HIGHLAND PARK, MICH. — Berkadia has brokered the sale of the Palmer Park Portfolio, a four-property multifamily portfolio totaling 144 units in Highland Park, a suburb of Detroit. The sales price was undisclosed. The properties include Parkview Court East, Parkview Court West, Parkway Apartments and Whitmore Plaza. Kevin Dillion, Jason Krug, Rick Vidrio, Rick Brace, Charley Henneghan and Corey Krug of Berkadia’s Great Lakes team represented the seller, BSG Management Co., as well as the buyer, Urban Communities.
CHICAGO — ShainRealty Capital has acquired Madison Terrace, a 96-unit affordable housing property located at 3147 W. Madison St. in Chicago’s East Garfield Park, for $8.2 million, or $93 per square foot. The sales price represents a cap rate of 6.9 percent. The property was built in 1986. Units average 800 square feet, and most are leased on a Section 8 basis via the Chicago Housing Authority. ShainRealty plans to implement a renovation plan. Arbor Realty Trust provided a $6.7 million Fannie Mae loan for the acquisition. Jeff Baasch and Finley Askin of SVN Chicago Commercial brokered the sale.
SKOKIE, ILL. — Bridge Development Partners has acquired an existing industrial facility located at 7800 Austin Ave. in Skokie with plans to develop Bridge Point Skokie, a 171,746-square-foot speculative industrial project. The 12-acre site was previously home to Castwell Products LLC, a manufacturer of high-quality precision metal castings. Bridge will immediately begin demolishing the existing facility before commencing construction on the new project, which will feature a clear height of 32 feet, 25 rear-loading exterior docks, 31 trailer positions and parking for 300 cars. Completion is slated for the third quarter of 2021. Thomas Rodeno and Matthew Stauber of Colliers International brokered the sale. They will serve as the exclusive listing agents for the project.
AKRON, OHIO — First National Realty Partners (FNRP) has acquired West Market Street Station in Akron. The Whole Foods Market-anchored shopping center is located at 1745 W. Market St. It spans 54,232 square feet and opened in September 2017. Other tenants include Lululemon, PetPeople, Orangetheory Fitness, Moe’s Southwest Grill, Great Clips and Salon Lofts. This is the first Whole Foods within FNRP’s shopping center portfolio. Fain Hicks, Margaret Jones, Lane Breedlove, Evan Halkias and Michael Marks of Cushman & Wakefield represented the seller, S.J. Collins Enterprises, in the transaction. Mike Ryan, Richard Henry and Brian Linnihan of Cushman & Wakefield secured $11.9 million in acquisition financing on behalf of First National Realty Partners for the purchase. A life insurance company provided the loan.
MAZOMANIE, WIS. — JLL Capital Markets has brokered the $8.7 million sale of a 225,000-square-foot warehouse and distribution center net leased to Roundy’s Supermarket in the suburban Madison community of Mazomanie. Roundy’s is a wholly owned subsidiary of Kroger that operates more than 150 grocery stores throughout Wisconsin and Illinois. The company has used this facility to store dry goods for its stores since 1989. The property features a clear height of 32 feet and 24 dock-high doors. It sits on 31.7 acres at 400 Walter Road. Alex Sharrin, Alex Geanakos, Larry Kilduff and Michael George of JLL represented the seller, Dallas-based Ramrock Real Estate LLC. Maxx Carney and Alejandro Ramirez of JLL arranged a $5.2 million acquisition loan on behalf of the undisclosed buyer. A CMBS lender provided the 10-year, fixed-rate loan.
OAKBROOK TERRACE, ILL. — Marcus & Millichap has brokered the sale of a 29,983-square-foot office building in Oakbrook Terrace, a suburb of Chicago, for $3.7 million. Most of the tenants are medical office tenants. Mitchell Kiven of Marcus & Millichap marketed the property on behalf of the seller, a private investment fund that purchased the asset in 2018. Brian Parmacek of Marcus & Millichap secured and represented the undisclosed buyer, which purchased the building within 95 percent of the asking price.
CHICAGO — Kiser Group has arranged the deconversion sale of a 28-unit multifamily building in Chicago’s Rogers Park neighborhood for $3.5 million. The property is located at 1319-27 W. Sherwin Ave. The three-story building was originally constructed as apartments in 1962. It was converted to condos after trading hands in 2008. Andy Friedman, Jake Parker, Danny Logarakis and Rick Ofman of Kiser represented the buyer, a private investor. The 1319 West Sherwin Condominium Association was the seller. The buyer plans to update finishes and convert the units back into apartments. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The city of Chicago recently increased the required owner approval to 85 percent. Sellers then have the option to either move out of their units or lease them back from the new owner. “Like many condo deconversions, this building had a bulk owner,” says Parker. “We negotiated an offer that worked for everyone, which translated to overwhelming association support for the sale.” A bulk owner means that one entity owns several units and treats them like a multifamily rental property.
CHICAGO — Magellan Development Group LLC has rebranded its 101-story project, previously known as Vista Tower, into The St. Regis Chicago. Magellan has partnered with St. Regis Hotels & Resorts and The Alinea Group. The project features both hospitality and condominium space. The 191-room hotel will feature several dining options, including a fine dining restaurant, a restaurant and lounge overlooking the Chicago River and a sky bar with outdoor terrace. Amenities include an indoor pool, spa, fitness room, ballroom and meeting rooms. The condominiums will be named The Residences at The St. Regis Chicago. Residents of the 393 condominiums will have access to a resident-only amenity floor. Located on the 47th floor, this space will feature a sky terrace with outdoor pool, lounge, demonstration kitchen, fitness center, conference center, golf lounge and children’s activity room. Designed by Jeanne Gang of Studio Gang, the 101-story tower is the third-tallest building in Chicago. Residents will begin to take occupancy in December with full completion slated for the third quarter of 2021. Condos are priced from $1 million to $18.5 million.
KENOSHA, WIS. — The City of Kenosha has unveiled plans for a $400 million project known as Downtown Vision. It will include two 11-story towers to be known as the Brindisi Towers, which will feature luxury apartments and condos as well as restaurant and retail space on the ground floor. A new entertainment and performing arts center will also be built with a 1,200-seat main theater and a smaller 300-seat community theater. A gallery will be operated by the Kenosha Public Museum. The performing arts center will connect to a higher-end hotel. As part of the project, Kenosha City Hall will be relocated. The current location will be transformed into a park. A parking ramp will increase downtown parking by 356 stalls. The Downtown Vision plan will be presented for review and recommendation to the Public Works Committee, Public Safety & Welfare Committee and Finance Committee in early December. Then it will go to the Common Council for approval with the goal of receiving final project approval by the end of the year. The Downtown Vision project complements a recently released plan for the Uptown neighborhood with the development of Uptown Lofts, an $18 million project that will transform the …
CHICAGO — Sterling Bay has sold 1515 W. Webster, a 207,000-square-foot office building at Lincoln Yards in Chicago for $110.2 million. Constructed in 2018 on the site of the former Gutmann Leather Tannery, the fully leased property was the first office development completed at Lincoln Yards, Sterling Bay’s mixed-use development located along the North Branch of the Chicago River. A global third-party logistics provider occupies the four-story building, which includes open workstations, private offices, conference rooms, two reception areas, a café and a 5,000-square-foot terrace. David Knapp, Tom Sitz, Cody Hundertmark and Josh McGee of Cushman & Wakefield marketed the property for sale and procured the buyer, Apex Capital. The sale was Chicago’s fourth-largest office sale price of 2020, according to Sterling Bay.