PORTAGE, IND. — Colliers International has brokered the sale of Portage Park Apartments in Portage for an undisclosed price. Built in 2000, the 44-unit apartment complex is located at 3555 Ash St. The three-building property is 95 percent leased. Matt Jones of Colliers represented the undisclosed seller. Chicago-based Quinn Family LLC purchased the asset.
COMMERCE TOWNSHIP, MICH. — Gerdom Realty & Investment has negotiated the sale of a 3,361-square-foot restaurant property occupied by Willson’s Pub ’N Grill in Commerce Township, northwest of Detroit. The 146-seat restaurant is located in the Shops at Commerce Village. A local restaurant operator purchased the asset for an undisclosed price. Michael Murphy and Tjader Gerdom of Gerdom represented the undisclosed seller. Willson’s is known for its burgers and pizza.
SUN PRAIRIE AND DEFOREST, WIS. — Berkadia has arranged the sale of a two-property multifamily portfolio totaling 364 units in suburban Madison. The sales price was not disclosed. The properties include Van Buren Place in Sun Prairie and The Park in DeForest. Located at 1351 Okeefee Ave., Van Buren Place is a 164-unit, garden-style community. The Park, located at 6203 Williamsburg Way, is a newly constructed, 200-unit property. Ralph DePasquale, Parker Stewart and Alex Blagojevich represented the seller, Wisconsin-based Cascade Development. Weidner Apartment Homes purchased the portfolio. Clay Akiwenzie, Chris Blechschmidt and Emily Stang of Berkadia procured acquisition financing through a life insurance company.
CHICAGO — Evergreen Real Estate Group has completed construction of Independence Apartments, a six-story, 44-unit affordable seniors housing community located above the new Independence Branch Library in Chicago’s Irving Park neighborhood. Designed by John Ronan Architects, the project consists of affordable senior apartments paired with a new library that serves both residents and neighbors in the surrounding community. It is the second such project Evergreen has completed in Chicago this year, following Northtown Apartments in the West Ridge neighborhood. Both projects were funded in part with federal low-income housing tax credits and Illinois affordable housing tax credits provided by the Chicago Department of Housing. The Northtown development also received federal HOME funds from the Illinois Housing Development Authority. Other financing partners for the project include CIBC, City Real Estate Advisors (CREA), TCF Bank, Fifth Third Bank, Clocktower Tax Credits LLC, ComEd Energy Efficiency Program, North River Commission and predevelopment lenders LISC Chicago and Chicago Community Loan Fund.
CHICAGO — Orangetheory Fitness has leased 4,000 square feet on the second floor of 155 N. Michigan Ave. in Chicago. Larry Kling of Newmark Knight Frank represented the fitness franchise in the lease transaction. Orangetheory offers workouts based on high-intensity interval training that blend cardiovascular and strength training. The company has more than 1,200 locations worldwide. The Michigan Avenue location will be the company’s 17th in Chicago and 58th in the state of Illinois. Set to open in January, the build-out will feature an open space with additional workspaces and larger bathrooms and shower facilities than traditional Orangetheory floor plans.
ANKENY, IOWA — The Opus Group has completed the lease-up of Corporate Woods II, a 200,000-square-foot speculative industrial building in Ankeny. Tenants include Carroll Tire Co., Alfa Laval, Berlin Packaging and Harrell’s Car Wash Systems. The building serves as the second phase of Corporate Woods Industrial Park. Opus is set to begin work on the third and final phase of the industrial park this fall. The final building will span 200,000 square feet and is slated for completion in 2020. JLL represented all four tenants in the lease transactions and will market Phase III for lease.
SHARONVILLE, OHIO — Marcus & Millichap has brokered the $5.2 million sale of a 75-room Holiday Inn Express & Suites hotel in Sharonville near Cincinnati. The property is located at 11160 Dowlin Drive. Andrew Bankhurst and Alexandre Duong of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured the buyer, a limited liability company.
CHICAGO AND NEW YORK CITY — Blackstone Real Estate Partners IX, an affiliate of Blackstone (NYSE: BX), is acquiring a 65 percent controlling interest in Great Wolf Resorts Inc. Although the specific price of the investment was not disclosed, Blackstone and existing owner Centerbridge Partners LP will form a new $2.9 billion joint venture to own the company. Chicago-based based Great Wolf is an owner and operator of family-oriented entertainment resorts, with 18 locations around the country. Each lodge contains a full-service hotel, indoor waterpark, recreational activities and various food and beverage offerings. A new resort in Northern California is slated to open next year. “Great Wolf has enriched the guest experience and opened seven new lodges since 2015,” says Tyler Henritze, head of U.S. acquisitions for Blackstone. “We look forward to investing in these properties to further deliver for guests and grow the company.” Murray Hennessy, CEO of Great Wolf, says that the company stands to benefit greatly from Blackstone’s insights and expertise in hospitality. The sale comes at a time when theme park companies are benefitting from higher consumer spending on travel and leisure, according to Bloomberg. Blackstone has previously invested in SeaWorld Entertainment Inc. and helped buy …
COLUMBUS, OHIO — NKF Multifamily Capital Markets has arranged the sale of a three-property multifamily portfolio comprising 550 units in Columbus for $43.6 million. The portfolio consists of Abbington Village, Ashley Village and Chatham Village. Each was built in 1987 and is situated in the southeast portion of the city. George Skaff of NKF arranged the sale on behalf of the buyer, AndMark Investment Fund. Purvesh Gosalia of NKF arranged $34.8 million in fixed-rate acquisition financing through Freddie Mac. AndMark plans to make improvements to the properties.
EAST LANSING, MICH. — Michigan State University has opened the Edward J. Minskoff Pavilion at the Eli Broad College of Business. Located on Shaw Lane adjacent to the Eppley Center, the 100,000-square-foot building features an atrium with views of the Red Cedar River. It houses an entrepreneurship lab, classrooms, team rooms, a media studio and expanded career center. The three-story facility was named after Edward J. Minskoff, a Michigan State alumnus and real estate developer whose $30 million gift in 2018 was the largest single-donor gift in the school’s history. The project was privately funded from more than 1,700 donors since fundraising began in 2014. LMN Architects and Clark Construction made up the project team.