GRAND RAPIDS, MICH. — Cohen Financial, a division of SunTrust Bank, has arranged an $11 million bridge loan with SunTrust for the acquisition of Cottonwood Forest Apartments in Jenison, a suburb of Grand Rapids. The 160-unit property features multiple two-story buildings. Cathy Bronkema of Cohen arranged the loan on behalf of the borrower, Trillium Investments, which plans to upgrade the units.
CINCINNATI — FC Cincinnati (FCC), a Major League Soccer team, is headed for a new home. The team recently started construction of a $250 million stadium in the city’s West End, unveiling the full design plans for the first time this week. General contractor Turner Construction broke ground on the project in December and expects to complete the stadium in March 2021. Architecture firm Populous designed West End Stadium — the team said the name may change as potential corporate sponsors get involved with naming rights — to hold between 26,000 and 26,500 seats. It will also feature standing room known as “The Bailey,” which can hold up to 3,100 additional fans. FC Cincinnati has entered into a public-private partnership with the City of Cincinnati for infrastructure improvements around the stadium, with the city providing $35 million for those projects. The construction itself will be privately funded by the team’s ownership. U.S. Bank is providing construction financing for the stadium, according to Cincinnati Public Radio. “As a Cincinnati native and lifelong resident, I have nothing but pride knowing our West End Stadium will be a strong symbol of this city on the world stage,” says FCC president Jeff Berding. ““MLS …
Over the past decade, Cincinnati has successfully positioned itself as a formidable Midwestern city, hungry for growth and innovation. Whether you’re a startup or a Fortune 500 company, the city (and its surrounding suburbs) can provide an attractive backdrop. The Cincinnati office market largely reflects this momentum. Demand in some areas has slowed, but the office market remains steady. In fact, the office market has experienced a flurry of activity in 2019 and is awash in new lease transactions and announcements of proposed new development. The first quarter of 2019 recorded a 1 percent drop in the entire market vacancy to 14.2 percent, according to Colliers International. The central business district (CBD)’s 12.2 percent vacancy is expected to drop another percentage point, as several pending leases are soon to be announced. I-71 North dominates The most active area is the I-71 North submarket, where five lease transactions came to fruition. Eversana leased 78,000 square feet at 8990 Duke Blvd., filling the former Express Scripts building just months after it went vacant. Worldpay took down 50,000 square feet at 8845 Governor’s Hill Drive across the street from its headquarters. Smith/Halleman Partners, the owner of the multi-building Governors Pointe, attracted Resurgent Capital …
CHICAGO — EQ Office, an office company wholly owned by Blackstone, has reopened the Wacker Drive lobby at Willis Tower. The lobby features a new art installation by artist Jacob Hashimoto that hangs from the ceiling and spans 42 feet. The lobby transformation is part of the office tower’s $500 million renovation project. Now that the Wacker Drive lobby has reopened, the Adams Street lobby will be closing for redevelopment. The Franklin Street lobby will remain open. The renovation project will add more than 300,000 square feet of new retail, dining and entertainment space at the base of the tower as well as 150,000 square feet of new tenant amenity spaces and a 30,000-square-foot outdoor deck. More than 15,000 employees work at the 110-story Willis Tower.
BOLINGBROOK, ILL. — PREMIER Design + Build Group has broken ground on a 219,000-square-foot speculative warehouse in the southwest Chicago suburb of Bolingbrook. Known as Fountain Square Building 5, the facility is the final development within Fountain Square Commerce Center. The developer, Bridge Development Partners LLC, acquired the commerce center in November 2018. Fountain Square Building 5 will include 48 docks, two drive-in doors, a clear height of 32 feet and parking for 30 trailers and 178 cars. Completion is slated for March 2020. The project team includes Cornerstone Architects Ltd., SPACECO and Structural Resources Inc.
ILLINOIS — MK Asset Investment has acquired industrial properties in Franklin Park and Waukegan and sold a retail center in Round Lake Beach. The aggregated value of the transactions exceeded $10 million. The Franklin Park industrial property spans 87,500 square feet and is situated on 5.9 acres at 11608 Copenhagen Drive. MK Asset will add new docks, upgrade the lighting and provide a fresh coat of paint. The Waukegan building spans 35,500 square feet and is located at 1850 S. Lakeside Drive within Amhurst Industrial Park. A private investor acquired the 61,685-square-foot Eagle Creek Shopping Center, which is anchored by Big Lots.
GREEN OAKS, ILL. —Biddeford Blankets has signed a 96,810-square-foot industrial lease at 13820 S. Business Center Drive in Green Oaks in northeastern Illinois. The manufacturer of heated blankets is moving to Green Oaks Business Center from Mundelein, where it had occupied space for 15 years. The new location offers proximity to I-94 and includes 3,305 square feet of office space. Michael Fonda and John Hauser of Avison Young represented the tenant in the lease transaction. The landlord, Colony Capital Inc., was self-represented by Scott Cordes, a vice president at the company.
CHICAGO — Colliers International has brokered the sale of a two-building apartment portfolio that contains 24 units in Chicago’s Hyde Park neighborhood for $3.9 million. The buildings are located at 5427-29 and 5430-32 S. University Ave. Both properties rise three stories and were built in the early 1900s. Tyler Hague of Colliers represented the seller, The Lutheran School of Theology at Chicago. RDG Funds LLC purchased the portfolio.
WOODBRIDGE, ILL. — Monument Capital Management, an A-Rod Corp. company, has acquired Townhomes at Highcrest in Woodbridge for an undisclosed price. Monument plans to make approximately $1.5 million in capital improvements, including the installation of new flooring, modern appliances, new landscaping and the addition of a fitness center. Built in 1968, the property includes a pool and laundry facilities. This is Monument’s third property in the Chicago area and is part of Monument Opportunity Fund IV, which was launched earlier this year. Highcrest Apartments LLC was the seller.
AURORA, ILL. — LTD Commodities has signed a 10-year lease renewal at its 694,367-square-foot distribution facility located at 1000 Bilter Road in Aurora. Acquired by e-commerce giant Amerimark Holdings in December 2017, LTD Commodities is a catalog and online merchandiser. Jason West and Chris Cummins of Cushman & Wakefield represented the tenant. Matt Neumann of Cushman & Wakefield represented the landlord, Liberty Property Trust.