BURBANK, ILL. — A joint venture between Abbell Associates and Hutensky Capital Partners has acquired Burbank Station, a 303,566-square-foot shopping center in Burbank. The center is anchored by Food 4 Less, Babies R Us, HomeGoods, PetSmart, OfficeMax, The Sports Authority and Sam Ash Music. The center is located on Cicero Avenue, a densely populated south suburb of Chicago. The average household income within a three-mile radius is $61,500.
CHICAGO — Skender Construction recently completed three new seniors housing facilities in the Chicago area. The properties include the 72,000-square-foot Oak Hill Supportive Living Community, the 90,000-square-foot The Residences of Lake in the Hills and the 75,000-square-foot Lakefront Residences of Grayslake. Oak Hill is an independent senior living facility located in Round Lake Beach, Ill. The Crown Group developed the 94-unit community, which features a community dining room, theater, billiards room and therapy center. Residences of Lake in the Hills is a two-story seniors housing complex in Lake in the Hills, Ill. DKI developed the 92-unit property, which was designed by architect NORR. Lakefront Residences is a 70-unit affordable housing community developed by Mercy Housing Lakefront in Grayslake, Ill. The community is for adults over 55.
CARPENTERSVILLE, ILL. — Greystone has arranged a $4 million Fannie Mae loan for the acquisition of Spring Grove Apartments, a 108-unit community in Carpentersville. MCJ Spring Grove LLC acquired the property, located at 170 Golfview Lake, for $5.1 million. The property is 95 percent occupied. Sujal Parikh and Clint Darby of Greystone arranged the 10-year loan, which features a 4.2 percent interest rate and a 30-year amortization schedule.
MATTESON, ILL. — Marcus & Millichap has arranged the $725,000 sale of a former Bally's Total Fitness building, which was marketed as a retail redevelopment opportunity, in Matteson. The 98,881-square-foot property is located at 4701 Lincoln Mall Drive, east of the Lincoln Mall. Steven Stoehrer and George Ghattas of Marcus & Millichap represented the seller, a partnership, in the transaction.
MILWAUKEE — Love Funding has arranged a $7 million loan to convert a historic building in downtown Milwaukee into a 50-unit apartment property. Harry Cheatham of Love Funding negotiated the loan through the U.S. Department of Housing and Urban Development's 221(d)(4) loan program. The three-story project, which will be called Junior House Lofts, will be located at the corner of 3rd and Pierce streets in the city's Fifth Ward neighborhood. The building was originally constructed in the early 1990s and served as a clothing factory and warehouse. KBS Construction is the general contractor.
NEW YORK CITY — A joint venture between Oxford Properties Group and Crown Acquisitions has acquired a significant interest in Olympic Tower, a 380,000-square-foot office building on Fifth Avenue in New York City. The 21-story tower is home to the National Basketball Association and approximately 120,000 square feet of retail, including Cartier and Versace. The seller was Williston S.A., a business operating arm of the Alexander S. Onassis Public Benefit Foundation. Last May, Crown Acquisitions acquired a 49.9 percent interest in Olympic Tower in a transaction valued at $1 billion, according to various media reports. Under the new agreement, the asset will be jointly owned by Oxford Properties, Crown Acquisitions and the Onassis Foundation. JP Morgan assisted Crown Properties with the joint venture.
DARIEN, CONN. — Kleban Darien LLC has acquired a 9,837-square-foot retail building at 987 Boston Post Road in Darien for $7.5 million. The property is fully leased to Brooks Brothers, the high-end apparel company, on a long-term basis. The two-story building was constructed in 2008 and is adjacent to a Metro-North train station. A team from Cushman & Wakefield, including Al Mirin, Kate Schwartz and Andrew Merin, represented the seller, Brooks Darien LLC, in the transaction.
NEW YORK CITY — GFI Realty Services has arranged the $3.2 million sale of 701 St. Marks Avenue, a 19,500-square-foot mixed-use property in Brooklyn. The property, located in Crown Heights, consists of 23 apartments and three stores. Shlomo Antebi of GFI Realty Services represented the sellers, local investors, in the transaction. He also represented the buyer, a local investor.
HEMPSTEAD, N. Y. — Metro 303, a new transit-oriented apartment community developed by Mill Creek Residential, has opened in Hempstead. The 166-unit property features one-, two- and three-bedroom layouts within a four-story building. The community was designed to achieve LEED Gold certification and amenities include a resident lounge, game area and outdoor pool. The property is also within walking distance of the County Life Press LIRR station in Garden City and the Hempstead LIRR and bus station in Hempstead.
TEXARKANA — Dallas-based Weis Builders has delivered the Texarkana Convention Center and the adjoining Hilton Garden Inn, Texarkana's first full-service hotel and convention center. The $17 million project provides 154 guest rooms and 25,000 square feet of event space. The hotel features a pool, whirlpool, fitness center, business center and full-service restaurant.