CHICAGO — Summit Design + Build LLC has completed construction of a 148-room SpringHill Suites hotel in Chicago’s Chinatown neighborhood. Summit constructed the four-story, 80,000-square-foot property on top of an existing two-story parking garage and retail center. The project includes a first-floor lobby, reception, gym, breakfast room and meeting room. SpringHill Suites is under the Marriott International umbrella. The project team included T2 Mechanical and Vari Architects.
BELTON, MO. — NorthPoint Development has received approval from Belton City Council to move forward with its $30 million expansion of Southview Commerce Center in metro Kansas City. The development currently includes three industrial buildings that are fully leased. The expansion will enable access to the business park from 155th Street and include the construction of Building 4 on the long-vacant Century Concrete plant. The new 501,000-square-foot building will be identical in design to the other buildings. Belton City Council also approved a preliminary application for single-family lots near the project. Belton’s public-private partnership with NorthPoint also calls for the creation of a workforce development center, which will provide training to ensure a prepared workforce for the business park. NorthPoint has also agreed to fund the design and engineering as well as fund half of the construction costs to replace 1.2 miles of old cast iron water pipe along Allen Avenue.
RICHFIELD, MINN. — Dwight Capital has provided a $22.2 million HUD-insured loan for the refinancing of Gramercy Park Cooperative at Lake Shore Drive in Richfield, an inner-ring suburb of the Twin Cities. The 157-unit senior living community rises 12 stories on 1.7 acres. Amenities include a library, fitness room, hair salon, community room, grocery store, individual storage space and exterior gardens. Josh Sasouness of Dwight originated the 223(a)(7) loan on behalf of the undisclosed borrower.
ELGIN, ILL. — Lee & Associates has negotiated a 45,112-square-foot industrial lease at 1755 Britannia Drive in Elgin. Kenneth Franzese and John Cassidy of Lee & Associates represented the owner, Scannell Properties. Steve Bass of NAI Hiffman represented the tenant, Hardinge Inc., which is a provider of advanced metal-cutting solutions. The 80,491-square-foot, newly constructed building features a clear height of 32 feet. There are 35,379 square feet remaining available for lease.
MINNEAPOLIS — Cogent Communications has signed a 6,000-square-foot lease at T5@Minneapolis, a newly expanded data center located at 1001 Third Ave. South in downtown Minneapolis. Legacy Investing, an investment and commercial real estate firm focused on technology properties, owns the asset. T5 Data Centers, a national data center operating company, manages and operates the property, which features private suites, technical office space, a conference area and tenant lounge. The building is served by access to 74 network providers, now including Cogent. Sean Brady, Randy Borron and Justin Baratz of Cushman & Wakefield represented Legacy Investing in the lease transaction. Scott Becker of JLL and Jonathan Larsen of Avison Young represented Cogent.
CEDAR RAPIDS, IOWA — Garling Construction is scheduled to break ground next month on the first building at Edgewood Logistics Park, a 145-acre industrial business park in southwest Cedar Rapids. The first building will span 200,000 square feet and will be built on a speculative basis. It will feature a clear height of 36 feet and more than 50 truck docks. Situated at the northeast corner of Edgewood Road and 76th Avenue, Edgewood Logistics Park will house approximately 1.5 million square feet of industrial buildings upon completion for a total value of more than $125 million. The development group undertaking the project is privately held and locally owned. GLD Commercial is the leasing agent.
BURNSVILLE, MINN. — Westmount Realty Capital LLC has sold I-35 Industrial Center in Burnsville, a southern suburb of Minneapolis. Located at 2300 State Highway 13 West, the 413,239-square-foot warehouse is fully leased to e-commerce company ShopJimmy.com. Originally built in 1970, the Class B property is situated on 21 acres. It features a recycling center, showroom and storage space as well as 23 dock doors, 12 drive-in doors and a clear height of 21 feet. Westmount repaired masonry work on the building’s exterior, painted the building and upgraded the parking lot. Mark Kolsrud, Pete Carbonneau and Peter Loehrer of Colliers MSP Investment Services Group represented Westmount in the sale. The buyer and sales price were undisclosed.
KENOSHA, WIS. — Panattoni Development Co. has purchased a 13.7-acre site in Kenosha with plans to build a 270,000-square-foot speculative distribution center. Located at 10200 55th St., the project will feature a clear height of 32 feet, two drive-in doors and LED lighting. Ned Frank, Fred Regnery, Jeff Devine, Steve Disse and Jack Rosenberg of Colliers International Chicago represented the seller, Kenall Manufacturing. Colliers also represented Panattoni in the acquisition and will handle lease-up of the facility.
OMAHA, NEB. — Greystone has provided an $11.9 million HUD-insured loan for the refinancing of Heritage Pointe Assisted Living in Omaha. The community features 108 assisted living beds and 20 memory care beds. Amenities include full dining service, recreational activities, exercise facilities, a movie theater and a salon. Eric Rosenstock and Jesse Yodice of Greystone originated the financing on behalf of the borrower, Heritage Communities. The 35-year loan features a fixed interest rate.
CINCINNATI — Vision & Beyond Capital Investments has acquired two historic buildings in Cincinnati. The company is investing around $7 million to acquire and renovate both properties. The first asset is 7-9 West Court Street, which features 18 market-rate apartment units and five commercial storefronts. The building was originally built in 1905. Vision & Beyond plans to upgrade the units to Class A standards and develop six additional units on the sixth floor. The second acquisition, 1025 Central Avenue, is home to 11 market-rate apartment units and three businesses. Vision & Beyond will renovate the units and amenities. Since its inception in 2018, Vision & Beyond has invested $91 million and acquired more than 1,550 multifamily units in Greater Cincinnati. The company is poised to invest another $200 million in Cincinnati, Columbus, Dayton and Lexington, Ky. by the end of 2021.
