Midwest

CRYSTAL, MINN. — Paster Properties has acquired a 5,000-square-foot outparcel for the development of a retail building with a drive-thru located in Crystal, approximately ten miles outside of Minneapolis. The property is currently part of a Target parking lot. Paster Properties is pre-leasing the space to multiple retail users. Construction is set to begin upon lease signing.

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LIBERTYVILLE, ILL. — All American Containers of the Midwest has signed a long-term industrial lease for a 51,624-square-foot space at Bridge Point 94 Building 1 in Libertyville, approximately 40 miles northwest of Chicago. The lease brings the facility, located at 851-899 E. Park Ave., to 49 percent occupancy. Bridge Development Partners LLC, which delivered the building in the summer of 2015, is the landlord. All American Containers of the Midwest is expanding from a current location in Lake Forest, Ill. Keith Puritz of Avison Young, as well as Rob Wheeler, Juan Rodriguez and Sky Groden of Cresa, represented the tenant in the transaction. John Hauser, Michael Fonda and Hugh Williams of Avison Young represented Bridge Development.

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CREVE COEUR, MO. — CBRE Group Inc. has arranged three new office leases at the former SSM building in Creve Coeur, a western suburb of St. Louis. The 42,000-square-foot building had been vacant for the previous two years, but is now 95 percent leased. All but 2,100 square feet is occupied. Midwest Geriatric Management leased 15,064 square feet, Argos Family Office LLC inked a deal for 14,854 square feet and Koven Technology will occupy 9,774 square feet. Argos Family Office will be the first tenant to move into its space in May, followed by Koven Technology in June and Midwest Geriatric Management in July. DCM Management Company LLC manages the property, located at 477 N. Lindbergh Blvd. The undisclosed owner plans to upgrade the common areas, lobby and restrooms, as well as, add a fitness center and coffee bar. The building was initially constructed as the headquarters for SSM Healthcare in 1991. SSM occupied the entire building until 2013. Artie Kerckhoff of CBRE represented the landlord in the transaction.

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EDEN PRAIRIE, MINN. — New York Life Real Estate Investors has acquired a 490-unit multifamily property in Eden Prairie, approximately 18 miles southwest of Minneapolis. TIAA Global Asset Management sold Fountain Place Apartments for an undisclosed price. The community, built in 1987, features a mix of one- and two-bedroom units that average 1,037 square feet. Amenities at the apartment property include indoor and outdoor swimming pools, an indoor racquetball and basketball court, a 24-hour fitness center, tennis court, steam room and sauna.

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CRYSTAL LAKE, ILL. — Harborview Capital Partners, a New York-based finance firm, has arranged an $8 million refinancing for The Springs at Crystal Lake, a 97-bed skilled nursing facility in Crystal Lake, approximately 50 miles northwest of Chicago. The borrower was Mark Weldler, an experienced operator in the Midwest. This is the third loan Harborview has closed for Weldler in the last 12 months. Jonathan Kutner, managing director and principal at Harborview, originated the transaction. The non-recourse loan was refinanced through HUD’s 232/223(f) program at a fixed interest rate for 35 years.

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MCHENRY, ILL. — CBRE has negotiated the sale of a 99,448-square-foot retail center in McHenry, approximately 55 miles northwest of Chicago, for $5.4 million. First Midwest Group purchased the property, located at 2000 N. Richmond Road, from Regency Centers Corp. and Global Retail Investors LLC. McHenry Commons is 91 percent occupied and is anchored by Hobby Lobby. Other tenants at the shopping center include Goodwill, OneMain Financial and Rent-A-Center. Derrick Almassy and Richard Frolik of CBRE represented the seller in the transaction.

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MCCOOK, ILL. — Bridge Development Partners LLC has signed up three new tenants for a combined 194,000 square feet of space at Bridge Point McCook II. The leases bring the facility located at 8401 W. 47th St. in McCook, approximately 15 miles southwest of Chicago, to 86 percent occupancy. DHL Express USA Inc., a postal and logistics company, signed a deal for 36,440 square feet. Mark Baumhart and Jeanne Rogers of Arthur J. Rogers & Co. represented DHL. In the second deal, Video Equipment Rentals LLC, an AV, audio, broadcast and computer equipment rental company, inked a deal for 94,152 square feet and was represented by Sam Durkin of JLL. In the last transaction, an undisclosed international tire manufacturer signed a lease to occupy a 64,057-square-foot space. Vern Schultz of Colliers International represented Bridge Development in all three transactions.

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BOLINGBROOK, ILL. — Transwestern has arranged a 13,816-square-foot industrial lease in Bolingbrook, approximately 30 miles southwest of Chicago. Cope Plastics will occupy space at the 55,480-square-foot building. The property, 4 Territorial Court, was built in 2002 and is one of five buildings located in the Territorial Business Center. Cope Plastics, which makes and distributes plastic sheet, rod and tubing products, previously leased 10,700 square feet of space within the same business center. Scott Mueller of Transwestern represented the tenant in the transaction.

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CHICAGO — Structured Development has sold Blackhawk on Halsted, a 224,000-square-foot mixed-use development. A foreign institutional investment fund represented by LaSalle Investment Management purchased the property, which is located at 1460 N. Halsted St. in Lincoln Park, for an undisclosed price. The fully leased development was completed in 2009 and consists of three structures with retail and medical office space. Buildings include an 82,901-square-foot structure that houses the British School of Chicago, whose lease runs through 2040; an adjacent mixed-use building that includes 48,016 square feet of retail and 93,287 square feet of medical office space; and a 550-vehicle parking garage with an additional 48,016 square feet of ground-level retail. Retail tenants at Blackhawk on Halsted include The Tile Shop and REI, whose 28,000-square-foot store is the retailer’s only location in Chicago. Northwestern Memorial Physicians Group, Advocate Health Care and Town & Country Pediatrics anchor the development’s medical office space. Structured Development acquired the property in 2012 for $82 million.

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CHICAGO — Essex Realty Group has brokered the $4 million sale of a 31-unit multifamily property in Chicago. The building, located at 3747 W. Sunnyside Ave. in the Albany Park neighborhood, was fully renovated in 2014. Upgrades include all new electrical wiring, new plumbing, new windows and tuck-pointing. Interior renovations include granite countertops, new cabinets, refinished hardwood floors, new in-unit HVAC systems and fully updated kitchens and bathrooms. Doug Imber, Kate Varde and Brian Kochendorfer of Essex Realty brokered the transaction. The buyer and seller in the transaction were undisclosed.

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