Midwest

ARLINGTON DEVCO HIRES AECOM FOR $53M HOTEL CONVERSION

by admin June 12, 2013

ARLINGTON HEIGHTS, ILL. — Arlington Devco LLC has hired Tishman Construction as construction manager and general contractor for the $53 million conversion of the former Sheraton Hotel in Arlington Heights. The reconstruction will transform the 13-story building into a 214-unit apartment and retail facility. The project features the renovation of the existing 300,000-square-foot tower, as well as the construction of a new 105,000-square-foot garage, new roadways, underground utilities and landscaping. A new subterranean parking garage will feature 312 parking spaces that will accommodate the new apartments. The project is slated for completion by summer 2014.

June 12, 2013

RETAIL DEVELOPMENT UNDERWAY IN SUBURBAN CHICAGO

by admin June 12, 2013

GLEN ELLYN, ILL. — The Opus Group has started construction on a new 31,175-square-foot retail center in Glen Ellyn, located about 25 miles west of Chicago. The Fresh Market plans to occupy 20,300 square feet of space. The project will transform a vacated car dealership into a new grocery-anchored center serving the Glen Ellyn and North Wheaton communities. The center will include patio seating and 186 customer parking spaces. Other tenants include Great Clips and Tide Dry Cleaners, occupying 1,075 and 2,800 square feet, respectively. Opus Development Company LLC is the developer and Opus Design Build LLC will serve as the general contractor for the project. OKW Architects provided design services. The project is slated for completion later this year, with The Fresh Market expected to open in late 2013 or early 2014.

June 12, 2013

Midwest Retail

FINESA ACQUIRES 41,148 SF RETAIL SPACE IN CHICAGO

by admin June 12, 2013

CHICAGO — Finesa Real Estate Group has acquired a 41,148-square-foot retail property in Chicago. The retail grocery space is located at 6020 North Cicero Ave. and is leased to Whole Foods under a 15-year agreement. The ground-floor retail space is part of a multi-story, 136-unit condominium building, which includes a 167-space parking garage. Almost 300,000 people live within a three-mile radius of the property and the average household income within a one-mile radius is more than $122,000. The purchase price was undisclosed.

June 12, 2013

Midwest Office

INDIANAPOLIS FIRST SPEC OFFICE BUILDING IN 5 YEARS TO OPEN

by admin June 11, 2013

INDIANAPOLIS — Sourwine Real Estate Services has broken ground on the first speculative office building in the Indianapolis market since 2008, according to Cassidy Turley, leasing agent for the property. The project, which includes 80,700 square feet of Class A space for lease, is scheduled for completion by the end of the second quarter. Dubbed 8335 Keystone Crossing, the three-story structure is the third building in Sourwine’s Keystone Office Centre southeast of 86th Street and Keystone Avenue. The estimated cost of the project is $12 million, according to the Indianapolis Business Journal. CSO Architects designed the building, and Shiel Sexton managed the construction. Sourwine will own, develop and manage the new multi-tenant space.

June 11, 2013

Midwest Office

AUTO SUPPLIER SIGNS 117,319 SF LEASE IN TROY, MICH.

by admin June 11, 2013

TROY, MICH. — Magna International Inc. has signed a 117,319-square-foot office lease at 750 Tower Drive in Troy. The building, which will be Magna’s new headquarters, is located in the North Troy Corporate Park. The automotive supplier is moving from an 80,000-square-foot location on Wilshire Drive in Troy. Magna will move several hundred employees to the new location in September. David Friedman, president and CEO, and Robert Gagniuk, associate broker, of Friedman Integrated Real Estate Solutions represented the landlord in the transaction. When Friedman began managing the 240,000-square-foot property in May 2012, it was vacant. After renovations, rebranding and leasing initiatives, the building is 60 percent occupied.

June 11, 2013

Midwest Office

SONY RENEWS 281,464 SF LEASE IN BOLINGBROOK, ILL.

by admin June 11, 2013

BOLINGBROOK, ILL. — Sony Music Holdings Inc. has renewed its 281,464-square-foot lease at 430 Gibraltar Drive in Bolingbrook, a southwest suburb of Chicago. NAI Hiffman manages the property, which is located off I-55 near Route 53. Mark Moran and Steve Connolly of NAI Hiffman represented the landlord, Sun Life Assurance Co. of Canada, in the transaction. Aileen Gozzola Sandstedt of CTK Chicago Partners represented Sony.

June 11, 2013

Industrial Midwest

L.A. FIRMS BUY TWO INDUSTRIAL BUILDINGS IN DETROIT AREA

by admin June 11, 2013

LIVONIA, MICH. — Los Angeles-based firms Hackman Capital Partners LLC and Oak Pass Capital Management have purchased two industrial properties in Livonia totaling 285,306 square feet. The properties were acquired through Auction.com from LNR. The purchase price was not disclosed. The buildings, located at 38220 and 38150 Plymouth Road, are fully occupied. Tenants at the properties include Helm Inc. and McKesson.

June 11, 2013

Healthcare Midwest

IRGENS SELLS SIX MEDICAL OFFICE BUILDINGS FOR $46.5M

by admin June 10, 2013

MILWAUKEE — Irgens, a Milwaukee-based developer, has sold its portfolio of six medical office properties, located throughout Wisconsin, Illinois and Arizona, for $46.5 million. Toby Scrivner, Jeff Matulis and Daniel Herrold of Stan Johnson Co. represented the seller in the transaction. The buyer was an institutional REIT out of New York. The properties within the portfolio were all triple-net leased to market dominant hospital systems with more than 10 years remaining on their leases.

June 10, 2013

Healthcare Midwest

CIENA HEALTHCARE OPENS SKILLED NURSING FACILITY

by admin June 10, 2013

GRAND BLANC, MICH. — Ciena Healthcare has opened Regency at Grand Blanc, a skilled nursing center located at 1330 Grand Pointe Court in Grand Blanc Township, about 10 miles south of Flint. The $10 million, 68,000-square-foot seniors housing property features 94 short-term and long-term care suites and includes 50 private suites. The new facility is expected to create more than 150 full- and part-time jobs.

June 10, 2013

Midwest Multifamily

37-UNIT APARTMENT BUILDING SELLS FOR $3.7M IN CHICAGO

by admin June 10, 2013

CHICAGO — Marcus & Millichap has arranged the sale of a 37-unit multifamily property in Chicago for $3.8 million. Stephen Rachman, an investment specialist at Marcus & Millichap’s Chicago O’Hare office secured the buyer, a limited liability company. The apartment building is located at 905 W. Carmen Ave. The building was 100 percent occupied at the time of sale and features all new windows.

June 10, 2013

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