HILLSIDE, ILL. — Interra Realty has negotiated the sale of Hillside Park Apartments in Hillside, about 15 miles west of Chicago, for $4.3 million. The 71-unit apartment property is located at 600 Wolf Road. The seven-building property consists of 27 one-bedroom units and 44 two-bedroom units. James Clough of Interra represented the undisclosed seller and procured the buyer, R&R Luxury Apartments.
TOPEKA, KAN. — Marcus & Millichap has arranged the sale of a 4,828-square-foot property net leased to IHOP in Topeka for $2.6 million. The restaurant is located at the intersection of U.S. Highway 24 and Topeka Boulevard. Jamie Medress, Mark Ruble and Chris Lind of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Kirk Trammell, David Cutler and Joshua Johnson of Marcus & Millichap secured and represented the buyer, also a limited liability company. Richard Matricaria and Greg Bates assisted in closing the transaction.
GREENFIELD, IND. — Mumford Co. has brokered the sale of Country Inn & Suites in Greenfield, about 25 miles east of Indianapolis. The sales price was not disclosed. The 63-room hotel features an indoor pool, business center and meeting space. David Mumford and George Arvanitis represented the seller, RP Investments LLC. Indiana-based Everest Hotel Group Inc. purchased the asset.
SCHAUMBURG, ILL. — J.C. Anderson Inc. has completed an 11,000-square-foot office renovation for Athenex in Schaumburg, a northwest suburb of Chicago. New York-based Athenex is a biopharmaceutical company. The property is located at 10 N. Martingale Road. J.C. Anderson added conference rooms, a videoconference boardroom, open offices and a pantry. Matt Kantro and Bob Hickey of J.C. Anderson led the project team, while Whitney Architects provided architectural services.
France Media, Inc. is conducting a brief online survey to gauge market conditions, and we welcome your participation. This survey should only take a few minutes to complete. Questions range from property sectors that your firm is most bullish on heading into 2018 to trends in deal volume to the outlook for interest rates. The results will be collated and published in the January 2018 issue of our regional magazines. Conducting these surveys is part of our mission at France Media to provide readers with indispensable information. To participate in our broker/agent survey, click here. For developers/owners/managers, click here. For lenders and financial intermediaries, click here. (Note: Please remember to click on “done” to properly submit the survey.) Sincerely, Matt Valley Editorial Director, Real Estate Regionals France Media, Inc.
ALTOONA, IOWA — New England Development has opened Outlets of Des Moines in Altoona. The region’s first outlet center features retailers such as ASICS, Nike Factory Store, Express Factory Store, francesca’s, LOFT Outlet, Converse, Tommy Hilfiger, Under Armour, Vera Bradley, Levi’s, Brooks Brothers and Le Creuset. A ribbon-cutting ceremony took place on Friday, Oct. 20. The construction phase created about 500 jobs and the outlet center is expected to generate an additional 800 jobs, according to New England Development. The development is expected to generate about $100 million in annual retail sales. The property is located at 801 Bass Pro Drive near I-80. A video recap of opening weekend can be found here.
LAKE ZURICH, ILL. — PREMIER Design + Build Group LLC has completed a 51,000-square-foot office headquarters for Echo Inc. in Lake Zurich, about 40 miles northwest of Chicago. The manufacturer of power equipment already occupies an existing industrial facility at the site. In addition to a two-story lobby, the property features 14 private offices on the first floor and 27 offices on the second floor. A new training and conference area can accommodate more than 100 people. Mark Melone, Samantha Skopek and Tom Johnson led the project team on behalf of PREMIER. The project team also included architect Stephen Rankin Associates, structural engineer Structurelogic Inc. and civil engineer Kimley-Horn.
ARNOLD, MO. — NorthMarq Capital has arranged a $7.6 million Freddie Mac loan for the refinancing of Richardson Place Apartments in Arnold, about 18 miles south of St. Louis. The 162-unit apartment property is located at 105 Richardson Place Drive. David Garfinkel of NorthMarq arranged the 10-year loan. The borrower was not disclosed.
FARGO, N.D. — Marcus & Millichap has brokered the sale of Days Inn Fargo, a 75-room hotel in Fargo. The sales price was not disclosed. The property, originally built in 1993 as a Hampton Inn & Suites, is located at 3431 14th Ave. Southwest. Jon Ruzicka of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Ruzicka, along with Helen Zaver, represented the buyer, a real estate investment trust.
SKOKIE, ILL. — The Missner Group has completed a 38,000-square-foot office headquarters renovation for Generation Brands in Skokie, about 15 miles northwest of Chicago. The two-phase project included 19,000 square feet of office renovations and the build-out of a 19,000-square-foot showroom for the lighting and ceiling fan company. Phase I included the construction of private offices, conference areas, a corporate training room, kitchen area and employee lounge area. The showroom features lighting and fan fixtures with ceilings and floors that complement the lighting. Kent Nepras and Scott Nomellini led the project team on behalf of the Missner Group. Dearborn Architects provided architectural services.
