CHICAGO — Five Iron Golf, an indoor golf and entertainment experience, has signed a lease to occupy 11,000 square feet at the shopping, dining and entertainment destination known as Block 37 in Chicago’s Loop. The new location, the company’s second in Chicago, will offer golf simulators, high-speed cameras, a putting green and entertainment offerings such as a full bar, kitchen, widescreen TVs and games. Technology helps capture data, analyze each golf swing and provide real-time feedback for guests. Five Iron Golf operates nine locations across the country.
Coldwell Banker Commercial Arranges $2.5M Sale of Two Multifamily Buildings in Bloomington, Illinois
BLOOMINGTON, ILL. — Coldwell Banker Commercial has arranged the sale of a pair of multifamily buildings in Bloomington known collectively as Anglers Cove for $2.5 million. The first building at 1002 Arlene Court was constructed in 1982 and consists of 36 units. The adjacent building at 1005 Arlene Court was constructed in 1984 and features 12 two-bedroom units. Meghan O’Neal-Rogozinski of Coldwell Banker Commercial represented the buyer, All Season Properties LLC, which plans to update the units as they become vacant. Seller information was undisclosed.
NAPERVILLE, ILL. — The Connor Group has sold Glenmuir of Naperville, a 321-unit apartment property in suburban Chicago. BH Equities purchased the asset for roughly $103 million, according to Crain’s Chicago Business. The deal marked the second-largest property sale in Connor’s nearly 30-year history, according to the company, which acquired the asset in 2014. Connor, which owns and operates 45 apartment communities across 16 markets, says it intends to continue operating in the Naperville submarket long-term.
CHICAGO — Preservation of Affordable Housing (POAH) has acquired Island Terrace Apartments in Chicago for $29.5 million. The 240-unit apartment community is located at 6430 S. Stony Island across from the planned Obama Presidential Center and serves residents at a variety of income levels. The seller, PNC Bank, had owned the property since 2015. The allocation of 9 percent low-income housing tax credits from the Illinois Housing Development Authority along with a financial commitment from the City of Chicago made the purchase possible. POAH will also finance the acquisition with a loan from Merchants Capital and its own equity. POAH will take over property management through its affiliate, POAH Communities. A renovation of the apartment complex, which was built in 1969, will begin next year. The work will include improvements to the building’s major systems, modernization of the units and upgrades to resident community space.
CINCINNATI — Grandin Properties has renovated The Strietmann Center in Cincinnati’s Over the Rhine district. Located at 231 W. 12th St., the building includes 77,434 square feet of Class A office space and 13,848 square feet of retail and restaurant space. Originally built in 1899, the property is now LEED Gold certified and includes the first solar panels installed in Cincinnati’s urban core. Tenants can now enjoy a rooftop terrace, bike storage, showers and access to a newly renovated YMCA adjacent to the property. Michelle Klingenbert of JLL is leading leasing efforts for the office portion.
ST. CHARLES, ILL. — NorthMarq has arranged the sale of Haven St. Charles for an undisclosed price. The 71-unit multifamily complex is located at 1909 Oak St. in St Charles, about 40 miles west of Chicago. Parker Stewart, Dominic Martinez and Alex Malzone of NorthMarq’s St. Louis office represented the seller, Chicago-based Tricap Residential. Chicago-based Evergreen Real Estate Group was the buyer. Tricap spent about $1.5 million in capital improvements over the last few years for the property, which was originally built in 1974. It was 97 percent occupied at the time of sale. Kevin McCarthy, Brett Hood and Sue Blumberg of NorthMarq secured acquisition financing through Freddie Mac.
MONROE, MICH. — Cohn Commercial Properties has brokered the sale of a former Target store spanning 96,000 square feet in Monroe, about 40 miles southwest of Detroit. The building is located at 2121 N. Monroe St. The sales price and seller were undisclosed. Harry Cohn of Cohn Commercial represented the buyer, Richmond Main LLC, which will occupy the building for its auto parts business.
SHAWNEE AND PRAIRIE VILLAGE, KAN. — CBRE has negotiated the sale of two multifamily properties in metro Kansas City for a combined $105 million. Jeff Stingley, Max Helgeson and Michael Spero of CBRE represented the seller in each transaction. Prairie Pines in Shawnee includes 220 rental townhome units. Hickok-Dible Co. completed the property in 2019. Two- and three-bedroom floor plans average 1,900 square feet. Amenities include a fitness center, pool and outdoor grilling areas. Kansas City-based Nolan Real Estate Services was the buyer. Kenilworth Apartments in Prairie Village includes 246 units. JC Nichols Co. originally completed the property in 1964. Amenities include an indoor and outdoor pool as well as an outdoor kitchen and grilling area. Denver-based Avanti Residential was the buyer.
WHITESTOWN, IND. — The Opus Group has broken ground on a speculative industrial building at AllPoints at Anson, an industrial park in Boone County’s Whitestown, about 25 miles northwest of Indianapolis. The 256,000-square-foot building will feature a clear height of 36 feet, 26 dock doors, four drive-in doors, 219 car parking spots, 33 trailer parking spots and office space. Completion of the 16-acre project is slated for March 2022. Opus is serving as developer, design-builder, interior designer, architect and structural engineer. Luke Wessel of Cushman & Wakefield will market the new building for lease. AllPoints at Anson is a 616-acre industrial park.
MONROE, WIS. — Marcus & Millichap has arranged the sale of a 61,136-square-foot property occupied by Pick ’n Save in Monroe, about 40 miles south of Madison. The net-leased asset sold for $9.6 million. Pick ’n Save recently signed a 10-year lease extension through the end of 2030. Jeff Rowlett of Marcus & Millichap represented the seller, a private investor, as well as the buyer, a REIT.