Midwest

PARTNERSHIP TO BUY 1.4M SF INDUSTRIAL CAMPUS IN CHICAGO

by admin August 29, 2013

CHICAGO — 4K Diversey Partners LLC has signed a contract to purchase the 1.4 million–square-foot, 21-acre former Marshall Field’s warehouse campus in Chicago. Macy’s Inc., which has owned the property since 2005 and vacated it in 2008, was the seller. The new owner plans to redevelop the campus into a multi-tenant project that will include manufacturing, warehouse and distribution space. The property is located at 4000 W. Diversey Ave., about six miles from the Loop. Chicago-based 4K Diversey Partners is comprised of three individuals: Lou Silver, Aaron Paris and Paul Fishbein. Occupancy is scheduled for January 2014. Op2mize Real Estate Advisors will provide leasing and property management services.

August 29, 2013

RAMCO-GERSHENSON BUYS SHOPPING CENTER FOR $20M

by admin August 29, 2013

PALATINE, ILL. — Ramco-Gershenson Properties Trust has purchased Deer Grove Shopping Centre, a 236,173-square-foot property in Palatine, for $20 million. Developed in 1996, the retail center is anchored by Dominick’s, a Chicago-based grocer, and TJ Maxx/Home Goods, Petco and Staples. Target and Home Depot shadow-anchor the shopping center. The property is located at 605 E. Dundee Road, about 30 miles northwest of Chicago, and was 81 percent leased at the time of sale. Janice Sellis and Paul Barile of Transwestern’s Chicago office, along with C-III Realty Services, represented the seller, C-III Asset Management, in the transaction.

August 29, 2013

Midwest Retail

BAUM ARRANGES SALE OF CHICAGO RETAIL PORTFOLIO

by admin August 29, 2013

CHICAGO — Baum Realty Group LLC has arranged the sale of the REPAK Wicker Park Retail Portfolio, which includes five buildings totaling 28,000 square feet in the Wicker Park neighborhood of Chicago. The purchase price was undisclosed. The properties are located at 1455, 1519, 1521, 1525 and 1529 N. Milwaukee Ave. Tenants of the buildings include Citibank, Urban Outfitters, G-Star, Chrome Industries, Crossroads Trading and Dermatology and Aesthetics of Wicker Park. The portfolio offered properties with a range of rental rates, including some below market, according to Baum. Greg Dietz, Danny Spitz and Adam Secher of Baum represented the seller and procured the buyer, Newcastle Limited.

August 29, 2013

Civic Midwest

MICHAEL BAKER TO DESIGN $4.5M ROADWAY IN CLEVELAND

by admin August 29, 2013

CLEVELAND — Michael Baker Jr. Inc., an engineering unit of Michael Baker Corp., has been awarded a one-year, $4.5 million roadway and structure design services contract by the Ohio Department of Transportation (ODOT) for Phase II of the Lakefront West project on U.S. Route 6 in Cleveland. When completed, the Lakefront West Project will connect Cleveland's west side neighborhoods with the lakefront by creating multi-modal connections along the West Shoreway. The project transforms a 2.5-mile, 50-mph freeway into a scenic, tree-lined, 35-mph boulevard. Baker will provide roadway and structures design, traffic certification and analysis, maintenance of traffic and utility coordination and documentation.

August 29, 2013

Midwest Retail

PHILLIPS EDISON-ARC BUYS ST. LOUIS SHOPPING CENTER FOR $9.5M

by admin August 28, 2013

ST. LOUIS — Phillips Edison–ARC Shopping Center REIT Inc. has acquired an 112,300-square-foot, grocery-anchored shopping center in St. Louis for $9.5 million. South Oaks Plaza is fully leased and anchored by a Shop 'n Save grocery store. Pace-South County Associates LLC sold the shopping center, which is located on 10.2 acres. Phillips Edison–ARC also recently acquired the 74,616-square-foot Contra Loma shopping center in Antioch Calif., for $7.2 million.

August 28, 2013

Hospitality Midwest

HYATT PLACE DETROIT/NOVI CELEBRATES OFFICIAL OPENING

by admin August 28, 2013

NOVI, MICH. — Hyatt Hotels Corp. and Packard Hospitality Group have celebrated the opening of the 126-room Hyatt Place Detroit/Novi. Attached to Suburban Collection Showplace as an expansion to the Diamond Banquet and Conference Center, the new six-story hotel will be the first Hyatt-branded hotel in Novi, a northwest suburb of Detroit. The hotel features more than 9,000 square feet of meeting space, complimentary Wi-FI, interior pool and A Coffee to Cocktails Bar.

August 28, 2013

Midwest Office

OFFICE BUILDING IN CHAMPAIGN SELLS FOR $2M

by admin August 28, 2013

CHAMPAIGN, ILL. – Sperry Van Ness/Ramshaw Real Estate has arranged the $2 million sale of 202 West Park, a 26,000-square-foot office building in downtown Champaign. Community Elements sold the property to Hickory Point Bank & Trust. Jerry Ramshaw of Sperry Van Ness/Ramshaw Real Estate represented the seller in the transaction.

August 28, 2013

Midwest Office

BERNARD ARRANGES $1M LOAN FOR OFFICE PROPERTY

by admin August 28, 2013

BLOOMFIELD HILLS, MICH. — Bernard Financial Group has arranged a $1 million loan for Bloomfield Boulevard Office Building. The 19,157-square-foot office property is located in Bloomfield Hills, about 25 miles north of Detroit. Bloomfield Blvd. LLC was the borrower. Kevin Kovachevich of Bernard Financial originated the loan. Symetra Life Insurance Co. served as the lender.

August 28, 2013

Civic Midwest

LEOPARDO STARTS CONSTRUCTION ON FOUR MUNICIPAL PROJECTS

by admin August 27, 2013

HOFFMAN ESTATES, ILL. — Leopardo Cos. has started construction on four suburban Chicago municipal projects totaling $31 million. One of the projects includes the $15.5 million, 70,000-square-foot West Chicago Community Recreation Center at Reed-Keppler Park. The facility will feature a three-court gymnasium, three-lane elevated jogging track, large fitness equipment area, dance/aerobic studio and group fitness room and indoor playground. Leopardo also began work on the 11.2 million, 31,000-square-foot New Lenox Police Department, which will include a multi-purpose/training room and staff areas for code enforcement, investigations and command staff. The last two projects include the $2.2 million, 10,000-square-foot Bartlett Fire Station and the $2.1 million, 10,000-square-foot expansion of South Barrington Village Hall, a two-story, 7,000-square-foot police station.

August 27, 2013

Midwest Multifamily

NORTHMARQ ARRANGES $10.8M LOAN FOR FOXFIRE APARTMENTS

by admin August 27, 2013

MISSION, KAN. — NorthMarq has arranged $10.8 million in first mortgage refinancing for Foxfire Apartments, a 280-unit multifamily property in Mission, a southern suburb of Kansas City. The market-rate apartment property is located at 5020 Glenwood Road. The 10-year loan includes a 30-year amortization schedule. Brent Blake, vice president of NorthMarq’s Kansas City regional office, arranged the financing through Freddie Mac. Foxfire Apartments LLC was the borrower.

August 27, 2013

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