COON RAPIDS, MINN. — Newmark Knight Frank (NKF) has brokered the sale of a 63,436-square-foot industrial building in Coon Rapids, a northern suburb of Minneapolis, for $2.4 million. The property is located on 24 acres at 9534 Foley Blvd. Java Enterprises LLC sold the building to Phoenicia Properties Corp. Dan Friedner and Jay Chmieleski of NKF represented both parties in the transaction.
CHICAGO — Uber Technologies has signed a 10-year office lease for 463,000 square feet at Chicago’s Old Post Office. The ridesharing company will serve as the building’s anchor tenant and expects to take over the space beginning Jan. 5. The office will be Uber’s second-largest office behind its headquarters in San Francisco. The owner and developer of the property, 601W Cos., is underway on an $800 million redevelopment of the 2.8 million-square-foot former post office. Walgreens, Home Chef, Ferrara Candy Co. and AbelsonTaylor have previously signed leases at the project.
CHICAGO — Avanath Capital Management LLC has acquired two affordable housing properties in Chicago for $43.7 million. Avanath purchased Scotland Yard Apartments in the Buena Park neighborhood for $28.3 million. Built in two phases in 1915 and 1917, the 156-unit property was renovated in 1982. Avanath plans to make a number of improvements to the property. The second community is Renaissance North, a 59-unit property that Avanath purchased for $15.4 million. Constructed in 2003, the community features one-, two- and three-bedroom units in addition to first-floor retail space. Renaissance North, built in conjunction with the Chicago Housing Authority, offers both market-rate and affordable units. Avanath will also make a series of upgrades to this property.
MINNEAPOLIS — Lupe Development Partners is set to break ground on the first phase of its affordable housing project in the Lyn-Lake area of Minneapolis. Located at 410 W. Lake St. south of Minneapolis, the first of three buildings will feature 111 units, nine of which will be intended for homeless veterans. The range of annual household income to be eligible for housing is $30,000 to $42,000. The development will include a mix of studio, one- and two-bedroom units. Construction on an identical Phase II is scheduled to begin in 2020. Plans are also underway for a third building. The project received a $1.2 million grant from the Metropolitan Council’s Livable Communities Demonstration Account and a $2.3 million loan from the Minneapolis City Council’s Affordable Housing Trust Fund. Other funding partners for Phase I include Hennepin County and the AFL-CIO Housing Investment Trust. The nearby Ballentine VFW Post 246 also served as a development partner. Completion of Phase I is slated for June 2020.
CHICAGO — J.C. Anderson has completed a 29,000-square-foot renovation project at the Aon Center in Chicago. The project scope included new amenities for the building’s 70th floor. Known as the Cloud Level, the project features a new fitness center, conference center, bar area, dining area, game room, library and private event meeting space. Gary Lee Partners provided architectural services and JLL provided project management services. Property owners include 601W Cos. and Brickell 13 Chicago. Located downtown, the Aon Center is an 83-story skyscraper. It is currently the third-tallest building in Chicago and was completed in 1973. Major tenants include Aon, JLL and Kraft Heinz.
RALSTON, NEB. — NorthMarq has arranged a $1.4 million loan for the acquisition of Ralston Business Park in Ralston near Omaha. The 59,488-square-foot industrial property is located along 77th Street. Steve Ruff of NorthMarq arranged the 10-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan.
MILWAUKEE — The Milwaukee Symphony Orchestra (MSO) is converting the former Warner Grand Theater, located at 212 W. Wisconsin Ave., into its new performance hall. The $89 million project is expected to open in fall 2020. As part of the project, construction partners C.D. Smith Construction, International Chimney Corp. and Expert House Movers moved a seven-story wall 35 feet toward the street while keeping it fully intact. The wall dates back to 1931 when the former theater was built. By expanding the theater, the MSO can offer better visibility for patrons as well as fit the entire orchestra on stage. The MSO, led by Music Director Ken-David Masur, was founded in 1959.
GRAND BLANC, MICH. — Stan Johnson Co. has negotiated the sale of Waretech Industrial Park in Grand Blanc for $14.9 million. The multi-tenant industrial property is located at 7075 S. Dort Highway in suburban Flint. JASCO International, Joshen Paper & Packaging and WGS Global Services fully occupy the 667,000-square-foot property. Rob Gemerchak and BJ Feller of Stan Johnson represented the seller, Dallas-based developer Covington Group. Triyar Cos. LLC, a Los Angeles-based private equity group, purchased the asset.
ST. LOUIS — Fields Foods has opened an 8,200-square-foot grocery store at the Lofts@Euclid, an apartment building in the Central West End of St. Louis. Cullinan Properties owns the building, which is located at the intersection of Euclid and Delmar streets. Fields Foods now shares the ground floor of the 87-unit property with The Medicine Shoppe. A grand opening took place on Thursday, Aug. 15. Many products offered at Fields Foods come from small- and mid-sized farmers and local vendors within 300 miles of St. Louis. Chris Goodson is the owner of Fields Foods.
MISHAWAKA, IND. — Marcus & Millichap has brokered the sale of Cedar Crest Apartments and Jefferson Estates, two adjacent multifamily properties in Mishawaka near South Bend. The sales price was $5 million. Cedar Crest Apartments is comprised of 56 units while Jefferson Estates includes 112 units. The properties feature swimming pools, clubhouses, covered parking and on-site laundry facilities. Scott Harris and Samuel McCarthy of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, neither of which were disclosed.