CHICAGO – NorthMarq Capital’s Dallas-based regional office has arranged $57 million for the acquisition of the Premier Chicago Portfolio, eight industrial properties that total 1.5 million square feet in metro Chicago. Ronald Reese of NorthMarq arranged the financing for Westmount Realty Capital LLC through Goldman Sachs. The properties are located in the O‘Hare and Midway submarkets and include a mixture of single-tenant and multi-tenant properties.
Midwest
MINNEAPOLIS – Local developer Alatus has chosen Doran Construction to build Latitude 45, a 319-unit, market-rate apartment project Alatus is developing on Washington Avenue South in Minneapolis. Construction of the 13-story multifamily property is slated to start later this month and be completed in 2015. Finance & Commerce reported that Alatus expects to close on a deal for the site (owned by Mikulay Trust) shortly. The property is assessed at $2.4 million.
WARREN, OHIO – Marcus & Millichap has arranged the $2.4 million sale of Trumbull Plaza, a 189,996-square-foot retail property located in Warren, a city in northeast Ohio. Erin Patton, Scott Wile, and Craig Fuller investment specialists in Marcus & Millichap’s Columbus and Cleveland offices, marketed the property on behalf of the seller, a developer, and represented the buyer, a limited liability company, in the transaction. Trumbull Plaza is located at Parkman Road and Route 422. Kmart and Sparkle Market are the two largest tenants at the center.
NAPERVILLE, ILL. – Quantum Real Estate Advisors Inc. has brokered the sale of a freestanding 37,582-square-foot, single-tenant ground lease in Naperville, a western suburb of Chicago. The developer of Freedom Commons in Naperville sold the property. A Florida-based company purchased the property, which is occupied by iFly and located at I-88 and Naper Boulevard. Chad Firsel and Dan Waszak at Quantum Real Estate Advisors represented both the buyer and the seller in the transaction.
PLAINFIELD, IND. — Chambers Street Properties has acquired a single-tenant warehouse/distribution property in metro Indianapolis for $30.2 million. Built in 2013, the 622,440-square-foot property features 32-foot clear ceiling heights and 60 truck doors with knockout panels for future expansion. The building is fully leased on a long-term, triple-net basis to a nationwide manufacturer of pet products. The acquisition also includes an adjacent land parcel suitable for 227,000 square feet of expansion. The property is located at 445 Airtech Parkway in Plainfield.
CINCINNATI — Marcus & Millichap has arranged the $14.3 million sale of a 138,445-square-foot Lowe’s Home Improvement store ground lease in Cincinnati. The sale price equates to $103 per square foot. Craig Fuller, senior associate, and Scott Wiles, vice president of investments in Marcus & Millichap’s Cleveland office and Erin Patton, a vice president of investments in the firm’s Columbus office, represented the seller, a New York-based investment fund. Fuller, Wiles and Patton also represented the buyer, a national real estate investment trust. The home improvement store is located at 5385 Ridge Ave. and has 8.5 years remaining on the ground lease.
BANNOCKBURN, ILL. — Heinen’s Fine Foods has leased 61,965 square feet at Bannockburn Green in suburban Chicago, making it the new grocery anchor in the shopping center. Bannockburn Green is a 151,206-square-foot community center serving Deerfield, Lake Forest, Highland Park, Lincolnshire and Bannockburn. Other retail tenants at the property include Walgreens, Erehwon Mountain Outfitters, Sleepy’s, Panera Bread and GNC. The property is located at 2501 Waukegan Road in Bannockburn. Joe Parrott, a senior vice president at CBRE, assisted in the leasing transaction. Heinen's Fine Foods is a Cleveland, Ohio-based, family-owned grocery store established in 1929. Bannockburn will be its 20th store and its third store in Illinois.
NORTHBROOK, ILL. — The Davis Cos. (TDC) has restabilized its second suburban office property in the Chicago-area market. Working with NAI Hiffman, TDC has invested more than $2 million in capital improvements to renovate and upgrade Edens Corporate Center since acquiring it in 2012. The makeover of common areas and amenities has repositioned the two-building property to reach 90 percent occupancy. During the last three months, NAI Hiffman’s leasing team completed seven leases at Edens Corporate Center, totaling nearly 36,000 square feet of office space. Edens Corporate Center, located at 630-650 Dundee Road in Northbrook, features twin, four-story buildings totaling 188,000 square feet.
ANN ARBOR, MICH. — G2 consulting Group, a Michigan-based firm specializing in geotechnical, environmental and construction engineering services, has opened a new office in Ann Arbor to service clients in the city, as well as Washtenaw County and the surrounding area. Twelve-year G2 veteran Jason Stoops, who completed both his undergraduate civil and environmental engineering degree, as well as his masters in geotechnical engineering at the University of Michigan, will manage the new office. The office will include four full-time engineers and a senior field technician and is located in the Eisenhower Commerce Center at 1595 Eisenhower Place. An open house is planned for late in the first quarter.
BRIDGETON, MO. — The City of Bridgeton has awarded Holland Construction Services Inc. the construction management contract for its new $15 million recreation center. The 56,000-square-foot facility will replace the existing community center and be located a half-mile north of the intersection of St. Charles Rock Road and Fee Road in Bridgeton, a northwest suburb of St. Louis. Construction of the proposed facility will begin this fall. The new recreation center will feature a gymnasium, track, a weight/cardio room, an aerobic room and community meeting rooms. Aquatic features will include a recreational pool with lap lanes, an activity channel and some deep water areas for swim lessons and aquatic exercise classes. Hastings & Chivetta Architects is the architect for the project.