ELK GROVE VILLAGE, ILL. — Duke Realty has completed the development of a 154,000-square-foot warehouse at 901 Chase Ave. in Elk Grove Village. The speculative building features a clear height of 32 feet, 32 exterior docks, two drive-in doors and office space. The eight-acre site includes parking for 25 trailers and 114 cars. Brian Colson and Brian Pomorski of Avison young are marketing the project for lease.
CHICAGO AND OAK PARK, ILL. — Arbor Realty Trust Inc. has provided three bridge loans totaling $24.6 million for a three-property multifamily portfolio in metro Chicago. Eric Regenbogen of Arbor originated the loans, which provided the borrower with the capital required to purchase and improve the properties that collectively total 135 units. Two of the communities, built in the 1960s, are located in Oak Park. The third property is located in Chicago and was built in 1932.
DEER PARK, ILL. — Digital marketing agency Logical Position has signed a 42,696-square-foot office lease at the Reserve at Deer Park in suburban Chicago. Situated on Lake Cook Road, the office building spans 85,392 square feet and six floors. Amenities include a café, fitness center and conference center. Matthew Frazee, Paul Buckingham and Brian Reaney of Newmark Knight Frank represented the tenant in the lease negotiations. JLL represented building ownership.
WHEATON, ILL. — Baum Realty Group LLC has arranged the sale of a net-lease retail property spanning 12,996 square feet in Wheaton for $4.6 million. Tenants include Starbucks, Qdoba, AT&T, Supercuts and UPS. The building is situated near a 116,000-square-foot Jewel-Osco. Patrick Forkin of Baum represented both the undisclosed seller and the buyer, a regional real estate investor.
CHICAGO — Friedman Properties and the City of Chicago have finalized the development agreement of their public-private partnership for Rivere, a 30-story high-rise office building coming to downtown Chicago’s River North district. The 674,000-square-foot tower will be situated at 450 N. Dearborn St., a block south of the intersection of Illinois and Dearborn streets. Rivere will feature a little more than 50,000 square feet of retail space, as well as high-end amenities including concierge services, meditation space, on-demand meeting space, an upscale fitness and wellness center, secure bike room with shower facilities, onsite valet, below-grade garage parking and a food and beverage program operated by Lettuce Entertain You Enterprises. The property will also house a new engine house for Engine Co. 42, the District 1 headquarters for the Chicago Fire Department. Designed by Goettsch Partners, Rivere will feature a glass façade with activated rooftops and sustainable features, including efficient mechanical systems that will help reduce water and energy use. Other design team members include construction management firm Lendlease and engineer DLR Group. Office managers and staff at Rivere will be able use an app to facilitate parking, concierge services, fitness class appointments, guest passes, thermostat control, restaurant reservations and conference …
MINNEAPOLIS — Bridge Office Fund Manager, a subsidiary of Bridge Investment Group LLC, has acquired West End Office Park, a six-building, 568,000-square-foot office campus within the West End submarket of Minneapolis. The purchase price was undisclosed. Originally developed between 1968 and 1980, the park has undergone more than $27 million in capital improvements since 2015. Bridge plans to make additional improvements beginning immediately. The campus is 86 percent occupied by tenants such as HealthPartners, nVent, Horizontal Integration and CoBank. Tom O’Brien and Sam Maguire of Cushman & Wakefield represented the undisclosed seller in the transaction, which represents Bridge Office’s entry into the Twin Cities market.
OCONOMOWOC, WIS. — Stan Johnson Co. has arranged the $36.4 million sale of a big-box retail property fully leased to Fleet Farm in Oconomowoc, about 30 miles west of Milwaukee. The 218,628-square-foot property is located at 1555 Pabst Farms Circle. Constructed in 2018, the building sits within Pabst Farms, a 1,500-acre mixed-use development. Upon full completion, the project will offer residential, retail, office and healthcare space with 360 acres of parks and green space. Tom Fritz, Brandon Duff and Christina Pecoraro of Stan Johnson represented the seller, a Wisconsin-based developer. Minneapolis-based SR Realty Trust Inc. purchased the asset.
MILWAUKEE — JLL Capital Markets has negotiated the sale of 222 East Erie in Milwaukee’s Third Ward district for $9.6 million. The brokerage also secured $7.6 million in acquisition financing through a Chicago-based financial institution. R2 Cos. was the buyer. Originally built in 1896 as a bakery, the property was repositioned in 2006 as a creative office asset. The four-story building features onsite parking. Jaime Fink, Jeffrey Bramson, Bruce Miller, Patrick Shields and Sam DiFrancesca of JLL represented the private seller. Christopher Carroll and Lucas Borges of JLL led the financing efforts.
LAFAYETTE, IND. — Maverick Commercial Mortgage has arranged a $6.1 million first mortgage loan through Centier Bank for the Chase Center office building in Lafayette. Located at 201 Main St., the property spans 128,574 square feet, including a 93-space parking garage. The asset is 93 percent leased. The six-year, fixed-rate loan is amortized over 25 years. Proceeds from the first mortgage paid off existing debt and funded improvements such as new elevators and an HVAC modernization. Shook Realty Group was the borrower.
NORTH BRANCH, MINN. — Upland Real Estate Group Inc. has brokered the sale of an 18,171-square-foot healthcare facility net leased to Fairview Health Services in North Branch, about 45 miles north of Minneapolis. The sales price was undisclosed. The property features urgent care exam rooms, procedure rooms, a physical therapy gym, drive-through pharmacy and optical center. Fairview has more than eight years remaining on its lease. Buyer and seller information was not disclosed.