Midwest

Colliers Brokers $17.7M Sale of Office Portfolio Near Dayton, Ohio

by Kristin Harlow October 10, 2017

BEAVERCREEK, OHIO — Colliers International has brokered the sale of a four-building office portfolio in Beaver Creek, an eastern suburb of Dayton, for $17.7 million. The properties include: 3610 Pentagon Blvd., 3685 Hibiscus Way, 3725 Pentagon Blvd. and 2601 Commons Blvd. The buildings, totaling 143,802 square feet, are currently 85 percent occupied. Jeff Johnston, Steve Timmel and Chris Prosser of Colliers represented the seller, Mills-Morgan Development Ltd. Ger Reb Realty LLC purchased the portfolio.

October 10, 2017

Indiana Industrial Midwest

Darwin Realty Arranges Sale of 121,800 SF Industrial Building in Indianapolis

by Kristin Harlow October 10, 2017

INDIANAPOLIS — Darwin Realty has arranged the sale of a 121,800-square-foot industrial building in Indianapolis for an undisclosed price. The property is located at 9710 Park Davis Drive. The buyer, a Midwest-based manufacturer and distributor of food products, will use the facility to expand production capacity. The building features 28-foot clear heights and a fully air-conditioned warehouse. The facility is expandable to accommodate future growth. Chip Barnes and Brian Buschuk of JLL represented the seller, Pinchal & Co.

October 10, 2017

Illinois Industrial Midwest

Eagle Foods Signs 98,251 SF Industrial Lease in Waukegan, Illinois

by Kristin Harlow October 10, 2017

WAUKEGAN, ILL. — Eagle Foods has signed a 98,251-square-foot industrial lease at Delany Commerce Center in Waukegan. The manufacturer and distributor of household food products will occupy the property in December after an interior build-out is completed. The 218,500-square-foot building, located at 2431 Delany Road, is now fully leased and is the first distribution facility at Delany Commerce Center. Chicago-based HSA Commercial Real Estate developed the center in partnership with Washington Capital Management Inc. Tim Thompson of HSA represented ownership in the lease transaction. Ed Lowenbaum of Lowenbaum REP represented Eagle Foods.

October 10, 2017

Illinois Midwest

Eisenberg Foundation Raises $550,000 for Cancer Research, Names Scholars at Annual Dinner

by Kristin Harlow October 10, 2017

CHICAGO — The Harold E. Eisenberg Foundation’s 19th annual dinner drew 750 guests and raised over $550,000 to benefit the foundation’s two-pronged mission of funding gastrointestinal cancer research and advancing real estate education. The event took place at the Hilton Chicago on Sept. 26. The 2017 scholars include Amanda Doster and James Alex Collins of Indiana University, Ines Andrade Gruest and Logan Walker of the University of Illinois, Justin Hucek of DePaul University and Ashley Pollock of Roosevelt University. Each student will work hand-in-hand with real estate innovators for six months and receive a $5,000 scholarship. Also unveiled at the event were details of the foundation’s largest gift in its history — $1.5 million to fund the foundation’s OncoSET program at the Robert H. Lurie Comprehensive Cancer Center at Northwestern University. The research program provides a more personalized medicine option for cancer patients by combining oncology with genomics. Steven Weinstock of Marcus & Millichap was the event’s chair while Kevin Wolfberg of Schain, Banks, Kenny & Schwartz Ltd. was the vice-chair.

October 10, 2017

Michigan Midwest Multifamily

NAI Wisinski Brokers $57M Sale of Luxury Apartment Community in Grand Rapids, Michigan

by Kristin Harlow October 9, 2017

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of Ridges of Cascade Apartments in Grand Rapids for $57 million. The 237-unit luxury apartment community opened in August 2016 at 100 percent occupancy. The $240,506 per unit represents the highest price per unit ever recorded in Michigan for a suburban market-rate multifamily asset, according to NAI Wisinski. Craig Black and Scott Nurski of NAI Wisinski represented both the buyer, a Michigan-based private equity group, and the seller, a local developer.

October 9, 2017

Illinois Industrial Midwest

PCCP, Tristar to Develop 593,940 SF Industrial Building Near St. Louis

by Kristin Harlow October 9, 2017

EDWARDSVILLE, ILL. — PCCP has formed a joint venture with TriStar Properties to develop a 593,940-square-foot industrial building in Edwardsville, about 25 miles northeast of St. Louis. Situated on 54 acres, the project is located within Gateway Commerce Center, which consists of 15.7 million square feet. The building will feature 36-foot clear heights and 185-foot truck courts. Construction is underway and completion is slated for February 2018. Gateway Commerce Center is 100 percent leased to tenants such as Procter & Gamble Co., Unilever, Amazon.com and Geodis, part of SNCF Logistics.

October 9, 2017

Illinois Midwest Multifamily

JDL Opens 250-Unit Luxury Apartment Tower in Chicago

by Kristin Harlow October 9, 2017

CHICAGO — JDL Development has opened SixForty North Wells, a 250-unit luxury apartment tower in Chicago’s River North neighborhood. The 23-story building is currently 41 percent leased and 37 percent occupied. Floor plans vary from studios to three-bedroom units and range in size from 500 to 1,600 square feet. Rents range from $1,850 to $5,820. Amenities include a rooftop deck, kitchen, gaming lounge, fitness center, golf simulator and grill area with fire pits. The Habitat Co. manages the property.

October 9, 2017

Illinois Midwest Retail

Realty Metrix Negotiates Sale of 103,266 SF Shopping Center in Algonquin, Illinois

by Kristin Harlow October 9, 2017

ALGONQUIN, ILL. — Realty Metrix Commercial has negotiated the sale of Algonquin Town Center in Algonquin, a northwest suburb of Chicago. The sales price was not disclosed. The 103,266-square-foot center is located at 3120-1440 E. Algonquin Road. Built in 1988, the property sits on 11 acres. Chase Bank, Dollar Tree, Goodwill and the U.S. Post Office anchor the property. Linda Kost and Dave Schmidt of Realty Metrix represented the seller, Nickels Quarters LLC. Millennium Properties represented the buyer, RMS Properties.

October 9, 2017

Loans Michigan Midwest Office

Bernard Financial Arranges $2.9M Refinancing for Office Building in Sterling Heights, Michigan

by Kristin Harlow October 9, 2017

STERLING HEIGHTS, MICH. — Bernard Financial Group has arranged a $2.9 million loan for the refinancing of a 37,321-square-foot office building in Sterling Heights. David Dismondy of Bernard Financial arranged the loan for the borrower, Roncelli Investment Co. LLC. General contractor Roncelli Inc. occupies the property, which is located at 6471 Metro Parkway. Symetra Life Insurance Co. provided the loan.

October 9, 2017

Illinois Industrial Midwest

Westmount Realty Capital Acquires 2.3 MSF Industrial Portfolio in Metro Chicago

by Kristin Harlow October 6, 2017

CHICAGO — Westmount Realty Capital has acquired a 21-building, 2.3 million-square-foot industrial portfolio in the greater Chicago area. Sixteen of the properties are located in close proximity to Chicago O’Hare International Airport and the Illinois International Port District. The other five are situated north of Chicago from Lake County, Ill., to Kenosha, Wis. The portfolio is currently 82 percent occupied. This acquisition brings Westmount’s Chicago area assets to more than 5 million square feet of industrial space. Including this acquisition, Dallas-based Westmount now has nearly 8 million square feet of industrial space in the Midwest region within its portfolio. To accommodate the company’s growth in the region, Westmount will expand its local property management office into a regional office in Chicago.

October 6, 2017

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