BOLINGBROOK, ILL. — The Opus Group has unveiled plans for a 112,000-square-foot speculative warehouse and office building in Bolingbrook, approximately 30 miles southwest of Chicago. The project, known as 1325 Remington, will be located on nine acres within the Carlow Corporate Center along the I-55 corridor. The building will feature 28-foot clear heights, ESFR sprinklers, three drive-in doors, 11 loading docks and parking for 242 cars. The development will be able to accommodate single or multi-tenant occupancy and is slated for completion this October. Opus Development Co. will be the developer, Opus Design Build will be the design-builder and Opus AE Group will be the architect and structural engineer of record. Dominic Derose and Vern Schultz of Colliers International will market the property for lease.
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KATY, TEXAS — Thor Equities has leased a total of 6,800 square feet of space at The Shoppes at Cinco Ranch in Houston to three separate retailers. Iron Tribe Fitness, a gym franchise with more than 60 locations in 15 states, has signed a long-term lease for 4,200 square feet of ground-level space. Great Clips also signed a long-term lease for more than 1,000 square feet, while Nails of America is leasing over 1,600 square feet of space. All three businesses are scheduled to open this summer. Thor recently announced Lowe’s Cos. will build a 100,000-square-foot home improvement store at The Shoppes at Cinco Ranch, with Thor developing retail stores and restaurant spaces throughout the remainder of the 35-acre property. Located in Katy, The Shoppes at Cinco Ranch is accessible via the Westpark Tollway and bisected by Spring Green Boulevard, with parking and sidewalks throughout the property.
THE COLONY, TEXAS — Crescent Hotels & Resorts will manage a new Courtyard by Marriott hotel scheduled to open this spring in The Colony. Crescent Hotels & Resorts manages over 100 hotels and resorts in the U.S. and Canada. Jackson-Shaw is the developer of the 100-acre, master-planned development The Cascades at the Colony, which encompasses the hotel campus. The Courtyard will include 128 guest rooms, three meeting areas, a new restaurant with a full bar, a garden with a water feature and fire pit and a trail system.
PROSPECT HEIGHTS, ILL. — Greenbrier Senior Living has broken ground on Greenbrier of Prospect Heights, a 101-unit assisted living and memory care community in the northwest Chicago suburb of Prospect Heights. Greenbrier, a division of Evergreen Real Estate Group that specializes in the development and management of senior living communities, estimates development costs at $30 million. Located on five acres, Greenbrier of Prospect Heights will include a three-story, 69-unit assisted living facility, as well as a one-story, 32-unit building for memory care. Chicago-based Pathway Senior Living will operate the community once it’s complete.
MINNETONKA, MINN. — The AFL-CIO Housing Investment Trust (HIT) will invest $14.8 million in the Zvago Cooperative project, a 54-unit, four-story cooperative for seniors along the banks of Glen Lake in the Minneapolis suburb of Minnetonka. The $19 million project is an expansion of the Glen Lake Redevelopment project, which includes a 52-unit mixed-use project built in 2008 and a 159-unit seniors housing community built in 2011. In addition to the 54 new seniors housing units, the expansion will offer views of Glen Lake, a community patio overlooking the lake and adjacent wetlands, and amenities such as a clubroom, fitness facility and heated underground parking. The developer for the project is OneTwoOne Development LLC, a wholly owned subsidiary of Ecumen, a Minnesota-based nonprofit provider of seniors housing and aging services. Zvago Cooperative is the HIT’s 76th project in Minnesota. The multifamily investment firm is based in Washington, D.C.
GRAPEVINE, TEXAS — The award-wining Perry’s Steakhouse & Grille will open a new location in Grapevine. Once completed in 2017, the 10,000-square-foot restaurant will be located at 2400 W. State Highway 114 and will be the first in Tarrant County. Perry’s owns and operates two other steakhouses in the Dallas metro area — Uptown and Frisco.
HOUSTON — Real estate professionals Jay Holland and Jim McCartney have opened a Big Space Storage location at 11847 Spears Road in Houston. The property consists of 270 units and features wide driveways for easy maneuverability, monitoring and pull-through capability in select units. Big Space Storage also includes an onsite leasing and management office and a manager’s apartment. Several other Big Space Storage brand sites are under consideration in other parts of Houston.
DALLAS — Paul Vernon has been hired as executive vice president and head of Henry S. Miller Brokerage’s retail division. Vernon will oversee the retail division’s brokerage services, including landlord and tenant representation, retail and land development and property disposition, as well as income properties and land sales. Vernon brings over 30 years of commercial real estate experience to the Miller team. He started his career with Evans, Birmingham, Williamson, which later became Cornerstone Commercial Real Estate. Most recently, Vernon was executive vice president at John T. Evans Co. and director of retail development at Crest Commercial Real Estate. He began his career in project leasing and pad site sales, then transitioned to tenant representation, later adding property disposition, income sales and retail development to his responsibilities.
ATHENS, OHIO — Construction is currently underway on River Gate, a 232-bed student housing property located near the Ohio University campus in Athens, located in the southeastern part of the state. The complex, developed by Columbus Pacific Properties and Homestead U, will offer fully furnished two-, three- and four-bedroom apartments. Community amenities include a resident life center featuring a bistro with gourmet coffee and a cyber lounge, a resort-style pool, private study rooms, a 24-hour fitness center, gaming room and an underground parking garage.
NEW YORK CITY — Eastern Consolidated has arranged $83.8 million in total financing for Cape Advisors for the construction of a retail and residential condominium project in Tribeca. The financing package consists of a $19 million mezzanine loan from Terra Capital Partners behind a $64.8 million first mortgage from Bank of the Ozarks. Located at 30 Warren St., the 12-story, 65,700-square-foot property will feature 23 apartments in one-, two- and three-bedroom layouts, and 10,858 square feet of retail space. On-site residential amenities include a fitness center, attended lobby, children’s playroom and storage. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated represented the developer and borrower in the transaction.