
WAUSAU, WIS. — Marcus & Millichap has arranged the $17.5 million sale of a 500,000-square-foot industrial property in the central Wisconsin city of Wausau. Located at 500 N. 72nd Ave., the building has served as a Midwest distribution center for Footlocker since its construction in 2001. Christian Hlavinka and Jon Rauh of Marcus & Millichap represented the seller, a partnership. The duo also secured the buyer, a private investor.
AUBURN HILLS, MICH. — Signature Associates has brokered the sale of a 443,340-square-foot industrial building in Auburn Hills for an undisclosed price. Located at 3600 Giddings Road, the property features a clear height of 30 feet and 375 car parking spaces. Joe Hamway and Greg Hudas of Signature Associates represented the buyer, a partnership between Foundation Capital Partners LLC and Wheelock Street Capital LLC. The duo is now marketing the property for lease. Occupancy will be available in May.
O’FALLON, MO. — Holland Construction Services has completed The Jewel Apartments, a $41.2 million apartment complex in O’Fallon, a western suburb of St. Louis. Tennessee-based Vita Residential was the developer. Located at 9200 Veterans Memorial Parkway, the 240-unit property consists of 10 buildings. Amenities include a clubhouse, pool, family room, fitness area and dog park. The property is currently 95 percent occupied. Vita is now finalizing development plans with Holland on a similar 240-unit project called The Jewel at Whispering Oaks in Swansea, Ill. Construction is expected to begin in May.
MINNEAPOLIS — JLL Capital Markets has negotiated the sale of a multifamily development site on Oak Grove Street in the Loring Park neighborhood of Minneapolis. The sales price was undisclosed. The buyer is an affiliate of Linden Street Investments, which also has developments in downtown east and the southwest suburbs of Minneapolis. Josh Talberg, Mox Gunderson, Dan Linnell and Adam Haydon of JLL represented the seller, The Woman’s Club of Minneapolis. The site is home to the club’s former parking lot. The buyer’s development plans were not released.
NEW BERLIN AND MENOMONEE FALLS, WIS. — Stan Johnson Co. has brokered the sale of two childcare centers net leased to The Learning Experience in suburban Milwaukee for $9.8 million. Both locations were built in 2020 and are situated in New Berlin and Menomonee Falls. Brandon Duff and Matt Spangenberg of Stan Johnson represented the sellers, two private entities based in Atlanta and Chicago. Milo Spector of Stan Johnson represented the San Francisco-based buyer, which completed a 1031 exchange.
ST. CHARLES AND BATAVIA, ILL. — Lee & Associates has arranged the sales of two industrial buildings totaling 168,636 square feet in central Kane County, which is located west of Chicago. In the first transaction, a 102,000-square-foot building in St. Charles sold to a publicly traded REIT. Michael Androwich Jr. of Lee & Associates represented the buyer, while Jeff Holmes of Regional Realty represented the seller, Wise Plastics. In the second transaction, Androwich represented buyer WP Industries in its purchase of a 66,636-square-foot building at 1260 Kingsland Drive in Batavia. Ellerman Commercial represented the undisclosed seller.
DETROIT — Ready Capital has closed a $3.5 million loan for the acquisition and lease-up of a roughly 75,000-square-foot industrial property in the Southern I-275 Corridor of Detroit. The undisclosed borrower plans to address deferred maintenance and lease up the vacant building. The nonrecourse loan features a two-year term, floating rate and interest-only payments.