CHICAGO—Square Mile Capital Management LLC recently originated a $15.2 million mezzanine loan secured by a to-be-built, multifamily and commercial mixed-use project located at 1411 S. Michigan Ave. in Chicago's South Loop neighborhood. Russland Capital Group – South Loop, LLC, a local developer, is teaming up with LendLease and Boarman Kroos Vogel Group to develop the project. Upon completion, the property will consist of a 15-story building comprising 199 apartment units, 43,148 square feet of commercial space, and a 141-space parking garage. Amenities will include an outdoor swimming pool, sauna, yoga studio, basketball court, 3,000 square foot gym, club room, and outdoor grills on the terrace. Rush University Medical Center has agreed to lease approximately 41,500 square feet of office space.

CLARENDON HILLS, IL—Brian Butler, principal and founder of The Butler Group recently represented both the buyer and seller in two office property sales transactions totaling $4,570,000. In the first transaction, Falcon Insurance Co. acquired a 17,000 square foot office building located at 724 Enterprise Dr. in Oak Brook, IL, for $2,440,000 from Par Family Partnership to serve as its corporate headquarters. The two-story office building sits on 1.24 acres less than a mile from Oak Brook Shopping Center. The Butler Group also represented the buyer and seller in the sale of 211 W. Chicago Ave. in Hinsdale, IL. An undisclosed private investor acquired the 18,136 square foot, multi-tenant office building for $2,130,000 from Catherine Brugh Family Trust.

MILWAUKEE—Oilgear recently sold a 249,753-square-foot industrial facility located at 2300 S. 51st Street in Milwaukee to Global Power Components.Toronto, Ontario-based commercial real estate services firm Avison Young represented the seller. Associate Tom Curtis and principal Mike McKiernan, both based in the firm's Chicago-Suburban office, provided strategic advice to Oilgear in evaluating and executing a global consolidation and realignment of its commercial real estate facilities. Terry McMahon, a principal with The Boerke Company, Inc. in Milwaukee, assisted with the building sale. The sales price was not disclosed. As part of its realignment Oilgear is relocating its Milwaukee production to existing facilities in Fremont, NE, and Traverse City, MI. The firm will retain engineering functions in the Milwaukee area.

BUILDING BLOCKS

SOUTH HOLLAND, IL—Lagestee-Mulder recently completed the construction of Park Place of St John, a $10.1 million, 50-bed senior care facility in St. John, IN. The company has completed several similar senior facilities with its project partner Providence Life Services, a Tinley Park, IL-based not-for-profit senior care provider. The new facility provides retirement, rehabilitation, memory care, and skilled nursing care for residents from throughout the northwest Indiana area. It offers a home-like setting, with skilled nursing in a group of “Small House” cottages, a concept that Providence Life Services introduced and Lagestee Mulder also built and completed in Homer Glen, IL in 2015. The joint venture partner on the project was CORE Construction of Schererville, IN.

NEWS & NOTABLES

MINNEAPOLIS—The Opus Group has just promoted five team members from its Opus Design Build, LLC., as the Minneapolis-based company continues to grow across major markets and sectors. Luke Albers and Chris Cromos were promoted to senior project manager, and Tom Becker, Leith Dumas and Jeff Smith were promoted to vice president. Combined, the group has 97 years of collective experience with Opus. Albers joined Opus as in intern in 2004, and worked on several of the firm's most significant projects including the Carlyle and The Nic on Fifth. Cromos joined Opus as an intern in 2006 and is helping lead the development of the Uptown La Grange apartment project in La Grange, IL.

DEALTRACKER

CHICAGO—Square Mile Capital Management LLC recently originated a $15.2 million mezzanine loan secured by a to-be-built, multifamily and commercial mixed-use project located at 1411 S. Michigan Ave. in Chicago's South Loop neighborhood. Russland Capital Group – South Loop, LLC, a local developer, is teaming up with LendLease and Boarman Kroos Vogel Group to develop the project. Upon completion, the property will consist of a 15-story building comprising 199 apartment units, 43,148 square feet of commercial space, and a 141-space parking garage. Amenities will include an outdoor swimming pool, sauna, yoga studio, basketball court, 3,000 square foot gym, club room, and outdoor grills on the terrace. Rush University Medical Center has agreed to lease approximately 41,500 square feet of office space.

CLARENDON HILLS, IL—Brian Butler, principal and founder of The Butler Group recently represented both the buyer and seller in two office property sales transactions totaling $4,570,000. In the first transaction, Falcon Insurance Co. acquired a 17,000 square foot office building located at 724 Enterprise Dr. in Oak Brook, IL, for $2,440,000 from Par Family Partnership to serve as its corporate headquarters. The two-story office building sits on 1.24 acres less than a mile from Oak Brook Shopping Center. The Butler Group also represented the buyer and seller in the sale of 211 W. Chicago Ave. in Hinsdale, IL. An undisclosed private investor acquired the 18,136 square foot, multi-tenant office building for $2,130,000 from Catherine Brugh Family Trust.

MILWAUKEE—Oilgear recently sold a 249,753-square-foot industrial facility located at 2300 S. 51st Street in Milwaukee to Global Power Components.Toronto, Ontario-based commercial real estate services firm Avison Young represented the seller. Associate Tom Curtis and principal Mike McKiernan, both based in the firm's Chicago-Suburban office, provided strategic advice to Oilgear in evaluating and executing a global consolidation and realignment of its commercial real estate facilities. Terry McMahon, a principal with The Boerke Company, Inc. in Milwaukee, assisted with the building sale. The sales price was not disclosed. As part of its realignment Oilgear is relocating its Milwaukee production to existing facilities in Fremont, NE, and Traverse City, MI. The firm will retain engineering functions in the Milwaukee area.

BUILDING BLOCKS

SOUTH HOLLAND, IL—Lagestee-Mulder recently completed the construction of Park Place of St John, a $10.1 million, 50-bed senior care facility in St. John, IN. The company has completed several similar senior facilities with its project partner Providence Life Services, a Tinley Park, IL-based not-for-profit senior care provider. The new facility provides retirement, rehabilitation, memory care, and skilled nursing care for residents from throughout the northwest Indiana area. It offers a home-like setting, with skilled nursing in a group of “Small House” cottages, a concept that Providence Life Services introduced and Lagestee Mulder also built and completed in Homer Glen, IL in 2015. The joint venture partner on the project was CORE Construction of Schererville, IN.