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.
ST. LOUIS PARK, MINN. — Dekel Capital has arranged a $41 million bridge loan for Central Park West, a 199-unit multifamily property in St. Louis Park. Ares Real Estate Group, which manages debt funds, provided the financing that will be used to retire the existing construction loan and provide for the continued lease-up and stabilization of the property. The community is currently 81 percent leased. Central Park West features a mix of studio, one-, two- and three-bedroom units. Property amenities include a clubhouse, business center, pool, fitness room and outdoor seating areas.
HARVARD, ILL. — A joint venture of Brennan Investment Group LLC and a client of Arch Street Capital Advisors LLC has acquired a 1.3 million-square-foot distribution facility occupied by True Value Co. in Harvard, located approximately 30 miles northeast of Rockford, Ill. The purchase price was not disclosed. True Value, a hardware wholesaler, has occupied the property since 1998. This is the final acquisition in a portfolio owned by Brennan and Arch Street, but the companies plan to launch another venture to continue to seek single-tenant, net-leased industrial properties. David Berglund and Tom Shepherd of Colliers International represented the seller, Industrial Realty Group LLC.
TERRE HAUTE, IND. — Newmark Knight Frank (NKF) has brokered the sale of Honey Creek Mall in Terre Haute for an undisclosed price. JC Penney and Vendor’s Village anchor the 676,322-square-foot regional mall. Additional retailers include American Eagle, Bath & Body Works, Hollister, Shoe Dept. Encore and Ulta Beauty. Located near I-70, the property is the only enclosed regional mall within a 50-mile radius. Thomas Dobrowski of NKF represented the seller, CBL Properties. The property sold for $14.6 million to Out of the Box Ventures, according to the Tribune-Star newspaper.
MILWAUKEE — Evergreen Real Estate Group and Legacy Midwest Renewal Corp. (LMRC) have opened Legacy Lofts in Milwaukee’s Lindsay Heights neighborhood. The 64-unit, mixed-income rental community, located at 1500 W. North Ave., is partially housed in the former Blommer Ice Cream Factory, a three-story structure that was built in 1928 and sat vacant for nearly two decades. The developers preserved the original building in accordance with National Park Service guidelines and converted it into 38 apartment units. A three-story addition to the factory houses another 26 units. Of the 64 units, 54 are affordable to households earning less than 60 percent of the area median income. Continuum Architects + Planners was the architect for the $13.9 million project. U.S. Bank, Associated Bank, the city of Milwaukee, the Wisconsin Housing and Economic Development Authority and IFF provided additional financial support. In addition to the residences, the project includes 1,565 square feet of street-level commercial space that houses the new offices of LMRC.
MADISON AND MILWAUKEE, WIS. — Cushman & Wakefield | Boerke has arranged the sale of a building formerly occupied by Babies ‘R’ Us in Madison and a building formerly occupied by Toys ‘R’ Us in Milwaukee. The 45,451-square-foot Babies ‘R’ Us sold for $3.2 million. The 38,000-square-foot Toys ‘R’ Us sold for $2.6 million. John Kuhn, Nathan Powers and David Tighe of Cushman & Wakefield | Boerke represented the sellers.
Like many U.S. cities, Wichita’s downtown has experienced an unprecedented revitalization in recent years, with new development and the reimagining of older structures. Growth in the core is not slowing anytime soon if current projects under construction or on the drawing board are any indication. A number of projects, revolving around a new baseball stadium, are poised to inject new life into the historic Delano District. Plans for a new performing arts center are under discussion, and major mixed-use developments and public improvement projects along East Douglas Avenue are positioned to enhance the link between Delano and the city’s Old Town district. According to the organization Downtown Wichita, more than $1 billion has been invested in the urban core in the last 10 years, $631 million of which was private investment. The city center has retained a number of high-profile businesses after a decade of notable companies relocating to northeast suburban office locations. Project pipeline Following the recent addition of more than 800 apartment units in and around the central business district, commercial activity is on the upswing. The Spaghetti Works District, expected to be completed this fall, is a $23 million mixed-use development led by TGC Development Group and …
CHICAGO — General contractor Skender has launched modular building production at its advanced manufacturing facility on Chicago’s Southwest Side at 3348 S. Pulaski St. Modular building, which is completed onsite, reduces both price and delivery schedule. A ribbon-cutting ceremony took place on Tuesday, May 28. Chicago Mayor Lori Lightfoot, who attended the event, said that the project will help generate job growth and advance a creative solution to address the affordable housing shortage. The first modular building project will be 10 affordable apartment buildings from developer Sterling Bay. The three-flat buildings will be completed and ready for occupancy in a nine-week production schedule, 80 percent faster than conventional construction methods, according to Skender. At full capacity in about 18 months, Skender’s facility will employ 150 workers.
PLYMOUTH, WIS. — SRS Real Estate Partners has arranged the $5 million sale of a single-tenant property occupied by Walgreens in Plymouth near Sheboygan. The 14,490-square-foot freestanding building is located at 2455 Eastern Ave. Built in 2004, the property is situated on 1.5 acres. Walgreens has 11 years remaining on its lease term. Dan Elliot and Sean Lutz of SRS represented the seller, Torrington Development Inc. MEI Realty purchased the building.
EDEN PRAIRIE, MINN. — Stahl has completed construction of the expansion and renovation of Prairie View Elementary and Middle School in Eden Prairie. The school serves children from early childhood through eighth grade. The $9.6 million expansion added approximately 42,000 square feet to the existing 124,000-square-foot school. In particular, the school features a new classroom wing, gymnasium and exterior storage building. Wold Architects and Engineers designed the project in collaboration with the Elk River Area School District, which expanded the school due to recent substantial population growth in the area.