CHICAGO — Hines has completed the development of Wolf Point East, a 698-unit luxury apartment tower in Chicago. Units located on floors 41 through 55 are known as the Lake Collection. Monthly rents for these units range from $2,695 to $5,605, and residents will begin moving into the tower in mid-May. Units located on floors 56 through 58 comprise the Penthouse Collection. There are six units per floor that average 1,700 square feet. Residents will begin moving into the penthouses in July. For units located below floor 41, monthly rents range from $2,095 to $3,995. First move-ins for these units began in January. Wolf Point East’s amenity space spans three floors. Amenities include a full-floor fitness center as well as The Sports Club, which features social games, a golf lounge and swing simulator, an indoor pool and sundeck. Additional common areas can be found on the 40th floor, including a coworking space, an outdoor dog run, dining and entertaining spaces and a gathering space known as Mirror Lounge. Soucie Horner Ltd. served as the designer for the amenity interiors and model units. Pelli Clarke Pelli Architects, in partnership with Pappageorge Haymes Partners, designed Wolf Point East, which is located at …
Midwest
ELMHURST, ILL. — Bellwether Enterprise Real Estate Capital LLC has provided a $28.8 million Freddie Mac loan for the acquisition, rehabilitation and preservation of Elmhurst Terrace, a 315-unit affordable housing property in Elmhurst. Phil Melton of Bellwether Enterprise’s Dallas office originated the 10-year, fixed-rate loan. Developer Cohen-Esrey was the borrower. In addition, Bellwether’s parent company, Enterprise Community Investment Inc., along with BMO Harris Bank and Cohen-Esrey, have invested $17 million for the rehabilitation and preservation. Located about 20 miles south of downtown Chicago, Elmhurst Terrace was originally constructed in 1947. Monthly rents range from $975 to $1,400. Unit renovations will include new kitchen appliances and finishes, flooring and light fixtures. Plans also call for exterior improvements as well as the addition of a pet park and barbecue stations. The renovations are scheduled for completion in the next one to two years.
KANSAS CITY, MO. — Newmark Grubb Zimmer (NGZ) has arranged the sale of Midtown Park and Rivergate Business Center, two light industrial parks containing a total of nine buildings in Kansas City, for an undisclosed price. The properties total 560,000 square feet. There are four buildings within Midtown Park and five buildings within Rivergate. The portfolio is home to 29 tenants that occupy space ranging in size from 3,600 to 80,000 square feet. Mark Long, John Hassler, Scott Bluhm and Trenton Wahl of NGZ represented the seller, Brennan Investment Group. Sealy & Co. purchased the portfolio.
NOBLESVILLE, IND. — Lightstone Group has purchased Autumn Breeze Apartments in Noblesville for an undisclosed price. Built in 2009, the 280-unit apartment community is located at 14901 Beauty Berry Lane. Amenities include a pool, business center, dog park, sun patio and grilling pavilion. Steve LaMotte Jr. of CBRE represented the seller, Passco Cos. Dan Sacks of Greystone originated a $29.9 million Freddie Mac loan for the acquisition.
MARION, OHIO — Greystone has provided a $6.5 million Fannie Mae loan for the refinancing of Professional Park Apartments in Marion, about 50 miles north of Columbus. The 100-unit multifamily property is situated on seven acres and features a mix of garden- and townhome-style units. Jason Yuen of Greystone originated the 10-year loan, which features a 30-year amortization. The West 5 Group was the borrower.
FISHERS, IND. — Thompson Thrift Retail Group (TTRG) has sold the hotel pad site at The Stations, a $60 million mixed-use development in the Indianapolis suburb of Fishers. The buyer, Indiana-based Dunn Hospitality, plans to open a $20 million, 145-room Courtyard by Marriott hotel in late 2021. The Courtyard hotel will include meeting space, fitness facilities, an indoor pool and bistro bar. Later this year, TTRG plans to break ground on a Class A, four-story office building within The Stations. The company is also completing initial site work on the back portion of the project for Pulte Homes to begin development of 37 three-story, for-sale townhomes. The Stations is adjacent to Fishers District, a TTRG project with more than 100,000 square feet of retail and dining space, 260 multifamily units and a dual-branded Hyatt Place and Hyatt House hotel.
CHICAGO — Skender has completed interior construction of the 90,000-square-foot headquarters for Mondelez International in Chicago’s Fulton Market district. Mondelez, a global snacking company, is the anchor tenant at the new five-story building, which is located at 905 W. Fulton St. The office space features a café, two connecting stairwells, outdoor roof gardens, open workstations, private offices and conference rooms. Skender collaborated with design firms HPA and SCB as well as engineering consultant IMEG Corp.
MILWAUKEE — JLL Capital Markets has brokered the sale of the Downer Avenue Retail Collection, two buildings that house 60,986 square feet of retail, office and residences in the heart of downtown Milwaukee. The sales price was undisclosed. Built in 1916, Downer East is home to Stone Creek Coffee, F45, Breadsmith, Downer Cleaners, Café Hollander, Downer Wine & Spirits and Robert Laurence Salon & Spa. Completed in 1912, Downer West features two multifamily units in addition to retail and office space occupied by Landmark Theatres, Pizza Man, Henry’s, Salon Nova, Optix on Denver, Boswell Book Co. and Starbucks. Both buildings were renovated in 2006. Amy Sands, Clinton Mitchell and Janice Sellis of JLL represented the seller, C-III Asset Management. Bridge33 Capital was the buyer.
CHICAGO — Cawley Chicago has arranged the sale of a 30,000-square-foot, rail-served warehouse in Chicago for $4 million. The facility is located on 10.5 acres at 3710 S. California Ave. Matt Garland, Frank Melchert and Stevan Arandjelovic of Cawley represented the seller, Romar Transportation. A private investor purchased the asset.
MARYLAND HEIGHTS, MO. — Marcus & Millichap has negotiated the $1.1 million sale of an urgent care facility net leased to Our Urgent Care in Maryland Heights, a northwest suburb of St. Louis. The 3,488-square-foot property is located at 2070 McKelvey Road. Benjamin Bach and Dominic Sulo of Marcus & Millichap’s Oak Brook office in suburban Chicago marketed the building on behalf of the seller, a limited liability company. Bradley Barham assisted in closing the transaction as the broker of record in Missouri.