ITASCA, ILL. — Paine/Wetzel TCN Worldwide has arranged a 12,031-square-foot industrial lease renewal for United Global Logistics in Itasca, about 27 miles northwest of Chicago. The property is located at 1475 Thorndale Ave. The space features eight exterior docks and 25 trailer spots. Inc. Magazine named United Global Logistics as one of the top 5,000 fastest growing private companies in the country. Phil Reiff Jr. and Sr. of Paine/Wetzel represented United Global Logistics in the transaction.
PLYMOUTH, MICH. — Building demolition work is underway at the future site of the 128,000-square-foot Starkweather Lofts in Plymouth, a western Detroit suburb, according to Crain’s Detroit Business. The $21 million apartment property, which is slated for completion in November 2016, will be comprised of two, four-story buildings and a mix of 93 one-and two-bedroom luxury units. The units will range from 800 to 1,330 square feet and offer amenities such as wood flooring, granite countertops, stainless steel appliances, in-unit washer and dryer and outdoor patios or balconies. In addition, Starkweather Lofts will be within walking distance of downtown Plymouth. The project includes the demolition of a 20,000-square-foot building on the site. DevMar Development LLC, based in Bingham Farms, Mich., is the project developer.
NAPERVILLE, ILL. — The Boulder Group has brokered the $5.3 million sale of Seasons Hospice Inpatient Center, located at 2195 West Diehl Road in Naperville. The 10,342-square-foot hospice has eight years left on its lease before it expires in January 2023. The lease features annual rental escalations and no landlord responsibilities. As a result of the aging population in the United States, the hospice industry is poised for future growth, according to the Boulder Group. By 2030, 20 percent of all Americans will be age 65 or older. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private real estate corporation, and the buyer, a California-based 1031 exchange investor, in the transaction.
COUNCIL BLUFFS, IOWA AND BELLEVUE, NEB. — NorthMarq Capital has secured a $3.4 million Freddie Mac refinancing loan for two Section 8 affordable housing properties. Maple Second Avenue Apartment Homes is located at 3524 Second Ave. in Council Bluffs. The property features one- and two-bedroom floor plans with a patio/balcony and in-unit washers and dryers. Bellevue Place Apartments, a senior community located at 1808 Warren St. in Bellevue, contains one-bedroom floor plans with paid utilities. John Reed of NorthMarq Capital’s Omaha office represented the borrower, the Seldin Co., in the transaction.
GREENWOOD, IND. — Marcus & Millichap has brokered the $1.2 million sale of Wooddale Terrace Townhomes, located at 601-623 Wooddale Terrace in Greenwood, about 14 miles south of Indianapolis. The apartment property consists of two three-story buildings built in 1985. All units are approximately 1,000 square feet with two-bedroom units and one-and-a-half baths. The property was 100 percent occupied at the time of sale. David Orton of Marcus & Millichap’s Indianapolis office represented the seller, a limited liability company, and the buyer, also a limited liability company.
GLENDALE HEIGHTS, ILL. — Darwin Realty has arranged the sale of a 48,663-square-foot industrial building, located at 999 Regency Drive in Glendale Heights, for an undisclosed price. The facility is situated on 4.8 acres of land within the High Grove East Business Park in DuPage County. Property features include 9,000 square feet of office space, 18-foot clear ceiling heights, one interior truck dock, one drive-in door and 80 parking spaces. Richard G. Daly of Darwin Realty represented the buyer, Robert Weisheit Co., which acquired the property for the expansion and relocation of its manufacturing business. Jeff Fischer, Joe Bronson, and Howard Bergdoll of NAI Hiffman represented the seller, LaVezzi Precision Inc.
GRAND RAPIDS, MICH. — Marcus & Millichap has arranged the sale of a student housing property for $12.5 million, or $192,000 per unit, located at 5 Lyon St. NW in Grand Rapids. The Lofts @ 5 Lyon, a former office building converted into a student housing property, features a mix of 65 studio, one-, two-, three-, and four-bedroom units, along with first-floor office space and retail component. The building is within walking distance of several learning institutions and is adjacent to a number of museums, bus stops and restaurants. Michael Cagen of Marcus & Millichap’s Grand Rapids office represented the undisclosed seller and procured the buyer.
INDIANAPOLIS — Owner and property manager Fairbridge Properties has signed Managed Health Services to a lease extension and expansion at the Landmark Center, a Class A office tower, located at 1099 N. Meridian St. in the central business district of Indianapolis. The deal expands Managed Health Services’ space by 9,768 square feet, bringing the company’s total occupancy to 60,452 square feet. The lease expires April 30, 2017. The 12-story tower is 100 percent leased and includes other full- and multi-floor tenants such as Angie’s List, Disciples of Christ Christian Church, United States Citizenship and Immigration Services and Jacobs Engineering Group. Landmark Center features numerous amenities including a fitness center, conference facility, full-service cafeteria and indoor bike storage. Fairbridge acquires, develops and manages commercial properties ranging in value between $10 million and $45 million.
CHICAGO — DePaul University has selected J.C. Anderson Inc. to complete a 14,000-square-foot build-out to DePaul’s Richard M. and Maggie C. Daley College of Communication and School for New Learning on the Loop Campus. The property is located at 247 S. State St. in Chicago. DePaul acquired the property in 2008. Renovations will include the addition of a theater, editing rooms, classrooms and office space to accommodate the College of Computing and Digital Media. Construction is scheduled for completion in September. Steve Boulukos and Joe Maguire will lead the construction team for J.C. Anderson Inc. Vasilko & Architects Associates will provide architectural services.
CHICAGO — Essex Realty Group Inc. has brokered the $2.8 million sale of a 15,900-square-foot office building located at 617 W. Fulton St. in Chicago. The property is situated on the south side of Fulton Street, between Desplaines Street and Jefferson Street, and located less than one quarter-mile from the CTA Clinton station on the Green Line and one-half mile from the CTA Grand station on the Blue Line. Matt Welke and Jason Fishleder of Essex Realty Group Inc. represented the buyer, Fulton & Ogden LLC, and seller, MG Fulton Partners LLC, in the transaction.
