CHICAGO — MB Real Estate has arranged a 26,214-square-foot office lease renewal and expansion for Knight Engineering at the LaSalle Wacker Building in Chicago. The property is located at 221 N. LaSalle St. The full-service engineering and architectural firm renewed its lease for space on the third floor and expanded to a portion of the fourth floor at the office property. Knight Engineering is the largest tenant in the 416,000-square-foot, 41-story building. MB Real Estate has managed and leased the property since 2010. Walter Hennig and Kelsey Karp of MB Real Estate represented building ownership in the transaction. Knight Engineering was self-represented in the negotiations.
Midwest
TROY, MICH. — Colliers International has arranged the lease of a 14,350-square-foot retail building in Troy, a suburb of Detroit. The property is located at 799-801 Stephenson Highway. Barry Landau of Colliers International represented the landlord, Bostick Development LC and the tenant, Poochpeople Inc., in the transaction. Poochpeople will use the space as a doggy day camp, which will also provide overnight boarding for pets.
ANTIOCH, ILL. — IDI Gazeley will construct a 454,276-square-foot building, the first at the planned 1.3 million-square-foot Antioch Corporate Center development in Antioch, approximately 47 miles north of Chicago. Building A will feature 36-foot clear heights, 48-by-60 foot bays and specifications for LEED accreditation. The park is located on Route 173, approximately one mile west of I-94 and one-half mile east of Route 45. Construction is expected to be complete in early 2015. The 97-acre industrial park was planned in 2008, but was put on hold as a result of the severe recession. Jack Rosenberg, Fred Regnery and Ned Frank of Colliers International will represent IDI Gazeley in marketing the property to tenants.
PLAINFIELD, IND. — Walmart has selected Browning/Duke Realty, a joint venture partnership between two Indianapolis commercial real estate companies, to develop its new e-commerce warehouse and distribution center. The 1.2 million-square-foot, state-of-the-art industrial building is being built to Walmart’s specifications on a 64-acre site in AllPoints Midwest, a bulk industrial campus in Plainfield under development by the two companies. Scheduled for delivery later this year, the building, which will be known as AllPoints Midwest 3, will incorporate modern bulk warehouse features. The facility will include 40-foot clear heights; 8,000-amp electrical service; 55-by-53-foot bay spacing with 55-by-60-foot spacing at the staging bays; and LED high-bay warehouse light fixtures. The 650-by-1,760-foot building, which is expandable by more than 200,000 square feet, also will include 16,500 square feet of office space, 100 9-by-10-foot dock doors and one 12-by-14-foot drive-in door. The Walmart facility will be the third fast-tracked, build-to-suit warehouse that Browning/Duke Realty has recently delivered at AllPoint Midwest. AllPoints Midwest is located off I-70 at Ronald Reagan Parkway and has access to the Indianapolis International Airport and the CSX Railroad’s Avon intermodal yard. Brian Seitz and Kris Bjorson of Jones Lang LaSalle represented Walmart in the transaction. Mark Susemichel and John Cohoat …
CHICAGO — Essex Realty Group Inc. has brokered the $3.6 million sale of a 46-unit apartment complex in Chicago. The property is located at 1331 W. Loyola Ave., one block west of Loyola University. The property includes studio and one-bedroom apartments with updated bathrooms, kitchens and hardwood floors. The building also underwent capital improvements, including the addition of windows, electrical service and exterior porches. The apartment complex is within walking distance of the Loyola CTA train station at the intersection of Sheridan Road and Loyola Avenue. Doug Fisher and Jason Fishleder represented the undisclosed seller. Fisher also represented the undisclosed buyer in the transaction.
CHICAGO — Marcus & Millichap has brokered the $2.9 million sale of a seven-unit apartment property in Chicago. The property is located at 1525 W. Addison St. Kyle Stengle of Marcus & Millichap represented the seller, a limited liability company. Bill Bailey and John Bailey of Marcus & Millichap represented the buyer, an offshore investor.
CHICAGO — Prudential Mortgage Capital Co. has provided a $131.7 million loan to refinance 18 self-storage properties for Chicago-based Lock Up/Evergreen Storage LLC. The properties, which include 13,422 units totaling 1.15 million net rentable square feet, are located in Chicago, Minneapolis, Florida, New Jersey, Hawaii and Massachusetts. Several of the properties are Class A buildings, featuring modern construction and are located in predominantly dense, high-income urban locations. The properties are collectively 86.5 percent occupied. The $131.7 million loan is structured in two parts, a $20 million, seven-year, floating-rate tranche, and a $111.7 million, 10-year, fixed-rate tranche.
CHICAGO — McShane Construction Co. will provide construction services for a new Walmart Neighborhood Market in Chicago. The retail store will be located at the corner of E. 47th St. and S. Cottage Grove Ave. The 41,000-square-foot store will feature a full grocery component, which will include organic and natural selections, prepared food options, a self-serve deli, a bakery and frozen food section and a full-service pharmacy. The 18-foot clear height retail space will also incorporate two truck docks and a back storage area. Walmart Neighborhood Market will serve as the ground-floor anchor tenant for The Shops and Lofts at 47, a new mixed-use development being built by McShane Construction on behalf of developers The Community Builders Inc., Skilken and Troy Enterprises. As part of the original assignment for The Shops and Lofts at 47, McShane Construction will also complete the property’s sitework and an 85-car parking lot for retail customers. BRR Architecture Inc. is providing architectural services for the Walmart Neighborhood Market. Pappageorge Haymes Partners has served as architect for the mixed-use development, which is nearing completion.
RAVENSWOOD, ILL. — NGKF Capital Markets has arranged $40 million in construction take-out financing for Ravenswood Station, a 123,650-square-foot retail building located in Chicago's Ravenswood neighborhood. A correspondent insurance company lender provided the 20-year, permanent fixed-rate loan. Ravenswood Station, located at 1800 W. Lawrence Ave., is anchored by Mariano's Fresh Market and LA Fitness. The recently built property opened fully pre-leased. Marino’s Fresh Market opened in April. The property includes 364 spaces of surface and structured parking. NGKF represented the borrower, a joint venture between The Taxman Corp. and Barrett & Porto Real Estate. Executive managing director Joel Simmons led the NGKF team in the transaction.
MILWAUKEE — The Boulder Group has arranged the $1.8 million sale of a single-tenant, net-leased Chipotle restaurant property in Milwaukee. The property is located at 3232 S. 27th St. Chipotle is the sole occupant of the 2,295-square-foot retail building. Chipotle has approximately 10 years remaining on its lease, which was recently extended. The lease includes a 12.5 percent rental escalation in the primary term and a renewal option period. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based private investor. A California-based investor purchased the property in a 1031 tax-deferred exchange.