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.
GURNEE, ILL. — Marcus & Millichap has arranged the $10.8 million sale of a 15,577-square-foot retail center in Gurnee. Located at 6440 Grand Ave., about 40 miles north of downtown Chicago, the center was fully leased at the time of sale. Tenants include Panera Bread, Mission BBQ and Comcast. The property serves as an out parcel to Gurnee Mills Mall. Austin Weisenbeck and Sean Sharko Marcus & Millichap represented the undisclosed seller in the transaction. Robert Bhat of Marcus & Millichap arranged $6.9 million in acquisition financing for the undisclosed buyer. The nonrecourse loan offers a 65 percent loan-to-value ratio with a fixed rate of 4.64 percent and 10 years of interest-only payments.
CHESTERFIELD, MO. — NorthMarq has arranged debt and joint venture equity financing for the construction of Wildhorse, a 188-unit multifamily property in Chesterfield. Located at Wildhorse Creek Road and I-64, the $80 million development will also include 12,500 square feet of retail space and 10,500 square feet of restaurant space. Construction is set to begin this month with completion slated for early 2021. Brinkmann Constructors is the contractor. NorthMarq arranged the $38 million debt financing with a three-year term on behalf of the developers, Pearl Cos. and Great Lakes Capital. Canadian Imperial Bank of Commerce (CIBC) provided the financing. ReCap Real Estate Investment, on behalf of Reinsurance Group of America Inc., served as the joint venture partner for the remaining $16.5 million.
ADDISON, ILL. — Logistics Property Co. (LPC) has acquired a 15-acre infill site in Addison within DuPage County. LPC plans to develop two industrial facilities totaling 274,855 square feet. Known as Swift & Lake, the site is situated on the southeast corner of Swift Road and Lake Street. Construction will commence immediately with delivery slated for the second quarter of 2020. Doug Pilcher of Cushman & Wakefield will market the properties for lease.
MISSOURI AND IOWA — Disney Investment Group (DIG) has brokered the sales of five retail centers in Missouri and Iowa. Sales prices were not disclosed. The properties total 438,861 square feet and are 91 percent occupied on average. Major tenants include Aldi, Gerbes, County Market, Orscheln, Fresenius Medical, Dollar Tree and Dollar General. David Disney and Adam Crockett of DIG brokered the sales on behalf of the seller, a private investment partnership. The team also procured the buyers for each property.
BENTON HARBOR, MICH. — Marcus & Millichap has negotiated the $2.1 million sale of the Days Inn & Suites in Benton Harbor in southwest Michigan. The 49-room hotel is located at 1598 Mall Drive near the Southwest Michigan Regional Airport. Robert Marro, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap brokered the transaction. Buyer and seller information was not disclosed.
