MILWAUKEE — Briohn Building Corp. has begun construction on a 50,000-square-foot industrial facility for Rishi Tea in Milwaukee's Menomonee Valley Industrial Center. The $4.9 million facility is slated for a spring completion, according to the Milwaukee-Wisconsin Journal Sentinel. Rishi, which blends, packages and distributes high-end teas, currently leases 38,000 square feet at the former Louis Allis Co. factory, located at 427 E. Stewart St. in the Bay View neighborhood.
INDIANAPOLIS — The Silver Group has arranged the $22.6 million sale of a single-tenant property leased to CarMax Inc. in northern Indianapolis. CarMax, a publicly traded, Fortune 500 company, is under a 21-year lease for the 16-acre site, located at 9750 N. Gray Road. A partnership purchased the property. Barry Silver and Greg Cunha of The Silver Group arranged the sale.
EVANSTON, ILL. — @properties Commercial has arranged the $2.1 million sale of a 10-unit multifamily building at 1434 Chicago Ave. in Evanston, a northern suburb of Chicago. Donna Agnew of @properties Commercial represented the buyer, a private real estate investor. The seller was a private owner. The four-story property features six three-bedroom and four two-bedroom apartment units, with storage, laundry and an office located in the basement. All 10 units in the building were leased at the time of sale.
CARPENTERSVILLE, ILL. — Quantum Real Estate Advisors Inc. has arranged the $1.3 million sale of a 7,500-square-foot AutoZone property in Carpentersville. The property sold to a cash buyer based in California. AutoZone has operated at the location for more than four years and recently signed an 11-year lease. Jordan Kaufman and Daniel Waszak at Quantum Real Estate Advisors Inc. represented the seller, a Chicago-based investor. Chad Firsel of Quantum Real Estate Advisors Inc. represented the buyer.
GREENVILLE, OHIO — Precision Fab Inc. (PFI) has signed a lease to occupy an 87,000-square-foot manufacturing facility in Greenville, located about 40 miles northwest of Dayton, Ohio. PFI builds metal racking for the automotive industry and has serviced Toyota, Honda, BMW and the Big 3. Tim Echemann of Industrial Property Brokers arranged the transaction.
ELGIN, ILL.— Chicago-based real estate investment firm Bridge Development Partners LLC has sold its 319,043-square-foot industrial facility in suburban Chicago to Boston-based TA Associates for $20.2 million. The property, which is located at 2700 Alft Lane at Randall Crossings Business Park in Elgin, features 30-foot clear ceiling heights. Jeff Devine and Steve Disse of Colliers International, as well as Ken Franzese and John Cassidy of Lee & Associates, represented Bridge and its capital partners, Wanxiang America Real Estate Group and Hunt Realty Investments Inc., in the transaction.
JOLIET, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged $10.6 million in debt for the acquisition of North Ridge Plaza, a 238,000-square-foot retail center in Joliet, located about 45 miles southwest of Chicago. Richard Lynn, a director in MMCC’s Oak Brook, Ill., office, arranged the four-year loan, which includes a fixed interest rate of 4.5 percent and a 25-year amortization schedule. Robert Horvath and Todd Tremblay in Marcus & Millichap’s Boston office represented the buyer, North Windham Properties LLC. Scott Wiles, Craig Fuller, Sean Sharko, Erin Patton and Austin Weisenbeck, also of Marcus & Millichap, represented the seller in the transaction. Current tenants at the retail center include Ultra Foods, OfficeMax, Hobby Lobby, Burlington Coat Factory, GameStop, Fashion Bug, Home Choice and Sally Beauty and Supply.
UNIVERSITY CITY, MO. — Kwame Building Group has completed construction of the new $3 million Firehouse #1 at Vernon and Westgate Avenues in University City, located about 10 miles west of downtown St. Louis. The new 17,000-square-foot, two-story building replaces the original Firehouse #1, which was more than 100 years old. The new facility features five fire engine bays, a training room and administrative offices on the first floor, with a workout room on the mezzanine. Living quarters on the second floor include 10 bedrooms with 30 beds, a full kitchen and an outdoor deck. The project was funded in part by a $2.6 million American Recovery and Reinvestment Act grant, and University City funded the remaining balance. St. Louis Archimages was the architect.
BELLEFONTAINE, OHIO — A Dublin, Ohio-based plastic injection mold manufacturer has acquired a 33,000-square-foot industrial facility at LCG Commerce Park in Bellefontaine, located about 55 miles northwest of Columbus. M3/IEG has plans to move into the new location by the end of February or beginning of March. Link Construction will retrofit the restrooms and office space, update the sprinkler system and add a few doors. Tim Echemann of Industrial Property Brokers arranged the leasing transaction.
LA VISTA, NEB. —NorthMarq Capital’s Omaha regional office has arranged a $29.5 million loan for the refinancing of Harrison Hills Apartments, a 484-unit property located at 6925 S. 115th St. in La Vista. The 10-year loan includes a 30-year amortization schedule. John Bendon, senior vice president and managing director, and Jason Kinnison, vice president of NorthMarq’s Omaha regional office, arranged the financing for the borrower, Harrison Hills Apartments LLC, through Freddie Mac.
