HARWOOD HEIGHTS, ILL. — Xcel Med LLC has acquired a 60,000-square-foot office building in Harwood Heights, approximately 12 miles northwest of Chicago, for an undisclosed price. The medical coding and billing company will use the building as its headquarters. The property is located at 7444 W. Wilson Ave. John Joyce, Ryan Phillips and Chris Rickett of Transwestern represented the seller, Bluebird Harwood Heights LLC, in the transaction. Eric Tresslar of NAI Hiffman represented the buyer, Harwood Heights. This was the final sale in a three-property portfolio disposition completed by the Transwestern team. The portfolio consisted of approximately 91,492 square feet on approximately 4.2 acres.
Midwest
FREMONT, OHIO — Marcus & Millichap has brokered the $1.8 million sale of Clarion Inn and Conference Center, a 157-room hospitality property located in Fremont, approximately 40 miles southeast of Toledo. The hotel is located at 3422 Port Clinton Road. The hotel sits alongside I-80/I-90, just two miles from downtown Fremont. Nearby attractions include the Fremont Speedway, the Sandusky County Fairgrounds and the Rutherford B. Hayes Presidential Center, which are all less than five miles from the hotel. Scott Brash of Marcus & Millichap’s Chicago downtown office represented the seller, a bank/financial institution. Lili Gewargis and Justin Westad of Marcus & Millichap’s Chicago downtown office represented the buyer, an Ohio-based private investor. Michael Glass of Marcus & Millichap’s Ohio office assisted in closing the transaction.
CHICAGO — NelsonHill has arranged the $1.2 million sale of a 21,000-square-foot industrial building in Chicago. The heavy timber loft building is located at 1845 W. Hubbard St. The building features 12-foot clear heights and 7,000 square feet per floor. Mark Nelson and Michael Nelson of NelsonHill represented the seller, Mufid Saleh. Robert Woods of Spectrum represented the buyer, Busy Bee Promotions, a marketing and advertising firm. Busy Bee Promotions is relocating from another building in the neighborhood where it was leasing.
FARMINGTON HILLS, MICH. — Colliers International has brokered the sale of a 25,444-square-foot light industrial facility in Farmington Hills, 23 miles northwest of Detroit. The property is located at 24470 Indoplex Circle. Gary Glotzhober of Colliers International represented the buyer, Efficient Office Solutions, and the seller, Floor Source, which used the space as a showroom and warehouse facility for the distribution of floor covering products. Upon renovation, Efficient Office Solutions will use the warehouse to store refurbished office furniture, and will use the showroom to display its products.
AURORA, ILL. — Simon Property Group has broken ground on a 50-store expansion of Chicago Premium Outlets in Aurora. The multi-million dollar project will expand the outlet center by almost two-thirds for a future total of more than 170 stores. Among the new retailers slated to open in late spring 2015 will be Saks Fifth Avenue Off 5th, which will join the center’s current list of designer and name brands, including Adidas, Coach, Gap Outlet, Kate Spade New York, Levi's, Michael Kors, Polo Ralph Lauren, Theory, Vera Bradley and more. Expansion plans include the addition of fire pits, art installations, a pond, and the addition of approximately 1,900 parking spaces. The new stores will occupy 45 acres on a vacant industrial site just east of the current Chicago Premium Outlets at Farnsworth Avenue and Bilter Road. The project also calls for renovation of the existing center, including enhanced landscaping and newly paved sidewalks, upgraded seating and lounge areas, improved lighting, a fresh new paint color scheme and updates to the center's food offerings.
TOPEKA, KAN. — Mid-America Real Estate Corp.’s investment sales team brokered the $18 million sale of Wanamaker Shopping Center in Topeka, Kan. Fort Wayne, Ind.-based Equity Investment Group Inc. purchased the regional shopping center. Wanamaker Shopping Center is located at the southeast corner of Wanamaker Road and 17th Street in Topeka, Kan. Big Kmart, Hobby Lobby and Bed Bath & Beyond anchor the 269,875-square-foot center. Joe Girardi of Mid-America Real Estate Corp. in cooperation with Eric Gonsher of The R.H. Johnson Co. represented the seller, Kansas City, Mo.-based Eighteen Capital Group in the transaction.
GURNEE, ILL. — The LaSalle Group will begin construction later this month on Autumn Leaves of Gurnee, an $11.3 million memory care community in Gurnee, a northern suburb of Chicago.The 29,000-square-foot facility, scheduled to open in 2015, will provide specialized care to nearly 46 residents living with Alzheimer’s, dementia, and memory impairment. The community will also offer respite care. The property is located at 505 N. Hunt Club Road, approximately two miles from Gurnee Mills Mall and Six Flags Great America and about three miles from the United Hospital System Gurnee Physician Clinic. Autumn Leaves of Gurnee is the result of a partnership between The LaSalle Group, MedProperties and TCF National Bank. The community will provide some free services for families in the area including educational seminars and Alzheimer’s support groups.
WICHITA, KAN. — A new Sam’s Club has opened in Wichita, Kan. The 136,000-square-foot store is located at 3084 N. Maize Road. A grand opening ceremony for the new membership warehouse club took place on Thursday, July 17. Associates of Sam’s Club presented several local organizations with more than $18,000 in grants during the ceremony. The new store features a variety of members-only amenities, including a fresh bakery, tire and battery center, a café and a fuel station. Sam’s Club, a division of Wal-Mart Stores Inc., hired more than 180 new associates for the new store.
When we read or hear about economic recovery, whether it is regarding commercial real estate or a different sector of the economy, so often the perspectives and projections we hear are on a national, or even global, scale. Unfortunately, such analyses can result in a picture of the economy that seems like it was taken with a wide-angle lens. Typically, commercial real estate activity in larger cities will not be representative of tertiary markets like Springfield, Ill. The big picture can give a distorted view of the health of our local economy here in Springfield. Dr. Peter Linneman, chief economist for NAI Global, says that employment levels in America have recovered to nearly pre-recession levels and that many of the jobs created during the recovery have been semi-skilled jobs, rather than minimum-wage jobs. The jobs recovery is especially meaningful for the housing industry, and multifamily in particular. New home construction is expected to be on a gradual rise in Springfield during the next two to three years. Most everyone knows that small business is the main staple for job creation, yet government handouts and subsidies are funneled to the largest banks in America, and there the money sits instead of …
PONTOON BEACH, ILL. — PCCP LLC has formed a joint venture with TriStar Properties to acquire 45 acres of land for the development of a 673,000-square-foot industrial building in Pontoon Beach, Ill., approximately 14 miles northeast of St. Louis, Mo. Development of the Class A industrial warehouse building will begin this summer. The building will include 32-foot clear heights, cross-docks, 172 trailer spaces, up to 264 car parking spaces and an ESFR system. The project is slated for completion in February 2015. The site is within Gateway Commerce Center, a fully leased, 2,000-acre industrial park that includes major tenants such as Procter & Gamble, Hershey’s and Unilever. TriStar Properties is the master developer of Gateway Commerce Center.