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.
Midwest
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.
DECATUR, ILL. — Triad Real Estate Partners has brokered the sale of Oakwood Estates, an 80-unit multifamily property in Decatur, for $2.7 million. Constructed in 1995, the Low Income Housing Tax Credit complex is located at 1454 W. Mound Road and offers one- to three-bedroom apartments. A Minnesota-based tax credit and affordable housing developer was the seller. A Champaign-based investment company purchased the asset and will continue to operate the property as an affordable housing community.
TROY, MICH. — Colliers International has arranged a 22,500-square-foot flex space lease in Troy, Mich. for ABM Building Solutions LLC, a provider of building maintenance and facilities services. The tenant will occupy space at 1775B Crooks Road, in proximity to I-75. Peter Kepic and Ryan Brittain of Colliers International represented the tenant in the negotiations.
WARRENVILLE, ILL. — J.C. Anderson Inc. has completed a 26,610-square-foot office renovation for Symbria, a national developer and provider of therapy services, in Warrenville. The property is located at 28100 Torch Parkway, approximately 30 miles west of Chicago. Symbria, formerly Health Resources Alliance, leased office space in the Cantera Meadows office center and has moved approximately 100 employees into the new space. The eight-story, Class A office building was constructed in 1997 and features an open-plan perimeter with a two-story granite and wood lobby. J.C. Anderson completed the renovation and build-out of the firm’s new space on the sixth floor, which included the addition of an executive suite and private bath. Interior Architects provided the architectural services and Urban Innovations was the project manager on behalf of ownership.
AUBURN HILLS, MICH. — Colliers International has arranged the lease of 67,504 square feet of office/warehouse space in Auburn Hills. Scott Industries Inc., an automation company, will occupy space at 1026 Doris Road. Peter E. Kepic, Peter J. Kepic and Ryan Brittain of Colliers International represented the tenant in the transaction. Doris Road Holdings LLC is the landlord.
CHICAGO — Marcus & Millichap has brokered the $455,000 sale of a six-unit apartment building located in Chicago. The property is located at 4952 West Roscoe St.The apartment building consists of one- and two-bedroom units and features an on-site laundry facility and window air-conditioners. Andrean Angelov, Ryan Engle and James Ziegler of Marcus & Millichap represented the seller, a private investor, and the buyer, a limited liability company.
LINCOLN, NEB. — NAI FMA Realty has arranged a 48,651-square-foot office lease for Nelnet Inc. in the Commerce Court and Wells Fargo Center in downtown Lincoln. The properties are located at 1230 and 1248 ‘O’ Street. Wells Fargo Center is an 11-story, 287,000-square-foot Class A office building. Commerce Court is a 58,500-square-foot, Class B office building attached to the Wells Fargo Center. Richard Meginnis and Tom Graf of NAI FMA Realty represented the owner, Ameritas Life Insurance Corp. Lincoln-based Nelnet is an education services company focused primarily on providing fee-based processing services and education-related products and services. The lease expands Nelnet’s local operations and provides the company with space for continued growth.