VERNON HILLS, ILL. — Wool Finance Partners has arranged a $14 million loan for the refinancing of two industrial buildings in Vernon Hills, a northern suburb of Chicago. The buildings total 350,000 square feet and are leased to a single tenant. A regional bank was the lender. The borrower was not disclosed. Gary Wool of Wool Finance arranged the loan.
CINCINNATI — Colliers International has brokered the sale of an 81,681-square-foot warehouse in Cincinnati for $4.1 million. The property, located at 5480 Creek Road, features 6,681 square feet of office space. Raymond Storage Concepts Inc. (RSCI) purchased the property. The company sells, rents and services materials handling equipment, including dock doors and other warehouse solutions. RSCI also maintains sales and service facilities in Columbus and Louisville, Ky. John Gartner and Erin Casey of Colliers International represented the seller, Creek Road 5480 LLC, in the sales transaction. Roddy MacEachen, Rod MacEachen and Jared Wagoner of SQFT Commercial represented RSCI.
DES MOINES, IOWA — Draper and Kramer Inc. has sold Capital Square in downtown Des Moines to Real Capital Solutions for $30.2 million. Designed by Skidmore, Owings & Merrill, the 454,619-square-foot office building is located at 400 Locust St. Draper and Kramer developed the eight-story building in 1983. Tenants include The Des Moines Register, RSM McGladrey, Life Care Services, BH Equities and Iowa State University. CBRE represented Draper and Kramer in the sale transaction.
ITASCA, ILL. — M&R Development has opened The Residences at Hamilton Lakes in Itasca, 27 miles northwest of Chicago. The 297-unit luxury apartment complex is located adjacent to the Hamilton Lakes Business Park. A joint venture between Itasca-based M&R Development and Hamilton Partners and Chicago-based POB Capital LLC developed the property. The Residences at Hamilton Lakes includes three four-story buildings offering a mix of studio, one-, two- and three-bedroom floor plans. Rental prices range from $1,340 to $3,180. Amenities include an outdoor pool with cabanas, media room, fully equipped gym, business center and demonstration kitchen along with a spa, sauna and steam room. Chicago-based RMK Management manages the property.
COUNCIL BLUFFS, IOWA — Darland Construction Co. has completed a renovation of and addition to Gunn School, transforming the 90-year-old building into an affordable seniors housing property in Council Bluffs, a suburb of Omaha, Neb. Known as Linden Place, the 42,265-square-foot complex consists of 36 units. Sixteen of the apartment units are located in the renovated school, while the remaining 20 units are part of a new, two-story addition built on what was once the school’s basketball courts and playground. Gunn School was originally built in 1880 and then rebuilt on the same site in 1924. The school was originally slated to be torn down before Seldin Co. showed interest in rehabbing the building. The project was made possible through a series of community and economic development grants. Architecture One provided architectural services.
BELLWOOD, ILL. — Darwin Realty has brokered the sale of a 160,000-square-foot warehouse in Bellwood, 13 miles west of Chicago. The sales price was not disclosed. The property is located at 950 S. 25th Ave. U-Haul/AMERCO Real Estate Co. purchased the property for use as a truck rental and self-storage facility. The building features 11,500 square feet of office space, 5,000 square feet of cooler space, clear heights ranging from 12.5 to 19.5 feet, 14 exterior docks and two interior docks. U-Haul chose this site due to its proximity to I-290 and large parking lot on the 8.3-acre site. The new owner will take occupancy of the building in October. Jeffrey Provenza and George Cibula of Darwin represented the seller, 950 S. 25th Ave. LLC. U-Haul was self-represented.
KANSAS CITY, MO. — NorthMarq Capital has arranged a $4.3 million loan for the acquisition of The Devereaux Apartments in Kansas City. The 60-unit apartment property, built in 1967, is located at 3624 Warwick Blvd. Noah Juran of NorthMarq arranged the three-year loan. A bridge lender provided the loan for the undisclosed borrower.
MIDLAND, MICH. — The Dow Chemical Co.’s new Global Dow Center has opened in Midland in central Michigan. KIRCO developed the 184,390-square-foot property, and is also constructing a 20,000-square-foot H. H. Dow Visitors and Heritage Center. Demolition of Dow’s former Willard H. Dow 2020 building began in June 2015, which made way for the October 2015 groundbreaking of the Global Dow Center. The new facility is seeking LEED certification. Features of the Global Dow Center include 21,000 square feet of vegetative rooftop and a nearly one-acre decorative pond, which wraps around one-third of the building. An enclosed employee walkway connects occupants to parking and other campus facilities. A glass curtain wall exterior allows for extensive penetration of natural light into the workspaces. Dow produces many products for the building and construction industry, such as sealants, coating materials and polyurethanes. Many of Dow’s products were used in the construction of the project. KIRCO MANIX provided construction services.
INDIANAPOLIS — Covenant Capital Group LLC has acquired Columns of Castleton in Indianapolis for $30.2 million. The 398-unit multifamily property is located at 7615 Ivywood Drive. Covenant plans to invest over $4.7 million to modernize the property. In addition to renovating the apartment interiors and amenities, Covenant will implement a green program by installing energy-efficient appliances and LED lighting. The purchase price amounts to $76,005 per unit.
BRADLEY, ILL. — McColly Bennett Commercial has brokered the sale of the 74-acre former Bunge plant in Bradley, about 50 miles south of Chicago. The sales price was not disclosed. International pharmaceutical company CSL Behring acquired the property to accommodate future anticipated growth. The property, adjacent to CSL Behring’s current facility, includes office buildings, warehouse and cold storage space as well as 50 additional acres. The acquisition is taking place in two phases. CSL Behring already has closed on the acquisition of the vacant land parcels. Upon the demolition of the former manufacturing plant, CSL Behring will acquire the remainder of the property. No timeframe has been established for when any new development will take place on the site. Jeff Bennett of McColly Bennett Commercial represented the seller, a private investment and development firm. Buck Tamblyn of McColly Bennett Commercial represented CSL Behring.
