CHICAGO — Mesa West Capital has provided an $85.2 million loan for the refinancing of Eight Eleven Uptown, a 27-story luxury apartment tower in Chicago’s Uptown neighborhood. Developed in 2019, the 381-unit property is located at 811 W. Agatite Ave. Floor plans range from studios to three-bedrooms as well as eight townhomes. Peter Rubi Fresh Produce, which plans to open a grocery store at the apartment tower later this year, has leased 21,000 square feet. Mesa West Capital provided the loan on behalf of the borrower, a joint venture between Chicago-based developer JDL, Harlem Irving Cos. and funds managed by an institutional real estate manager. Loan details were not disclosed.
OMAHA, NEB. — Investors Realty has brokered the sale of the Hi-Park Campus in Omaha for $11.4 million. The asset consists of eight flex industrial buildings that were fully leased at the time of sale. Located on the southeast corner of 94th and F streets, the campus spans 150,000 square feet. Ember Grummons of Investors Realty represented the buyer, Fulton Acquisitions. Clint Seemann of Investors Realty and John Dickerson of OMNE represented the seller, Hannibal Properties.
COTTAGE GROVE, MINN. — The Opus Group will build a 35,600-square-foot expansion for North Star Sheets at Southeast Industrial Park in Cottage Grove, about 10 miles south of St. Paul. North Star Sheets, a producer of corrugated paper products for manufacturing needs, currently occupies a 168,000-square-foot building on 16 acres. The company will use the expansion to increase capacity and add another rail spur to enhance its rail service infrastructure. Opus will serve as developer, design-builder, architect and structural engineer. Hillcrest Development LLLP owns Southeast Industrial Park. Eric Rossbach and Andy Heieie of Colliers International are the leasing agents for the property.
CHICAGO — American Street Capital (ASC) has arranged an $8.2 million loan for the refinancing of a 45-unit multifamily building in Chicago. Located in the Logan Square neighborhood, the property was originally built in 1928 and was recently modernized. Floor plans range from one-bedrooms to three-bedrooms. Igor Zhizhin of ASC arranged the agency loan, which features a five-year term, a fixed interest rate and a 30-year amortization schedule. Prior to this transaction, ASC also placed the acquisition bridge loan and original permanent debt for the asset.
CHICAGO — According to Origin Investments, a Chicago-based private equity real estate firm, the seven multifamily markets in the United States best poised to capitalize on post-pandemic trends are: Phoenix; Atlanta; Charlotte, North Carolina; Austin, Texas; Raleigh, North Carolina; Nashville, Tennessee; and Tampa, Florida. Origin’s analyzed 150 markets to identify the cities with the highest chance of success as pandemic restrictions loosen. Origin has been refining this model for the past three years to inform its investment strategy and acquisitions. All these cities are undergoing economic development that will spur rent growth and attract institutional real estate investment. The following is a breakdown of what industries each state grew in: 1. Phoenix: Phoenix’s economy grew during the pandemic with an increase of jobs in trade, transportation and utility. Arizona State University’s industry-leading cybersecurity, artificial intelligence and analytics programs continue to produce a strong labor pool for tech employers. Intel and Taiwan Semiconductor will break ground soon on facilities that are already drawing related investments. Additionally, robust hiring and affordable housing put Phoenix at the intersection of rent growth and capital demand. 2. Atlanta, Charlotte and Austin (three-way tie for second place): Atlanta is evolving into the tech capital of the …
NAPERVILLE, ILL. — TWG will develop McDowell Point, a $62.4 million active adult community in the Chicago suburb of Naperville. The project is Indianapolis-based TWG’s first development in the greater Chicago area as well as its first active adult community in the state of Illinois. Located at 1420 W. Diehl Road, the property will rise five stories and span 347,000 square feet. The 174 units will range in size from one-bedrooms to three-bedrooms. Of the total units, 80 percent will be reserved for residents age 55 and older. More than 6,000 square feet of amenity space will include a courtyard, pool, yoga lawn and grilling stations. McDowell Point will be situated immediately adjacent to the nature preserve McDowell Grove. Completion is slated for June 2023.
CHICAGO — James McHugh Construction Co. and Bowa Construction have completed a $53.7 million indoor track and field facility at Gately Park in Chicago’s Pullman neighborhood. The 139,375-square-foot building sits on a 13.5-acre site at 10201 S. Cottage Grove Ave. The project includes a 118,000-square-foot fieldhouse that is home to a six-lane running track, high jump and long jump pits, pole vault, hurdles, relay areas, shot put cages, sprint lanes, concession areas, locker rooms and seating for 3,500 spectators. The flexible design enables the space to be utilized for various sports and can accommodate four basketball and six volleyball courts. The building’s remaining 22,000 square feet includes a fitness center, multipurpose rooms, Chicago Park District administrative offices and After School Matters programming space. While local athletes will use the building for practice and meets, the property’s size and Olympic-grade quality qualifies it to bid to host NCAA Division I, II or III track and field championship competitions. Itasca-based Williams Architects was the project architect, and Chicago-based Eckenhoff Saunders designed the After School Matters space.
HOFFMAN ESTATES, ILL. — Platinum Home Mortgage Corp. (PHMC) has signed a 22,000-square-foot office lease at Bell Works Chicagoland in Hoffman Estates. The privately held mortgage company and national lender will occupy 16,000 square feet on the fourth floor and an additional 2,000 square feet on the second floor. Freedom Title Corp., an affiliated entity, will occupy 4,000 square feet on the second floor. PHMC plans to move into its new space this fall. Existing tenants at Bell Works Chicagoland include accounting firm CPA Advisors Group, mosquito control company Mosquito Hunters, and equity crowdfunding firm The Next Unicorn. Somerset Development is the owner and developer of the property, which is the adaptive reuse of the former AT&T campus. Steve King, Francis Prock and Darryl Silverman of Colliers International, along with Jeffrey Garibaldi Sr., Tara Keating and Lindsey Florio of The Garibaldi Group, serve as the leasing teams for the office space at Bell Works Chicagoland. Jason Simon of Colliers represented PHMC in its lease.
INDIANAPOLIS — NorthMarq has arranged a $6 million CMBS loan for the refinancing of El Dorado Apartments in Indianapolis. The 164-unit apartment property is located five miles northwest of downtown. Originally built in 1972, the community has undergone many improvements since 2008. Units range in size from one-bedroom to four-bedroom floor plans. Lawrence Larisma of NorthMarq’s Charlotte office arranged the 10-year loan, which features a 30-year amortization schedule.
LENEXA, KAN. — Summit Marketing, a marketing and fundraising communications firm, has signed a 13,400-square-foot office lease at Tech Center 3 within Lenexa’s Southlake Office Park. RJ Trowbridge of JLL represented the owner, City+Ventures, which purchased the property in 2019 and added new signage, exterior paint, landscaping and renovated lobbies. Southlake spans 11 buildings and 753,000 square feet. Straub Construction will build out the interior tenant space for Summit.