MILWAUKEE AND WESTCHESTER, ILL. — NAI Hiffman has arranged five new leases for Burger King in Wisconsin and Illinois. The new leases include four locations in Wisconsin: the northwest corner of 14th and Wells streets in Milwaukee; the southeast corner of North and Prospect avenues in Milwaukee; the southeast corner of Moorland Road and College Avenue in Muskego, Wis.; and the southwest corner of College and Chicago avenues in South Milwaukee. The fifth lease is a co-brand concept with BP Amoco located at the southeast corner of I-290 and Mannheim Road in Westchester. Michael Meksto of NAI Hiffman represented Burger King in the transactions. Over 10 new leases are expected for completion in 2015 across Illinois, Wisconsin and Indiana. Burger King selected Meksto to lead expansion efforts into Michigan, Ohio, Kentucky, Western Iowa and Tennessee.
FOREST PARK, ILL. — Interra Realty has brokered the $2.4 milion sale of the Forest Hall Apartments, a 39-unit apartment building located at 500 Des Plaines Ave. in Forest Park. The unit mix includes studio and one-bedroom apartments. The property is located within walking distance to the Blue Line train station and the Madison Street entertainment district. Joe Smazal and James Clough of Interra Realty represented both the undisclosed seller and the buyer.
LOCKPORT, ILL. — Construction has begun on a 10,800-square-foot retail building at the 77-acre Lockport Square Shopping Center in Lockport. The property is located at the intersection of I-355 and 159th Street (IL Hwy 7). The multitenant retail building is located on a 1.3-acre site fronting 159th Street, providing high visibility for the property’s retail tenants. Construction will be completed by early fall. Leases have been signed with Mattress Firm (3,500 square feet) and Sport Clips (1,600 square feet). Lease negotiations are underway with a third tenant for an additional 1,600 square feet. The remaining 4,100 square feet at the project is expected to be leased within 12 months. Janko Group, GMX Real Estate Group and Purinton Development are the co-developers of Lockport Square Shopping Center. The construction team includes JTS Architects, RTM Applied Engineering and Boulder Contractors. MidAmerica Real Estate and Metro Commercial Real Estate are the leasing brokers for the shopping center.
BEAVERCREEK, OHIO — Thorofare Capital has funded a $6.5 million floating rate commercial mortgage loan for the acquisition of the Apple Valley Office Campus, a 130,440-square-foot, three-building office campus in Beavercreek. The properties are located near the intersection of Research Boulevard and Grange Hall Road near Wright Patterson Air Force Base. The borrower is a partnership between two Southern California-based, privately held investment firms. The borrower purchased the portfolio in an off-market transaction. The non-recourse financing structure included an initial term of three years with extensions, and was sized to 70 percent of the total project capitalization. Apple Valley Office Center’s anchor tenants include Northrop Grumman Systems Corp., a global defense and technology company, and MacAulay-Brown, a Dayton-based engineering company. The campus includes more than 500 parking spaces and is accessible via Interstates 675, 75 and 70, as well as State Route 35.
HILLIARD, OHIO — Marcus & Millichap has brokered the $1.4 million sale of Main Street Station, a 6,832-square-foot retail property located in Hilliard. The property is located at 3854-3870 Main St. and was sold to an undisclosed buyer. The center is occupied by four local franchisees. John Reehil of Marcus & Millichap’s Columbus office represented the seller, a limited liability company.
MADISON, WIS. — Lee & Associates has arranged the lease of a 48,734-square-foot retail space at Moorland Commons in New Berlin. Dunham’s Sporting Goods will occupy the space formerly occupied by Sportsman’s Warehouse. Other tenants at the shopping center include Target, Michaels and Office Max. Steve Doran of Lee & Associates Madison represented the landlord in the transaction. Galway Cos. Inc. manages the property.
CHICAGO — Baum Realty Group has brokered the $16.6 million sale of five retail properties totaling 81,606 square feet in the Chicago area. The properties include: 1422 – 1426 N. Milwaukee Ave., a mixed-use redevelopment in the Bucktown / Wicker Park neighborhood that sold for $4.2 million; 701 – 749 N. Milwaukee Ave., a fully leased retail strip center anchored by the Westin North Shore Hotel in Wheeling that sold for $4.9 million; 4700 N. Kimball Ave., an OREO multitenant retail strip center adjacent to the Kimball Brown Line ‘L’ Station that sold for $2.3 million; 847 N. Larrabee St., a development parcel in the River North neighborhood that sold for $4.1 million; and 1312 – 14 N. Clybourn Ave. and 1321 N. Larrabee St. located within the North and Clybourn Corridor that sold for $1.1 million Greg Dietz and Danny Spitz of Baum Realty Group’s Investment Sales Team represented the five separate private sellers in transactions.
OAK LAWN, ILL. — Capital One Multifamily Finance has provided a $10.9 million fixed-rate, HUD 232/223(f) loan to refinance a 133-bed skilled nursing facility in Oak Lawn. Joshua Rosen of Capital One originated the transaction for the undisclosed borrower. The property was built in 1962, with an addition in 1985 and substantial renovations and improvements between 2005 and 2012. The current owners acquired the property in 2012, and have upgraded resident rooms and bathrooms.
LORAIN, OHIO — Marcus & Millichap has brokered the $1.2 million sale of Advance Auto Parts, a 7,000-square-foot, net-leased property in Lorain. Advance Auto Parts is located at 2025 Broadway. The property was built in 2004 as a build-to-suit for Advance Auto Parts. Dustin Javitch, Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap’s Cleveland office represented the seller, a limited liability company. The property was sold to an unnamed publically-traded REIT.
TROY, MICH. — Friedman Integrated Real Estate Solutions has arranged the lease of 9,234 square feet of office space in Troy. The International Academy of Design & Technology Detroit, a private college, will occupy space at the property within the Troy Officentre Building A located at 300 E Big Beaver Road. Glenn DesRosiers of Friedman represented the landlord, Osprey-Troy Officentre LLC.