ELGIN, ILL. — Meridian Design Build has broken ground on two speculative industrial buildings on behalf of developer Scannell Properties in Elgin. The buildings are located at 2451 Bath Road and 1755 Britannia Drive. The Bath road facility will span 325,020 square feet and feature a clear height of 36 feet, four drive-in doors, 367 auto parking spaces and 56 trailer parking stalls. The Britannia Drive facility will span 80,400 square feet and feature a clear height of 32 feet, two drive-in doors and 93 auto parking spaces. Paul Woody Architects and Manhard Consulting make up the project team. Kenneth Franzese and John Cassidy of Lee & Associates will market the properties for lease.
ROMEOVILLE, ILL. — Crate & Barrel has selected The Pizzuti Cos. to develop a build-to-suit, Class A industrial facility in Romeoville. The property is being developed at Pinnacle Business Center in the heart of Chicago’s I-55 corridor. An affiliate of Heitman LLC owns the property. Crate & Barrel will occupy a facility known as Pinnacle XXIV, a 646,380-square-foot building. The development will serve as an e-commerce facility for the national home décor company. Construction is scheduled to begin immediately with completion slated for the third quarter of 2020. Jules Nissim and Jason West of Cushman & Wakefield represented the tenant while Jeff Kapcheck of CBRE represented ownership.
MINNEAPOLIS — The 307-unit City Club Apartments has opened in downtown Minneapolis. The 17-story apartment building features a sky park with a rooftop pool, outdoor movie theater, bark park and lounge seating. The project has no parking and was designed for young professionals. The majority of the units are designated as affordable for residents earning between $45,000 and $65,000 annually. The project included the preservation of the adjacent Handicraft Guild Building, which was built in 1907. The building has been converted into Eleven Artisans, a 3,500-square-foot, two-story brewery and restaurant. City Club Apartments is an owner, developer and manager of apartment communities with a portfolio of approximately 10,000 units in 30 communities and $2 billion in real estate assets. The company has $500 million under development in Cincinnati, Cleveland, Detroit, Chicago, Pittsburgh, Minneapolis, Kansas City, Louisville and the East Coast.
CHICAGO — Service Properties Trust (SVC) has acquired the 261-room Kimpton Palomar Hotel in Chicago for $55 million. The hotel will be added to SVC’s existing agreement with Intercontinental Hotels Group. Built in 2010, the hotel is located at 505 N. State St. near Michigan Avenue. SVC is a real estate investment trust that owns a portfolio of hotels and retail properties and is managed by the operating subsidiary of The RMR Group Inc.
WEST JEFFERSON, OHIO — Griffin Capital Essential Asset REIT Inc. has sold a 160,410-square-foot industrial building in West Jefferson for $30.3 million. FedEx Freight occupies the Class A property, which is located at 10 Commerce Parkway, about 20 miles west of Columbus. The REIT initially purchased the building in July 2015.
CHICAGO — Three new tenants have signed leases totaling 8,900 square feet at Concourse Chicago, an office property undergoing renovations in Chicago. Blue Water Shipping signed a lease for 3,900 square feet and is relocating from Presidents Plaza across the street. Green Office Partners, a print services company for small and medium businesses, leased 3,700 square feet and is relocating from the central business district. In the final transaction, Elgin-based Great Lakes Technology leased 1,500 square feet for a satellite office. Berger Asset Management acquired Concourse Chicago in 2018. The company is repositioning the 12-building complex. Jake Spinnell and Jon Connor from Colliers International represented Blue Water Shipping, Steve Goldstein of Jameson Commercial represented Green Office Partners and John Cassidy of Lee & Associates represented Great Lakes Technology. Steve Chrastka and Jason Wurtz of NAI Hiffman represented the landlord as the exclusive leasing representatives for the property.
CHICAGO — Marcus & Millichap has brokered the sale of Park Shops, a grocery-anchored retail center in Chicago, for $3.9 million. The 47,069-square-foot property is located at 6400 W. 63rd St. Fair Share Super Market has operated at the location for 27 years and recently extended its lease for 10 years. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a developer. A Chicago-based private investor purchased the asset.
MINNEAPOLIS — Dougherty Funding LLC has arranged $188.5 million in construction financing for Eleven, a luxury condominium project in Minneapolis. At 550 feet and 41 stories, Eleven will be the tallest residential building in Minneapolis. It is also the first residential project in the city to be designed by New York City-based Robert A.M. Stern Architects. Amenities will include a landscaped terrace, lap pool, fitness suite, yoga studio, library, demonstration kitchen and golf simulator. Bank OZK served as the senior lender and Related Fund Management as the mezzanine lender. Arcadia LLC and Ryan Cos. are co-developers, with Ryan serving as the builder. Other project team members include Peterssen/Keller Architects, Martha Dayton Design and Lakes Sotheby’s International Realty. A timeline for completion was not disclosed.
GREENWOOD, IND. — Monmouth Real Estate Investment Corp. has acquired a 615,747-square-foot industrial building located at 1151 S. Graham Road in Greenwood for $81.5 million. Amazon.com Services Inc. occupies the property on a 15-year, net lease basis. The building is situated on 78.6 acres. The seller was not disclosed.
BOLINGBROOK, ILL. — ML Realty Partners has purchased a 302,354-square-foot industrial property in Bolingbrook for an undisclosed price. The newly constructed, Class A building is located at 999 Dalton Lane near I-55. It is immediately available for lease and features a clear height of 36 feet. Jeff Devine and Steve Disse of Colliers International brokered the transaction. The seller was not disclosed.