GRAYSLAKE, ILL. — Colliers International has negotiated the $6.5 million sale of Brittany Square Apartments in Grayslake, about 45 miles north of Chicago. The 83-unit apartment building, built in 1974, is located at 720 Brittany Square. Jack Maloney and Tyler Hague of Colliers represented the longtime family owner, Jim Freese. The undisclosed buyer plans to upgrade units and add a dog park and basketball court.
LEE’S SUMMIT, MO. — Marcus & Millichap has arranged the sale of Summit Oak, a 94-unit apartment property in Lee’s Summit, for $5.4 million. The property is located at 805 SW Mill St. and consists of eight buildings on nearly six acres. The unit mix includes 20 one-bedroom, 54 two-bedroom and 20 three-bedroom units. Bradley Barham and Max Helgeson of Marcus & Millichap represented the undisclosed buyer and seller.
JEFFERSONVILLE, IND. — Commercial real estate developer Hollenbach-Oakley LLC has unveiled plans for a 600-acre office campus at the River Ridge Commerce Center in Jeffersonville, located just across the Ohio River from Louisville, Ky. The project will be completed in two phases, the first 300 acres being developed as the River Ridge Gateway Office Campus. The remaining 300 acres will be developed as the River Ridge Research Campus. The River Ridge Development Authority recently approved the master development agreement. “This is a real game-changer for River Ridge,” says Jerry Acy, executive director of the River Ridge Development Authority. “To date, most of the development at the center has been logistics, manufacturing and warehousing jobs. We love the firms that are here, but the office and research park will be the perfect complement and draw a different type of employer to River Ridge.” The office campus will remain part of River Ridge Commerce Center and the River Ridge Development Authority will continue to develop significant infrastructure, such as roads, sidewalks and gutters. Hollenbach-Oakley will develop the office buildings and handle the sales and leasing efforts, as well as maintaining the campus infrastructure. Of the 6,000 acres in the River Ridge Commerce …
CHICAGO — The Habitat Company has received approval from the city’s planning commission to develop a $200 million mixed-use project in Chicago’s North Lawndale neighborhood. The Chicago Housing Authority (CHA), Sinai Health System, Cinespace Chicago Film Studios and the city of Chicago are serving as development partners for the 10-acre project. Known as Ogden Commons, the development will offer hundreds of mixed-income rental housing units in addition to approximately 120,000 square feet of retail and commercial space. The project will be situated on the site of the former CHA Lawndale development. Ogden Commons will be developed in multiple phases, with the first phase comprised of 45,000 square feet of commercial space, 15,000 square feet of retail space and a portion of the planned residences. Construction on the commercial space is expected to begin during the second quarter of 2019 with the residential work to follow. The entire development is slated for completion in 2021, at which time Cinespace and Sinai will occupy a significant portion of the commercial space, expanding on their current locations on Ogden Avenue across from the Ogden Commons site.
SCHAUMBURG, ILL. — Draper and Kramer has acquired North 680, a 180-unit apartment community in Schaumburg, a northwest suburb of Chicago. The purchase price was not disclosed. Draper and Kramer purchased the property as part of a 1031 tax-deferred exchange following the firm’s sale of Fieldpointe of St. Louis, a 318-unit community in suburban St. Louis. Located at 680 E. Algonquin Road, North 680 is comprised of 176 apartment units and four townhomes. Units range from 665 to 1,588 square feet. Amenities include a heated pool, dog park, clubhouse and fitness studio. Draper and Kramer plans to make select renovations to the property over time as needed.
DETROIT — SunTrust Banks Inc. has provided a $64.1 million loan for the refinancing of a three-property manufactured housing community located north of Detroit. The portfolio includes a total of 1,403 manufactured home sites. Two of the properties were built in the early 1970s and the other was constructed in 1989. Chris San Jose of Yale Realty & Capital Advisors arranged the loan on behalf of the local borrower. The fixed-rate loan features a 10-year term.
ADDISON, ILL. — Newmark Knight Frank (NKF) has arranged the sale of an 87,640-square-foot manufacturing facility in Addison, about 20 miles west of Chicago. Bridge Development Partners purchased the asset for an undisclosed price. Built in 2008, the building features 62,640 square feet of warehouse space and 25,000 square feet of office space. The facility includes three interior docks, one drive-in door and 128 car parking spaces. The property is situated on 4.6 acres at 133 N. Swift Road. Corey Chase and David Stremler of NKF represented the seller, a private investor. Chase also negotiated a lease renewal on behalf of the tenant, Associated Material Handling Industries Inc.
KALAMAZOOO, MICH. — NAI Wisinski of West Michigan has brokered the sale of an 18,600-square-foot office building in Kalamazoo for an undisclosed price. ABTZ Properties purchased the property and Braintrust Behavioral Health LLC will occupy the majority of the space. The building, located at 5942 Stadium Drive, will house Braintrust’s administrative and clinical staff offices as well as an autism center. The company is an independent healthcare provider focused on supporting children, families and adults with behavioral change.Kara Schroer of NAI Wisinski represented ABTZ Properties in the sale. Chip Hurley of Signature Associates and Noah Davey of NAI Cressy represented the undisclosed seller. NAI Wisinski has been retained as leasing agent for the approximately 3,000 square feet of remaining space.
INDIANAPOLIS — Colliers International has brokered the sale of a three-building industrial property spanning 823,088 square feet in Indianapolis. Franklin Road Distribution Center, located at 221 S. Franklin Road, spans 38 acres within the Indianapolis East submarket. The property is fully leased to 12 tenants, including Pioneer, Dimplex North America, Hoosier Freight & Warehousing, Balsam Brands, Horner Industrial Services, Continuum Games and Sherwin-Williams. Alex Cantu, Steve Disse and Jeff Devine of Colliers represented the seller, Real Capital Solutions. John Kuiper of Colliers represented the buyer, California-based CORE Realty Holdings Management Inc.
ST. LOUIS — Marcus & Millichap has arranged the sale of an 89,564-square-foot office building occupied by the regional field office of the Federal Bureau of Investigation (FBI) in St. Louis. The sales price was $21 million, according to the St. Louis Business Journal. The two-story building was completed as a build-to-suit for the FBI in 1999 and was expanded by approximately 15,000 square feet in 2008. Geoff Ficke of Marcus & Millichap represented the buyer, a government-focused real estate fund. The buyer plans to retain ownership through the end of the nine years left on the lease. The seller was not disclosed.
