CHICAGO — Jeni’s Splendid Ice Creams has signed a lease for 1,556 square feet of ground-floor retail space at Logan Apartments in Chicago’s Logan Square. The new apartment development is located at 2480-2522 N. Milwaukee Ave. Jeni’s joins Target and Big Wig Tacos at the project. Jeni’s Logan Square location, its eighth Chicago-area store, is expected to open this summer. Logan Apartments is slated to open in March. Fifield Cos. is the project developer.
SCHAUMBURG, ILL. — Marcus & Millichap has brokered the sale of a 5,145-square-foot property net leased to Jason’s Deli in Schaumburg for $2.7 million. The building is located at 1530 McConnor Parkway. It was constructed as a build-to-suit for Jason’s Deli in 2011. There are three years remaining on the lease. Austin Weisenbeck, Sean Sharko and Brian Munn of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Joseph Sigal of Marcus & Millichap represented the buyer, a private investor.
GRAND RAPIDS, NOVI AND STERLING HEIGHTS, MICH. — Mag Mile Capital has arranged $23.6 million in CMBS loans for the refinancing of three Michigan hotels. Stellar Hospitality was the borrower. In the first transaction, Francisco Narcoda of Mag Mile arranged a $9.4 million loan for a Staybridge Suites hotel in Grand Rapids. The 94-room hotel opened in December 2001. Nacorda also secured an $8.5 million loan for the 89-room Homewood Suites in Novi. In the final transaction, the team arranged a $5.7 million loan for the 98-room Tru by Hilton property in Sterling Heights. The 10-year loans feature an interest rate of 4.2 percent.
KALAMAZOO AND SAGINAW, MICH. — Hunt Real Estate Capital has provided two Freddie Mac loans totaling $18.3 million for the refinancing of two multifamily properties in Michigan. The borrower is Michigan-based limited liability company ROCO Real Estate. Both loans feature 10-year terms with 30-year amortization periods. The properties include Waverly Place, a 228-unit community in Kalamazoo; and Bancroft, a 152-unit community in Saginaw.
OAK PARK, ILL. — Joseph J. Duffy Co. is set to break ground on a new four-story, 37-unit affordable housing project in Oak Park. An official groundbreaking ceremony will take place on Monday, Feb. 10. The project will be situated on a vacant lot at the corner of Oak Park Avenue and Van Buren Street. The ground floor will house approximately 900 square feet of commercial space plus bicycle storage. Plans also call for a 28-car parking area, an outdoor roof terrace and a multipurpose room. Nonprofit real estate developer The Community Builders is the developer and DesignBridge Ltd. is the architect.
OMAHA, NEB. — Petros PACE Finance LLC has provided a $4.2 million commercial property assessed clean energy (C-PACE) loan for the conversion of a historic building in downtown Omaha into a boutique hotel. REV Development was the borrower. The transaction will fund a portion of the renovation of Omaha’s century-old Logan Building. The seven-story building will be operated as a 90-key Hotel Indigo, with additional space reserved for condos and ground-level retail. The redevelopment project includes energy-saving improvements to the property’s lighting, HVAC, windows, roofing and plumbing systems. Completion of construction is slated for July 2020. C-PACE is a relatively new financing tool for energy- and water-efficiency projects. Building owners borrow money for energy-efficiency projects and make repayments via an assessment on their property tax bills. C-PACE may be funded by private investors or government programs, but it is only available in states with enabling legislation and active programs, according to the U.S. Department of Energy.
ELK GROVE VILLAGE, ILL. — Dayton Street Partners has acquired two industrial properties in Elk Grove Village. Seller information and purchase prices were not disclosed. The first warehouse, 2454 Elmhurst Road, was built in 1982. Situated on 1.3 acres, the 16,473-square-foot property features 4,900 square feet of office space, five exterior docks and two drive-in doors. It is fully leased to Crown Roll Leaf and Associated Builders and Contractors. The second building, 2500 York Road, spans 55,356 square feet and sits on 3.3 acres. It features two interior docks and three drive-in doors. Dayton Street plans to update painting and lighting. Chicago-based Dayton Street is a commercial real estate investment and development firm focused on industrial properties.
MINNEAPOLIS AND ST. PAUL, MINN. — Bellwether Enterprise Real Estate Capital LLC has arranged $18.1 million in acquisition financing for nine multifamily properties in the Twin Cities area. Bellwether Enterprise arranged the loans on behalf of the borrower, Midwest GIR Group. Freddie Mac provided the majority of the loans. The properties include: Hatch Apartments in St. Paul; Crystal Court in Crystal; Sommerset Place in Brooklyn Park; 872 Payne Ave. in St. Paul; Bluebird Apartments in St. Paul; Stinson Boulevard Apartments in Columbia Heights; Penn & Camden in Minneapolis; Stryker Place in St. Paul; and Folwell Apartments in Minneapolis. Midwest GIR Group acquired the properties, totaling 284 units, over the last 16 months.
NORTHBROOK, ILL. — IDEX Corp. has leased 39,252 square feet of office space at 3100 Sanders Road in Northbrook for its new global headquarters. The manufacturer of dispensing equipment and specialty engineered products is expected to vacate its current office in Lake Forest this summer. IDEX will occupy space on the third floor and have access to a shared conference center and auditorium. Lou Hall and Dan Wilkins of Cushman & Wakefield represented the tenant in the lease transaction. Francis Prock and Daryl Silverman of Colliers International represented the landlord, Allstate Corp.
AURORA, ILL. — Transwestern Commercial Services has brokered the sale of 2350 Prospect Drive in Aurora. The 110,355-square-foot industrial building features a clear height of 38 feet and is fully leased by a transportation and logistics provider. Justin Lerner and Joe Karmin of Transwestern represented the buyer, Denver-based Black Creek Group. Neither the seller nor the sales price were disclosed.
