PEORIA, ILL. — Portland, Ore.-based breakfast chain Original Pancake House will open a 3,800-square-foot restaurant within Grand Prairie Developments, a 200-acre mixed-use development by Cullinan Properties Ltd., in Peoria. The landlord will break ground on a new space for the restaurant this spring, with the opening slated for October. Major anchors at Grand Prairie Developments include AMC Theatre, Hy-Vee and Dick’s Sporting Goods in addition to numerous restaurants, retail stores and five hotels. Adjacent to the development is the $18 million Louisville Slugger Sports Complex estimated to draw 450,000 visitors each year.
MAYFIELD HEIGHTS, OHIO — CA Senior Living LLC, the senior housing investment and development division of Chicago-based CA Ventures, has started construction of a seniors housing community in Mayfield Heights, approximately 12 miles east of downtown Cleveland. The two-story building will offer 100 independent living, 60 assisted living and 32 memory care units. Apartment sizes range in size from 403-square-foot studios to 836-square-foot two-bedroom units. The property will offer five single-story cottages, each offering two 1,680-square-foot residences. Common areas will add 61,000 square feet to the property, which is slated to open in summer 2020. Southfield, Mich.-based Harley Ellis Devereaux designed the project, which is located near restaurants, retail and healthcare, including Hillcrest Hospital. Chattanooga, Tenn.-based EMJ Corp. is serving as general contractor. CA Senior Living currently has 23 communities operating or under construction throughout the U.S. CA entered the Ohio senior housing market in 2017 with the completion of The Sheridan at Mason, located in Deerfield Township near Cincinnati.
INDIANAPOLIS — NorthMarq Capital has arranged a $4.3 million Fannie Mae supplemental loan for Wildwood Apartments, a 324-unit multifamily property in Indianapolis. Wildwood Apartments features communal amenities such as a pool, fitness center, basketball court, tennis court and a playground. David Garfinkel of NorthMarq placed the loan, which carries a five-year term and a 30-year amortization schedule, on behalf of the undisclosed borrower. Proceeds will be used to fund continued value-add programs and upgrades to the unit interiors and amenity spaces.
CHICAGO — Interra Realty has arranged the sale of 1827 W. Hubbard, a 33,000-square-foot flex office building in Chicago’s West Town neighborhood. Chicago-based Dayton Street Partners LLC paid $3.9 million to acquire the structure located within the Kinzie Industrial Corridor. Interra’s Colin O’Malley and Jon Morgan represented the private seller. Built in 1960, the 33,000-square-foot building is currently leased to a single tenant, Tablescapes Chicago Party Rentals. The property features 6,320 square feet of fully conditioned showroom space, two loading docks and a paved parking lot with space for 34 vehicles. The city’s proposed rezoning of the Kinzie Industrial Corridor is attracting strong interest from investors and developers as they look to move west of Fulton Market, according to Interra Realty. The property is located less than a mile from Metra’s Western Avenue station and the Chicago Transit Authority’s Green/Pink Line station at Ashland/Lake. The planned Green Line stop at Damen/Lake, scheduled for completion in 2020, is expected to further enhance accessibility in the immediate area, which is approximately one mile from both the Kennedy and Eisenhower expressways.
DOWNERS GROVE, ILL. — The Boulder Group, an investment brokerage firm specializing in net-leased properties, has brokered the $3.2 million sale of a 6,267-square-foot retail asset in Downers Grove, about 25 miles west of Chicago. Located at 336-338 W. Ogden Ave., the property was fully leased at the time of sale to three tenants: Five Guys, ATI Physical Therapy and Sports Clips. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a local investor, in the transaction. The buyer was a private investor based in California. There are approximately 253,000 people earning an average household income of $121,377 living within a five-mile radius of the property.
RACINE, WIS. — Evergreen Real Estate Group has completed a $2 million renovation of Durand Plaza, a 72-unit affordable seniors housing community in Racine, approximately 25 miles south of Milwaukee. Evergreen acquired the property in October 2017 and has managed it since then. Durand Plaza comprises four two-story buildings originally constructed in 1970. In addition to the 72 residential units, the property includes a community room with television and shared kitchen, as well as an onsite laundry room. During the remodel, all buildings received new roofs and windows as well as mechanical improvements. Corridors, stairwells and common areas were refreshed with new carpet, paint and lighting. Exterior improvements included repaved parking lots, repaired sidewalks, masonry updates, new perimeter fencing, landscaping, a new monument sign and a new patio with seating that complies with the Americans with Disabilities Act (ADA).
Long before the emergence of Fulton Market, local real estate professionals referred to the West Loop as the office submarket between Wells Street and immediately west of the Chicago River. But today some also refer to the Fulton Market area, an area one mile west and across a natural boundary of the Kennedy Expressway, as the West Loop. So which is it? The West Loop is the leading — and by far the largest — office submarket in Chicago with over 50 million square feet of office space inventory. Its proximity to public transportation and wide setbacks along Wacker Drive and the Chicago River offer better view corridors and more access to natural light — key competitive advantages in an area that permits more buildable density than the periphery of the central business district (CBD). On the other hand, Fulton Market has its own distinct “edgy” identity that some area office tenants consider the antithesis of the Loop (recall that the original reference to the Loop meant the area surrounded by the Elevated CTA tracks, the “El,” that loops around the CBD). The West Loop proper has witnessed significant change in the last 10 to 15 years. The …
Jeff Weidell, president of NorthMarq, recognizes there is still plenty of money out there to sustain activity levels in 2019. He also recognizes, however, that lenders are becoming prudent in this extra-long real estate cycle. This has caused borrowers to flex their creative muscles as they fund their projects in the interim period between redevelopment and sale. Weidell notes that bridge financing is extremely active and popular, with many borrowers doing what they can to leverage the entire capital stack as we wait to see where this market is headed. Watch the video for more insights from Weidell about what 2019 will bring to the commercial real estate lending landscape.
DETROIT — Fiat Chrysler Automobiles (FCA) plans to invest a total of $4.5 billion in five of its existing Michigan plants as well as build a new assembly plant within the city of Detroit. The move would increase capacity to meet growing demand for the automobile manufacturer’s Jeep and Ram brands, including production of two new Jeep-branded white space products as well as electric models. The proposed projects would create nearly 6,500 new jobs. In response to a shift in consumer demand toward SUVs and trucks, the company in 2016 began discontinuing compact car production and retooled plants in Illinois, Ohio and Michigan to make full use of available capacity to expand the Jeep and Ram brands. Those actions have resulted in the recent launches of the all-new Jeep Wrangler, Ram 1500 and the introduction of the Jeep Gladiator. FCA would invest $1.6 billion to convert two plants that comprise the Mack Avenue Engine Complex into the future assembly site for the next-generation Jeep Grand Cherokee, as well as a three-row Jeep SUV and plug-in hybrid models. FCA plans to start construction of the new Detroit facility by the end of the second quarter. The first three-row vehicles are expected …
SOUTH BEND, IND. — Sinatra & Co. Real Estate and L5 Investments, along with Odyssey Properties Group Inc., have acquired Castle Point in South Bend for $56 million. The 740-unit multifamily property is comprised of 32 two-story buildings. A 25,000-square-foot amenity area features a fitness center, basketball courts, racket ball courts and pool. Sinatra & Co. plans to implement a value-add program, including unit and common area upgrades with a focus on fitness and technology. Sinatra & Co. Management will manage the property. Cushman & Wakefield brokered the sale. The seller was not disclosed. Pennybacker Credit I LP provided a preferred equity investment.