ST. LOUIS — The St. Louis Cardinals and The Cordish Cos. have unveiled three new tenants at the $260 million expansion of Ballpark Village — Sports & Social St. Louis, Davio’s Northern Italian Steakhouse and Baseballism. The 75,000-square-foot retail portion within the second phase expansion is now 92 percent leased. Sports & Social will occupy 9,000 square feet and anchor the base of the three-story retail pavilion overlooking the new infield plaza and Busch Stadium. In addition to a full dining and beverage menu, guests will enjoy a variety of games. Davio’s is an upscale restaurant that originated in Boston. It currently has 12 locations around the country. Baseballism is a baseball apparel retailer with nine stores across the country. Office tenants PricewaterhouseCoopers and ButcherJoseph moved into the PwC Pennant Building last week. It is the first new-construction Class A office tower in downtown St. Louis in more than 30 years. Onelife Fitness expects to open within the retail pavilion in January. The project also includes a Live! by Loews hotel slated to open in the first quarter and a 29-story residential tower slated to open in the second quarter.
YPSILANTI, MICH. — A new 12,296-square-foot healthcare facility known as the IHA Health Center @ EMU has opened. Situated at Eastern Michigan University in Ypsilanti, the health center will provide primary healthcare services to members of the EMU community as well as the community at large. In addition to primary care, the facility will offer women’s health services, urgent care services and an onsite third-party pharmacy operated by Campus Medical Pharmacy. Dr. Lisa Whipple serves as the site medical director for the primary care and gynecology team. The project represents a collaboration between St. Joseph Mercy Ann Arbor hospital and the university. EMU is also constructing an adjacent facility, the EMU Campus Wellness Center, that is set to open in January 2020. The total cost of the combined facilities is $14 million. EMU is the project owner. IHA is one of the largest multi-specialty groups in Michigan and is a wholly owned subsidiary of St. Joseph Mercy Health System.
BETTENDORF, IOWA — NorthMarq has arranged a $12.5 million loan for the refinancing of The Fountains Independent Living in Bettendorf. The seniors housing property is located at 3728 Thunder Ridge Road. Jason Kinnison of NorthMarq structured the loan with an immediate funding of $8.5 million and a construction component in the amount of $4 million, which will be used to complete an addition to the property. The borrower was not disclosed.
PORT HURON, MICH. — Cohen Financial, a division of SunTrust Bank, has secured a $12 million CMBS loan for the refinancing of a 149-room DoubleTree by Hilton hotel in Port Huron, which is located in eastern Michigan along Lake Huron. Cathy Bronkema of Cohen arranged the 10-year, fixed-rate loan, which features a 30-year amortization schedule. JB Real Estate Development Co. was the borrower.
BLOOMFIELD HILLS, MICH. AND TERRE HAUTE, IND. — Global trucking and logistics firm Penske Corp. has agreed to purchase Hulman & Co., a private company that owns Indianapolis Motor Speedway, the world-famous racetrack that hosts the Indianapolis 500 and Brickyard 400 racing events. The acquisition price was not disclosed. Situated on more than 1,000 acres in Speedway, Ind., the Indianapolis Motor Speedway was built in 1909 and today has a permanent seating capacity exceeding 235,000 people. When infield seating is added, more than 400,000 people can view the various racing events held at the 2.5-mile oval track. According to Hulman, which has owned the venue since 1945, it’s the world’s largest spectator sporting facility. “The Indianapolis Motor Speedway has been the centerpiece and the cathedral of motorsports since 1909 and the Hulman-George family has proudly served as the steward of this great institution for more than 70 years,” says Tony George, chairman of Hulman & Co., a family-owned company based in Terre Haute. “Now, we are honored to pass the torch to Roger Penske and Penske Corp. There is no one more capable and qualified than Roger and his organization to lead the sport of IndyCar racing and the Indianapolis …
LOS ANGELES — Chicago’s office market maintains its top status in the 2019 edition of CBRE’s Green Building Adoption Index, an annual report that measures the energy sustainability of the top 30 office markets in the United States. The index (GBAI) reviews the various office markets’ adoption of two green building certifications — the EPA’s Energy Star rating and the U.S. Green Building Council’s LEED certification. The GBAI is tracked in terms of both square footage and number of buildings. More than 167 million square feet of Chicago’s office space is certified green, or approximately 71.1 percent of the metro’s total office inventory (235 rentable million square feet). Coming in behind the City of Broad Shoulders is San Francisco (67.5 percent), Atlanta (59.3 percent), Minneapolis/St. Paul (57.1 percent) and Los Angeles (56.6 percent). Chicago is a growing and thriving office market. Tech firms such as Uber, Amazon and LinkedIn, as well as coworking concepts Spaces, Industrious and WeWork, have all taken down large swaths of office space in the metro area. According to third-quarter data from CBRE Research, more than 5 million square feet of office space is under construction in metro Chicago. “Going green is one key to any …
CINCINNATI — ACRES Capital Corp. has originated a $38 million loan for the development of 1118 Sycamore Street, a 155-unit multifamily project in Cincinnati’s Over-the-Rhine district. The project will rise seven stories and feature a two-level parking structure, 8,875 square feet of retail space, 3,611 square feet of office space and four townhomes. The third floor will feature an outdoor courtyard with a pool, fire pit, barbecue and seating area. ACRES provided the 30-month loan on behalf of Charles Street Investment Partners. Architectural firm NBBJ led the design and will oversee production designs completed by Architecture Alliance. The Over-the-Rhine submarket recently underwent a massive revitalization plan funded primarily by local corporations, including more than $500 million of investments.
CHICAGO — Westmount Realty Capital and Stockbridge have partnered to acquire a 1.7 million-square-foot light industrial portfolio in metro Chicago. Stockbridge acquired the portfolio on behalf of the firm’s Value Fund III. The portfolio includes 38 buildings in submarkets such as O’Hare, Lake County and Elgin. The mix of properties are 95 percent leased to more than 280 tenants. The buildings were constructed between the 1970s and 2000s. Mark Perkowski and Matthew Wurtzebach of Draper and Kramer’s Commercial Finance Group arranged a nonrecourse acquisition loan with a national bank. Loan terms were undisclosed.
DETROIT — Detroit’s first Cambria hotel is under construction in the downtown area. Slated to open in 2020, the six-story, 158-room hotel will be Cambria’s second location in the state of Michigan. Located at 600 W. Lafayette Blvd., the Cambria hotel is part of an adaptive reuse project of the former WWJ Studios. The hotel will feature a rooftop bar with pool, onsite restaurant, meeting space, a fitness center and ballroom. A joint venture between Means Group Inc. and Koucar Management LLC is developing the hotel. The Cambria brand is under the Choice Hotels International Inc. umbrella of hotels. The hotel will anchor a mixed-use project featuring office and retail space. TCF Bank provided $25 million in construction financing for the mixed-use development.
BRIDGEVIEW, ILL. — NAI Hiffman has arranged the sale of a 254,425-square-foot industrial building in Bridgeview, about 16 miles from Chicago’s Loop. The sales price was not disclosed. Located at 7557-7575 S. 78th Ave., the property includes 37 exterior loading docks, one drive-in door, 113 trailer positions and a clear height of 20 feet. It was built in 1970. Lawrence Much, Steve Connolly and Drew Bulson of NAI Hiffman marketed the property on behalf of the seller, Heller Industrial Parks. The team also procured the buyer, TradeLane Properties, an Oak Brook-based private investment group. The new owner intends to immediately begin extensive renovations to modernize the building.