ROYAL OAK, MICH. — Colliers International has arranged the lease of a 6,000-square-foot building in Royal Oak. Crispelli’s Bakery and Pizzeria is leasing the space, which is located at 931 N. Main St. The company plans to use the former veterinary hospital as a French bakery and commissary. Renovations have begun and the restaurant plans to open in March 2015. Kent Butler of Colliers International represented the landlord, Royal Oak Enterprises LLC.
FLAT ROCK, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of River Place Apartments, a 10-unit apartment building in Flack Rock. The property is located at 25814-25824 E. Huron River Drive. The seller, Plaza One Realty Acquisition LLC, sold the building to K & L Property LLC. Rich Deptula and Harrison West of Friedman represented the seller in the transaction.
BOLINGBROOK, ILL. — Renovations are underway on a freezer/cooler project for Eastland Foods in Bolingbrook. Peak Construction Corp. is making improvements to a 4,282-square-foot freezer/cooler space at the company’s Illinois facility located at the Panattoni building. Construction began on Oct. 1. Project enhancements include a new 3,522-square-foot freezer/food storage area and a 760-square-foot cooler storage space. The project is scheduled for completion by the end of the year. Harris Architects and Climate Pros Refrigeration are assisting with the project. Eastland Food imports and distributes food products from Southeast Asia. The company is headquartered in Maryland, but operates other locations in Illinois, Florida and California.
GRANGER, IND. — Marcus & Millichap has arranged the $5.2 million sale of a 14,490-square-foot retail property in Granger, approximately nine miles northeast of South Bend. The property is located at 15005-45 State Road 23. Mark Lewenauer of Marcus & Millichap’s Chicago downtown office secured and represented the buyer, a private investor. Josh Caruana, the firm’s Indiana broker of record, assisted in closing the transaction.
EDGERTON, KAN. — Kubota Tractor Corp. will open a 450,000-square-foot parts distribution center in Edgerton, 37 miles southwest of Kansas City. The company has entered into a five-year lease agreement with ELHC XI LLC., a Kansas limited liability company. Kubota plans to have the facility operational during the third quarter of 2015. The center will primarily service the Midwest and will employ approximately 75 people after the first year. Kubota’s current divisional parts operations in Suwanee, Ga., Fort Worth, Texas, Columbus, Ohio and Lodi, Calif., will continue to provide regional support to local Kubota dealers.
MADISON HEIGHTS, MICH. – Biggby Coffee has signed a 2,071-square-foot retail lease for a second Madison Heights location. The property is located at 11 Mile Road between I-75 and John R Road. Tjader Gerdom and Mike Vaughn of Gerdom Realty & Investment arranged the transaction. The new Biggby location will have a drive-thru and is expected to open in spring 2015.
CHICAGO — Golub & Co., in a partnership with Boston-based Alcion Ventures, has acquired Oak Brook Executive Plaza, a 389,000-square-foot office in Oak Brook, a Chicago suburb. Bank of America provided financing for the transaction. The purchase price was undisclosed, but according to Crain’s Chicago the joint venture agreed to pay about $57 million, or $150 per square foot, for the property. The office complex is located on West 22nd St. across from Oak Brook Center Mall and is visible from I-88. Chicago-based Golub and Alcion plan to reposition the property as high-quality office space for corporate and creative firms. The redevelopment plans include enhanced curb appeal, updated office interiors and common areas and new tenant amenities.
HOBART, IND. — Marcus & Millichap has arranged the $11.3 million sale of Hampshire Park Apartments, a 186-unit apartment community in Hobart, approximately 45 minutes southeast of the Chicago Loop. Built in 1972 on less than 20 acres, the property is located at 400 N. Lake Park Ave. and includes a mix of one- and two-bedroom units. The apartment community is adjacent to open prairie and near parks, lakes and outdoor recreational areas. The historic Hobart lakefront district, located in downtown Hobart on Lake George, is less than one mile from the property. Scott Harris of Marcus & Millichap’s Oak Brook office in suburban Chicago represented the seller, a private investment company in Merrillville, Ind. The buyer is Chicago-based Tricap Residential Group.
CHICAGO — Brennan Investment Group LLC has acquired the Cumberland Metro Office Park, a portfolio of 12 multi-tenant, single-story office/flex buildings totaling approximately 164,448 square feet in Chicago’s O’Hare submarket. The purchase price and seller were undisclosed. The office park is located on nearly 15 acres, less than two miles from O’Hare International Airport. The O’Hare submarket has demonstrated strong real estate fundamentals, evidenced by 12 consecutive quarters of positive net absorption, according to Kevin Brennan, vice president of acquisitions at Rosemont, Ill.-based Brennan Investment Group. The private real estate firm, which acquires, develops and operates industrial properties nationally, currently owns and manages nearly 20 million square feet of industrial properties in 22 states.
ELGIN, ILL. — Lee & Associates of Illinois has arranged the lease of a 69,175-square-foot warehouse/distribution space for Communication Test Design Inc. in Elgin. The property is located at 2380 Galvin Drive. John Sharpe and Steve Bass of Lee & Associates of Illinois represented the landlord, Stockbridge. David Mackey of Jackson Cross Partners represented the tenant in the transaction.