MINNEAPOLIS — Marcus & Millichap has arranged the $620,000 sale of an 11-unit apartment building in Minneapolis. The property is located at 3105 Pleasant Ave. S. Built in the 1960s, the property has had only two owners since development. Josh Talberg of Marcus & Millichap’s Minneapolis office represented the seller, a private investor, and the buyer, a limited liability company.
Midwest
INDIANAPOLIS — A joint venture between two Indianapolis-based commercial real estate developers, Browning Investments Inc. and Duke Realty, will construct a new 936,510-square-foot building in AllPoints Midwest, an industrial development southwest of Indianapolis. The building, which will be known as AllPoints Midwest Building 6, will be situated on more than 63 acres just off Ronald Reagan Parkway and Bradford Road. The site is adjacent to a 1.2 million-square-foot facility occupied by Prime Distribution Services. The precast concrete building will include a 36-foot clear height ceiling; a thermoplastic polyolefin (TPO) energy-efficient roofing system; up to 1,300 parking spaces and 394 trailer staging spaces; and up to 200 potential docks. AllPoints Midwest, located just off I-70 near Indianapolis International Airport, encompasses 958 acres, which will support approximately 13.6 million square feet of space.
CHICAGO — The National Opinion Research Center (NORC) at the University of Chicago has signed a 30,000-square-foot lease expansion at 55 E. Monroe St. in the Windy City. The independent research organization will now occupy 118,000 square feet at the 50-story office tower. Cushman & Wakefield’s Jeff Lindenmeyer and Chris O’Leary represented the tenant in the transaction. Christian Domin, of GlenStar Properties LLC, represented ownership. NORC operates additional offices at the University of Chicago as well as in the Washington D.C. metro area, Atlanta, Boston and San Francisco. NORC collaborates with government agencies, foundations, educational institutions, nonprofit organizations and businesses to provide data and analysis that support informed decision making in key areas including health, education, crime, justice and energy.
CHICAGO — The Boulder Group has brokered the $2.4 million sale of a single-tenant, net-leased Burger King in Chicago. The property is located at 2345 S. Pulaski Road. Burger King is the sole occupant of the 2,980-square-foot building, which was built in 2009. The Burger King is positioned as an outparcel to a recently developed multi-tenant shopping center anchored by Advance Auto Parts and DaVita Dialysis. Burger King’s original 20-year lease expires in December 2029 and features 5 percent rental escalations every five years throughout the primary term and renewal option periods. Heartland Midwest LLC, a wholly owned subsidiary of Heartland Food Corp., guarantees the lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based private partnership. A New York-based high-net-worth individual purchased the property.
PONTIAC, MICH. — Bernard Financial Group has arranged a $1.3 million loan to refinance the Oakland Press Building in Pontiac. The 83,265-square-foot office/flex building features 80 parking spaces and one loading dock. Neil Gorosh of Bernard Financial Group originated the loan for the borrower, Twenty Lake Holdings LLC, with a life insurance company. Twenty Lake Holdings is a full-service commercial real estate asset management firm focused on newspaper properties. The company is an owner of commercial real estate occupied by local newspaper companies and serves as a real estate advisor to national media companies.
CHICAGO — Aries Capital has secured a $5 million CMBS loan for a nine-property, multifamily portfolio on Chicago’s South Side. The 10-year loan features a 30-year amortization schedule and a 75 percent loan-to-value ratio. The sponsor of the transaction, an affiliate of McKenzie Management, has been acquiring and renovating properties on the South Side of Chicago for the past eight years. By refinancing the properties, McKenzie Management was able to free up its bank lines and personal guaranties, enabling the company to acquire additional properties and grow its portfolio. McKenzie is a full-service property management company focusing on residential and retail properties.
BIRMINGHAM AND LIVONIA, MICH. —Orlando, Fla.-based Cuhaci & Peterson Architects, Engineers, Planners, has completed design work on two interior remodeling projects for Mitchell’s Fish Market in Michigan. The two front-of-house projects include a 4,976-square-foot restaurant in Birmingham, Mich., and a 5,090-square-foot restaurant in Livonia, both located in the suburbs of Detroit.
LISLE, ILL. — Morgan/Harbour has completed an office renovation of a 10,466-square-foot building in Lisle for law firm Clingen Callow & McLean LLC (CCM). The property is located at 2300 Cabot Drive. Founded in 1995, CCM has relocated its offices to Lisle from Wheaton, Ill. The firm also operates an office in Geneva, Ill., which it will retain. The new Class A building consists of 24 private offices, open office space, three conference rooms, a copy room and break room. Morgan/Harbour’s construction team included Andy MacMillan, John Becker and Keith Zagroba. ConopCo provided project management services and Whitney Architects provided the architectural services.
ANN ARBOR, MICH. — Colliers International has arranged the lease of 1,220 square feet of retail space, located at 1758 Plymouth Road in Ann Arbor. The tenant, Wings Over, is a restaurant offering take-out and delivery of chicken wings and other foods. The franchise has more than 30 locations throughout the country. This will be the restaurant’s first location in Michigan, which is set to open this winter. Jim Chaconas and Brendan Cavender of Colliers International represented both the landlord and the tenant in the lease transaction.
BOILINGBROOK, ILL. — Principle Construction Corp. has begun building a new speculative warehouse facility at 900 Windham Parkway in Bolingbrook, located about 30 miles southwest of Chicago. The 237,000-square-foot precast building will include a 32-foot clear height ceiling, an ESFR sprinkler system, 22 exterior truck docks and the ability to accommodate an additional 25 future truck docks. The facility will also include 35 trailer parking stalls, two drive-in doors and 217 parking stalls. Dallas-based Clarion Partners, represented locally by Seefried Properties, owns the site and building. Berlin Packaging will occupy 125,478 square feet, including 8,500 square feet of offices. The packaging company is moving from Arlington Heights, Ill. Principle’s Ken Lattanzi is the project manager, Tom Sterbenz is the superintendent and Mark Augustyn is the principal involved with the project. Harris Architects Inc. is providing architectural services. Construction is scheduled for completion this November.