CHICAGO —Essex Realty Group has brokered the $4.1 million sale of a 52-unit apartment building in Chicago’s Logan Square neighborhood. The property is located at 2420 N. Kedzie Blvd. The building features studio and one-bedroom units. Jim Darrow and Jordan Gottlieb of Essex Realty were the brokers in the transaction.
Midwest
PLAINFIELD, IND. — The Opus Group will begin renovation of a 280,000-square-foot industrial building in Plainfield this month. Airwest Building 9, which is in the Plainfield Business Center, is located north of I-70 near Indianapolis International Airport. Ford Motor Co. will use Airwest Building 9 as a distribution center for automotive parts. Building improvements include constructing an office area, expanding the dock capacity with new equipment and additional doors, new lighting and paint, and upgrades to the HVAC system. Construction is expected to be complete in August. Founders Properties LLC owns Airwest Building 9 and negotiated the lease with Ford Motor Co. Opus Design Build LLC managed the tenant improvement contract and will be the general contractor for the project. Opus AE Group LLC provided design services for the facility improvements.
ST. LOUIS — Dougherty Mortgage LLC has originated a $5.3 million loan for the refinancing of Washington Avenue Apartments, a 95-unit multifamily affordable housing property in St. Louis. The apartments are located at 1133 Washington Ave. The HUD loan includes a 35-year term and a 35-year amortization schedule. Dougherty arranged the refinance loan for Washington Avenue Apartments LP, a Missouri limited partnership.
FARIBAULT, MINN. — Marcus & Millichap has brokered the $3 million sale of Western Avenue Marketplace, a 16,564-square foot retail property located in Faribault, approximately 50 miles south of Minneapolis. The property is located at 300 Western Ave. Matthew Hazelton and Adam Prins of Marcus & Millichap represented the seller, a limited liability company. Brian Klancke and Sean Doyle, also of Marcus & Millichap, represented the buyer, a private investor.
NOVI, MICH. — Bernard Financial Group has arranged a $2.6 million CMBS loan for Briar Pointe Plaza in Novi, a city approximately 30 miles northwest of Detroit. The shopping center includes 29,908 square feet of retail space. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan for the borrower, Briarwood of Novi Investors LLC.
TROY, MICH. — Colliers International has arranged the lease of a 24,062-square- foot industrial property in Troy. The property is located at 194 E. Maple Road. Ryan Brittain, Peter E. Kepic and Peter J. Kepic of Colliers International represented the tenant, Cadillac Coffee Company, in this lease transaction.
ELGIN, ILL. — Gramercy Property Trust Inc. has acquired two industrial properties in Elgin, Ill. and Harrisburg, Pa. for $18.7 million. The Elgin property in metro Chicago is an 112,000-square-foot manufacturing facility. The property is leased through August 2028 with annual rent escalations to a global manufacturer of small, engineered metal components. The Harrisburg property is an 183,000-square-foot industrial warehouse. The property is leased through February 2025 with annual rent escalations to a subsidiary of a large multinational industrial company.Both properties are fully leased with a weighted average lease term of approximately 13 years. Year One net operating income for the two properties totals approximately $1.4 million, reflecting a 7.3 percent initial cap rate.
CHICAGO — Essex Realty Group has brokered the $11.5 million sale of a 46-unit apartment building in Chicago’s Avondale neighborhood. The newly constructed property is located at 2601-2615 W. Belmont Ave. The building consists of two- and three-bedroom duplex apartments ranging from 1,040 to 2,109 square feet. The property also includes an underground parking garage with approximately 49 spaces. Matt Welke and Jason Fishleder were the brokers in the transaction.
OSHKOSH, WIS. — Marcus & Millichap has arranged the $3.2 million sale of a CVS/pharmacy ground lease in Oshkosh. The 13,225-square foot net-leased property is located at 1736 W. 9th Ave. Adam Prins and Matthew Hazelton of Marcus & Millichap represented the seller, a limited liability company. An outside brokerage firm represented the buyer, a trustee. Matthew Fitzgerald also of Marcus & Millichap assisted in closing this transaction.
MELROSE PARK, ILL. — Chicago-based Sitex Group has completed the redevelopment of a two-building industrial complex in Melrose Park. The properties are located at 2680-2690 and 2800-2840 W. Lake St. The 170,920-square-foot building at 2800-2840 W. Lake St. can accommodate two tenants and features 4,500 square feet of office space, 22-foot clear heights and 12 exterior docks. The 102,153-square- foot multi-tenant building at 2680-2690 W. Lake St. can accommodate three tenants and features 22-foot clear heights and 18 exterior loading docks. Reconstruction of the properties included a substantial exterior renovation featuring a new façade, parking lots and landscaping. Sitex also upgraded the office space and installed high-efficiency lighting and new dock equipment inside the buildings. The complex is 72 percent occupied with several units currently being marketed. Sitex purchased the 273,073-square-foot complex from the Village of Bellwood in April 2013.