ELGIN, ILL. — MLL Capital has purchased a 95,043-square-foot medical office building located at 1435 N. Randall Road in Elgin. The purchase price and seller were undisclosed. The five-story property is located near I-90 on the campus of the Advocate Sherman Hospital. Both the building and connected hospital were constructed in 2009. Jonathan Swindle and Kyle Arnold of Waveland Property Group have been named leasing agents for the property. Boston-based MLL Capital was founded in 2016 and focuses its investments on medical office, laboratory and life sciences properties.
SHILOH, ILL. — IMPACT Strategies has completed construction of the new Siteman Cancer Center at Memorial Hospital East’s Shiloh campus. The building adds 70,000 square feet of treatment facilities and office space to the campus, which is situated about 20 miles east of St. Louis. Siteman Cancer Center is the only National Cancer Institute-designated comprehensive cancer care center in the region. The facility houses labs, a pharmacy, medical oncology infusion clinics and radiation oncology clinics. Archimages Architecture, David Mason & Associates Structural Engineering and IMEG Corp. Engineering made up the project team.
BELTON, MO. — Five Guys Burgers and Fries has opened a 3,000-square-foot location within Cedar Tree Shopping Center in Belton, about 20 miles south of Kansas City. Located at the northwest corner of I-49 and Highway 58, Cedar Tree underwent a $13 million renovation in 2017. The Five Guys location in Belton is the brand’s 11th restaurant in metro Kansas City.
ITASCA, ILL. — McShane Construction Co. has broken ground on a 50,000-square-foot build-to-suit facility for Option Care Health Inc. in Itasca. Quadrangle Development Co. and Janko Group are the project developers. Approximately 55 percent of the single-story building will house office space, while the remaining portion will incorporate pharmacy ambulatory suites and support spaces. The building’s warehouse areas will feature two walk-in coolers and freezers, with two truck docks and two drive-in doors. Completion is slated for June. Wright Heerema Architects and Whitney Architects make up the project team. JLL represented the tenant. Option Care is an independent, national provider of home and alternate site infusion therapy services.
GURNEE, ILL. — Cushman & Wakefield’s Midwest Multifamily Advisory Group has arranged the $9.6 million sale of Carriage House Apartments in Gurnee, about 40 miles north of Chicago. Constructed in the 1970s, the 17-building, 136-unit workforce housing property is located at 4344 McClure Ave. Brad Smith, Jason Stevens and Todd Stofflet of Cushman & Wakefield represented the seller, California-based Steadfast Apartment REIT III Inc. Wisconsin-based GP Property Management purchased the asset. Steadfast had acquired the property in 2016 and completed unit upgrades. The new owners are planning additional improvements. At the time of sale, the property was 97 percent occupied. Workforce housing refers to housing that is affordable to households earning 60 to 120 percent of the area median income, according to the Urban Land Institute. It’s often utilized for public employees, such as teachers, police officers and firefighters.
WEST DES MOINES, IOWA — Stan Johnson Co. has brokered the sale of a 9,536-square-foot property occupied by Fresenius Kidney Care in West Des Moines for $4.1 million. The dialysis facility is located at 9080 University Ave. Built in 2019, the property sits on two acres near other medical centers. Blaise Bennett and BJ Feller of Stan Johnson represented the seller, Hurd Real Estate. Cedar Rapids-based Midwest Equity Investors purchased the asset.
Jeni’s Splendid Ice Creams Joins Retail Tenant Lineup at Apartment Project in Chicago’s Logan Square
CHICAGO — Jeni’s Splendid Ice Creams has signed a lease for 1,556 square feet of ground-floor retail space at Logan Apartments in Chicago’s Logan Square. The new apartment development is located at 2480-2522 N. Milwaukee Ave. Jeni’s joins Target and Big Wig Tacos at the project. Jeni’s Logan Square location, its eighth Chicago-area store, is expected to open this summer. Logan Apartments is slated to open in March. Fifield Cos. is the project developer.
Marcus & Millichap Brokers $2.7M Sale of Property Net Leased to Jason’s Deli in Schaumburg, Illinois
SCHAUMBURG, ILL. — Marcus & Millichap has brokered the sale of a 5,145-square-foot property net leased to Jason’s Deli in Schaumburg for $2.7 million. The building is located at 1530 McConnor Parkway. It was constructed as a build-to-suit for Jason’s Deli in 2011. There are three years remaining on the lease. Austin Weisenbeck, Sean Sharko and Brian Munn of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Joseph Sigal of Marcus & Millichap represented the buyer, a private investor.
GRAND RAPIDS, NOVI AND STERLING HEIGHTS, MICH. — Mag Mile Capital has arranged $23.6 million in CMBS loans for the refinancing of three Michigan hotels. Stellar Hospitality was the borrower. In the first transaction, Francisco Narcoda of Mag Mile arranged a $9.4 million loan for a Staybridge Suites hotel in Grand Rapids. The 94-room hotel opened in December 2001. Nacorda also secured an $8.5 million loan for the 89-room Homewood Suites in Novi. In the final transaction, the team arranged a $5.7 million loan for the 98-room Tru by Hilton property in Sterling Heights. The 10-year loans feature an interest rate of 4.2 percent.
KALAMAZOO AND SAGINAW, MICH. — Hunt Real Estate Capital has provided two Freddie Mac loans totaling $18.3 million for the refinancing of two multifamily properties in Michigan. The borrower is Michigan-based limited liability company ROCO Real Estate. Both loans feature 10-year terms with 30-year amortization periods. The properties include Waverly Place, a 228-unit community in Kalamazoo; and Bancroft, a 152-unit community in Saginaw.