CHICAGO — Colliers International | Chicago has moved its downtown operations to 71 S. Wacker Drive. The 17,000-square-foot space will house the company’s valuation and advisory services, Chicago office advisory group and corporate solutions teams. The firm will continue to have a strong presence in Rosemont, where its industrial advisory, supply chain logistics, investment services and office leasing groups reside. The downtown office has 83 workspaces, of which 55 are workstations and 28 are private offices. In addition, the new office includes client workspace, wellness rooms and a café-style break area. The Irvine Company owns the 48-story, 1.5 million-square-foot office tower.
DETROIT — Bedrock has purchased The Broadway clothing store located at 1247 Broadway St. in Detroit. Pepper Martin, the store’s owner, has announced his retirement after more than 40 years in business. A liquidation sale at the 3,000-square-foot store began this week. The Broadway sells high-end and exotic clothes from around the world, including Italian suits and sweaters, alligator and ostrich shoes, fur and leather jackets and an assortment of shirts, jeans and dress pants. The store has served many national and local celebrities including Tony Bennett, Steve Harvey, Isiah Thomas, Detroit Mayor Coleman Young, Tommy Hearns, Kid Rock, The Temptations, George Clinton, Oral Roberts, Notorious BIG and Mike Epps. Financial details of the sale were not disclosed. The store will close in early spring, or when all the inventory is sold. Bedrock is the real estate arm of billionaire businessman Dan Gilbert.
CINCINNATI — City Club Apartments has executed a lease for a 6,000-square-foot rooftop restaurant and bar at its apartment property in Cincinnati. Scheduled to open in spring 2019, the 10th-floor restaurant will include indoor and outdoor seating, as well as handcrafted cocktails, wine and craft beer. The owners will share the concept’s name and additional details at a later date, according to Jonathan Holtzman, CEO of City Club Apartments. The apartment property includes 294 units and penthouses with 50 different floor plans. City Club Apartments had previously announced a 10,000-square-foot specialty market and a 1,000-square-foot wellness café on the first floor.
ROSSFORD, OHIO — Eidi Properties has acquired Crossroads Centre and Rossford Pointe near Toledo for an undisclosed price. RPT Realty, a publicly traded real estate investment trust, was the seller, according to The Blade, Toledo’s daily newspaper.Crossroads Centre is a 470,225-square-foot power center anchored by Target and Home Depot. Rossford Pointe spans 47,477 square feet. Toledo-based Eidi Properties now owns 40 shopping centers.
GLENVIEW, ILL. — Allstate Investments has provided a $27.5 million acquisition loan for Valley Lo Tower II, a 112-unit, mid-rise multifamily property in the northern Chicago suburb of Glenview. Valley Lo offers a mix of one-, two- and three-bedroom floor plans. Community amenities currently include a 2,300-square-foot clubhouse, an outdoor swimming pool and tennis court. Matthew Schoenfeldt of HFF arranged the loan on behalf of the borrowers, The Marquette Companies and LEM Capital. The buyer plans to make upgrades to the amenities.
CHICAGO — Thor Equities Group has sold its two-level retail property at 36 S. State St. in Chicago for $26 million. Jenel Management Corp. purchased the asset. Verizon, T-Mobile and Blick Art Materials fully occupy the 18,800-square-foot property. Thor Equities purchased the entire 19-story building for $10.3 million in 2004, before selling the upper floors to a developer for conversion to residential condominiums.
TAYLORVILLE, ILL. — Adelphia Properties has brokered the $4.4 million sale of a single-tenant property net leased to CVS Pharmacy in Taylorville, about 25 miles southeast of Springfield. The 13,255-square-foot building is located at 401 N. Webster St. George Spirrison and Simeon Spirrison of Adelphia represented the buyer, a private investor. CVS has more than 22 years remaining on its lease.
SHELBYVILLE, IND. —Shelbyville Redevelopment Commission has purchased a 184-acre industrial site along I-74 in Shelbyville, about 30 miles southeast of Indianapolis, for $3.9 million. The organization plans to develop an industrial park. The site was assembled from two tracts owned by First Presbyterian Church of Shelbyville and Krone, a German farm equipment manufacturer. Shelbyville and Shelby County equally funded the acquisition through a 10-year bond sale.
MINNEAPOLIS — The Opus Group has acquired Target Corp.’s former west corporate campus in Minneapolis. Opus plans to convert the single-tenant office building into multi-tenant office space. Tactile Medical will anchor the development, according to the Minneapolis/St. Paul Business Journal. The building spans 310,000 square feet and is situated on 24 acres. In addition to the conversion project, Opus will also modernize and improve the common areas. Plans call for improved lighting, a new cafeteria and a rooftop amenities deck with a clubhouse, entertainment space, pool table and conference room. The improvements are slated for completion by spring 2019. Perkins+Will provided interior design consulting services for the project. Paige Rickert and David Marschinke of CBRE will market the property for lease on behalf of Opus and also represented Target in the sale. Target still maintains its headquarters in Minneapolis along Nicollet Mall.
CLEVELAND — PGIM Real Estate Finance has opened a new Cleveland office and hired an originations team led by Bruce Gerhart and David Strachan. PGIM Real Estate Finance is the commercial mortgage finance business of PGIM, the $1 trillion global investment management business of Prudential Financial Inc. (NYSE: PRU). The new team will be responsible for sourcing and originating loans for affordable housing, Federal Housing Administration (FHA) multifamily, healthcare and seniors housing with a focus on Ohio, Michigan and the Midwest region. The team will report to Hal Collett, head of FHA and affordable lending for PGIM Real Estate Finance. Gerhart, Strachan and their production team of Thomas Bruce and Troy Buckley formerly worked together at Love Funding Corp.