CHICAGO — Black Creek Group has purchased three industrial buildings in metro Chicago for an undisclosed price. The properties include 2770 Alft Court in Elgin, 1881 Normantown Road in Romeoville and 351-355 Hastings Drive in Buffalo Grove. Each of the facilities is fully leased. Black Creek Group is a Denver-based real estate investment manager and development firm.
INDIANAPOLIS — A&G Realty Partners has arranged the sale of a 58,692-square-foot educational building in Indianapolis for $1.8 million. The facility was formerly an ITT Tech school owned and operated by now-bankrupt ITT Educational Services. Mercy Road Church has purchased the property with plans to operate the first floor as a church and lease the second floor to a coworking space for nonprofits and faith-based businesses. The sale marks the completion of A&G’s national disposition of 31 properties formerly owned by ITT Educational Services for a total of $88 million.
CHICAGO — Meijer continues to roll out its “shop & scan” mobile shopping checkout program, announcing 23 stores in Chicago and northwest Indiana following success in Michigan test markets. The technology is available through the Meijer mobile app. Users can scan bar codes on items as they shop. A running total of items is calculated and shoppers can scan their phones at a self-checkout lane to pay. The Meijer mobile app has been downloaded more than 1.1 million times since the pilot launch at 54 Michigan stores last year, according to Gerald Melville, regional vice president. More than 80 percent of Meijer customers have repeatedly used the app. Grand Rapids, Mich.-based Meijer will continue to roll out the program at stores throughout 2019. The grocer operates more than 240 stores throughout Michigan, Ohio, Indiana, Illinois, Kentucky and Wisconsin.
KANSAS CITY, MO. — Berkadia has arranged the sale of The Landings at River Market, a 141-unit apartment property in Kansas City. The sales price was not disclosed. Located at 213 Delaware St., the property is comprised of three historic buildings known as Askew Saddlery, Volker Place and Pacific House. The buildings were originally constructed for industrial use in the mid-to-late 1800s and were transformed to residential use in the 1990s. Michael Sullivan, Brett Meinzer and Alex Blagojevich of Berkadia brokered the transaction. A joint venture between Artemis Real Estate Partners and CRES Management LLC sold the asset to California-based Canyon View Capital.
BROOKLYN PARK, MINN. — Midas Hospitality has opened a 107-room Home2 Suites by Hilton hotel in Brooklyn Park, its second hotel within the city. The nearly 58,000-square-foot hotel is part of a $28 million development. The property includes suites with fully equipped kitchens designed for extended-stay use. Amenities include an indoor pool, meeting room, fitness area and patio. MC Hotel Construction served as the general contractor.
CHICAGO — Interra Realty has negotiated the $7.8 million sale of a two-property affordable housing portfolio in Chicago’s Washington Park neighborhood. The properties, spanning 99 units, include the two-building Michigan Corners and the six-building Michigan Plaza. The buildings were constructed in the late 1990s. David Goss, Jon Morgan and Lucas Fryman of Interra represented the buyer, Jarrell Housing Group, as well as the seller, St. Edmund’s Redevelopment Corp. Jarrell Housing Group plans to improve the properties and maintain the units as affordable for renters earning up to 60 percent of the area median income. Jarrell agreed to assume the seller’s existing city of Chicago and Illinois Housing Development Authority loans when it purchased the property. The buyer also obtained tax credits from CREA LLC, an Indianapolis-based full-service tax syndicator that specializes in affordable housing, for the planned renovations.
ARLINGTON HEIGHTS, ILL. — Colliers International has brokered the sale of a 46,920-square-foot industrial facility in Arlington Heights for an undisclosed price. The sales price was not disclosed, but the asking price was $2.4 million. Situated on 1.1 acres at 2605 Clearbrook Drive, the property features a clear height of 16 feet, 3,000 square feet of office space, two interior docks and LED lighting. The buyer, Misa Imports, is a wine distributor. Misa currently operates two separate buildings in Elk Grove Village, but plans to consolidate both at the Arlington Heights property. Kelly Joyce and Suzanne Serino of Colliers represented the seller, a private investor. Karla Thomas and Lina Zoraikat of Urb & Burb Realty represented the buyer.
CHICAGO — JDL Development Corp. has received construction financing for One Chicago Square, an $850 million mixed-use tower in Chicago. The 76-story, 1.5 million-square-foot development will be located in the city’s River North submarket. The project’s senior construction lender is Bank OZK. Other sources of financing for this project include an investment from equity partner Wanxiang America Real Estate Group, as well as $260 million in preferred equity and mezzanine financing from Square Mile Capital Management LLC. One Chicago Square will include 735 apartment units and 77 condominium units. The project’s 193,000 square feet of retail space is largely pre-leased to Whole Foods Market and Life Time Athletic. Plans also call for office space, event space and 1,000 parking spaces. The property will occupy a full city block on the site of a former parking lot that JDL purchased from the Archdiocese of Chicago. Construction is expected to take three years, with completion slated for year-end 2022. Project architects include Goettsch Partners and Hartshorne Plunkard Architecture. JDL is a Chicago-based residential developer founded by Jim Letchinger. Wanxiang America Real Estate Group is a unit of a Chinese auto-parts company. New York-based Square Mile Capital is an integrated institutional real estate …
CHICAGO — United Airlines has decided to keep its headquarters at Willis Tower in Chicago. The airline will partner with the building’s owner, Blackstone, to make major investments in transforming the workspace over the coming months and years. United plans to redesign workspaces to enable employees to better collaborate and use the latest technology. The investments are also part of an initiative to recruit and retain top talent from Chicagoland. The new agreement extends United’s existing 850,000-square-foot lease to March 31, 2033. Molly Carroll, Andrea Van Gelder, Kevin Rogers and Alexa Jennings of JLL represented United in the lease transaction. Blackstone is already in the midst of a $500 million renovation at Willis Tower for all tenants.
ST. LOUIS — Saint Louis University (SLU) has selected Cullinan Properties to develop a 14-acre site at the corner of Grand Boulevard and Chouteau Avenue in midtown St. Louis. The site will house an 850,000-square-foot mixed-use development adjacent to SSM Health Saint Louis University Hospital, which is under construction and slated for completion in spring 2020. The mixed-use development will connect SLU’s north and south campuses and will include retail, entertainment, restaurant, office and hotel space. Cullinan Properties is partnering with BatesForum and Clayco for design-build services. Stock & Associates Consulting Engineers Inc. will handle civil engineering services. Jim Loft, Carrie Hermann and Justin Moses of Colliers International have been selected to lead the office leasing while Patty Kueneke and Kathleen Cullinan Brill of Cullinan Properties will handle all other leasing inquiries. A timeline for construction was not disclosed.