CHICAGO — First Western Properties has arranged the sale of a 2,500-square-foot retail building in Chicago for $592 per square foot, which equates to $1.5 million. The seller was Mary Dodas, a longtime cafe operator. The buyer, Yuliang Tan, plans to remodel the space and open a new restaurant at the property. The building is located at 215 E. Grand Ave. in downtown.
FALLS CHURCH, VA. — Corporate Facility Advisors (CORFAC International) has appointed the 2014 leadership at the U.S.-based firm. Robert Tillsley, principal with Paramus, N.J.-based McBride Corporate Real Estate, will serve as president and Scott Savacool, senior associate with St. Louis-based Sansone Group, will serve as vice president. Savacool previously served on CORFAC’s executive committee as treasurer and secretary. An office leasing, sales and tenant representation broker specializing in the St. Louis metropolitan market, Savacool has been recognized several times as the top-referring broker within CORFAC. Tillsley has served in several leadership roles with CORFAC International, most recently as vice president.
ARDEN HILLS, MINN. — Stahl Construction has completed work on the 107,500-square-foot Minnesota Army National Guard Field Maintenance Shop in Arden Hills, a northeast suburb of Minneapolis. Designed by BWBR Architects, the $25 million facility includes space for the equipment to maintain National Guard vehicles and provides a centralized location for guard training around the Twin Cities. Along with 36 maintenance/training bays and four warm-up and wash bays, the building also includes tool rooms, offices, classrooms and a fitness area. In addition to constructing the field maintenance shop, the scope of work included approximately 15 acres of paved concrete for the storage of roughly 1,500 military vehicles. Stahl Construction expects the project to receive LEED Gold certification from the U.S. Green Building Council.
SCHAUMBURG, ILL. — CBRE has arranged the $7.3 million sale of The Shoppes at Prime Village, a 38,313-square-foot retail center in suburban Chicago. Barnett Capital sold the property, which is located at 1410-1444 Algonquin Road in Schaumburg, to St. Louis-based Integris Ventures. Barnett Capital originally purchased the loan on the property from TCF Bank and brought the property through foreclosure. CBRE was hired to both lease and manage the building for Barnett after the loan purchase. The CBRE team of Karen Pence-Hollan and Gavin Smith oversaw the management of the center, and Lynn Brackett and Marissa Roussel handled the leasing. The group brought The Shoppes at Prime Village to 100 percent capacity at the time of sale. Aldi anchors the center, which includes 322 parking spaces.
CHICAGO — Reed Construction has completed a 12,000-square-foot buildout on behalf of the Jacobson Group at Chicago’s Inland Steel Building. Located at 30 W. Monroe, the Inland Steel Building is situated in the Central Loop. Skidmore Owings & Merrill designed the landmark building in 1955. The Jacobson Group, an executive search firm, is relocating its offices to the 19-story property from its previous location at 120 S. LaSalle. Reed Construction was selected to complete the interior renovations for the tenant’s new space on the 15th floor. Renovations feature new open office areas, private offices, conference rooms, a collaboration room and a server room. Michael Davis was the project manager for Reed Construction, and Techno Ltd. provided the architectural services. Robert Sevim of Studley represented the Jacobson Group in the lease transaction. Gary Denenberg and Sara Spicklemire of MB Real Estate represented the building’s ownership.
MORTON GROVE, ILL. — Bianco Properties has acquired Lonore Plaza Shopping Center, a 36,603-square-foot retail center in Morton Grove, about 15 miles northwest of Chicago. The property is located at 7130-7188 Dempster St. The purchase marks St. Louis-based Bianco’s second acquisition in the greater Chicago area in the last year. Bianco entered the Chicago market last year, with the purchase of a retail property anchored by CVS/pharmacy and Starbucks Coffee in the West Loop across from Union Station.
NAPERVILLE, ILL. — Beacon Investment Properties LLC has entered the Chicago market with the $24 million acquisition of Park Plaza, a 210,774-square-foot office building in Naperville. A Boston-based institutional real estate advisor sold the Class B+ office building. Park Plaza, located at 215 Shuman St., is a four-story building with 52,450-square-foot floor plates divided into 25,225-square-foot wings. Travelers Insurance Co. anchors the property, while Transguard Insurance Co. and Medical Staffing Network are among the larger tenants. Dan Deuter, senior vice president and Paul Lundstedt, executive vice president at CBRE, represented the seller. Susan Hill, senior managing partner at HFF’s Houston office, arranged an $18 million, 10-year mortgage loan through Cantor Commercial Real Estate of Houston.
NORTH AURORA, ILL. — USAA Real Estate Co. and The Opus Group have started construction on I-88 Gateway Logistics Center, a 604,565-square-foot speculative industrial building in suburban Chicago. USAA Real Estate Co. acquired the 32-acre site in North Aurora in September and contracted The Opus Group to develop, design and construct the industrial building, which USAA Real Estate Co. will own. The speculative building will be located at 1200 Orchard Gateway Blvd. The building will feature 32-foot clear ceiling heights, 60 docks, 103 trailer parking spaces, office space and future expansion capabilities to 1 million square feet. The project is slated for completion in June 2014. Opus Design Build LLC will construct the building, and Opus AE Group LLC will serve as project architect.
GRAND RAPIDS, MICH. — Commercial Property Advisors has arranged the $6.5 million sale of Lake Forest Apartments, a 199-unit multifamily community in Grand Rapids. The property is located six miles northeast of downtown. Scott Sutphin and Cary Belovicz of Commercial Property Advisors arranged the transaction between the seller, Lake Forest Apartments LLC, and the buyer, SRG LF LLC.
BEXLEY, OHIO — Marcus & Millichap has arranged the $1.9 million sale of Bexley Square, a 21,380-square-foot retail property in Bexley, an eastern suburb of Columbus. Erin Patton, Scott Wiles and Craig Fuller, investment specialists in Marcus & Millichap’s Columbus and Cleveland offices, marketed the property on behalf of the seller. NAI Ohio Equities represented the buyer, a local entity, in the transaction. Bexley Square is located at 2210-2240 E. Main St.
