ST. LOUIS — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 167-bed skilled nursing facility in St. Louis. An undisclosed real estate investment trust sold the property. The operating partner plans to exit Missouri altogether. Despite a $1.2 million renovation in 2015, occupancy and cash flow were both in decline. An East Coast-based owner-operator with an existing presence in the state was the buyer. Housing & Healthcare Finance sourced the acquisition loan. The price was not disclosed.
BUFFALO GROVE, ILL. — SVN Chicago Commercial has negotiated the sale of a 22,000-square-foot office building in Buffalo Grove for $2.2 million. The facility is located at 100 Lexington Drive. It was 87 percent leased at the time of closing. Al Lindeman and Nathalie Fisher of SVN represented the undisclosed seller. A New York-based buyer purchased the asset.
SHELBYVILLE, IND. — Four institutions in Shelby County have teamed up to help small businesses and nonprofit organizations apply for federal assistance to survive the COVID-19 crisis. Blue River Community Foundation is providing up to $10,000 for local attorneys to assist businesses in applying for loans through the new Coronavirus Aid, Relief and Economic Security (CARES) Act. Shelby County Development Corp., Mainstreet Shelbyville and Shelby County Chamber of Commerce are also playing key roles. Attorneys from the Shelbyville firms of Brown, DePrez & Johnson, McNeely Law and Stephenson Rife will guide the small business and nonprofit leaders through the process. Eligible businesses must be locally owned, brick-and-mortar establishments with fewer than 35 employees. Shelbyville is located about 30 miles southeast of Indianapolis.
OAKBROOK TERRACE AND LISLE, ILL. — JLL Capital Markets has arranged the sale of Two TransAm and 750 Warrenville, two Class A office buildings in suburban Chicago, for $24.2 million. Two TransAm is a five-story, 117,759-square-foot property located in Oakbrook Terrace. It is 87.7 percent leased to 18 tenants. Located in Lisle, 750 Warrenville is a four-story, 94,380-square-foot building. It is 86.7 percent leased to nine tenants. Patrick Shields, Jaime Fink, Jeffrey Bramson, Bruce Miller and Sam DiFrancesca of JLL represented the seller, American Landmark Properties Corp. The team also procured the buyer, RE Development Solutions.
O’FALLON, ILL. — Holland Construction Services is underway on a $39 million senior living community known as Keystone Place at Richland Creek in O’Fallon, about 20 miles east of St. Louis. Upon completion, the four-story building will offer 64 independent living units, 66 assisted living units and 19 memory care units. There will also be one guest suite. The five-acre development will also feature a memory garden and a courtyard. Keystone Senior Management Services Inc. is the developer. Completion is slated for early 2021. The project is being constructed next to Parkway Lakeside Apartments, which Holland built several years ago.
MICHIGAN — In a continued effort to slow the spread of COVID-19, Michigan Gov. Gretchen Whitmer has extended the state’s stay-at-home order through the end of April. As with the prior order, the motion limits gatherings and travel. The directive also requires that all workers who are not necessary to sustain or protect life to stay home. The new order also imposes more stringent limitations on stores to reduce foot traffic and encourages residents to limit the number of household members running errands. Large stores must limit the number of people in the store at one time to no more than four customers for every 1,000 square feet of floor space. Small stores must limit capacity to 25 percent of the total occupancy limits. To regulate entry, stores must establish lines with markings for patrons to enable them to stand at least six feet apart from each other while waiting. Large stores must also close their carpeting, flooring, furniture, garden centers, plant nurseries or paint departments. Michigan currently has the third-highest number of COVID-19 cases in the country. As of Thursday, April 9, there were 21,504 confirmed cases in the state and 1,076 deaths, according to the state of Michigan’s …
ARLINGTON HEIGHTS, ILL. — Entre Commercial Realty has negotiated a 12,000-square-foot industrial lease on behalf of Dealer Profit Solutions Inc. in Arlington Heights. The automotive consulting company will relocate from nearby Wheeling to occupy the space at 855 W. University Drive. The building features a clear height of 18 feet, one interior dock and one drive-in door. Brian Bocci of Entre represented the tenant. Tom Boucher of PSI Commercial represented the undisclosed landlord.
LOMBARD, ILL. — Trifecta Transport LLC has signed a 4,300-square-foot office lease in Lombard. The transportation logistics company will occupy the space at 300-350 E. 22nd St. on a 7.5-year lease. The company is relocating from Glen Ellyn. Ryan Moen and John Millner of Bradford Allen represented the undisclosed landlord. Aubrey Van Recken-Englund of NAI Hiffman represented the tenant.
CHICAGO — SPNA has purchased 21 East Chestnut Condominiums in Chicago’s Gold Coast neighborhood for $44 million with plans to convert the condo property into apartment units. Built in 1962 and converted to condos in 1979, the 25-story multifamily tower features 163 units. Floor plans range from studios to two-bedroom units. Amenities include a rooftop lounge, sauna, fitness center, bike room and resident storage lockers. Sam Haddadin and Dan Cohen of CBRE represented the seller, 21 East Chestnut Condo Association. “The owners overwhelmingly voted in support of the deconversion sale,” says Haddadin. “They were able to receive a much higher value for their units by selling together as an association.” Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. The city of Chicago recently increased the required owner approval to 85 percent.
MINNESOTA — In a continued effort to slow the spread of COVID-19, Minnesota Gov. Tim Walz has extended the state’s stay-home order until Monday, May 4. The order will enable the state to continue key preparations for the pandemic. These preparations include building new hospital capacity and buying ventilators and masks, planning for how to protect those most at risk, expanding testing, and freeing up time for health care giants like the Mayo Clinic to develop critical treatments for the virus. The order also extends the closure of bars and restaurants and requires all workers to work from home if possible.