CHICAGO — The Boulder Group has arranged the $1.6 million sale of a single-tenant, net-leased 7-Eleven property in Chicago. The 3,200-square-foot retail building, located at 3005 N. Pulaski Road, was developed in 2013. The property is fully leased to 7-Eleven, which has 10 years of lease term remaining and a 10 percent rental escalation in 2018. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based developer, in the transaction.
CHICAGO — HFF has arranged $70 million in financing for a 19-property self storage portfolio totaling 1.26 million square feet in various locations in Illinois, Ohio, Florida, Nevada, Rhode Island and New York. HFF worked on behalf of Chicago-based Harrison Street Real Estate Capital to arrange the two-year, floating-rate loan through a national bank. The assets in the 11,238-unit portfolio are 83 percent leased. Morningstar Mini-Storage and CubeSmart manage the properties. Stephen Skok and Timothy Joyce, managing directors, led the HFF team representing the borrower.
STURTEVANT, WIS. — Meridian Design Build has broken ground on a 76,320-square-foot expansion to the existing Kerry Ingredients & Flavours plant in Sturtevant, a southern suburb of Milwaukee. The local plant, where dry spices are blended to make flavorings for other food-industry manufacturers, was originally 65,000 square feet in size when Kerry acquired the property. In 2008, Kerry added 30,000 square feet, according to the Journal Times, a local newspaper. The multiphase development will include a fully air-conditioned warehouse, 10 loading docks and a secure spice storage area. Meridian will also make improvements within the existing plant to accommodate increased production output at the facility. The project is slated for a mid-summer 2014 completion. Harris Architects is providing the design services. Pinnacle Engineering Group will complete the civil engineering work for the project.
CLEVELAND — Greenwood Hospitality Group has partnered with Cleveland-based GEIS Hospitality Group to manage the 156-room Metropolitan Hotel in Cleveland. The hotel will anchor The 9, a mixed-use project under development by the GEIS Cos. Scheduled to open in August 2014, the Metropolitan will occupy the former AmeriTrust tower and historic Cleveland Trust Rotunda. The Metropolitan will include 156 rooms, with some as large as 650 square feet. It will feature a lobby bar, fitness center and spa, as well as the only rooftop bar and sundeck in the city, according to Greenwood. The hotel will be part of Marriott’s Autograph Collection, a group of more than 50 independent hotels.
HOMER GLEN, ILL. — Millennium Properties R/E has arranged the sale of a 3.4-acre development site near 159th Street and Will-Cook Road in Homer Glen, about 30 miles southwest of Chicago. The new owners, Richards Building Supply, will develop the site into a new headquarters location. A Chicago-based lender sold the property. The development site can support a 19,200-square-foot building. A number of businesses are close to the site, including 7-Eleven, Ace Hardware, Speedway and a daycare facility, as well as a number of residential subdivisions. Matthew O’Connor of Scott & Kraus LLC served as legal counsel for the lender.
ST. LOUIS — Tryperion Partners has acquired a 637,000-square-foot, Class A office portfolio totaling six properties located throughout suburban St. Louis. The portfolio is more than 90 percent leased under long-term leases and includes the national headquarters for Energizer Holdings and Panera Bread, along with the regional headquarters for Equifax and New Balance. The acquisition was completed in two separate transactions. The first consisted of two buildings totaling 252,000 square feet in the Maryville Centre office campus located in Town & Country, about 18 miles west of St. Louis. John Hancock Life Insurance Co. provided the acquisition financing for the two buildings. The second transaction included four buildings totaling 385,000 square feet in Sunset Hills and Maryland Heights. Wells Fargo provided the acquisition financing for the buildings. Tryperion has retained Tom Ray and Art Kerckhoff of CBRE as listing agents for the Maryville assets, and Jay Holland and Piers Pritchard of Cassidy Turley as listing agents for the Sunset Hills and Maryland Heights assets. CBRE will manage the portfolio.
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.
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.
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.
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.
