MIDDLETON, WIS. — George Smith Partners has arranged an $18.9 million loan on behalf of its client, Pheasant West LLC, for the refinancing of its 200,000-square-foot office building in suburban Madison. The University of Wisconsin Medical Foundation leases the four-story office property. The building, which features 160,000 square feet of office and 40,000 square feet of storage, is located on 10 acres at 7974 UW Health Court in Middleton. A Florida-based lender with a national single-tenant, net-lease platform provided the loan to Pheasant West LLC. The 10-year loan includes an eight-year, fixed interest rate of 4.65 percent and a 20-year amortization schedule.
CHICAGO — MB Real Estate has completed the 37,000-square-foot office build-out for Heartland Alliance’s new space at 208 S. LaSalle St. in Chicago. The build-out features the addition of private offices, large openwork areas, conference rooms and breakout spaces. David Graff, senior vice president, and Brian Toenjes, project manager at MB Real Estate, led the firm’s project services division, which oversaw the construction process. ICG provided the construction services for the project and Baumann Studios was the architect. Heartland Alliance is a human rights and services organization helping people living in poverty or danger improve their lives and realize their human rights.
ROMULUS, MICH. — Signature Associates has arranged the lease of 33,440 square feet of industrial space located at 29149-29165 Airport Drive in Romulus, a southwest suburb of Detroit. Brad Viergever and Mark Hamway of Signature Associates represented the landlord, First Industrial Realty Trust. Viergever also represented the tenant, Guardian Industries Corp., a manufacturer of automotive and building glass products.
CHICAGO — Grosvenor Americas has sold a 126,000-square-foot retail building at 830 North Michigan Ave. in Chicago’s Magnificent Mile shopping district to General Growth Properties Inc. The property sold for $166 million, according to Crain’s Chicago. The building’s tenants include Topshop, a London-based apparel retailer, which occupies 50,000 square feet on four levels. Other tenants in the building, located at the corner of North Michigan Avenue and Pearson Street, are Columbia Sportswear and Ghirardelli Chocolates. Built in 1947 and renovated in 1994, the property was acquired by Grosvenor Americas in 1993. The company owns two other properties in the Chicago metropolitan area — Rice Lake Square in Wheaton and Church Street Plaza in Evanston.
CHICAGO — The Tile Shop, a specialty retailer of manufactured and natural stone tiles, will open a new 13,000-square-foot retail store along the Clybourn Corridor in downtown Chicago. The new location, the ninth retail store for The Tile Shop in the Chicago area, will feature up to 2,000 products and be located in Blackhawk on Halsted, a mixed-use property located at 1460 N. Halsted St. Blackhawk on Halsted is a 225,000-square-foot property featuring healthcare businesses such as Town and Country Pediatrics and Northwestern Memorial Hospital. The property is home to The British School of Chicago, a private school with 750 students, and the only REI retail store in the city of Chicago. The Tile Shop has partnered with Structured Development, the developer of Blackhawk on Halsted, to develop the new store on the ground floor of the mixed-use development. The new Lincoln Park Tile Shop location is expected to open in mid-February 2014. Construction on the space will begin in December. The project will be led by general contractor Power Construction and architecture firm Valerio Dewalt Train Associates.
ITASCA, ILL. — ARC Property Investment LLC has purchased a 40,134-square-foot flex building located at 150 Spring Lake Drive in Itasca, a western suburb of Chicago, for $2.3 million. Jeff Janda and Jim Planey, both principals, and Mike Plumb, senior vice president at Lee & Associates of Illinois LLC, represented the seller, Spring Lake Partners. Joe Karmin of Newmark Knight Frank Epic, represented the buyer in the transaction.
BROOKFIELD, WIS. — TekSystems, an information technology staffing firm, has signed a lease for 10,622 square feet of office space in Brookfield, a western suburb of Milwaukee. TekSystems new office is located at 13935 Bishop’s Drive. Pinnacle Property Holdings is the landlord. David Barry of Cassidy Turley Barry represented TekSystems in the lease transaction.
LANSING, MICH. — Gillespie Group has broken ground on Midtown, a mixed-use development located along the Michigan Avenue corridor in Lansing, the state capital. Midtown will include 66 luxury apartment units and an 1,800-square-foot PNC Bank branch with drive-thru facilities. The development is on property formerly occupied by the Silver Dollar Saloon. Completion of Midtown is slated for August 2014.
ST. JOSEPH, MICH. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $17 million loan for the construction of a luxury boutique hotel and marina in St. Joseph, a city in southwest Michigan. Harbor Village Hotel will include 92 hotel rooms, 14 luxury condominiums, conference space, spa and 60-slip (boat ramp) marina. The three-year, interest-only loan features a 70 percent loan-to-value advance. Dean Giannakopoulos in the firm’s Chicago office and Steven Rock in its Manhattan office arranged the loan.
NORMAL, ILL. — Phillips Edison–ARC Shopping Center REIT Inc. has acquired The Fresh Market Shopping Center, a 76,017-square-foot retail property in Normal, a northern suburb of Bloomington. The Fresh Market grocery store anchors the fully leased center. Other tenants at the property include Dick's Sporting Goods, Michael’s and Marshalls. A portion of the purchase price included the assumption of a $6 million mortgage loan. Cincinnati-based Phillips Edison–ARC purchased the center from Wisnor LLC, a Wisconsin limited liability company.