CHICAGO — Northwestern Cutlery has signed a 5,000-square-foot retail lease at 7138 W. Higgins Ave. in the Norwood Park neighborhood of Chicago. The kitchen supply store joins tenants such as Walter Lily Flowers, Made Men barber shop, Athletico Physical Therapy and Mather’s. Simeon Spirrison and George Spirrison of Adelphia Properties represented the undisclosed landlord in the lease transaction.
ST. LOUIS — Clayco is underway on Delmar Divine, a $100 million redevelopment of a long-vacated hospital campus along Delmar Boulevard in St. Louis. The 500,000-square-foot project will become “a hub for innovation and enterprise,” according to Clayco. Completion is slated for fall 2021. The first phase will establish a nonprofit working space, a café and residential apartments. The 150 multifamily units will be geared toward professionals in fields such as social work, nursing and policing. More office space and services such as early childhood education will follow. The developers hope to attract a myriad of nonprofits, foundations and community support organizations to the project. The name “Delmar Divine” draws a sharp contrast to how the area has historically been negatively perceived, according to Clayco. For many years, the area was referred to as the “Delmar Divide” due to racial and income stratifications that existed on the north and south ends of the street. “We want to enhance growth and investment in this neighborhood,” says Bob Clark, executive chairman and founder of Clayco. “At the same time, we want to do it responsibly so we’re not displacing people or relocating anyone, but bringing prosperity, jobs and the type of development …
BLOOMINGTON, MINN. — Greystone has provided a $30.8 million Freddie Mac loan for the refinancing and expansion of Village Club in Bloomington, about 10 miles south of Minneapolis. The loan, in combination with other capital sources, will be used to construct 172 new apartment units on land adjacent to the existing complex. Two new buildings will offer three- and four-bedroom floor plans and will be known as SoLo Apartments. Construction is slated to begin in August. Kyle Jemtrud of Greystone originated the loan on behalf of the borrower, Aeon. The 18-year loan features a fixed rate and a 40-year amortization. The existing 306 units at Village Club serve mixed-income residents, with more than half of the units restricted to residents who earn at or below 60 percent of the area median income (AMI). The remaining units are at or below 80 percent of the AMI. Two-thirds of the new units at SoLo will be affordable at or below 60 percent of the AMI and one-third will be at or below 80 percent AMI.
MONEE, ILL. — Midwest Custom Case Inc. has leased a 239,700-square-foot warehouse at 25975 Cleveland Ave. in Monee, about 40 miles south of Chicago. The designer and manufacturer of store fixture products will relocate from 425 Crossing Drive in University Park once the lease commences this fall. The facility features a clear height of 30 feet, 25 docks, four drive-in doors and 5,265 square feet of office space. Jim Estus and Matthew Stauber of Colliers International represented the tenant. The landlord was undisclosed.
MINNEAPOLIS — Stahl has completed a renovation of The Carlyle in the historic Mill District of Minneapolis. Stahl remodeled all common areas, including the addition of a new club room, the expansion of the fitness area and a new studio for yoga and other classes. The 249 units received upgraded finishes and technology. ESG Architects served as architect for the project that began in September 2019. The Carlyle was originally built in 2007.
DETROIT — Detroit-based Quicken Loans is expected to net almost $3.8 billion in its initial public offering (IPO). The company, known for its personal finance and consumer services brands such as Rocket Mortgage, filed its IPO paperwork earlier this month under the name Rocket Cos. Inc. A document filed with the Securities & Exchange Commission today outlines a proposed offering price of $22 per share for 172.5 million shares. A date for the IPO has not yet been set. Billionaire businessman Dan Gilbert, founder and chairman of Quicken, has been instrumental in Detroit’s commercial real estate scene. Bedrock, his full-service real estate firm, will not be part of the IPO.
HAZELWOOD, MO. — Avison Young has negotiated a 124,952-square-foot industrial lease on behalf of Elite Printing & Packaging at Hazelwood TradePort in Hazelwood, about 20 miles northwest of St. Louis. Elite outgrew its former space in Wentzville. Timothy Convy and Brian Kelley of Avison Young represented Elite in the lease at Hazelwood TradePort, which is owned by NorthPoint Development. The long-term lease is for space at 1601 TradePort Drive.
EDGERTON, KAN. — Propak Corp. has subleased 156,401 square feet of industrial space from Triumph Structures in Edgerton, which is located in Johnson County and south of Kansas City. The Class A facility is located at 31800 W. 196th St. within Logistics Park Kansas City. Propak is a provider of logistics, transportation and supply chain management solutions. Mark Long, John Hassler and Michael Maloney of Newmark Grubb Zimmer negotiated the sublease. Bob Pielsticker and Joseph Orscheln of CBRE assisted in lease negotiations.
BATTLE CREEK, MICH. — Industrial Partners USA has purchased 55 acres in Battle Creek with plans to develop a 270,000-square-foot speculative industrial building. Battle Creek Unlimited (BCU) sold the land for an undisclosed price. Project plans call for 7,000 square feet of office space, 16 truck docks and 130 car parking spaces. Industrial Partners USA is a joint venture between Clark Logic and Great Lakes Capital. The developers expect to break ground later this summer with completion slated for March 2021. The total investment is estimated at $11 million. BCU is a nonprofit corporation that serves as the business and economic development arm for Battle Creek.
CHICAGO — Interra Realty has brokered the sale of 943 N. Crosby St., a 27-unit multifamily rental building in Chicago’s River North neighborhood, for $9.5 million. Built in 2018, the property offers 21 one-bedroom units and six two-bedroom units. It also features one commercial space, which is home to Premium Cabinets of Chicago. Amenities include garage parking, bike storage and a rooftop deck with grilling area. Joe Smazal of Interra represented the buyer, Recon Properties LLC. Recon Management Services Inc. will assume management of the property. Metro Park LLC was the seller.
