Midwest

HOFFMAN ESTATES, ILL. — Caruso Development Corp. has signed Northwest Health Care Associates to a 27,000-square-foot medical office lease at 2359 Hassell Road in Hoffman Estates as part of a build-to-suit project. Albert Lindeman of SVN | Chicago Commercial represented the building’s owner, Caruso Development, in lease negotiations. Northwest Health Care Associates will occupy a one-story medical office building, which is under construction on the Blackberry Falls Office Campus, a new campus adjacent to Barrington Town Center. The Blackberry Falls Office Campus is situated on 4.6 acres, complete with a gazebo, waterfall and pond. The 27,000-square-foot building to be constructed for Northwest Health Care Associates is the last building to be constructed within the office campus. Caruso Development is partnering with Interworks Architects and EJ Loberg Construction on this project. Located at the intersection of I-90 and Barrington Road, approximately 30 miles from downtown Chicago, the new office campus is accessible from major area thoroughfares and offers patients convenient access to the site. The campus is situated across from AMITA Health St. Alexius Medical Center, which includes the new 270-room Alexian Brothers Women’s and Children’s Hospital. Caruso Development is partnering with Interworks Architects and EJ Loberg Construction on this project.  

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BROOKLYN PARK, MINN. — Marcus & Millichap has brokered the $7.1 million sale of a 34,000-square-foot retail property in Brooklyn Park, a northern suburb of Minneapolis. Sean Doyle, Matthew Hazelton, Cory Villaume, and Adam Prins of Marcus & Millichap represented both the undisclosed buyer and seller. Petco anchors the shopping center, and other tenants include Chipotle, Caribou Coffee, Panda Express and Gamestop.

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HASLETT, MICH. — Love Funding recently provided three loans totaling $8.5 million to refinance the debt on a group of age-restricted, Section 8 apartments in Haslett targeting persons age 62 and above. Located about nine miles east of Lansing, the three communities serve low-income residents and are all part of the same development, Grange Acres, a 363-unit complex that was built from 1972 to 1982. Grange Acres Non-Profit Housing Corporation owns the properties. Love Funding Midwest Regional Director Bruce Gerhart secured the loans through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. Part of the loan proceeds will be used to pay for needed repairs and to fund replacement reserves.

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CHICAGO — Interra Realty has brokered the $1.56 million sale of three multifamily properties located in the Woodland and Washington Park neighborhoods of Chicago. Ted Stratman and Dan Byrne of Interra represented both the seller and buyer for all transactions. A six-unit property at 5910 S. Martin Luther King Drive sold for $440,000. The building, which had previously been converted to individual condos, features large three-bedroom, one-and-a-half bath units and has rear parking for all six units. Another six-unit property, located at 6427 S. Drexel Ave., sold for $510,000. The property was completely rehabbed within the last few months and was 100 percent occupied at the time of sale. Lastly, an eight-unit building located at 5156 S. Indiana Ave. sold for $490,000. Six of the units have been rehabbed. Stratman and Byrne negotiated a post-closing construction contract on behalf of the buyer to rehab the other two garden-style units and capitalize on the building’s upside potential.

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BUFFALO GROVE, ILL. — Avison Young has negotiated a long-term, 315,000-square-foot lease renewal for Nemera at 600 Deerfield Parkway in Buffalo Grove, a suburb of Chicago. Nemera, which specializes in the design, development and manufacturing of drug delivery solutions, occupies the entire building. The facility includes 30,000 square feet of office space, 28-foot clear ceiling heights and is served by rail. Keith Purtiz and Brett Kroner with Avison Young’s Chicago office were the sole brokers in the transaction. The property owner is a private investor. No further details of the lease agreement were disclosed.

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Surging rental demand for apartments in metro Kansas City during the first six months of 2015 supported a sharp rise in real estate fundamentals following a lackluster second half of 2014. Renters absorbed 2,510 apartments during the first half of this year, surpassing the 1,810 apartments completed during the same period a year ago. With leasing activity exceeding deliveries so far this year, the overall vacancy rate fell 60 basis points to 5 percent by the end of June. The decline followed a spike in vacancy and negative absorption in the fourth quarter of 2014. The recent resurgence in leasing resulted in the vacancy rate in June matching the 5 percent rate one year ago. Supply-side pressure was most noticeable in the Class A apartment segment, which po sted an increase of 60 basis points in the vacancy rate year-over-year to reach 4.2 percent in June. Even with the increase, the vacancy rate was tightest among top-tier apartments, while Class C vacancy tightened 20 basis points during the same period to settle at 5.3 percent in June. A Landlord’s Market As a result of Kansas City’s apartment vacancy rate tightening during the first half of this year, operators were able …

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CHICAGO — In a joint venture with Golub & Co., CIM Group has acquired a condominium ownership interest in 625 North Michigan, a high-rise building located at 625 N. Michigan Ave. in downtown Chicago. Although the purchase price was not disclosed, Crain’s Chicago Business reported in August that a venture of CIM Group paid approximately $48 million for 290,000 square feet of office space on floors five through 27 of the building. The seller was Goldman Sachs Group. The sale doesn’t include the lower four floors, which are separately owned retail space. The individual floors span 13,000 square feet and no tenant takes up more than one full floor, according to Crain’s Chicago Business. The property, which is currently 29 percent vacant, was built in 1970 and underwent a $6 million renovation in 2000. Caption (625 North Michigan Avenue): CIM Group has acquired a condominium ownership interest consisting of 290,000 square feet of office space located at 625 N Michigan Avenue.

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NORTHVILLE, MICH. — Commercial Property Advisors (CPA) has arranged the sale of Northridge Meadow Apartments, a 112-unit multifamily community in Northville, for $7.8 million to Northridge Ventures LLC. The property, located at 19439 Northridge Drive, totals 92,120 square feet. Cary Belovicz of CPA represented the seller, Northridge Apartments.

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MOUNT PROSPECT, ILL. — CBRE has arranged the sale of 3.26 acres of industrial-zoned land in Mount Prospect, a northwest Chicago suburb, for an undisclosed price. The buyer was Whimsy Intermodal, a drayage company, and the seller was Park Place Partners LLC. The property, located at 2210 South Busse Road, will provide Whimsy Intermodal with 100 additional trailer parking spaces and is near the Elmhurst Road and I-90 interchange. Jack Brenan, Mike Sedjo and John Hamilton of CBRE represented both the buyer and seller in the transaction.

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INDIANAPOLIS — Brennan Investment Group LLC has acquired an industrial portfolio of 10 buildings consisting of four multi-tenant, light-industrial properties. The purchase price was undisclosed. The properties, which are located in three Indianapolis submarkets, total 544,810 square feet. Brennan Investment Group, a Chicago-based private real estate investment firm, acquires, develops, and operates industrial properties in select major metropolitan markets. Since 2010, Brennan has acquired over $1 billion in industrial real estate.

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