Midwest

Darwin Realty & Development Corp. Arranges Industrial Lease in Bensenville, Ill.

by Danielle Everson March 30, 2015

BENSENVILLE, ILL. — Darwin Realty & Development Corp. has arranged the lease of a 1,500-square-foot industrial space in Bensenville. Dan Fanelli of Darwin Realty and Development Corp. represented both the tenant and landlord in lease to ZM Gear & Machine at 1134 Industrial Drive. The landlord is FBG Corp. ZM Gear is currently occupying an adjacent unit and is expanding its business to the additional space. The facility is just off Route 83 south of Thorndale Avenue and west of York Road in DuPage County. ZM Gear is a family-owned company with more than 20 years of experience in gear manufacturing including parts from shafts, covers and housings.

March 30, 2015

Illinois Industrial Midwest

NGKF Arranges Sale of 110,343 SF Industrial Property in Elgin, Ill.

by Danielle Everson March 30, 2015

ELGIN, ILL. — Newmark Grubb Knight Frank (NGKF) has arranged the sale of a 110,343-square-foot industrial building in Elgin. The property is located at 2545 Northwest Pkwy. Adam Marshall of NGKF and Joe Bronson of NAI Hiffman represented the seller, property owner Zilber Property Group. Marshall also represented the buyer, Bucher Hydraulics, an international provider of hydraulic drive and control technologies for mobile and industrial hydraulic applications. The property is within the Northwest Corporate Park and is adjacent to several retail, restaurant, hotel and child care facilities. Built in 1999, the building features high-end, two-story offices that are 23,200 square feet. Additional features include 24-foot ceiling heights, seven docks, eight drive-in doors as well as 2,400 amps of power.

March 30, 2015

Illinois Industrial Midwest

NelsonHill Brokers Sale of 87,000 SF Building in Chicago’s Stockyards Industrial Park

by Danielle Everson March 30, 2015

CHICAGO — NelsonHill has brokered the $2.8 million sale of 1120 W. Exchange Avenue in Chicago’s Stockyard Industrial Park. Florock, an industrial flooring systems firm, purchased the property. The 63-year-old, global firm plans to consolidate its other locations into one site. The 87,982-square-foot property sits on nearly three acres and includes more than 40 parking spaces, 17-foot to 22-foot ceiling heights and a 4,000-square-foot office. The property also features two interior docks and two overhead doors. Michael Nelson and Mark Nelson of NelsonHill represented the seller, The Missner Group. Adam Tarantur, Corey Chase and Kyle McKechnie of Podolsky|Circle CORFAC International represented the buyer.

March 30, 2015

Hospitality Michigan Midwest Multifamily

Olympia Development to Redevelop Historic Hotel in Detroit into Apartments

by Danielle Everson March 27, 2015

DETROIT — Olympia Development of Michigan plans to renovate and restore Detroit’s historic Eddystone Hotel into affordable housing units. The Eddystone is located at 110 Sproat St. at Park Avenue. The hotel opened in 1924 and Louis Kamper designed the building. Under plans to be submitted to the City of Detroit Historic District Commission, Olympia will completely renovate the property. Approximately 20 percent of the Eddystone’s roughly 100 units would be reserved as affordable housing. The Eddystone will also feature first-floor retail space. Work on the Eddystone Hotel could begin as early as fall of 2015. The project is near the site of the new Detroit Events Center, a mixed-used development and arena for the Detroit Red Wings hockey team. The new event center is slated for completion in 2017.

March 27, 2015

Illinois Midwest Retail

Baum Realty Group Arranges $6.8M Sale of Walgreens in Chicago MSA

by Danielle Everson March 27, 2015

CHICAGO — Baum Realty Group LLC has arranged the $6.8 million sale of a single-tenant, net-leased Walgreens property in Chicago. The asset is located at 8700 S. Kedzie Ave. in the Evergreen Park neighborhood. The Walgreens property has 15 years remaining on its original 25-year lease. The property is located approximately 10 miles southwest of downtown Chicago and less than 5 miles from Midway International Airport. The 14,820-square-foot building is situated on 1.75 acres at corner of the intersection of W. 87th Street and S. Kedzie Boulevard. Patrick Forkin and Brad Teitelbaum of Baum Realty Group represented the undisclosed seller in the transaction. The buyer was a New York-based private investor that purchased the property as part of a 1031 exchange.

March 27, 2015

Midwest Ohio Retail

America’s Realty, ARCJ Capital Buy 335,000 SF Shopping Center in Columbus

by Danielle Everson March 27, 2015

COLUMBUS — America’s Realty and ARCJ Capital LLC have purchased Great Western Shopping Center in Columbus from 410 Investments LTD. The property was purchased for an undisclosed amount. The 335,000-square-foot shopping center is located at the intersection of W. Broad St. and N. Wilson Road. The property is 72 percent leased and has access to I-70 and I-270. America’s Realty and ARCJ Capital LLC plan to renovate the property.

March 27, 2015

Illinois Midwest Office

The Boulder Group Arranges $4M Sale of Ground-Lease in Chicago

by Danielle Everson March 27, 2015

CHICAGO — The Boulder Group has arranged the $4 million sale of a single-tenant, First Midwest Bank ground-lease in Chicago. The property is located at 3220 W. 26th St. The building was originally built in 1984 and was renovated in 2007. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a Chicago-based investor who purchased the property in a 1031 exchange. A West Coast-based real estate fund sold the property. There are more than 13 years remaining on the First Midwest Bank ground lease, which expires July 1, 2028. First Midwest Bancorp is a publicly traded company with a market capitalization in excess of $1.3 billion.

March 27, 2015

Indiana Industrial Midwest

McNamara Florist to Move Corporate Headquarters to Indianapolis

by Danielle Everson March 27, 2015

INDIANAPOLIS — McNamara Florist has acquired a 176,000-square-foot industrial property in Indianapolis for an undisclosed sales price. The property is located on 7.3 acres at 1853 Ludlow Ave. The site of the florist’s new corporate headquarters will undergo extensive renovations. Occupancy is expected in the first half of 2016. The company headquarters currently occupies 58,000 square feet of leased space in Fishers, Ind. McNamara currently employs 120 people and the company will be relocating 70 of those positions to this facility. Bill French and Grant Lindley of DTZ represented McNamara in the property transaction. First Internet Bank provided financing for the acquisition and construction and Premier Capital Corp. provided a SBA 504 loan. April Hensley of Leech Hensley Architects will be the principal architect and Kort Builders will serve as the general contractor. McNamara also received a LISC façade improvement grant, which will be used to improve the exterior appearance of the building.

March 27, 2015

Illinois Midwest

The Harold E. Eisenberg Foundation to Host Midwest Real Estate Challenge in Chicago

by Danielle Everson March 26, 2015

CHICAGO — The Harold E. Eisenberg Foundation will host its fifth annual Midwest Real Estate Challenge at the Standard Club of Chicago from 12:30 p.m. to 7 p.m. on Saturday, April 11. Students from DePaul University, University of Illinois at Urbana-Champaign, Roosevelt University, University of Illinois at Chicago and Marquette University will be competing against each other through a live presentation and written report focusing on the “Cap the Kennedy” Project. The project, over the Kennedy Expressway (I-90/94) between Lake Street and Jackson Boulevard, has been proposed by Fifield Cos. in an effort to establish a more functional connection from Chicago’s West Loop neighborhood to the downtown Loop/Central Business District. The five student teams will act as individual development companies responding to a request for proposal from Fifield to joint venture and execute the proposed project. A panel of judges will review all of the presentations and then award the team with the best overall plan. The winning team’s university will be awarded with a $5,000 scholarship, sponsored by Fifield, as well as a trophy. In addition, the winning team will be acknowledged at the Harold E. Eisenberg Foundation’s Annual Dinner in October.

March 26, 2015

Industrial Michigan Midwest

Signature Associates Arranges 204,012 SF Lease of Industrial in Muskegon, Mich.

by Danielle Everson March 26, 2015

MUSKEGON, MICH. — Signature Associates, an independently owned and operated member of the Cushman & Wakefield Alliance, has arranged the lease of 204,012 square feet of industrial space in Muskegon. The property is located at 1450 E. Laketon Ave. Bryan Bench of Cushman & Wakefield | Signature Associates represented the tenant, Intracity Dispatch Inc.

March 26, 2015

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