CHICAGO — NAI Hiffman has arranged the lease of 194,880 square feet of industrial space in Chicago. PECO Pallet, a provider of pallet rental services, will occupy space in the Chicago Manufacturing Campus located at 2924 E. 126th St. The space includes 20 exterior docks, abundant parking and access to the Calumet River. PECO Pallet plans to use this facility for the re-manufacturing and distribution of pallets to its grocery and consumer goods clients. Chris Gary and Howard Bergdoll of NAI represented the landlord, an institutional owner. Jeff Heymann of Colliers International represented PECO Pallet.
Midwest
CAMBRIDGE, MINN. — Marcus & Millichap has arranged the $1.7 million sale of Arby's restaurant in Cambridge. The 3,524-square-foot, net-leased property is located at 2350 2nd Ave. SE. Adam Prins, Matthew Hazelton and Mike Marzinske of Marcus & Millichap’s Minneapolis office represented the seller, an individual/personal trust. Ryan Cockerill and Simon Jonna of Marcus & Millichap’s Detroit office represented the buyer, a private investor.
SOUTHFIELD, MICH. — Colliers International has arranged the $190,000 sale of 11,598 square feet of retail space in Clinton Township, located approximately 25 miles north of Detroit. The address of the one-story building, known as Castle Rock, is 43785 and 43823 Gratiot Ave. Jack Williams of Colliers International represented the seller, a private entity, in the sale.
MIDDLETON, WIS. — Sperry Van Ness has arranged the lease of 3,605 square feet of office space in Middleton, a northwestern suburb of Madison. Michigan Millers Mutual, an insurance company, will occupy space at 3220 Deming Way. Founded in 1881, Michigan Millers Mutual offers a wide range of property and casualty insurance products for individuals, small and mid-size businesses. Jeff Jansen and Anita Frey of Sperry Van Ness represented the tenant in the transaction. The Blettner Group Ltd. is the landlord.
DOWNERS GROVE, ILL. — KeyBank Real Estate Capital has provided a $4.8 million CMBS refinancing loan for a research facility in Downers Grove, a western suburb of Chicago. John Hofmann of KeyBank worked with the borrower HSA Commercial Real Estate to arrange the non-recourse, fixed-rate loan. Silgan Downers Grove is a single-tenant, 42,000-square-foot facility. The tenant has occupied the property since 1980.
BATAVIA, ILL. — The Boulder Group has brokered the $4.3 million sale of a single-tenant, net-leased Citgo gas station property in Batavia, a suburb of Chicago. The property is located at 200 Fabyan Parkway. Citgo is the sole occupant of the two-acre property, which was built in 1999. Citgo has 10 years remaining on its lease that expires in February 2024 and includes annual rental escalations of 1.75 percent. There are four, five-year renewal options. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based high-net-worth individual. An East Coast-based private investment firm purchased the property. The guarantor of the lease is GasMart USA, a privately held company that operates 108 gas stations in seven states.
WAUKESHA, WIS. — The Dickman Company Inc. has arranged the lease of 20,000 square feet of industrial space in Waukesha, a suburb of Milwaukee. American Freight of Wisconsin Inc. will occupy space at 1725 Dolphin Drive. Dolphin Drive Investors LLC was the landlord in the transaction. Samuel M. Dickman Jr., Samuel D. Dickman and Anthony Huenerbein of The Dickman Co. negotiated the lease.
PONTIAC, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of 11,941 square feet of industrial space in Pontiac approximately 30 miles north of Detroit. The property is located at 490 South Opdyke Road. Margaret Joyce Hetherington Revocable Living Trust sold the space to Vaughn & Vaughn Investments LLC for an undisclosed sales price. Larry Schultz of Friedman represented the buyer in the transaction.
CHICAGO — Lubert-Adler, in a joint venture with The Farbman Group, has sold a 23-story office building in Chicago for $100 million. Beacon Investment Partners LLC partnered with Tel Aviv-based Harel Insurance Investments and Financial Services Ltd. to acquire the 535,911-square-foot building located at 200 W. Monroe St. Lubert-Adler and The Farbman Group acquired the office building in July 2012 for $75 million. The joint venture was able to increase occupancy from 80 to 91 percent. Lead tenants include Select Hotels, Equinox Fitness, and Barcodes Inc. The office tower was built in 1973 and renovated in 2006. Philadelphia-based Lubert-Adler, which invests on behalf of leading national university endowments and state retirement systems, owns five other Chicago properties with The Farbman Group.
ALSIP, ILL. — Sperry Van Ness has arranged the $1.1 million sale of a 42,500-square-foot industrial building in Alsip, a southern suburb of Chicago. The building is located at 4101 W. 124th Place. The Shred Authority, a professional paper shredding service, purchased the property, which had been vacant for three years. Beverly Hayes of Sperry Van Ness represented the buyer. Robert Barr of Strategic Advisors represented the seller, Praxair Surface Technologies Ltd.