JEFFERSONVILLE, IND. — NorthMarq Capital has secured an $11.5 million refinancing loan for a 500,000-square-foot distribution warehouse in Jeffersonville, a suburb of Louisville, Ky. River Ridge IV is located at 600 Patrol Road. The loan features a 10-year term and 15-year amortization schedule. NorthMarq arranged the financing for the industrial developer through its correspondent relationship with a national life insurance company. Randall Waddell of NorthMarq secured the loan.
CHICAGO — Transwestern has arranged the sale of a six-building industrial portfolio in metro Chicago. Chicago Properties LLC sold the portfolio to Clear Height Properties for an undisclosed amount. Transwestern represented Chicago Properties in the transaction. The portfolio includes 21 tenants across the six properties. Tenants include Pace Suburban Bus Service, Stanley Black & Decker, Veltri Inc., Claridge Products, Red Barcode Planet Inc. and ECL Products LLC. Properties in the portfolio include: A 31,726-square-foot, multi-tenant property at 600 Northgate Parkway in Wheeling, Ill. A 30,000-square-foot, single-tenant property at 3847 Exchange Ave. in Aurora, Ill. A 27,600-square-foot, multi-tenant property at 921-927 State St. in Elgin, Ill. A 22,644-square-foot, single-tenant property at 3121 Tollview Drive in Rolling Meadows, Ill. A 20,000-square-foot, multi-tenant property at 72-92 N. Lively Blvd. in Elk Grove Village, Ill. A 14,372-square-foot, multi-tenant property at 2130 Oxford Road in Des Plaines, Ill.
CHICAGO — Novak Construction Co. has broken ground on a new Whole Foods Market in Chicago. The grocery store will be located at the intersection of Ashland, Belmont and Lincoln avenues. The store under construction at 3201 N. Ashland Ave. is replacing the existing Whole Foods Market, which is located at 3300 N. Ashland Ave. The new 70,000-square-foot store will feature a second-story balcony for outdoor dining and additional indoor dining space. Completion of the new Whole Foods Market is slated for spring 2017.
RACINE, WIS. — The Dickman Company Inc./CORFAC International has arranged a 2,400-square-foot industrial lease for Elwood Corp. in Racine, approximately 25 miles south of Milwaukee. Vail Rentals owns the 14,400-square-foot, multi-tenant building, located at 2723 Carlisle Ave. Cale Berg and Anthony Huenerbien of The Dickman Co. were the sole brokers in the transaction.
Improving real estate fundamentals in the St. Louis office market are opening the floodgates to new construction that is greatly needed as large occupiers are finding limited, if any, existing available options. Over the past few years, the gap between rent for existing office properties and new properties was too great to justify construction. Until now, that is. The St. Louis employment base is finally reaching a pre-recession level with continued growth in the healthcare, information technology and engineering industries. The centrally located and more affluent residential areas — the West County and Clayton submarkets in particular — are experiencing higher occupancies and increasing rental rates. Clayton historically has been the best-performing submarket in St. Louis and still is today, while West County is situated near mid- to upper-level income workers. Development has and will continue to follow these highly sought after submarkets as they offer the metro area’s best real estate fundamentals and returns. Add to all of those factors a lack of new product in the past several years — plus a Class A vacancy rate of 10 percent — and you have an ideal climate for new construction. Pivotal project is catalyst The announcement that St. Louis-based …
BOLINGBROOK, ILL. — Steadfast Apartment REIT has acquired a 374-unit apartment community located in Bolingbrook, approximately 25 miles southwest of Chicago, for $58.5 million. A public, non-traded REIT, Steadfast purchased the property from Friedkin Real Estate and Jackson Square Properties. Meadows at River Run offers one-, two- and three-bedroom apartments ranging from 670 square feet to 1,262 square feet. The community was built in 2001, and unit amenities include washers and dryers, walk-in closets and fireplaces. Community amenities feature a swimming pool, fitness center, business center and pet park. The complex was 93 percent occupied at the time of sale. Steadfast plans to complete improvements including new lighting, plumbing, stainless steel appliances, faux wood blinds and upgraded countertops. Marty O’Connell of HFF represented the sellers in the transaction. Steadfast Apartment REIT was self-represented.
ROCKFORD, ILL. — KeyBank Real Estate Capital has secured a $9 million CMBS loan for a retail property in Rockford in northern Illinois. Rockford Crossing is 118,650 square feet and is shadow anchored by Target and ULTA Beauty. The center is currently 97 percent leased. Randy Martin of KeyBank secured the loan from a CMBS lender. The borrower in the transaction was undisclosed.
MILWAUKEE, WIS. — Ogden & Co. Inc. has arranged the sale of four student housing buildings in Milwaukee that serve students of Marquette University. The assets sold for $6.8 million. Wiegand Investments sold the assets to Charles Tunkieicz Farms Inc. Ogden & Co. will manage the property. Michael Seramur and David Tighe of Ogden & Co. represented the seller, Wiegand Investments, in the transaction. Brett Garceau and Timothy Janusz of MLG Commercial represented Charles Tunkieicz Farms.
CHICAGO — Interra Realty has arranged the sale of two multifamily properties in Chicago’s South Shore neighborhood for a total of $1.8 million. The two courtyard buildings were constructed in 1920 and are located at 7625-33 and 7635-43 S. East End Ave. The two properties have a total of 51 one-bedroom units and comprise 42,129 square feet. Both properties have received recent upgrades including new windows, porches and roofs. David Goss and Jon Morgan of Interra represented the undisclosed seller. Brad Feldman of Interra represented the undisclosed buyer in the transaction.
PLAINFIELD, ILL. — CBRE has brokered the sale of a 16,625-square-foot retail center in Plainfield, approximately 37 miles southwest of Chicago, for an undisclosed price. Old Second National Bank sold Founders Plaza to COROC Management Group LLC. Located at 24000 W. Dayfield Drive, Founders Plaza was 32 percent occupied at the time of sale. COROC Management Group plans to occupy 10,000 square feet for the operation of a day-care center starting in 2016. Nicholas Peters of CBRE represented Old Second National Bank in the transaction.
