CHICAGO — Sterling Bay has topped out construction of 360 North Green, a 24-story office building in Chicago’s Fulton Market district. Boston Consulting Group will serve as the anchor tenant upon completion and has leased roughly 250,000 square feet. The firm plans to relocate nearly 1,000 employees from Chicago’s Loop. Totaling nearly 500,000 square feet, the development will include amenities such as private outdoor terraces. The project will also feature more than 5,000 square feet of ground-floor retail space. Gensler is the architect and Power Construction is the general contractor. Completion is slated for February 2024.
JANESVILLE, WIS. — Chase Properties has acquired Pine Tree Plaza in Janesville, about 70 miles southwest of Milwaukee. The purchase price was undisclosed. The 184,834-square-foot shopping center is home to tenants such as TJ Maxx, HomeGoods, Michaels, Old Navy and Petco. The property was 82 percent leased at the time of sale. Ben Snyder and Zack Bates of Matthews Real Estate Investment Services brokered the transaction, which marks Chase’s sixth acquisition within its Chase Properties Retail Opportunities Fund IV. Chase is an Ohio-based owner and operator of shopping centers.
DETROIT — A 50-unit, 32,248-square-foot Veterans Affairs domiciliary and health clinic has opened in Detroit. Baker Barrios Architects served as the architect for the adaptive reuse project, which involved the conversion of a two-story office building originally completed in 2008. The property once housed the corporate offices of the Michigan Basic Property Insurance Association. In addition to the clinic, the building now houses 50 transitional residential units, a computer lab, clubhouse, therapy rooms, indoor and outdoor multipurpose spaces and administrative offices. The project was designed to support the mission of the John D. Dingell VA Medical Center by offering a safe home with programming to help veterans establish a path to independent living.
MERRILLVILLE, IND. — Evans Senior Investments (ESI) has arranged the sale of a 48-unit assisted living and memory care community in Merrillville, a city in Northwest Indiana. A regional family ownership group sold the asset to Lloyd Jones for an undisclosed price. The community was originally purpose-built for memory care in 2016 and received in-place rents above $5,000 a month at that time. In late 2019, the community began accepting assisted living residents due to slow lease-up velocity of the existing memory care units. The property experienced multiple bans on admissions due to COVID-19 outbreaks, with the most recent ban taking place in February 2022. At the time of marketing, the asset was 79 percent occupied and experiencing positive cash flow.
LIBERTY, MO. — Marcus & Millichap has brokered the $1.9 million sale of a 10,963-square-foot retail building in Liberty, a northern suburb of Kansas City. The two-tenant property at 8500-8504 N. Church Road is home to Hallmark and a salon. Dustin Javitch, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a limited liability company. David Saverin assisted in closing the transaction as the Missouri broker of record. A local buyer purchased the asset.
AVONDALE, ARIZ. — Trilogy Investment Co. and Pinnacle Partners have announced a new $250 million national joint venture. The new JV’s first initiative is to bring more than 105 build-to-rent homes to a Qualified Opportunity Zone in the Phoenix suburb of Avondale. The new development will be situated on a 15-acre site. The propject represents the first combined effort between Trilogy and Pinnacle. Development costs are estimated at $45 million. Construction is scheduled to begin in late third-quarter 2023. Trilogy and Pinnacle have also secured at least six additional development projects and acquisitions, each located in growing and attractive established Qualified Opportunity Zones. A few of the sites will be in metro Denver and Colorado Springs.
LAKE FOREST, CALIF. — La Caze Development has sold Lake Forest Marketplace, a 111,212-square-foot shopping center located in Lake Forest, for $14.2 million. Situated on 10 acres, the property was fully occupied at the time of sale. Tenants include 99 Cents Only, Guitar Center, Island Pacific, Harbor Freight Tools, Bank of America, Del Taco and Dunkin. John Redfield of SRS Real Estate Partners’ Investment Property Group arranged the transaction on behalf of the seller. Jon Davis of SVN represented the buyer, a private investor.
LOS ANGELES — AHF has purchased the historic Insurance Exchange Building in downtown Los Angeles through its Healthy Housing Foundation banner for $21.2 million. The global AIDS organization plans to renovate and convert the 12-story property into housing for the homeless and extremely low-income individuals. The building will be rebranded as Angel Tower. Once renovation is complete, AHF’s total number of affordable rental housing units across Greater Los Angeles will reach 1,666.
TARZANA, CALIF. — Oasis Healthcare Center, a 45,000-square-foot open air complex, has opened in Tarzana at 19500 Ventura Blvd. It is one of the first medical structures to open in the San Fernando Valley post-pandemic. The building features filtration systems, open hallways, open-air walkways, valet parking and 4,000 square feet of available ground-floor space dedicated for restaurant use. HED designed the center. Scott Romick and Eugene Kim with Lee & Associates/LA North Ventura are handling leasing.
WHITE PLAINS, N.Y. — CBRE has brokered the sale of The Source, a 262,000-square-foot shopping center located north of New York City in White Plains. According to The Wall Street Journal, the sales price was $112 million, and the seller was UBS Realty Investors. Whole Foods Market anchors the center, which is situated adjacent to Westchester Mall. Other tenants include Dick’s Sporting Goods, Raymour & Flanigan, The Cheesecake Factory and the New York State Department of Motor Vehicles. Jeffrey Dunne, David Gavin, Steve Bardsley and Travis Langer of CBRE represented the seller in the transaction. The buyer was Houston-based Hines. The Source was 99 percent leased at the time of sale.