LIBERTYVILLE, ILL. — Entre Commercial Realty LLC has arranged the sale of a 49,516-square-foot industrial building in Libertyville, a suburb of Chicago, for $3.2 million. The building is located at 1600-1648 Northwind Blvd. and features 26-foot clear heights, four docks and three drive-in doors. World Bioproducts, a manufacturer of microbiology testing products for the food industry, acquired the facility as part of an expansion and relocation from nearby Mundelein, Ill. Brian Bocci of Entre Commercial represented the buyer, while Dan Tobin of CTK represented the undisclosed seller.
Illinois
CHAMPAIGN, ILL. — Maverick Commercial Mortage Inc. has arranged a $1.7 million first mortgage loan for a to-be built Portillo’s restaurant in Champaign in central Illinois. The restaurant will be constructed on a 1.4-acre site. The restaurant is expected to open shortly after demolition of the current Home Town Buffet. The six-month loan has two three-month extension options. The fixed-rate, recourse loan is interest only and was funded by a national bridge lender. Jeffrey B. Gurian of BeckerGurian represented the borrower, Berkshire Partners. Bryan Segal of Barack, Ferrazzano, Kirschbaum and Nagelberg LLP represented the lender.
ELK GROVE VILLAGE, ILL. — Brown Commercial Group has brokered the sale of a 61,515-square-foot industrial building in Elk Grove Village adjacent to O’Hare International Airport. The sales price was not disclosed. The building is located at 1340-1400 Higgins Road. Northern Glass Inc., a general contractor that specializes in curtain wall, storefront and interior glazing, purchased the property and will occupy nearly 40,000 square feet of the 61,515-square-foot building at 1400 Higgins Road. Northern Glass will be moving from a 9,075-square-foot space at 800 Lee St. in Elk Grove Village. Northern Glass will lease the remaining space at 1340 and 1370 Higgins Road to Protopak Engineering Corp. and Impact Printing and Lithographers, respectively. Dan Brown of Brown Commercial represented Northern Glass, while Mason Hezner of Brown Commercial represented the seller, SLP Realty LLC.
CHICAGO — Marcus & Millichap has negotiated the sale of a 50,000-square-foot Planet Fitness in northwest Chicago for $11.5 million. The property is located at 3120 N. Pulaski Road. Nearby retailers include Walmart, Walgreens, Aaron’s, AutoZone, AT&T, Subway and Chase Bank. Eric Grad of Marcus & Millichap represented the seller, an owner and developer of Planet Fitness gyms. Harvey Schmidt, Donovan Mackey and Dana Newton of Marcus & Millichap procured the buyer, a national real estate investment trust.
WILMETTE, ILL. — American Street Capital (ASC) has arranged a $6 million loan for the refinancing of the Chicago Northside Storage property in Wilmette, 14 miles north of Chicago. The property includes over 52,800 square feet and 500 units. The 10-year loan provided by CMBS features a 30-year amortization schedule. Han Capital was the borrower. Igor Zhizhin of ASC originated the loan.
BENSENVILLE, ILL. — Baum Realty Group LLC has brokered the $2.9 million sale of a PNC Bank ground lease in Bensenville adjacent to O’Hare International Airport. The 3,181-square-foot building is located at 1151 S. York Road. Brad Teitelbaum, Patrick Forkin and Graham Gold represented the seller, a local private investor. The buyer was also local.
AURORA, ILL. — Amazon has unveiled plans to open two new fulfillment centers in Aurora, about 45 miles west of Chicago. The facilities will add more than 1,000 jobs. Amazon currently has fulfillment centers in Edwardsville, Joliet and Romeoville. A center is also under construction in Monee, about 40 miles south of Chicago. At the nearly 1 million-square-foot facility in Aurora, employees will pick, pack and ship small items to customers such as books, electronics and consumer goods. The other fulfillment center, spanning 400,000 square feet, will specialize in handling larger items.
BRIDGEVIEW, ILL. — Darwin Realty has arranged the sale of 9900 Industrial Drive in Bridgeview, about 17 miles southwest of Chicago. Welch Packaging Group Inc., a manufacturer of corrugated packaging, purchased the 215,000-square-foot building. The sales price was not disclosed. Welch will relocate from Countryside to the former crane facility to support its expanding Chicagoland operations. The facility offers heavy power, land for trailer parking and is located immediately off I-294. Welch also plans to add additional improvements to the building. Noel S. Liston and Kevin D. Cooney of Darwin Realty represented Welch in the transaction. Jeff Locascio of Transwestern represented the undisclosed seller.
BENSENVILLE, ILL. — Liberty Property Trust has acquired a five-acre industrial site in Bensenville in the O’Hare Airport metro area. Liberty plans to redevelop the site beginning in early 2017. The property is located at 350 N. York Road and includes a 60,000-square-foot building, which Liberty plans to replace with a 96,962-square-foot, high-efficiency building. Features will include 32-foot clear heights, 20 exterior docks and two drive-in doors. Shell completion of the $11.6 million project is expected to be completed in the third quarter of 2017. Matt Neumann of Liberty, along with Steve Stone and Eric Fischer of Cushman & Wakefield, will handle the leasing of the property.
Walgreens Boots Alliance, Rite Aid to Sell 865 Rite Aid Stores to Fred’s Pharmacy for $950M
by Nellie Day
DEERFIELD, ILL. AND CAMP HILL, PA. — Walgreens Boots Alliance (NASDAQ: WBA) and Rite Aid Corp. (NYSE: RAD) have agreed to sell 865 Rite Aid stores and some assets related to store operations to Fred’s (NASDAQ: FRED) for $950 million in an all-cash transaction. The agreement came about due to concerns by the Federal Trade Commission (FTC) in its review of Walgreens Boots Alliance’s proposed acquisition of Rite Aid, which was announced in October 2015. That transaction is scheduled to close in early 2017. The 865-store sale would make Fred’s one of the largest drugstore chains in the United States, with a significant presence in the South and on the East and West coasts. If the sale is approved, Fred’s will continue to employ all store associates and certain field and regional associates related to the operations. The stores will also continue to operate under the Rite Aid banner. Fred’s has also agreed to purchase additional Rite Aid stores if the FTC mandates additional divestments for the proposed merger. BofA Merrill Lynch acted as Walgreens Boots Alliance’s financial adviser. Sidley Austin LLP acted as legal counsel on transaction legal matters and Weil, Gotshal & Manges LLP acted as its legal …