OAK BROOK, ILL. — International engineering services company Middough Inc. has signed an extension of its existing lease at 700 Commerce Drive in Oak Brook, totaling 68,748 square feet. Robert Sevim, executive managing director of Studley’s Chicago office, represented Middough. Jeff Mann of CBRE represented the landlord, Principal Financial.
EDWARDSVILLE, KAN. — Monmouth Real Estate Investment Corp. (NYSE: MNR) has acquired a 280,000-square-foot industrial building in Edwardsville, a western suburb of Kansas City, for $18.8 million. The property, located at 2552 South 98th St., is net leased for 10 years to International Paper Co., a Memphis, Tenn.-based global provider of paper and packaging materials. The Class A distribution center is within close proximity to four major interstates — I-435, I-70, I-635 and I-35. Freehold, N.J.-based Monmouth is a publicly traded REIT, which owns 78 industrial properties and one shopping center within 27 states.
GREENWOOD, IND. — The Mansour Group has arranged the $9.2 million sale of a property fully occupied by Walgreens in Greenwood, a southern suburb of Indianapolis. Alvin Mansour of The Mansour Group marketed the property on behalf of a private seller. The Walgreens property features the company’s flagship “Take Care Clinic” model, which provides clinic services to walk-in patrons. A private California-based buyer, who was also represented by Mansour, acquired the building.
CHICAGO — Cushman & Wakefield has completed the sale of 2801 S. Western Ave., a 312,000-square-foot industrial building located in the Near South Side community of Chicago. Sally Macoicz of Cushman & Wakefield’s Chicago office represented the seller, Friedman Realty. The investment buyer was Venture One Real Estate LLC. Friedman Realty is an affiliate of Dearborn Wholesale Grocers, which had occupied the facility prior to downsizing and relocating within the market. The building was vacant at the time of sale and is being marketed for lease by Macoicz, along with Cushman & Wakefield’s Larry Goldwasser and Colin Green. The building is located off the interchange of I-55 and Damen Avenue. The purchase price was undisclosed.
CANTON, OHIO — The Cooper Commercial Investment Group has arranged the $1.8 million sale of a 3,156-square-foot property occupied by Burger King in Canton. The sale price represents a 6.5 percent capitalization rate. Dan Cooper, president and broker at Cooper Commercial Investment Group in Cleveland, represented the owner, a local private investment group, in the transaction. A California-based private investor purchased the property, which is triple-net leased to Burger King. The hamburger chain has 13 years left on its lease.
LITTLE CANADA, MINN. — NorthMarq Capital’s Minneapolis office has arranged a $20 million loan for the refinancing of Montreal Courts Apartments in metro Minneapolis. The market-rate apartment community includes 444 units and is located in Little Canada. Patrick Minea, senior vice president and managing director of NorthMarq, arranged the loan for the borrower through Freddie Mac.
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.