CHICAGO — Marcus & Millichap has arranged the sale of The Erikson in Chicago’s Lakeview neighborhood for $17.1 million. The 36-unit multifamily property is located at 3728 N. Lake Shore Drive. Residents have access to 36 parking spaces and a rooftop deck. Kyle Stengle of Marcus & Millichap arranged the sale. Buyer and seller information was not provided.
ST. LOUIS — The office and industrial team at Cresa St. Louis and its parent company Pace Properties will be affiliating with Avison Young, effective Jan. 1. The affiliation strengthens Avison Young’s presence in the St. Louis market by adding a team of experts with a strategic focus on office, industrial, project management and property management services. The retail brokerage and retail property management segments of Pace Properties will continue to operate as Pace Properties.
CHICAGO — Interra Realty has brokered the sale of 1439 N. Milwaukee Ave. in Chicago’s Wicker Park neighborhood for $2.5 million. The building is home to five apartment units and 2,000 square feet of street-level retail space that is leased to Taco Bell Cantina, which selected the property for its first cantina location in the U.S. The building was originally constructed in 1878. All the apartments were fully leased at the time of sale. Joe Smazal of Interra represented the private seller. Danny Spitz of Greenstone Partners represented the undisclosed buyer.
CRG Begins Development of 245-Unit Apartment Project at Streets of St. Charles in Suburban St. Louis
ST. CHARLES, MO. — CRG has begun development of Chapter at The Streets, a 245-unit apartment complex at The Streets of St. Charles, a mixed-use property in the St. Louis suburb of St. Charles. CRG is building the five-story building in partnership with AFL-CIO Building Investment Trust. Completion is slated for the second quarter of 2023. Chapter at The Streets will offer one- and two-bedroom units with monthly rents starting at $1,400. Amenities will include a pool, outdoor deck, fitness center, resident lounge, coworking space and pet grooming station. The project team includes Chicago-based Humphreys & Partners Architects LP and Chesterfield, Mo.-based Brinkmann Constructors. CRG’s Chapter-branded multifamily product is a national collection of upscale apartments. Chapter at The Streets is the third Chapter-branded project. The Streets of St. Charles is a 27-acre mixed-use development owned by Cullinan Properties Ltd.
ROMULUS, MICH. — Bernard Financial Group (BFG) has arranged a $57 million loan for the refinancing of a three-building industrial property totaling 1.8 million square feet in Romulus. Dennis Bernard and Joshua Bernard of BFG arranged the loan through Voya Investment Management LLC. An entity doing business as Ashley Romulus LLC was the borrower. Further details were not provided.
LA CROSSE, WIS. — The Madison office of Kraus-Anderson (KA) is about to complete construction of the $42 million renovation and expansion of La Crosse Center. The civic center is located at 400 La Crosse St. in the western Wisconsin town of La Crosse. The center has remained open during construction, which is scheduled for completion by the end of the year. Designed by ISG Architects, the two-year renovation project expands the sports, entertainment and event center into 120,000 square feet of multipurpose space. There is a new 12,892-square-foot ballroom and 7,226-square-foot atrium along with seven meeting rooms and office space. The project also includes a rooftop terrace and a new lobby with a staircase to the ballroom level. KA renovated the existing arena with new seating; a higher-quality sound system; ADA-compliant platforms and railings; and upgraded and enlarged dressing rooms, locker rooms, restrooms and concession stands. In addition to sporting events and concerts, La Crosse Center will host weddings, conferences and trade shows.
INDIANAPOLIS — Berkadia has provided a $40.2 million Fannie Mae loan for the refinancing of Pickwick Farms, a 516-unit, garden-style apartment complex in Indianapolis. Located at 1540 Handball Lane, the property features a mix of studio, one-, two- and three-bedroom floorplans. Amenities include a pool, fitness center, dog park, playground, picnic area, basketball court and volleyball court. Jason Brown and Austin Katai of Berkadia Indianapolis originated the 10-year loan, which features an interest rate of 3.7 percent and a 30-year amortization schedule. Indiana-based Zidan Management Group Inc. was the borrower.
ALSIP, ILL. — American Street Capital (ASC) has arranged an $11.4 million loan for the refinancing of a 144-unit multifamily property in Alsip, a southwest suburb of Chicago. Built in 1974, the property consists of 12 buildings across nearly six acres. The complex was 94 percent leased at the time of the loan closing. Igor Zhizhin of ASC arranged the five-year loan, which features a fixed interest rate and a 30-year amortization schedule. A bank provided the loan. The borrower acquired the asset in the first quarter of 2020 and immediately began implementing a value-add strategy. The property received new roofs, common areas, siding, unit flooring and kitchens.
CLEVELAND — Aurora Industrial LLC has acquired a 15-property industrial portfolio spanning approximately 2.9 million square feet in metro Cleveland for an undisclosed price. CBRE represented the seller, Premier Development Partners, which acquired or developed the portfolio over the past 15 years. A key property is 51 East Hines Hills Road in Boston Heights. The building serves as the global headquarters and largest distribution and warehousing hub for home furnishings retailer Arhaus Inc. BTG Pactual Strategic Capital, Morning Calm Management LLC and Grupo Patio launched Aurora Industrial, which targets acquisitions of Midwest industrial real estate. The company owns 25 properties totaling more than 4.5 million square feet.
HUNTLEY, ILL. — Venture One Real Estate has acquired 264 acres in Huntley, a far northwest suburb of Chicago. The developer is building two industrial facilities totaling 1.8 million square feet. Phase I is a 629,186-square-foot building for an unnamed user at 11500 Freeman Road. The project will feature 132 loading docks and parking for 1,046 cars and 720 trailers. Completion is slated for the second quarter of 2022. Phase II is a nearly 1.2 million-square-foot facility for an undisclosed user at 11400 Venture Court. The building will feature 156 truck doors and parking for 643 cars and 358 trailers. It is scheduled for completion in the third quarter of 2022. Brian Kling of Colliers represented Venture One. Ryan Cos. will serve as general contractor.