NEW BERLIN, WIS. — Founders 3 Real Estate Services has brokered the sale of Western Racquet Club’s 58,320-square-foot industrial building in New Berlin for $1.7 million. An affiliate of Milwaukee investor LCM Funds Real Estate LLC purchased the property with plans to renovate and re-lease the building. UNITS Moving and Portable Storage will partially occupy the facility. Brett Deter of Founders 3 represented the buyer and lessee.
CHICAGO — Associated Bank has arranged a $50 million syndicated loan for the construction of a 261-unit multifamily project in Chicago’s South Loop. The project, under development by CMK Cos., will consist of two connected buildings located at 51 E. 14th St. and 1419 S. Wabash Ave. The complex will also include 10,410 square feet of retail space and 95 parking spaces. Construction is slated for completion in August 2019. As lead arranger, Associated Bank is holding $20 million of the loan, with the remainder syndicated to Great Southern Bank, United Community Bank and First Community Bank. Elizabeth Hozian of Associated Bank managed the loan.
DELAWARE, OHIO — Gladstone Commercial Corp. has acquired a single-tenant 157,810-square-foot industrial facility in the Columbus-area community of Delaware. The purchase price was not disclosed. The building serves as the headquarters and primary manufacturing facility for Acoust-A-Fiber, which manufactures acoustic, thermal management solutions for the automotive industry. The property is situated on 14.7 acres at 759 Pittsburgh Drive. Robin Stolberg, Kurt Sarbaugh, Nick Foster, Ken Martin and Sam Berry of HFF represented the seller, Agracel.
ST. LOUIS — Tarlton Corp. is constructing a new $12 million parking garage in the Cortex Innovation Community in St. Louis. The five-level garage will provide spaces for 678 vehicles. Completion is slated for May 2019. HOK is the architect. The project is the first of three parking garage projects planned for the district. The Cortex Innovation Community is home to 350 technology-related businesses.
HOLLAND, OHIO — Signature Associates has negotiated the sale of a 104,200-square-foot industrial building in Holland, a suburb of Toledo. The sales price was not disclosed. The property is located at 6145 Merger Drive. Joe Banyai of Signature Associates brokered the transaction. Honey Baked Foods Inc. purchased the building from Merger Investment Group LLC.
SUGAR GROVE, ILL. — The Boulder Group has arranged the $10.9 million sale of a single-tenant property net leased to Jewel-Osco in Sugar Grove, a western suburb of Chicago. The 61,301-square-foot building is located on 7.9 acres at 465 N. Illinois Route 47. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private real estate investment company based in the Southwest. A California-based private investor was the buyer.
CHICAGO — An affiliate of Beacon Capital Partners has acquired 303 East Wacker, a 944,000-square-foot riverfront office tower in Chicago’s East Loop, for $182 million. Completed in 1980 by Metropolitan Structures, the 30-story tower has two penthouse levels and floor-to-ceiling windows offering unobstructed, 360-degree views of the Chicago River, Lake Michigan and the city skyline. A lower-level retail concourse at the property connects it directly to the Swissotel and Hyatt Regency Chicago hotels. The building also features a 294-space parking lot. The JLL Capital Markets team of Bruce Miller and Nooshin Felsenthal brokered the sale on behalf of the seller, Franklin Street Properties, while Keith Largay and Heather Brown arranged acquisition financing for the buyer. Previous owners of the trophy office building include a joint venture between Hines and J.P. Morgan Fleming Asset Management. The companies held the property from 1997 to 2007, implementing a renovation program before selling to Franklin Street Properties. Hines was still managing the leasing of the property at the time of sale to Beacon. Fujikawa Johnson & Associates was the original architect of the property. Notable tenants include AECOM, Hewlett-Packard, Kelly Scott Madison, Maximus Inc., Northwestern University, Senior Lifestyle Management LLC and XPO Logistics. Beacon …
CHICAGO — Lendlease has opened The Cooper at Southbank, a 29-story, 452-unit apartment tower in Chicago’s South Loop. It is the first project both built and developed by the firm in the Chicago market. The Cooper is one of five residential buildings planned for Southbank, a seven-acre neighborhood development along the South Branch of the Chicago River. Floor plans range in size from 451 to 1,104 square feet. Monthly rents start at $1,710. In addition to apartment units, six penthouses and 26 townhomes will be available for rent starting in January. Amenities span more than 35,000 square feet on the sixth floor and include a terrace, pool, pizza oven, bocce ball court, fitness center with Peloton bikes, virtual sports simulator, musical instrument lounge and reading room. Pet amenities, including a dog run and grooming station, are located on the fifth floor. Southbank’s central amenity will be a two-acre park. Perkins+Will serves as the principal architect for Southbank. Hoerr Schaudt is the landscape architect. The Cooper is named after several Chicago creative pioneers, including the artistry of Frederick Cooper’s lighting, the craftsmanship of Oswald Cooper’s lettering and typefaces, the ingenuity of Martin Cooper’s inventions and the spirit of Jack L. Cooper’s early radio …
DAVENPORT, IOWA — Equity Investment Group has acquired a 113,713-square-foot shopping center anchored by Hv-Vee in Davenport for an undisclosed price. Known as Kimberly West shopping center, the property is 87.8 percent leased. Other tenants include Great Clips, Tony’s Chicago Style Pizzeria, Rent-A-Center, Citizens Finance Co., Amana Medical Care and Lily Massage. Amy Sands, Clinton Mitchell and Jules Sherwood of HFF represented the seller, Brixmor Property Group.
DETROIT — Greystone Bel has arranged the sale of Carlton Apartments in Detroit for an undisclosed price. The 144-unit, garden-style apartment community is located in the Lafayette Park neighborhood. Built in 1971 and located at 1387 East Larned St., Carlton Apartments offers studio, one-and two-bedroom floor plans. Cary Belovicz of Greystone Bel represented the undisclosed seller. Belovicz, along with John Marr of Greystone, also secured a 10-year Fannie Mae loan that features a 4.96 percent fixed rate on behalf of the buyers, Andover Real Estate Partners and The M-Group.