MIDDLETON, WIS. — McShane Construction Co. has broken ground on The Trotta Apartments in Middleton near Madison. Impact Seven is the developer for the 126-unit apartment project, which is situated on a site that formerly housed a motel owned by the Trotta family. The four-story development will include amenities such as a clubroom, fitness center, dog wash, common room and three rooftop decks. Completion is slated for April 2022. Ramaker & Associates is the architect of record.
PALATINE, WAUKEGAN, ELGIN AND CHICAGO, ILL. — Walker & Dunlop Inc. has structured $38.4 million in HUD financing for four skilled nursing properties in Illinois, all within 50 miles of Chicago. The collection of properties includes Aperion Care Plum Grove, a 69-bed facility in Palatine; Pavilion of Waukegan, a 112-bed property in Waukegan; Park View Rehab Center, a 112-bed facility in Chicago; and River View Rehab Center, a 203-bed asset in Elgin. Joshua Rosen of Walker & Dunlop led the origination team. The loans feature fixed rates, a declining prepayment schedule and terms ranging from 30 to 34 years.
DETROIT AND GRAND RAPIDS, MICH. — Alliant Credit Union has provided an $18 million loan for the acquisition of a six-property self-storage portfolio located in the metro Detroit and Grand Rapids areas. Pogoda Cos. was the borrower. The 10-year loan features 30 months of interest-only payments followed by a 30-year amortization schedule. Shoy McKen of Lev Capital arranged the loan with Alliant.
ELK GROVE VILLAGE, ILL. — Marcus & Millichap has brokered the sale of a FedEx Ship Center in Elk Grove Village for $4 million. FedEx occupies the 36,395-square-foot building on a net-lease basis. The property is located at 1200 Devon Ave. near the Chicago O’Hare International Airport. Dominic Sulo of Marcus & Millichap marketed the asset on behalf of the seller, a limited liability company. Buyer information was not disclosed.
BAINBRIDGE TOWNSHIP AND AURORA, OHIO — Industrial Commercial Properties (ICP) has purchased a 377-acre tract that formerly housed the Geauga Lake Amusement Park (pronounced jee-AW-ga) and Sea World Ohio. Cedar Fair sold the asset for an undisclosed price. Located in Bainbridge Township and Aurora approximately 25 miles southeast of downtown Cleveland, the developer plans to rebrand the property as The Geauga Lake District. Elements of the new design will pay homage to the history of the site and the former amusement park, which operated from 1887 to 2007. The master-planned development will include retail, restaurants, residential and other commercial uses alongside public green space. “We are reigniting this iconic landmark,” says Chris Semarjian, owner of ICP. “The redevelopment of this site will not only create a fully functioning district where people can live, work, dine and recreate, but it will also have a broader impact on economic development and job creation for the region.” The development will include the construction of Geauga Lake Boulevard, which will connect State Route 43 to Depot Road. “Many of us that grew up in Northeast Ohio have fond memories of the park and it was important to our development team, the Bainbridge Township trustees and …
CHICAGO — Chicago-based developer Sterling Bay has sold the 575,000-square-foot corporate headquarters for McDonald’s in Chicago’s Fulton Market. Pittsburgh-based investment firm Normandy Properties purchased the asset for $412.5 million, according to the Chicago Sun Times. The building, located at 110 N. Carpenter St., features a 700-person conference center, fitness center, onsite parking, collaboration space and outdoor terraces. It was completed in 2018. Ground-floor retail tenants include Walgreens and Federal Express. Jaime Fink, Jeffrey Bramson, Bruce Miller, Patrick Shields and Sam DiFrancesca of JLL represented Sterling Bay. Keith Largay and Tim Joyce of JLL arranged acquisition financing. McDonald’s previously was headquartered in the suburbs in Oak Brook.
DETROIT — Moceri Cos. and 400 Monroe Associates have acquired the UAW-GM Center for Human Resources in Detroit for an undisclosed price. The 420,000-square-foot office campus is located at 200 Walker St. along the Detroit River Walk. Built in the early 2000s, the property features 900 underground parking spaces, a full-service kitchen, 375-person auditorium, conference center, fitness center and an eighth-floor outdoor terrace. Brendan George and Jasper Hanifi of CBRE represented the seller, a joint venture between the United Auto Workers and General Motors. Lino and Michael Scamardella of Lino Realty represented the buyer. Red Oak Financial provided a $21.7 million bridge loan for the acquisition.
NORTHLAND, MO. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has sold Watermark at Tiffany Springs in suburban Kansas City for $60 million. The 276-unit, Class A apartment community is located at 9641 N. Ambassador Drive in Northland. The property features one-, two- and three-bedroom units. Amenities include a pool, clubhouse, outdoor firepit area, dog park and fitness center. The buyer was an entity controlled by A&C Ventures Inc., a private investment firm based in Sonoma, Calif. Mac Crowther and Whittaker Potts of Newmark represented Watermark in the sale.
ROSEMONT, ILL. — Reyes Holdings has signed a 141,000-square-foot office lease renewal at One O’Hare Centre in Rosemont. Reyes has maintained its headquarters at the building since 2010. Located at 6250 N. River Road, One O’Hare Centre spans 380,000 square feet and is 90 percent leased. MDC Realty Advisors and Nicola Wealth Real Estate purchased the property in 2015. This year, ownership upgraded the HVAC filtration systems with UV light filters. The lobby and common areas are currently undergoing improvements. Francis Prock, Jonathon Connor and Steve Kling of Colliers International represented ownership. Jeff Liljiberg of JLL represented Reyes, which is the parent company of Reyes Beverage Group, Martin Brower, Great Lakes Coca-Cola, Reyes Coca-Cola and Reyes Fleet Management.
CHICAGO — Interra Realty has arranged the sale of a 12-unit luxury apartment building in Chicago’s Lincoln Park neighborhood for $5.8 million. The price per unit of $481,250 is the highest in the submarket in four years, according to CoStar. The asset was built in 2017 as condos but has always operated as a rental property. It is located at 1513-17 W. Diversey Parkway. Jeremy Morton and Ted Stratman of Interra represented the seller, a local real estate developer. A California-based private investor purchased the property while completing a 1031 exchange. The building was fully leased at the time of sale.
