Continental Starts Construction of $22M Apartments

BETTENDORF, IA-Continental Properties Co. has hired McShane Construction Co. to build its $22 million Springs at Bettendorf apartment complex here on the southeast corner of 53^rd Ave. and Devils Glen Road. McShane has since started work on the project.

The property will have 316 units in 15 buildings. The two-story buildings will range from studio apartments to three-bedroom units. The property, which will also include a pool, a clubhouse and a maintenance building/car wash, is expected to be complete in October 2012.

This is the sixth complex that McShane will build for Continental, says Scott Hoppa, a VP with McShane. “We’re just now wrapping up the 168-unit Springs at Jordan Creek in West Des Moines, IA,” he tells GlobeSt.com. “We continue to see more multifamily projects coming up. It’s been fortunate that multifamily stayed strong throughout the economic downturn.”

ELK GROVE VILLAGE, IL-Venture One Real Estate LLC, through its acquisition fund VK Industrial I LP, has closed on a 26,028-square-foot vacant industrial facility, located at 1225-1235 Pratt Blvd. The facility is in the heart of the Centex Industrial Park, just west of O’Hare Airport, only two miles from the interchange of Interstate 90 and Elmhurst Road. Venture One was represented by Jeremy Szybowicz with MAS Brokerage. “We are believers in the strength of the Chicago industrial market and will continue to pursue functional industrial investment opportunities that are both stabilized and vacant. This building is unique because it can accommodate either one or two tenants and has an additional paved area that can be used for parking or outside storage,” said Matt Goode, principal of the Chicago-based Venture One.     The property will be marketed for lease or sale and is divisible to 12,000 square feet. The company has appointed Kevin Segerson and Chris Zubel with CB Richard Ellis as exclusive agents to market the building. This purchase marks the sixth acquisition of Venture One’s VK Industrial fund. The fund was opened in September of 2010 for the purposes of acquiring industrial properties primarily in the Chicago metropolitan area. The fund has acquired 275,000 square feet of industrial property.

CHICAGO-Clifton Gunderson has signed a short-term sublease for 3,397 square feet at 311 South Wacker Dr. on the ninth floor to accommodate its newly formed litigation practice. The space was formerly occupied by Sellers Capital. Rhea Campbell with Bella Terra Partners represented the tenant.

WEST CHICAGO, IL-Nick Eboli, a senior associate with Lee & Associates of Illinois LLC, represented Aquascape Inc. in the lease of 135,000 square feet of industrial space at 1800 W. Hawthorne Ln. Jeff Janda and Jim Planey represented building ownership, LaGrou, in the transaction. 

WESTERN SPRINGS, IL-WSMC Partners LLC has completed the purchase of the newly named Western Springs Medical Center, a former garden center located at 4700 Commonwealth Dr. here. Situated one mile from both Adventist Hinsdale Hospital and Adventist LaGrange Memorial Hospital, the 18,000-square-foot renovated building has been recently entitled for medical and general office uses. Michael Van Zandt, senior vice president, and Brian Edgerton, vice president with NAI Hiffman’s office services group represented the new owners, which include Brian Howard with Stage Equity Partners LLC, a Chicago-based healthcare real estate investment and development company. NAI Hiffman is now leasing the space, which will soon be expanded to 22,000 square feet with an addition to the existing building. The space is divisible to 2,000 square feet. There is also room on the property for a 6,000-square-foot structure.

LAKE IN THE HILLS, IL-Marcus & Millichap Real Estate Investment Services recently arranged the sale of 305 Pyott Apartments, a 19-unit apartment property located here. The asset commanded a sales price of $1.2 million or $64,578 per unit. Ryan Engle, a multifamily investment specialist and Andrean Angelov, an associate, represented both buyer and seller, each a private investor, in the transaction.

INVER GROVE HEIGHTS, MN-A partnership between St. Paul, MN-based Paster Enterprises and Shiner Capital Partners, a Chicago-based real estate investment firm, has purchased Cahill Plaza, located in the northeast quadrant of Cahill Avenue and 80^th Street. Cahill Plaza is a 69,000-square-foot shopping center that is anchored by a 52,017-square-foot Cub Foods and a 6,165-square-foot MGM Liquor. Additional tenants include Great Clips, RR Cleaners, C & A Nails, Edward Jones and Papa Johns. There are no immediate plans for redevelopment.

SUNSET HILLS, MO-Telle Tire and Auto Service Inc. leased a 3,842-square-foot retail space for 120 months at 3819 South Lindbergh Blvd. here from Lenette Realty and Investment Co. Andrew Bagy with Gundaker Commercial Group Inc. represented the tenant in this transaction.

CLEVELAND-Matt Fish recently completed a 13,635-square-foot lease at 3500 St. Clair in the MidTown neighborhood for his third Melt restaurant location. The lease includes a commissary. Melt will prepare sauces, soups, and ingredients at the St. Clair location, which will free up additional kitchen space at the bustling restaurants. Eliot Kijewski with Cresco Real Estate represented Fish in the transaction. Scott Garson wtih NAI Daus represented the building owner.