HAMMOND, IND. — Marcus & Millichap has arranged the sale of a 9,327-square-foot retail strip center in Hammond for $4.7 million. Located at 7905 Indianapolis Blvd., the property is anchored by AT&T. All tenants operate under 10-year leases. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the undisclosed seller. An Illinois-based buyer completing a 1031 tax-deferred exchange purchased the asset.
OMAHA, NEB. — CIT Group Inc. has agreed to acquire Mutual of Omaha’s savings bank subsidiary, Mutual of Omaha Bank, for $1 billion. CIT’s banking subsidiary, CIT Bank NA, will be used for the acquisition. The purchase price will be comprised primarily of cash and up to $150 million of CIT common stock. The transaction will diversify and enhance CIT’s funding profile with stable, lower-cost deposits from Mutual of Omaha Bank’s homeowner’s association banking business, according to New York City-based CIT. It is also expected to extend CIT’s commercial banking capabilities and enhance profitability. The transaction is expected to close in the first quarter of 2020. The agreement excludes Mutual’s mortgage subsidiary, Synergy One Lending. Founded in 1909, Mutual of Omaha offers a variety of insurance and financial products for individuals, businesses and groups throughout the United States. CIT Group Inc. (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of June 30.
OAK BROOK, ILL. — Fairbridge Properties has acquired Oak Brook Gateway in suburban Chicago for $42.8 million. The eight-story, 233,166-square-foot office building is located at 1111 W. 22nd St. The Class A property is 93 percent occupied. Tenants include Lewis University, U.S. Census Bureau, Oxford Bank and Aerotek. Designed by Holabird & Root and developed by New York Life Insurance Co. in 1984, Oak Brook Gateway includes a conference center, fitness center, full-service café, outdoor patio and covered parking. Brent Jacob of Colliers International handles leasing for the property.
WINONA, MINN. — The Rochester office of Kraus-Anderson has completed construction of Education Village, a $31.2 million expansion at Winona State University in southeastern Minnesota. The project includes comprehensive renovations to Helble Hall, Wabasha Recreation Center and Cathedral Elementary School. Education Village will be used by the College of Education. The facility, designed by Leo A Daly Architects, features flexible learning spaces, including those for early childhood education training. Winona State University was founded in 1858.
TALLMADGE, OHIO — KeyBank Real Estate Capital has provided a $14.5 million Freddie Mac loan for the refinancing of a 101-unit seniors housing property in Tallmadge, just east of Akron. Built in 2016, Danbury Tallmadge offers independent living, assisted living and memory care. Lee Delaveris of KeyBank originated the loan. Danbury Senior Living was the borrower.
ALSIP, ILL. — Entre Commercial Realty LLC has brokered the sale of a 9,586-square-foot industrial building in Alsip, a southern suburb of Chicago. The sales price was not disclosed. The property is located at 5901 W. 115th St. AA Restoration, a masonry restoration services company, purchased the facility and will relocate from a smaller building in Alsip. Jeffrey Locascio of Entre represented both the buyer and the seller, Granite Place.
CHICAGO — McShane Construction Co. has completed the O’Hare Office Building in Chicago on behalf of developer GlenStar Properties. The 150,000-square-foot building sits on a 3.5-acre site near the Chicago O’Hare International Airport. The first three floors and part of the fourth encompass structured parking. Floors five through eight feature open-office areas. The total parking count is 628 spaces. Wright Heerema Architects designed the property.
OVERLAND PARK, KAN. AND BLUE SPRINGS, MO. — LANE4 Property Group has begun development of two senior living communities in metro Kanas City. Both facilities, expected to open in summer 2020, will be branded as Novel Place. One property will be situated at 95th Street and Metcalf Avenue in Overland Park, while the other will be located at Highway 40 and Highway 7 in Blue Springs. Each location will include 134 independent living units across three stories. Community amenities will include common areas, outdoor courtyards and fitness studios. Omaha-based NewStreet Properties LLC has joined LANE4 as an investment partner on both Novel Place properties. Davidson Architecture + Engineering and Centric General Contractors make up the project team. Academy Bank is providing construction financing for the Blue Springs location, while Security Bank is providing financing for Overland Park. Monthly rental rates are expected to start at $1,800, according to the Shawnee Mission Post.
BARTLETT, ILL. — Associated Bank has provided a $19.1 million loan to developer Logistics Property Co. LLC for the construction of additional facilities at Brewster Creek Logistics Park in Bartlett. Plans call for the development of two Class A distribution facilities totaling 414,000 square feet. The properties will be located on the northeast corner of Stearns and Munger roads at the entrance to the 670-acre park. Formerly a gravel quarry, the village of Bartlett worked with Elmhurst-Chicago Stone Co. in 1999 to redevelop the site into a business park. Andy Roberts of Associated Bank handled the loan arrangements and closing.
BATAVIA, ILL. — FCL Builders has broken ground on a 150,838-square-foot speculative industrial building located at 1850 Fabyan Parkway in Batavia, a western suburb of Chicago. KRC Holdings LLC is the developer. Construction is expected to be completed before the second quarter of 2020. Kate Foxworth of Morken & Associates will market the property for lease.