LINCOLN, NEB. — NexCore Group and Catholic Health Initiatives (CHI) have broken ground on the 34,668-square-foot CHI Health Clinic Yankee Hill in Lincoln. CHI will be the sole tenant in the one-story building, located at 4055 Yankee Hill Road. The facility will offer primary care, physical therapy, behavioral health services and specialty care, imaging services, a laboratory and retail pharmacy. NexCore will own the building, which is slated for completion in summer 2022. McCarthy Building Cos. Inc. is the general contractor and Omaha-based Leo A. Daly is the architect. Englewood, Colo.-based CHI is part of the Chicago-based health system CommonSpirit, which maintains hospitals and care centers in 21 states.
CHICAGO — Hyatt Hotels Corp. (NYSE: H) has agreed to acquire Apple Leisure Group (ALG), a Pennsylvania-based firm that specializes in third-party operations of luxury wellness resorts, for $2.7 billion. The transaction comes as part of the Chicago-based hotel giant’s initiative to sell off $2 billion in real estate holdings by the end of 2024 and focus its growth strategy on the operations side of the hospitality business. Hyatt expects to sell $1.5 billion of its real estate assets by the end of this year, which would result in more than $3 billion in sales since the strategy was announced in 2017. Mark Hoplamazian, Hyatt president and CEO, notes that under this strategy, he expects that 80 percent of the company’s revenue stream will be fee-based earnings by the end of 2024. “The addition of ALG’s properties will immediately double Hyatt’s global resorts footprint,” says Hoplamazian. “ALG’s portfolio of luxury brands, leadership in the all-inclusive segment and large pipeline of new resorts will extend our reach in existing and new markets, including Europe, and further accelerate our industry-leading net rooms growth.” ALG’s operations portfolio spans 33,000 rooms across 100 properties in 10 countries. ALG’s resort brand management platform AMResorts provides …
ST. LOUIS — Clayco and its joint venture partner TW Constructors have broken ground on a 659,000-square-foot ambulatory care center for Siteman Cancer Center at Barnes-Jewish Hospital and Washington University School of Medicine in St. Louis. Completion is slated for summer 2024. The university and BJC HealthCare are leading development of the nine-story building, which will be located on the corner of Forest Park and Taylor avenues. The building will feature 238,560 square feet of occupied medical space, as well as a 243,250-square-foot parking garage with 430 parking spaces located above the main lobby on the second through fourth floors. Connected to the Washington University Medical Campus by a pedestrian link, the ambulatory care center will feature 96 exam rooms, 88 infusion bays, radiology, breast imaging and chemistry laboratory departments. Additionally, the project will include a three-bay loading dock on the lower level. Lawrence Group and Perkins Eastman are the project architects. An ambulatory care center is also known as an outpatient care center, which provides same-day medical procedures in an outpatient environment. The project is the latest addition to the medical campus that continues to expand east into St. Louis’ Central West End. The Barnes-Jewish Hospital is where the …
DUBLIN, OHIO AND MIAMI — The Wendy’s Co. and REEF have unveiled plans to open and operate 700 delivery kitchens over the next five years across the U.S., Canada and the United Kingdom. Miami-based REEF is a mobility, logistics hubs and kitchen operator. The development commitment builds upon the successful test of eight delivery kitchens in Canada beginning in late 2020, according to a news release. Through this commitment, REEF will become the first Wendy’s franchisee in the United Kingdom. Dublin-based Wendy’s and REEF expect to open roughly 50 delivery kitchens this year, with the remainder to be launched by 2025. “The demand for convenient delivery solutions means we must look for opportunities beyond our traditional restaurant formats, especially in dense urban areas,” says Abigail Pringle, president, international and chief development officer with Wendy’s. With 5,000 locations across 30 cities, REEF is the largest operator of parking real estate and delivery kitchens in North America. Wendy’s and its franchisees employ hundreds of thousands of people across more than 6,800 restaurants worldwide.
CHICAGO — Associated Bank has structured a $43.8 million financing package for the redevelopment of the historic Bridgeview Bank building in Chicago. CEDARst was the borrower. Associated Bank is acting as lead arranger for a $35.4 million construction loan as well as a federal historic tax credit bridge loan in the amount of $3.4 million. Associated Community Development is providing $5 million in federal historic tax credit equity. The existing retail and office building rises 12 stories. The first eight floors were built in 1924 and four stories were added in 1928. Redevelopment plans call for 176 apartment units, 20,484 square feet of traditional office space and 21,184 square feet of shared office space. Amenities will include a lobby, fitness center, roof deck and resident lounge. There will also be 45 surface parking spaces. No changes are planned for the existing 15,195 square feet of ground-floor retail space and offices on floors two through four. Phase I construction of the office redesign is slated for completion in the second quarter of 2022. Phase II, the residential portion, is slated for completion in the first quarter of 2023. In 2019, Associated Bank provided CEDARst with a $13.1 million loan to acquire …
WINFIELD, ILL. — Conor Commercial Real Estate has sold North Avenue Commerce Center in Winfield, about 30 miles west of Chicago. The 265,550-square-foot industrial building was 82 percent leased by an e-commerce tenant and a furniture manufacturer at the time of sale. The newly developed facility sits on a 17-acre site. Building features include a clear height of 32 feet, 56 truck docks and four drive-in doors. McShane Construction Co. and Ware Malcomb provided construction and design services for the development. Cushman & Wakefield represented Conor in the sale. The buyer was undisclosed.
BONDURANT, IOWA — The Opus Group has broken ground on a 195,500-square-foot speculative industrial development in Bondurant, about 14 miles northeast of Des Moines. Known as Commerce Crossings, the project will have convenient access to I-80 and I-35. The building will feature a clear height of 28 feet, 16 drive-in doors, 18 dock doors and 165 vehicle parking stalls. Completion is scheduled for November. The developer and owner, Signature Commercial Real Estate, plans to also build an adjacent building. Opus is serving as design-builder, interior designer, architect and structural engineer. Shive Hattery is the civil engineer.
CHICAGO — North Wells Capital LLC and Skydeck Capital have formed a joint venture to acquire a five-story, 47,000-square-foot building at 720 N. Franklin St. in Chicago’s River North neighborhood. The purchase price was undisclosed. The building was originally constructed in 1925 for industrial use and later renovated into retail and office use. The seller, McCaffery Interests, had owned and managed the property since 1999. North Wells Capital has hired Urban Innovations to provide property management and leasing services for the building.
MILWAUKEE — JLL Capital Markets has brokered the sale of the Rexnord Power Transmission Headquarters building in downtown Milwaukee for $72.2 million. The 150,950-square-foot office building traded at a cap rate just under 5 percent. The property was fully renovated in 2020 to serve as Rexnord Power Transmission’s new headquarters. The building includes a seven-story parking garage and is fully leased. Sam DiFrancesca, Brian Shanfeld, Jason DeWitt, Steven Okon, Jeff Bramson, Jaime Fink, Bruce Miller and Pat Shields of JLL represented the seller, Klein Development Inc. An undisclosed third party was the buyer.
COUNTRY CLUB HILLS, ILL. — CRG, the real estate development and investment arm of Chicago-based Clayco, has broken ground on The Cubes at Country Club Hills. The 1 million-square-foot speculative industrial project is located at the intersection of I-57 and I-80 in Country Club Hills, about 25 miles south of Chicago. Completion of the 70-acre project is slated for the second quarter of 2022. The development is CRG’s first industrial project in the Chicago area and the first under the firm’s new fund, U.S. Logistics Fund II. CRG’s integrated partner and architecture firm Lamar Johnson Collaborative designed The Cubes at Country Club Hills, and Clayco is serving as the general contractor. Larry Goldwasser, Colin Green and Ryan Klink of Cushman & Wakefield will market the project for lease. The property will feature a clear height of 40 feet, 239 trailer parking stalls, 128 exterior docks and 212 car parking spaces. The Cubes is CRG’s national industrial brand. There are roughly 18 million square feet of Cubes projects across the country, more than 10 million square feet of which has already been delivered.