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AcquisitionsMichiganMidwestMinnesotaMultifamily

Habitat Acquires Three Multifamily Properties in Michigan, Minnesota for $100M

by Kristin Harlow

MICHIGAN AND MINNESOTA — The Habitat Company has acquired three multifamily properties in Michigan and Minnesota for approximately $100 million. The properties include: The Village of Hyde Park, a 43-unit townhome development in Detroit; Harbour Club, a 1,112-unit market-rate property in Bellville, Mich.; and the 108-unit Cedarvale Highlands in Eagan, Minn. Habitat plans to make upgrades to each property. At The Village of Hyde Park, Habitat plans to update unit interiors, appliances, flooring, lighting and plumbing fixtures over the next few years. At Harbour Club, Habitat will renovate units, expand the clubhouse, upgrade common areas and rename the asset. At Cedarvale Highlands, Habitat will continue a unit renovation plan that includes new kitchens and baths along with enhancements to the common areas. Habitat is handling leasing and property management for all three communities.

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DevelopmentMichiganMidwestOffice

Olympia Development Breaks Ground on $70M Office Building in District Detroit

by Kristin Harlow

DETROIT — Olympia Development of Michigan has broken ground on a new five-story medical, office and retail building at 2715 Woodward Ave. in The District Detroit. Located between Little Caesars Arena and the Mike Ilitch School of Business at Wayne State University, the 127,000-square-foot building will replace a former surface parking lot. The $70 million project will feature four floors of Class A office space and 17,000 square feet of street-level retail space. Tenants will include the Detroit Medical Center (DMC) and law firm Warner Norcross + Judd. DMC is the official healthcare provider for the Detroit Red Wings and the Detroit Tigers. Christman-Brinker is providing construction management services and Harley Ellis Devereaux is overseeing the building’s design.

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IllinoisLoansMidwestMultifamily

Berkadia Secures $34.3M Rehab Financing for Multifamily Portfolio in Rock Island, Illinois

by Kristin Harlow

ROCK ISLAND, ILL. — Berkadia has secured $34.2 million in construction-to-permanent rehabilitation financing for a two-property multifamily portfolio in Rock Island. The properties include Heather Ridge and Century Woods. Renovation plans call for new flooring, windows, heating and cooling systems, cabinets, countertops and appliances. Rick Price, Gemma Geldmacher, Mark Vogel and Dan Geuther of Berkadia originated the two HUD 221(d)(4) loans on behalf of Cleveland-based Millennia Cos. The financing features a 40-year term and a 90 percent loan-to-value ratio.

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DevelopmentMidwestMissouri

Tarlton Completes $12M Parking Garage at Cortex Innovation Community in St. Louis

by Kristin Harlow

ST. LOUIS — Tarlton Corp. has completed construction of a $12 million parking garage in the Cortex Innovation Community within St. Louis. The new garage is five levels and offers space for 678 vehicles. Located at 4217 Custom Steel Drive, the garage is adjacent to a new multi-tenant building at 4220 Duncan Avenue that Tarlton completed in 2018. HOK was the project architect. The Cortex Innovation Community is home to 350 technology-related businesses.

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IllinoisLeasing ActivityMidwestRetail

Play2Day to Open at Lincoln Common in Chicago

by Kristin Harlow

CHICAGO — Play2Day, a childcare service for infants and toddlers ranging in age from 2 months to 5 years old, will open at Lincoln Common in Chicago. The 1,510-square-foot location is expected to open in the third quarter of this year. Play2Day joins the growing roster of Lincoln Common retailers, including Equinox, Velvet Taco, Philz Coffee, Athletico, Compass and Kohler Waters Spa. Developed by Hines and McCaffery, Lincoln Common features 100,000 square feet of retail space, 538 apartment units, 40 condominium units, a five-story office building, 850-stall parking garage, 156-room senior living community and more than an acre of open space.

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DevelopmentIllinoisMidwestOffice

Hamilton Partners Completes Renovation of 3.5 MSF Business Park in Itasca, Illinois

by Kristin Harlow

ITASCA, ILL. — Hamilton Partners has completed the renovation of its Hamilton Lakes Business Park in Itasca. The property is home to more than 3.5 million square feet of office space. In April, Hamilton completed renovations of 500 Park and One Pierce Place, which comprise approximately 1 million square feet. Balfour Pacific and Hamilton invested more than $7 million in both buildings. At One Pierce Place, Hamilton renovated the front entrance and lower lobby, adding a Wi-Fi lounge and conference center. At 500 Park, the renovation included an update to the entrance and lobby as well as the lower-level concourse level. Tenants now have access to a Wi-Fi lounge and a patio overlooking the walking path. Farmers Fridge and Foodsby have been added to increase food options. Hamilton also made updates to 555 Pierce, 333 Pierce and 150 Pierce, which now features a shared office space.

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DevelopmentHealthcareIllinoisMidwest

Skender Constructs 26,000 SF Health Center in Chicago

by Kristin Harlow

CHICAGO — Skender has completed construction of Esperanza Brighton Park, a new 26,000-square-foot health center in Chicago’s Brighton Park neighborhood. Esperanza, which stands for “hope” in Spanish, is a two-story facility. It includes clinical office space, 30 exam rooms, space for additional diagnostic and treatment services, a retail pharmacy and 69 parking spaces. Skender, serving as general contractor, collaborated with architect JGMA and McNitt Consulting to complete the project.

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DevelopmentIllinoisIndustrialMidwest

PREMIER Breaks Ground on Spec Warehouse Project in Bedford Park, Illinois

by Kristin Harlow

BEDFORD PARK, ILL. — PREMIER Design + Build Group has broken ground on a speculative warehouse project in Bedford Park on behalf of Bridge Development Partners. Bedford Park is located about 16 miles southwest of Chicago. The project will be completed in two phases. The first phase involves demolition of a large single-story building located on West 65th Street. During the second phase, PREMIER will oversee construction of a new 218,560-square-foot building. The new property will include 33 exterior truck docks, two drive-in doors and a clear height of 32 feet. The 12-acre site will accommodate parking for 180 cars and 44 trailers. Cornerstone Architects Ltd., Swift Structural Design and Spaceco make up the project team. A timeline for completion was not disclosed.

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DevelopmentIllinoisMidwestMultifamilySeniors Housing

LCS Completes Renovation, Rebranding of Seniors Housing Community in Illinois

by Kristin Harlow

GODFREY, ILL. — Life Care Services has completed a renovation project at The United Methodist Village, which has been renamed Asbury Village. The nonprofit continuing care retirement community, which opened in 1997, is located in Godfrey, approximately 25 miles north of St. Louis. The new amenities include communal spaces, a new library, activity areas, fireplace and coffee bar. The community also recently added a new wellness clinic. Life Care Services continues to manage the community, as it has for 17 years.

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AcquisitionsIllinoisMidwestRestaurantRetail

Marcus & Millichap Brokers $1.5M Sale of Property Net Leased to Wendy’s in Suburban Chicago

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Marcus & Millichap has brokered the sale of a 2,331-square-foot building net leased to Wendy’s in Elk Grove Village for $1.5 million. The property is located at 900 Busse Road. Brian Parmacek of Marcus & Millichap marketed the property on behalf of the seller. Calvin Lee of Marcus & Millichap secured and represented the buyer.

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