GLENVIEW, ILL. — California-based Upside Foods, which produces lab-grown meat from animal cells, has unveiled plans to build its first commercial factory in Glenview, a northern suburb of Chicago. Called Rubicon, the facility will total 187,000 square feet. The factory will start by producing ground cultivated chicken products, with plans to expand to other species and formats in the future. Upside Foods will be the first tenant at the industrial park that is currently under construction at the site of the former Allstate corporate campus, according to Crain’s Chicago Business. Upside Foods says it is investing $140 million in the Midwest region and creating more than 75 new jobs.
DETROIT — Greatwater Opportunity Capital has unveiled plans to develop a $14 million affordable housing community in Midtown Detroit. The project marks Greatwater’s first-ever new-construction development. For the past 10 years, the firm has been renovating buildings in Detroit to restore housing and preserve affordability. The new development will be located at 3740 2nd Ave. and will feature 33 studios and 24 one-bedroom units along with first-floor commercial space and secure parking. Through the city’s NEZ property tax abatement, 20 percent of the units will be designated for residents earning up to 80 percent of the area median income. Completion is slated for spring 2025. Greatwater leveraged Opportunity Zone funds and financing from Diversified Members Credit Union for the project. McIntosh Poris is the architect, and the Monahan Co. is the general contractor.
COLUMBUS, OHIO — Colliers Mortgage has provided a $10.8 million Fannie Mae loan for the acquisition of The View on Grant, an 86-unit apartment complex in Columbus. The property, situated in the Discovery District, is an adaptive reuse of a former five-story steel pressing factory. The community features a public café and a 43-space, automatic stacked parking garage. Zach Shope of Colliers originated the 10-year loan on behalf of the borrower, VOG Owner LLC.
STERLING, ILL. — Quantum Real Estate Advisors Inc. has brokered the $1.9 million sale of a 40,880-square-foot retail center in Sterling, a city in Northwest Illinois. Some of the tenants include Joann Fabrics, Sherwin-Williams and CosmoProf. Jason Lenhoff of Quantum represented the seller, a national private real estate investor. The buyer was a private real estate investor based in Illinois.
GILBERT, ARIZ. — The Wolff Co. has completed the disposition of Aiya, an apartment property in Gilbert. Olympus Property acquired the asset for $112 million, or $311,11 per unit. Built in 2022 on 16 acres, Aiya features 360 studio, one-, two- and three-bedroom apartments with high ceilings, oversized windows and washers/dryers. Community amenities include electric vehicle charging stations, a swimming pool and spa, a conference room, private offices and a community kitchen with an espresso bar. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Additionally, Brain Eisendeath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged acquisition financing for the buyer.
SAN JOSE, CALIF. — Institutional Property Advisors (IPA) Capital Markets, a division of Marcus & Millichap, has arranged $62.1 million in acquisition financing for DUO Apartments, a multifamily property in San Jose. Built in 2020 on 4.6 acres, DUO Apartments features 301 residences and is 11 miles from downtown San Jose. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets originated the financing on behalf of the undisclosed borrower. IPA’s Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni brokered the sale of the leasehold interest. The 10-year, interest-only, government-sponsored loan is fixed at a 5.37 percent rate and features a 65 percent loan-to-value ratio.
GILBERT, ARIZ. — NAI Horizon has arranged the sale of an office building located at 1555 N. Fiesta Blvd. in Gilbert. The Commerce Insurance Co. sold the property to Graduation Solutions for $10.6 million. The buyer will relocate its business to the 29,000-square-foot second floor of the Fiesta Boulevard office building. Woodside Homes occupies the first floor of the property. Don Morrow and Dylan Whitwer of NAI Horizon represented the seller, while Julie Hance of Rick Brandt Real Estate represented the buyer in the transaction.
BYLAS, ARIZ. — Willmeng Construction has broken ground on Clarence Wesley Health Center, which will serve the San Carlos Apache Tribe’s community in Bylas. Designed by Cuningham Architects, the 34,000-square-foot health center will provide the community with a modern medical facility, offering dental, pharmacy, optometry and imaging services. Clarence Wesley Health Center will replace the existing facility. Completion is slated for first-quarter 2025. The namesake of the new facility, Clarence Wesley, was dubbed “A Champion of Indian Rights.” Wesley served as chairman of the San Carlos Apache Tribe, president of the Inter-Tribe Council of Arizona and president of the National Congress of American Indians.
SUN CITY WEST, ARIZ. — CBRE has arranged the sale of Sun West Medical Complex, a medical office property located at 13920 W. Camino Del Sol in Sun City West. Miami-based Creative Realty Group sold the property to a private buyer for $4.6 million. Built in 2001, the 17,484-square-foot complex was 92 percent occupied at the time of sale. Situated on 1.7 acres, the asset features 60 parking spaces and 16 covered spaces. Geoffrey Turbow, Gary Cornish and Nick Williams of CBRE’s Investment Properties represented the seller in the deal.
EDGERTON, KAN. — Contegra Construction Co. has started construction of Inland Port 9, a 1 million-square-foot distribution center located in the Kansas City suburb of Edgerton. NorthPoint Development is leading the the project, which is situated within Logistics Park Kansas City (LPKC), a 3,000-acre, master-planned development that was launched 10 years ago. Inland Port 9 will feature a clear height of 40 feet, 100 dock doors and four drive-through doors. The building will also include flexible space for a single tenant or multiple tenants with options for office space. The facility includes eight make-up air units and exhaust fans, as well as 14 high-volume, low-speed fans for continuous air circulation. Parking will be available for 479 cars and 352 trailers. The project is scheduled for completion in February 2024. LPKC is a rail-served facility approximately 25 miles southwest of downtown Kansas City. The park currently hosts more than 14.4 million square feet of industrial space and has the capacity for a total of 30 million square feet. BNSF Railway’s intermodal facility anchors the property. Inland Port 9 will be the second distribution center that Contegra has built at LPKC. The company previously constructed an 850,000-square-foot project for Northpoint Development at the …