LIBERTYVILLE, ILL. — I.M. Construction Group (IMCG) will renovate a new space for the Illinois Bone & Joint Institute (IBJI) located at 724 Florsheim Drive in Libertyville. A provider of orthopedic care, the firm currently operates a branch at 720 Florsheim Drive and has purchased an adjacent building to accommodate its operational needs. Construction on the 75,000-square-foot, single-story, masonry building will begin in April with completion scheduled for July 2015. Construction will include the demolition of the existing interior and the build-out of new medical office space. Once complete, IBJI will relocate its physical and occupational therapy space to the new building, which will also include additional exam rooms. Bob Nomellini, president of IMCG, will lead the firm’s construction team. In addition, Kent Nepras will serve as project manager and Angelo Christopher will serve as the superintendent. Brubaker Architects is providing architectural services. IMCG is an affiliate of The Missner Group.
OAK BROOK TERRACE, ILL. — Holladay Properties has arranged a medical office lease with Loyola University Medical Center at the Oak Brook Terrace Medical Center located at 1S224 Summit Ave. in Oak Brook Terrace. Nashville-based HCP Inc. owns the 92,000-square-foot, two-building medical campus. Loyola is expanding its presence on the campus through the addition of a conference center. Once completed, Loyola University Medical Center will occupy nearly 55,000 square feet at the Oakbrook Terrace Medical Center campus. Holladay Properties will provide construction management services for the project, which is set to be complete in July. Jeffrey Fischer of NAI Hiffman represented Loyola in the lease transaction. Michael O’Connor of Holladay Properties represented HCP.
GLADSTONE, MO. — Flaherty & Collins Properties will host a grand opening ceremony for The Heights Linden Square, a luxury mixed-use development in Gladstone, on Thursday, April 16. The $26 million project features 222 market rate luxury apartments and 10,000 square feet of street-front retail. The property is located 601 NE 70th St. The ground level of The Heights includes 40 two-level apartment homes, each with their own attached single car personal garage. Above the two-level apartments are two levels of flats. The average apartment home is 942 square feet. Community amenities include a fitness center, tanning salon, cyber cafe, business center and a game and leisure center. In addition, the property features a pool that includes a wet deck and an “outdoor living room,” which includes fire pits, grills and outdoor furniture.
SOUTH EUCLID, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $15.4 million sale of Cedar Center North, a 61,466-square-foot shopping plaza in the Cleveland suburb of South Euclid. The property is located at the intersection of Cedar Road and Warrensville Center Road at 13991 Cedar Road. John Carroll University is located less than a mile from the property and two super-regional shopping centers, Legacy Village and Beachwood Place, are within two miles. IPA senior directors Erin Patton, Craig Fuller and Scott Wiles represented the seller, a local northeast Ohio development group. The buyer is Inland Real Estate Corp.
OAK BROOK, ILL. — Rosemont, Ill.-based First Hospitality Group Inc. has reopened The Drake Oak Brook hotel in Oak Brook. The boutique hotel recently underwent extensive renovations to the exterior, lobby, an 11,300-square-foot meeting space, a 2,000-square-foot outdoor patio, office space and its 84 guest rooms. Originally built in 1961 as the suburban counterpart to Chicago’s famous Drake Hotel, Jim Nagle and Tely Nagle own the independent hotel. First Hospitality Group manages the hotel. Unique details of the property include a piece of floral, floating artwork composed of 1,000 pieces of glass and a gold-leafed table in the lobby designed by an artist who’s work also appears in the Vatican, and original murals. The hotel is accessible to downtown Chicago and O’Hare International Airport via I-88 and I-294.
OAKBROOK TERRACE, ILL. — NAI Hiffman has signed a new lease for its corporate headquarters at One Oakbrook Terrace, located at the intersection of Butterfield Road and 22nd Street in Oakbrook Terrace. The provider of commercial real estate services has occupied space in the building for more than 10 years. The new lease consolidates NAI Hiffman’s brokerage, management, marketing and research, and accounting services onto an entire floor, taking up more than 20,000 square feet. Jim Adler and Michael Flynn of NAI Hiffman’s office services group represented NAI Hiffman in the transaction. Brian Edgerton of NAI Hiffman represented the institutional owner.
MILWAUKEE — Siegel-Gallagher has arranged a 17,432-square-foot office lease in Milwaukee. Robertson Ryan & Associated Inc. will occupy space within Plaza East Office Center located at 330 E. Kilbourn Ave. Shaun Dempsey and John Kuhn of Siegel-Gallagher represented the tenant in the transaction. Tishman Speyer was the landlord.
OVERLAND PARK, KAN. — NorthMarq Capital’s Kansas City office has arranged acquisition financing of $32.6 million for Corbin Crossing Apartments, a 298-unit multifamily property in Overland Park. The property is located at 6801 W. 138th Terrace. Greg Duvall of NorthMarq arranged the seven-year loan that includes two-year interest-only payments and a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.
STILLWATER, MINN. — Marcus & Millichap has arranged the $8.9 million sale of Oak Park Ponds, a 98,157-square-foot shopping center in Stillwater. Oak Park Ponds is located at 5801 Neal Ave. N. Kowalski’s Markets is a long-term anchor at the property. Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office, along Sean Doyle and Cory Villaume of the firm’s Minneapolis office, represented the seller, a limited liability company. Matt Hazelton, Adam ‘AJ’ Prins and Michael Marzinske of Marcus & Millichap’s Minneapolis office represented the buyer, another limited liability company.
BELLEVILLE, ILL. — IMPACT Strategies has completed a $1.1 million expansion project for Chelar Tool & Die Inc., a Belleville-based tool manufacturer. Construction of the 12,000-square-foot addition began in October 2014 and completed in March. IMPACT Strategies built a single-story, pre-engineered metal building. The facility is equipped for making metal stamping dies, metal stampings, specialty precision machinery and Blanchard grinding. IMPACT Strategies collaborated on the project with architect EWR Associates Inc. of Fairview Heights.