CHICAGO — A 14,000-square-foot mixed-use building in Chicago has sold for $1.6 million. The eight-unit building located at 2643-51 N. Milwaukee Ave. is in the Logan Square neighborhood. Michael Weber and Ian Feinerman, senior commercial brokers for @properties Commercial, represented the buyer, a real estate investor, and the seller, two private sellers. The building includes four apartments and four storefronts, two of which were vacant at the time of the sale. The other two were leased to a pet groomer and a convenience store.
MILWAUKEE — The Dickman Co. Inc./CORFAC International has completed the sale of two industrial buildings totaling 105,000 square feet in Milwaukee. 3745-75 Richards Industrial LLC purchased the property from Johnson Bros. Beverages Inc. The industrial buildings are located at 3745-3775 North Richards St. Samuel M. Dickman Jr. and Samuel D. Dickman were the brokers in the transaction.
ROLLING MEADOWS, ILL. — The Davis Cos. (TDC) and Marquette Cos. have sold The Apartments at Woodfield Crossing, a 662-unit apartment property in suburban Chicago, for $57 million, or $86,000 per unit. An institutional investor purchased the property, which is located in Rolling Meadows. TDC acquired the property in October 2010 and partnered with Marquette to stabilize the complex. The partnership embarked on a $9 million capital improvement program and brought new management to the complex. The property was 94 percent occupied at the time of sale.
SIOUX CITY, IOWA — Irgens and UnityPoint Health – St. Luke’s have opened Sunnybrook Medical Plaza, an 86,315-square-foot medical center in Sioux City. The two-story glass and masonry facility will serve as a regional hub for healthcare delivery in the tri-state area, according to Irgens. Sunnybrook Medical Plaza provides expanded outpatient services and improved access to advanced medical technology. Healthcare services at the facility include family and internal medicine, urgent care, imaging, lab, infusion, cardiology, podiatry, diabetes and other specialty clinics and services. Irgens oversaw all facets of the project including site due diligence, entitlements and design/construction administration. In addition to Irgens and St. Luke’s, project team members included Eppstein Uhen and Cannon Moss Brygger & Associates as architects, along with W.A. Klinger as general contractor.
ST. LOUIS — McGrath & Associates has completed the $1.5 million expansion of the Saint Louis University Hospital emergency department in St. Louis. The 4,000-square-foot expansion project added five treatment rooms, a nurses’ station, work and storage spaces and a two-station registration area with three offices. McGrath constructed the project in two phases, the first completed while the main lobby, registration desk and escalators directly below and adjacent to the construction site continued to operate. They also relocated a main corridor to allow for the expansion. The design team included BSA LifeStructures and KJWW Consulting Engineers. The Saint Louis University Hospital emergency department treats more than 2,200 trauma patients from Missouri and southern Illinois, and more than 39,000 patients in the emergency department each year.
INDIANAPOLIS AND KALAMAZOO, MICH. — Bernard Financial Group has arranged a $1.3 million loan for Indy-C-Kal Inc. for two retail buildings in Indianapolis and one retail building in Kalamazoo.David Dismondy of Bernard Financial Group originated the loan. StanCorp Mortgage Investors LLC was the lender.
COLUMBUS, OHIO —Nationwide Realty Investors (NRI) has begun construction on Phase II of its Grandview Yard Apartments development in Columbus. The phase will add 120 upscale units in three-interconnected, four-story buildings, bringing the project’s residential to a combined 274 units. The new one- and two-bedroom apartments will range from 700 square feet to more than 1,000 square feet. Located on Yard Street just north of the existing Grandview Yard apartments, Phase II will also feature 28,000 square feet of Class A, ground-floor office space. The project is slated for completion by summer 2014. The new apartments are part of Grandview Yard, a 1.5 million-square-foot mixed-use development located on the former Big Bear warehouse site. The Grandview Yard project includes retail, restaurant and office space and more than 600 condo and apartment units.
ST. LOUIS PARK, MINN. — Grandbridge Real Estate Capital has closed a $4.5 million first mortgage loan secured by a 107-unit apartment complex in St. Louis Park, a western suburb of Minneapolis. Funding for the 20-year loan was arranged through a life insurance company and featured a fixed interest rate in the low four percent range. Proceeds from the loan were used to retire existing debt and provide cash out to the borrower. The property, which was 100 percent occupied at closing, features a variety of unit types and amenities. Tony Carlson of Grandbridge originated the transaction.
CINCINNATI — Marcus & Millichap has arranged the $2.6 million sale of Machine Flats Lofts, a 60-unit apartment property in Cincinnati. Matt Snyder, Dan Burkons, Michael Barron and Josh Wintermute, investment specialists in Marcus & Millichap’s Cleveland office, marketed the property on behalf of the seller, a bank/financial institution, and represented the buyer, a private investor. Machine Flats Lofts is located at 3301 Colerain Ave. The property was renovated in 2005 and includes 60 units ranging from 980 square feet to 1900 square feet.
BEDFORD PARK, ILL. — Principal Real Estate Investors (PREI) has fully leased its 341,114-square-foot, multi-tenant industrial building in Bedford Park, a southwest suburb of Chicago, in two transactions. FAMSA Inc. signed a new lease for 65,347 square feet. Leggett & Platt Fashion Bed, which moved into the building in August 2012, will expand its current space in the facility by 21,363 square feet for a total of 275,767 square feet. Larry Much and Steve Connolly of NAI Hiffman’s industrial services group, represented PREI in the two transactions. Bobby Mendoza of LRS Real Estate and Jeff Malk of Aleran Real Estate represented FAMSA Inc. Eileen Curry of CIBCO Realty represented Leggett & Platt.