EVANSTON, ILL. — Spirit Investment Partners and The Bascom Group have acquired 415 Premier Apartments in Evanston for $49.1 million. Built in 2008, the 17-story property includes 221 luxury apartment units as well as a 245-space parking deck. Dan Cohen of CBRE represented the undisclosed seller. Peter Marino of CBRE arranged acquisition financing through Rialto Capital Management.
GRANITE CITY, ILL. — Contegra Construction Co. has completed the new 40,800-square-foot headquarters for icon Mechanical in Granite City, just north of St. Louis. icon Mechanical is a full-service mechanical contractor, engineering and construction firm specializing in the design, fabrication and installation of process piping, power piping, industrial ventilation and commercial HVAC. The company employs more than 150 people in addition to hundreds of trade workers on projects. The two-story property is located at 1616 Cleveland Blvd. and features an atrium, glass-walled offices, LED lighting, two stairways and open interior workspaces. Joining icon and Contegra on the project team were civil engineer Juneau Associates, architect Gray Design Group and structural engineer Alper Audi, all of which are St. Louis-area firms.
AURORA AND LOMBARD, ILL. — Old Second Bancorp Inc. (Nasdaq: OSBC) and West Suburban Bancorp Inc. have signed a definitive merger agreement under which Aurora-based Old Second will acquire Lombard-based West Suburban in a cash and stock transaction valued at $297 million. Under the terms of the merger agreement, which was unanimously approved by the boards of directors of both companies, Old Second will pay 65 percent of the purchase price in stock and the remainder in cash. According to a news release, the merged company will have approximately $6.2 billion in assets with 70 branches and will create the largest community bank under $10 billion in assets in the Chicago market. The merger is expected to close in the fourth quarter of 2021.
INDIANA, NORTH DAKOTA AND TEXAS — Hicks Ventures, a Houston-based privately held development company, has sold three net-leased inpatient rehabilitation facilities for a combined $86.8 million. The PAM/Cobalt Rehabilitation Hospital in Fargo, N.D., sold to Dallas-based MedProperties. The Cobalt Rehabilitation Hospital in Clarksville, Ind., as well as the Cobalt Rehabilitation Hospital in El Paso, Texas, sold to Medical Properties Trust Inc. Hicks developed all three properties from 2018 to 2019. Each hospital offers 42 patient beds, including 12 traumatic brain injury centers. Hammond Hanlon Camp represented Hicks in the transactions.
MILWAUKEE — JLL Capital Markets has brokered the sale of Vim + Vigor in Milwaukee for $53 million. Constructed in 2019, the 274-unit apartment community is located in the city’s Brewery District, which was once home to Pabst Brewing Co. The property comprises two buildings and was more than 90 percent leased at the time of sale. Units range from 376 to 1,340 square feet. The property features 7,050 square feet of ground-floor retail space, a 237-parking garage, courtyard, fitness center, home brewing studio and conference rooms. Wick Kirby, Amanda Friant and Jaime Fink of JLL represented the sellers, Milhaus Development and The Davis Cos. Weidner Apartment Homes was the buyer.
BUFFALO GROVE, ILL. — Lou Malnati’s Pizzeria, famous for its Chicago deep-dish pizza, will consolidate several local properties and open a 125,000-square-foot headquarters in Buffalo Grove, a northern suburb of Chicago. The company will occupy space at 900-950 Busch Parkway in Lake County’s Corporate Grove Business Park. The property will serve as the company’s home office, e-commerce site, manufacturing plant and fulfillment center. Owned by The Missner Group, the building features 15,000 square feet of office space, eight docks and a clear height of 16 feet. Lou Malnati’s plans to occupy the space in spring 2022 following an extensive buildout. Ned Frank and Pat Hake of Colliers Chicago represented The Malnati Organization in the lease transaction. Brett Kroner of Cushman & Wakefield represented ownership.
COON RAPIDS, MINN. — Kraus-Anderson has completed a $5.8 million renovation of Allina Health’s Mercy Hospital in Coon Rapids, a northern suburb of Minneapolis. Designed by Leo A Daly Architects, the 25,000-square-foot project involved the renovation of the third-floor Mercy Specialty Center to accommodate an oncology clinic as well as pharmacy and lab space. The property is located at 11850 Blackfoot Street NW. Construction of the multi-phase project began in September 2020.
PLAINFIELD, IND. — Parkview Financial has provided a $34 million bridge loan for the refinancing and repositioning of Shops at Perry Crossing in Plainfield, a southwest suburb of Indianapolis. Built in 2006 and located at 2499 Futura Parkway, the lifestyle center spans 600,000 square feet. It is home to 40 tenants, including JC Penney, Dick’s Sporting Goods, AMC Theaters, H&M, DSW and Old Navy. The property suffered tenancy issues as a result of the pandemic and fell into receivership. However, Poag Shopping Centers was able to regain ownership and plans to embark on a marketing program in order to lease up the 20 percent vacancy. Ownership plans to list the asset for sale once it is stabilized. The bridge loan has a term of 18 months.
WEST ALLIS, WIS. — JLL Capital Markets has arranged a $21.2 million loan for the acquisition of Six Points Apartments in West Allis, just west of Milwaukee. Built in phases between 2007 and 2010, the property features 178 units averaging 1,038 square feet. Amenities include a clubhouse, rooftop deck, business center, fitness center and heated underground parking. Brian Walsh of JLL led the team that represented the borrower, Spaulding Group. Prime Finance provided the three-year, floating-rate loan.
PLAINFIELD, IND. AND CUDAHY AND BRISTOL, WIS. — HSA Commercial Real Estate has begun development of three warehouses totaling 855,748 square feet in metro Indianapolis and southeast Wisconsin. All of the developments are being built on a speculative basis. The first building is Gateway Industrial VI within the Gateway Business Park in Plainfield, a western suburb of Indianapolis. The 278,148-square-foot warehouse is the sixth building that HSA has developed in the 55-acre industrial park since 2004. Scheduled for completion in late 2021, it will feature a clear height of 32 feet, 28 truck docks and 621 parking spaces. The second project will span 130,600 square feet at 4850 S. Pennsylvania Ave. in Cudahy, a southern suburb of Milwaukee. The building, which replaces a vacant structure, is slated for delivery in June 2022. It will feature a clear height of 32 feet, 13 truck docks and 102 parking spaces. Lastly, HSA is developing its third warehouse within Bristol Highlands Commerce Center in Bristol, about 40 miles south of Milwaukee. The 447,000-square-foot building is scheduled for completion in early 2022. It will feature a clear height of 36 feet, 73 truck docks and ample parking for employees. Premier Design + Build Group …
