MINNEAPOLIS — LaSalle Investment Management has acquired T3, a 222,000-square-foot office property in downtown Minneapolis. Neither the purchase price nor the seller was disclosed. Built in 2016, T3 is located within the North Loop submarket. Amazon occupies approximately half of the property under a long-term lease.
WAUKEGAN, ILL. — PREMIER Design + Build Group LLC has completed an industrial build-to-suit for Visual Pak Cos. in Waukegan. The 197,000-square-foot facility features a clear height of 32 feet, 9,500 square feet of office space, 30 exterior truck docks and 244 car parking spaces. Visual Pak provides solutions in the contract packaging industry. The project team also included Cornerstone Architects Ltd., Manhard Consulting Ltd., Swift Structural Design, MVP Plumbing, MK Industries and Connelly Electric.
CHICAGO — NAI Hiffman has arranged the sale of InterPark Corporate Center in Chicago for an undisclosed price. The 12-building, 165,000-square-foot office complex is situated on seven acres. Jonathan Berger of Berger Asset Management LLC purchased the property from AREI (InterPark) LLC with plans to revitalize and reposition the asset. Plans call for a new fitness center, conference and lounge space and bike share program. The property will be renamed Concourse Chicago and is expected to reopen this fall. John Cash, Art Burrows, David Haigh and Steve Chrastka of NAI Hiffman brokered the transaction.
SCHAUMBURG, ILL. — Retail Properties of America Inc. (NYSE: RPAI) has sold Schaumburg Towers in suburban Chicago for $86.6 million. The former Zurich headquarters was the company’s one remaining office complex. American Landmark Properties purchased the 882,071-square-foot asset, which spans two buildings. The property is currently 48 percent leased. Dan Rosenberg and Matt Terpstra of Cohen Financial, a division of SunTrust Bank, secured a $110 million acquisition loan from a dual partnership of lenders, including Prime Finance Partners and Pearlmark Real Estate Partners. Cohen Financial partnered with Steve Roth of CBRE to secure the financing, which closed on June 1. American Landmark will utilize the financing to acquire the asset as well as complete capital improvements and expand tenancy.
CHICAGO — McDonald’s Corp. has opened its new corporate headquarters in Chicago’s West Loop neighborhood. The move marks a return to Chicago where the company was headquartered from 1955 to 1971. McDonald’s was most recently headquartered in Oak Brook, Ill. In addition to the approximately 2,000 employees based there, the property will house the flagship Hamburger University location, providing state-of-the-art learning for the company’s employees and future leaders. The new headquarters features open floor plans, a 700-person conference center, work cafe, fitness center and outdoor terraces. The ground floor is home to a one-of-a-kind McDonald’s restaurant that features a rotating menu of favorites from around the globe. Sterling Bay developed the building, while Gensler served as architect of record. IA Interior Architects and Studio O+A designed the interiors. McHugh & ECI Executive Construction Inc. were the general contractors.
CHICAGO — Avison Young has brokered the sale of Kennelly Square in Chicago’s Old Town neighborhood for $78 million. The buyer, Strategic Properties of North America, plans to convert the 268-unit condominium building into rental apartment units. James Hanson, Richard Hanson and Paul Cohen of Avison Young represented the seller, Kennelly Square Condominium Association. Meridian Capital Group arranged the financing. More than 75 percent of the owners at Kennelly Square voted to approve the sale, a threshold required by the Illinois Condominium Property Act. This strategy reflects a growing trend in Chicago’s multifamily market as investors and developers identify opportunities to meet strong demand for rental units, according to Avison Young.
MERIDIAN HILLS, IND. — The RADCO Companies has acquired a portfolio of multifamily properties totaling 1,426 units near Meridian Hills, a northwest suburb of Indianapolis, for $64 million. The Class B and C properties have been reorganized into three properties known as Ashford Georgetown, Ashford Meridian Hills and Creekside at Meridian Hills. RADCO plans to spend over $27 million in capital improvements at the properties, which were built from 1968 to 1972. Units average 944 square feet. Community amenities include swimming pools, clubhouses, playgrounds, laundry centers and sport courts. RADCO Residential will manage the properties. The seller was not disclosed.
OAK PARK, MICH. — Bernard Financial Group has arranged a $14.5 million loan for the refinancing of Village Green Townhomes in Oak Park, a northern suburb of Detroit. The property features 374 units. Dennis Bernard arranged the loan on behalf of the borrower, Village Green/Huntington LLC. Securian Life Insurance Co. provided the loan.
MILWAUKEE — Irgens has begun construction of BMO Tower in downtown Milwaukee. Four concrete pumps poured 6,700 cubic yards of concrete over the weekend to create the foundation for the 380,000-square-foot office tower. Completion is slated for late 2019. Located at 770 N. Water St., the tower will rise 20 stories. BMO Harris Bank and Michael Best have signed leases at the property. Colliers International is the leasing agent, J.H. Findorff & Son is the general contractor and Kahler Slater is the architect.
SOUTHFIELD, MICH. — American Healthcare Investors and Griffin Capital Co. LLC, the co-sponsors of Griffin-American Healthcare REIT IV Inc., have acquired an 85,000-square-foot medical office building in Southfield, a northern suburb of Detroit. The purchase price was $16.2 million. The property was approximately 96 percent leased at the time of acquisition to multiple tenants, including Wayne State University Physician Group and Beaumont Health System. Rich Deptula and Todd Hawley of Friedman Integrated Real Estate Solutions represented the seller, Universal Properties FPMC LLC. Griffin-American Healthcare REIT IV financed the acquisition using cash on hand, a revolving line of credit with Bank of America NA and Keybank NA, and through the assumption of an existing mortgage loan.
