CHICAGO — Carter Validus Mission Critical REIT Inc. (CVMC) has acquired a data center facility in Northlake, a suburb of Chicago, for $211.7 million. Tampa, Fla.-based CVMC purchased the CH2 Data Center from Ascent, a provider of comprehensive data center solutions. CVMC will provide new capital for the continued expansion of the 250,000-square-foot, multi-tenant data center. St. Louis-based Ascent will continue to manage all CH2 data center development, design, construction, engineering and operational services.
Midwest
MADISON HEIGHTS, MICH. — Bernard Financial Group has arranged a $16 million CMBS loan to refinance Madison Place Shopping Center. The retail property contains 235,502 square feet and is located in Madison Heights, a suburb of Detroit. Tenants at the shopping center include Dunham’s Sports, Jo-Ann Fabric and Craft Stores, David’s Bridal, OfficeMax, Michaels, Dollar Tree and AMC Theatres. The property is shadow anchored by Target and Big Lots. Dennis Bernard and Kevin Kovachevich originated the loan for the borrower, Madison Place LLC.
FARMINGTON HILLS, MICH. — NAI Farbman has arranged the lease of a 14,240-square-foot office building in Farmington Hills for Schneider Resources Inc., a national provider of truckload, logistics and intermodal services. Schneider will occupy space in the 696 Centre located at 27555 Farmington Road. 696 Centre is a 266,000-square-foot, newly renovated Class A office building that features a full-service gym and cafeteria. Schneider Resources plans to utilize the space as a regional corporate sales office. Ninety employees will work out of Schneider’s new location. Jeff Cavazos and Laney Cavazos of NAI Farbman represented the tenant. Farmington Road Office Building LLC is the landlord.
SCHAUMBURG, ILL. — CBRE has arranged the lease of a 10,681-square-foot office space in Schaumburg for Trelleborg Sealing Solutions, a global supplier of polymer-based critical sealing solutions. The company will occupy space in the Woodfield Preserve Office Center located at 20 N. Martingale Road. The firm is relocating its Midwest sales office from a site in Hanover Park, Ill. Bill Saviski of CBRE represented Germany-based Trelleborg Sealing Solutions in the transaction. Rob Graham of CBRE represented the landlord.
DAVENPORT, IOWA — Love Funding has arranged a $7.5 million HUD loan for the Union Arcade commercial building in downtown Davenport. The loan will be used to convert Union Arcade into a mixed-use, market-rate multifamily residential and retail space. Harry Cheatham of Love Funding’s St. Louis office secured the HUD loan for the building’s owner, Financial District Properties. The non-recourse loan features a 40-year term. The lower level of the Union Arcade was built in 1915 to house the Union Savings Bank and Trust. The upper level was built in 1924. The property has been awarded federal and state historic tax credits. Once the renovation is complete, Union Arcade will offer 68 rental units along with 8,100 square feet of commercial space.The historic building’s renovation is a part of the revitalization of downtown Davenport. Financial District Properties, which bought the building in 2012, is also investing $10 million to create 29 apartments in Davenport’s Wells Fargo building downtown.
ELGIN, ILL. — Arthur J. Rogers & Co. has arranged the lease of four properties in Elgin, located approximately 45 miles northwest of Chicago. The properties are located within the Rogers Business Parke-Elgin, a development consisting of four buildings totaling 232,000 square feet. The leases include a 9,890-square-foot property at 2521 Technology Drive for Precision Dormer LLC, a manufacturer and seller of high-speed steel and carbide round tools; a 4,500-square-foot property at 2531 Technology Drive for Intellisource Inc., a graphic production and promotional company; a 3,900-square-foot property at 2541 Technology Drive for Winegard Co., a manufacturer of television reception products; and a 1,690 square-foot property at 2521 Technology Drive for ONSITE Woodwork, a family-owned premier woodworking company. Chris Zannis of Arthur J. Rogers & Co. negotiated the leases. Facilities at Rogers Business Parke-Elgin offer both 100 percent office suites and mixed-use office/warehouse space, with units ranging from 2,000 to 58,000 square feet.
ZIMMERMAN, MINN. — Marcus & Millichap has brokered the $5 million sale of The Pines I & II, a 64-unit apartment property in Zimmerman, a rural community located approximately 42 miles northwest of Minneapolis. The address of the Pines I & II is at 25685 3rd St. West. The property, which was built in two phases in 2005 and in 2006, features several different floor plans. Amenities include attached covered garages, a large community room and fitness center. The property closed at below a 7 percent cap rate. Michael Ahles, Mox Gunderson and Chris Collins of Marcus & Millichap’s Minneapolis office represented the seller, a developer, and the buyer, a partnership.
BOLINGBROOK, ILL. — Lee & Associates has arranged the lease of 42,680 square feet in Bolingbrook. LMI Solutions, a manufacturer and distributor of replacement toner cartridges, will occupy space at 606 Territorial Drive. Tim McCahill and Brian Vanosky of Lee & Associates represented the tenant. Jason West and Sean Henrick of Cushman & Wakefield represented the landlord, TA Associates Realty, in the transaction.
BOLINGBROOK, ILL. — NAI Hiffman has arranged a industrial lease renewal and expansion for Walgreens in the Chicago suburb of Bolingbrook that will bring the tenant’s total space to 258,560 square feet. The facility is located at 370 Crossroads Parkway, in proximity to I-55 and I-355. Dan Leahy and Adam Roth of NAI Hiffman represented the property owner and landlord, Duke Realty, in the negotiations. Kris Bjorson of JLL represented Walgreens.
BEDFORD PARK, ILL. — Developer The Welgarz Co. and general contractor William A. Randolph have broken ground on the new 148-room Hyatt Place Hotel at Midway Airport in the Chicago suburb of Bedford Park. The six-story property will include an indoor swimming pool, bar/café, lounge and meeting rooms. The project is located at 6550 Cicero Ave. Legat Architects is providing architectural design services, and Tech 3 Consulting is serving as civil engineer.