Midwest

KTR CAPITAL BUYS 108,732 SF WAREHOUSE IN MOUNT PROSPECT

by admin July 18, 2013

MOUNT PROSPECT, ILL. — KTR Capital Partners has purchased 1660 Wall Street, a 108,732-square-foot warehouse/distribution building in Mount Prospect, located about 22 miles northwest of Chicago. Situated at the intersection of Algonquin and Elmhurst roads, the building is part of The Alter Group’s Lake Center Corporate Park. The property features 30-foot ceilings, 19 exterior truck docks, two drive-in doors and 16 trailer parking stalls. EnTrust Realty Advisors LLC, an affiliate of The Alter Group, was the seller. The purchase price was undisclosed.

July 18, 2013

BERNARD ARRANGES $12M LOAN FOR MIXED-USE BUILDING

by admin July 18, 2013

BIRMINGHAM, MICH. — Bernard Financial Group has arranged a $12 million loan for Merrillwood Building, a mixed-use property located at 225 E. Merrill St. in Birmingham, about 20 miles north of Detroit. The property includes 54 multifamily units and 42,344 square feet of office/retail space. Merillwood Building LLC was the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan. Goldman Sachs Commercial Real Estate LP provided the loan.

July 18, 2013

Midwest

MCFARLAND BUYS 4.5 ACRES IN COLUMBUS, OHIO

by admin July 18, 2013

COLUMBUS, OHIO — Syracuse, N.Y.-based McFarland Development has acquired a 4.5-acre retail parcel in Columbus. The property is located adjacent to the new Hollywood Casino and will become part of Restaurant Row, which groups national restaurants in a town center setting across the United States. Location Finders International of Mokena, Ill., represented the seller, West Highland Plaza, in the transaction. Blair Gilbert, managing director of KW Commercial Real Estate, represented McFarland Development.

July 18, 2013

Midwest Mixed-Use

MIXED-USE PROPERTY IN CHICAGO SELLS FOR $1.4M

by admin July 18, 2013

CHICAGO — Essex Realty Group, Inc. has arranged the $1.4 million sale of a mixed-use property located at 2200 W. Lawrence Ave. in Chicago’s Lincoln Square neighborhood. The 12,500-square-foot property was vacant at the time of the sale. The building is situated on the northwest corner of Lawrence Avenue and Leavitt Street, within walking distance of the Western and Damen CTA brown line stations. Doug Fisher and Matt Welke of Essex represented the seller and Jim Darrow and Jordan Gottlieb of Essex represented the buyer in the transaction.

July 18, 2013

Midwest Retail

RETAIL BUILDING SELLS FOR $7.9M IN METRO DETROIT

by admin July 17, 2013

DEARBORN HEIGHTS, MICH. — Landmark Commercial Real Estate Service Inc. has arranged the $7.9 million sale of a retail property in Dearborn Heights, about 15 miles west of Detroit. Walgreens fully occupies the property, which is located at 25700 Ford Road. Daniel Kukes and Kevin Baker of Landmark Commercial Real Estate Services Inc. represented the buyer, a non-traded REIT, in the transaction. John Kello, also of Landmark, represented the seller, a Michigan-based developer.

July 17, 2013

Midwest Office

BOULDER GROUP ARRANGES $1.2M SALE OF SINGLE-TENANT PROPERTY

by admin July 17, 2013

BOWLING GREEN, OHIO — The Boulder Group has completed a sale of a 4,495-square-foot, single-tenant property located at 745 Innovation Drive in Bowling Green for $1.2 million. The Social Security Administration fully occupies the property and has more than nine years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a 1031 tax-deferred exchange partnership based in Colorado. The seller was an individual based in Michigan.

July 17, 2013

Industrial Midwest

PLUMBING SUPPLY CO. BUYS 50,000 SF BUILDING IN ST. LOUIS

by admin July 17, 2013

ST. LOUIS, MO. — Plumbers Supply Co. (PSC) has purchased a 51,000-square-foot building located at 4500 Swan Ave. in St. Louis for $975,000. PSC will move from its current 30,000-square-foot headquarters at 6135 Horton Place in University City to its new location in September. Jake Shepley of Hilliker Corp. represented the buyer.

July 17, 2013

Industrial Midwest

PROCESS GEAR RELOCATES, SIGNS 34,106 SF IN METRO CHICAGO

by admin July 17, 2013

DES PLAINES, ILL. — Entre Commercial Realty LLC has brokered an industrial lease for 34,106 square feet at 2064 South Mannheim Road in Des Plaines, a northwest suburb of Chicago. Process Gear, a 60-year old company that creates custom manufacturing products, is relocating from Schiller Park to the industrial property. Tom Boucher and Dan Benassi of Entre Commercial Realty LLC represented the landlord and Ed Lowenbaum of Lowenbaum REP represented the Process Gear in the transaction.

July 17, 2013

Midwest Multifamily

RADCO ACQUIRES INDIANAPOLIS APARTMENT COMPLEX FOR $16.5M

by admin July 16, 2013

INDIANAPOLIS — The RADCO Cos. has purchased Lakewood Lodge, a 454-unit apartment community in northern Indianapolis, for $16.5 million from the Lehman estate. RADCO plans to rebrand the property as Ashford at Keystone and improve its interiors, replace the exterior building skin, upgrade the landscaping, add amenities and improve exterior signage. The property sits on 35 acres inside the city's primary perimeter road with extensive frontage on Keystone Avenue. The acquisition increases RADCO's current multifamily portfolio to more than 3,700 units. RADCO financed the purchase through a mix of bridge debt and private equity.

July 16, 2013

Midwest

WICKSTROM AUTO GROUP BUYS 4.4-ACRE LOT IN BARRINGTON

by admin July 16, 2013

BARRINGTON, ILL. — Wickstrom Auto Group, a Ford, Lincoln, Chrysler, Jeep, Dodge and Ram dealer, has purchased 4.4 acres at 101 Hart Road in Barrington, about 38 miles northwest of Chicago. The parcel is located next to its current dealership, which Wickstrom has occupied for more than 30 years. The land, purchased from AT&T Wireless, provided additional space for Wickstrom Auto’s inventory. Adam Marshall, vice president with NAI Hiffman’s industrial services group, represented Wickstrom Auto Group in the transaction. George Kotrogiannis and Kurt Kittner of Jones Lang LaSalle represented AT&T.

July 16, 2013

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