Midwest

ESSEX REALTY BROKERS $7.3M SALE OF APARTMENT BUILDING

by admin November 20, 2013

EVANSTON, ILL. — Essex Realty Group Inc. has arranged $7.3 million the sale of 525 Kedzie St., a newly built, 20-unit multifamily building in suburban Chicago. Originally built as upscale condominiums, the property is situated at the intersection of Kedzie Street and Chicago Avenue in Evanston. The building features floor-to-ceiling windows, an elevator, private balconies, penthouse units with terraces and a 42-space heated parking garage. Budget and Avis Car & Truck Rental leases the commercial space. Jim Darrow and Jordan Gottlieb of Essex were the brokers in the transaction.

November 20, 2013

56,219 SF INDUSTRIAL COMPLEX IN NORTHBROOK SELLS FOR $2.5M

by admin November 20, 2013

NORTHBROOK, ILL. — Marcus & Millichap has arranged the $2.5 million sale of 1828-1908 Techny Court in Northbrook, a northern suburb of Chicago. Techny Court is a three-building, multi-tenant flex/industrial complex totaling 56,219 square feet. The property is currently 79 percent occupied with 11,686 square feet available for lease and staggered lease expiration schedules. Stephen Lieberman and Paul Tesdal, investment specialists at Marcus & Millichap’s Chicago office, marketed the property on behalf of the seller.

November 20, 2013

Midwest Retail

MID-AMERICA ARRANGES $2.3M SALE OF RETAIL PROPERTY

by admin November 20, 2013

CREST HILL, ILL. — Mid-America Real Estate Corp.’s net lease investment group has brokered the $2.3 million sale of a two-tenant, 88,000-square-foot retail building leased to Big Lots and Home Owners Bargain Outlet (HOBO) in Crest Hill. A private investor in California purchased the property from a local Chicago area investor. The property is primarily located along Larkin Avenue, bordering Plainfield Road to the north and Theodore Street to the south. Major retailers surrounding the property include Jewel/Osco, Ultra Foods, Food 4 Less and T.J. Maxx. Tom Fritz and Mark Goldberg of Mid-America Real Estate Corp. represented the seller in the transaction. Mid-America advised the seller to offer Big Lots a monetary incentive in order to obtain a fresh 10-year lease. The seller invested less than $200,000 in a new storefront in exchange for a seven-year lease extension. The move picked up an additional $400,000 in property value.

November 20, 2013

Midwest Multifamily

BERKADIA ARRANGES $15.8M LOAN FOR 113,000 SF APARTMENT COMPLEX

by admin November 19, 2013

ROMEOVILLE, ILL. — The Chicago office of Berkadia Commercial Mortgage LLC has closed a $15.8 million loan through HUD’s 223(f) program for the refinancing of Serenity HighPoint Apartments in suburban Chicago. The 113,000-square-foot affordable housing complex, which is 98 percent occupied, is located in Romeoville. Paul Matusiak, vice president, and Len Deering and Tom Sigrist, senior vice presidents at Berkadia, originated the 35-year loan with a fixed interest rate for borrower Marquette Cos. The community features a 27,000-square-foot community center, operated by the Institute for Community. The center includes after-school daycare, summer day camps and numerous other activities designed to meet the residents’ needs.

November 19, 2013

Midwest Multifamily

Q10 ARRANGES $5M LOAN FOR PINHOOK FLATS IN OMAHA

by admin November 19, 2013

OMAHA, NEB. — Q10 | Daisley Ruff Financial has arranged $5 million in permanent financing for the 63-unit phase of Pinhook Flats apartment community in Omaha. Bob Chalupa, senior vice president at Q10 | Daisley Ruff Financial, arranged the 10-year, non-recourse loan that includes a fixed interest rate of 4 percent. Pinhook Flats is located at 6440 Cedar St. in the Aksarben Village area of Omaha.

November 19, 2013

Industrial Midwest

PARTNERSHIP TO BUILD 140,000 SF DISTRIBUTION CENTER

by admin November 19, 2013

DES PLAINES, ILL. — Brennan Investment Group LLC and DLJ Real Estate Capital Partners LLC have acquired approximately eight acres at 1780 Birchwood Ave. in Des Plaines. The partnership plans to build the Northeast O'Hare Industrial Center, a 140,000-square-foot warehouse and distribution building that will feature 32-foot clear ceiling heights, at the site. The development is located near Interstates 90 and 294 in Chicago's O'Hare Industrial submarket. Jonathan Kohn and Thomas Rodeno of Colliers International have been retained to market the property on behalf of Brennan Investment Group and DLJ Real Estate Capital Partners. The project is slated for completion in the third quarter of 2014.

November 19, 2013

Industrial Midwest

COLONY BRANDS LEASES 427,000 SF IN METRO MADISON

by admin November 19, 2013

SUN PRAIRIE, WIS. — Colony Brands Inc. has signed a 427,000-square-foot, long-term lease at Sun Prairie Business Park in suburban Madison. Colony will fully occupy the industrial property, which includes 17,100 square of office space on two levels and 31 loading docks. The property is located at 1615 Commerce Drive in Sun Prairie. Scott Furmanski, first vice president, and Chase Brieman, vice president at CBRE, represented the building’s owner, STAG Industrial Inc., in the transaction.Colony Brands, formerly known as The Swiss Colony Inc., is a provider of cheese and food gifts, holiday collectibles, apparel accessories and more.

November 19, 2013

Midwest Retail

JOHNSON CAPITAL ARRANGES $50.5M LOAN FOR RETAIL PORTFOLIO

by admin November 18, 2013

OMAHA AND LINCOLN, NEB. — Johnson Capital has arranged a $50.5 million loan secured by a portfolio of 11 retail properties in Nebraska and South Dakota. The 11 neighborhood retail centers total 1.5 million square feet and are located in metro Omaha, Lincoln and Sioux City, Neb., and in Rapid City, S.D. The properties range in size from 34,388 square feet to more than 315,000 square feet. The portfolio was 70 percent leased to a diverse tenant mix at the time of the transaction. The borrower is a locally based investor and manager who began acquiring the properties in 2003. Jefferies/LoanCore provided the financing, which refinanced a CMBS loan the borrower received in 2006. While the loan did not mature until 2016, the lender accepted a substantial discount to the current loan balance. The new non-recourse, 10-year loan includes a fixed interest rate and three years of interest-only payments. Proceeds from the loan will be used to retire existing debt, cover transaction costs, pay leasing commissions and provide capital for tenant improvements. Amos Smith and Ryan Chapman, senior vice presidents in the Irvine, Calif. office of Johnson Capital, arranged the financing.

November 18, 2013

Midwest Office

REED TO COMPLETE 375,000 SF RENOVATION FOR AON CORP.

by admin November 18, 2013

CHICAGO — Aon Corp., an insurance brokerage and consulting firm, has selected Reed Construction to complete a 375,000-square-foot renovation of its Chicago office. The project includes updating conference rooms with new aluminum and glass office fronts, the addition of new break rooms on 12 floors and new reception desks. Reed Construction will also renovate 19 private meeting rooms, 13 private offices and four pantries. Once complete, The Aon Center will also feature millwork door frames and sidelites, marble floor tile for the third-floor elevator lobby and reception area, along with new paint and carpet throughout. Reed Construction will renovate a total of 13 floors. The project is expected to be completed by February 2014. The Aon Center is located at 200 E. Randolph St. in Chicago’s central business district. Bryan Krueger, principal, and Steve Sandquist, project manager for Reed Construction, will oversee the project. IA Interior Architects is providing design services.

November 18, 2013

Midwest Office

OPUS GROUP COMPLETES 36,000 SF OFFICE BUILDING IN WICHITA

by admin November 18, 2013

WICHITA, KAN. — The Opus Group has completed construction of the 36,000-square-foot statewide headquarters for the Kansas Leadership Center and conference center for the Kansas Health Foundation in Wichita. The headquarters marks the first new office building in downtown Wichita in 40 years, according to the Opus Group. The facility is designed as a flexible space, fulfilling multiple functions for the organization, including hosting conferences, group meetings, lectures and training sessions. Building features include a main atrium and stair in the center of the building with views into classrooms and other areas; a town hall on the first floor with seating for more than 200 participants; full catering kitchen; and office space for employees. Opus Design Build LLC served as the design-builder on the project, and Opus AE Group Inc. was the architect and engineer of record.

November 18, 2013

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