AURORA, ILL. — The Boulder Group has arranged $1.4 million sale of a single-tenant, net-leased Tuffy Auto Service Center in Aurora, a suburb of Chicago. The property is located at 3190 N. Aurora Road. Tuffy is the sole occupant of the 3,900-square-foot retail building, built in 2007. There are more than 13 years of primary lease term remaining, which expires in November 2027. The lease features 10 percent rental escalations every five years. Tuffy is a chain of automotive service centers headquartered in Toledo, Ohio. The company is owned by the Tuffy Associates Corp., which also owns about 170 Car-X Tire and Auto stores. There are more that 235 Tuffy locations in 20 states across the eastern United States. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based private real estate investor, and the undisclosed buyer, who purchased the property in a 1031 tax-deferred exchange.
Midwest
MILWAUKEE — Marcus Hotels & Resorts, a division of The Marcus Corp., has completed renovations on the 176-room Pfister Hotel in Milwaukee. The renovations at the AAA-Four Diamond historic hotel are part of a multi-year, multi-million-dollar reinvestment in the property, which includes the addition of new club floors, a high-tech executive boardroom and a club lounge. Each bathroom features marble vanity tops and flooring, a separate commode stall for privacy and a tiled shower. The Pfister Hotel announced the completion of its VIP Club Lounge in April 2013. The lounge is located on the top floor of the hotel, offering views of the city and Lake Michigan. The new space includes a fireplace, bookshelves, workstations for individuals and small groups, Wi-Fi access, printers and televisions. The club lounge also offers guests breakfast each morning, snacks and beverages throughout the day and hors d’oeuvres and cocktails during the evening. The lounge is open 24 hours a day, seven days a week. Pfister’s new executive boardroom, Twenty 3, was also introduced last year. The upscale, high-tech boardroom incorporates unmatched presentation technology, multiple 4K LED monitors, including 3D, gesture recognition, iPad multi-media controls, surround sound and an iMac lab. The Pfister Hotel was …
PORTAGE, IND. — Holladay Properties has brokered the $2.4 million sale of a 23.4-acre site at AmeriPlex at the Port, a mixed-used business park in Portage, approximately 12 miles east of Gary. Merrillville, Ind.-based MonoSol LLC purchased Lot 29 at the business park. The water-soluble film manufacturer has broken ground on the property and will develop a new $95 million, 300,000-square-foot manufacturing plant. MonoSol announced last year that it would be expanding to keep up with demand for its single-dose Tide Pods and Cascade Action Pacs. MonoSol received tax abatements from the city of Portage and other economic incentives. The company plans to hire as many as 150 new employees for the new facility. The land sale leaves Holladay with 80 acres of land remaining for sale at the business park.
HUNTLEY, ILL. — Janko Group has acquired Regency Executive Center, a two-story, 35,000-square-foot medical office building in Huntley, an outer suburb northeast of Chicago. The building located on Regency Parkway is 41 percent leased to 10 tenants. Regency Executive Center is less than two miles north of the recently completed four-way interchange at I-90 and Route 47. The property was built in 2001. Ted Buenger and Dan Bessey of CBRE represented the undisclosed seller in the transaction. Janko Group will manage the property.
LIVONIA, MICH. — Gerdom Realty & Investment has arranged the lease of a 2,470-square-foot retail space for Mikey’s Burgers & Fries in Livonia. The locally owned restaurant chain will occupy space in the LA Plaza located at Plymouth Road. The restaurant has operating chains in Howell, Brighton and Hartland. Mikey’s Burgers & Fries plans to open its Livonia location later this year. Larry Siedell and Tjader Gerdom of Gerdom Realty & Investment represented the undisclosed landlord in the transaction. Eric Unatin, of Armada Real Estate represented the tenant.
MINNEAPOLIS — NorthMarq Capital has arranged a $35 million loan to refinance Flux Apartments, a 216-unit multifamily property in Minneapolis. The Class A asset is located at 2838 Fremont Ave. South. NorthMarq arranged financing for the borrower, AFL-CIO Building Investment Trust through its correspondent relationship with Allianz Life Insurance Co. of North America.
NEW LENOX, ILL. — HSA PrimeCare will develop a business center at Silver Cross Hospital in New Lenox, an eastern suburb of Joliet. The on-campus business center will be located at the intersection of Silver Cross Drive and Cedar Crossings Drive. The two-level, 30,000-square-foot facility will offer hospital staff and employees a comfortable working environment within a short walk to each of the other facilities on the medical campus. HSA PrimeCare plans to break ground in July 2014. Itasca, Ill.-based Premier Design + Build will serve as the project’s general contractor, and Partners in Design Architects with offices in Riverwoods, Ill., and Kenosha, Wis., is responsible for the design services. Projected occupancy for the building is January 2015.
MILWAUKEE — The Ehmer Group has brokered the $7 million sale of the Hilton Milwaukee River Hotel in Milwaukee. A Delaware-based investment group consisting of several Canadian-based and domestic hotel operators purchased the 164-room full-service Hilton Hotel. The buyer plans to invest $8 million for renovations and to convert the hotel into a Holiday Inn. The Hilton license expires this month and the hotel will be operated independently as the Milwaukee River Inn until the Holiday Inn PIP and conversion are complete. Greenbelt, Maryland-based Chesapeake Hospitality Management will manage the Holiday Inn Milwaukee River. Richard Ehmer of The Ehmer Group brokered the transaction.
CHICAGO — Marcus & Millichap has arranged the $1 million sale of a 10,854-square-foot, mixed-use property in Chicago. The property is located at 2939 W. Belmont Ave. and consists of one- and two- bedroom units. The building also includes two retail spaces on the first floor, which consist of approximately 1,500 square feet each and one space includes a self-contained studio in the back. The property features an on-site laundry facility, storage space for each unit, parking in the back of the building for five cars, and a resident garden. Tony Mazur of Marcus & Millichap represented the seller, a limited liability company. Marcus & Millichap’s Kyle Stengle and Joseph Bergman represented the buyer, another limited liability company.
JOHNSTOWN, OHIO — The Cooper Commercial Investment Group has brokered the $2.4 million sale of a 15,292-square-foot retail center in Johnstown, a northeastern suburb of Columbus. The Kyber Run Shopping Center is shadow-anchored by a Kroger. An undisclosed New Jersey-based buyer purchased the property at an 8.7 percent capitalization rate. Dan Cooper of the Cooper Commercial Investment Group represented the owners, a Columbus-based private investment group.