CHICAGO — Metonic Real Estate Solutions has purchased a six-story, 58,000-square-foot, brick and timber office building in Chicago for an undisclosed sales price. The property is located at 217 N. Jefferson St. in the West Loop and includes an adjacent 40-stall surface parking lot. The building was originally constructed in 1938 and redeveloped in 2008. It is fully occupied primarily by technology and creative tenants.
BURR RIDGE, Ill. — Lee & Associates has arranged the $4.1 million sale of a 52,000-square-foot truck terminal industrial building located at 7545 S. Madison in Burr Ridge. Justin Fierz, Brian Vanosky and Tim McCahill of Lee & Associates’ Illinois office represented the seller, RAB Properties Inc. Kip Hennelly of Patrick Commercial Real Estate represented the buyer.
LAKE GENEVA, WIS. — Cohen Financial has arranged an $11 million refinancing loan for Geneva Square, a retail center in Lake Geneva. The 169,692-square-foot property is 98 percent leased and is located at Interchange N and US-12. Anchor tenants include a 50,000-square-foot Piggly Wiggly and the 63,000-square-foot Aurora Health Center, a health care provider. Don Trossman of Cohen Financial secured the fixed-rate, seven-year loan, which includes a 25-year amortization schedule. The borrower is Lake Geneva Investors LLC. Schermerhorn Commercial Real Estate of Illinois manages the property. Geneva Square was built in 1980. The current owner purchased the property in 1999. Aurora Health Center became a tenant in 2005, and the Piggly Wiggly franchisee has been a tenant in the property since it was built.
MINNEAPOLIS — Investors Real Estate Trust (IRET) has sold four office showroom properties in metro Minneapolis for $26.6 million. The properties include the 205,494-square-foot Plymouth Tech I-V in Plymouth; the 61,138-square-foot Whitewater Plaza in Minnetonka; the 58,300-square-foot Southeast Tech Center in Eagan; and the 45,019-square-foot Burnsville Bluffs II office property in Burnsville. CBRE arranged the sale on behalf of IRET. The sales advance IRET’s portfolio transformation plan to narrow its focus to multifamily, healthcare and bulk industrial properties. IRET continues to sell off substantially its commercial office and retail property portfolios.
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.
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.
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.
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.
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.
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.