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CHICAGO — In a joint venture, AREA Property Partners and Martin Capital Group will redevelop 1313 W. Randolph St., a 130,000-square-foot industrial loft building in Chicago. The partnership recently closed on a $12.9 million construction loan to redevelop the building into a mixed-use project. Plans include 70 loft-style apartments and 27,000 square feet of retail space. Construction is slated for completion in late 2012.