MADISON, WIS. — A joint venture owned by Alex Brown Realty Inc. (ABR) and Fulcrum Asset Advisors LLC has acquired the U.S. Cellular Building, located at 5117 W. Terrace Drive in Madison. ABR Chesapeake Fund IV, a value-add real estate fund sponsored by ABR, invested $3.1 million in the venture. Built in 1997, the four-story Class A office building spans 101,925 square feet and is located on the southwest corner of the American Center Office Park. The property was 73 percent occupied at the time of sale. U.S. Cellular leases 74,717 square feet and occupies the first, second and third floors. Saint Paul, Minn.-based Advantus Capital Management provided first mortgage financing for the transaction.
NAPERVILLE, ILL. — K. Hovnanian T&C Homes has signed an 8,820-square-foot lease at One Naperville Plaza in Naperville, located about 30 miles west of Chicago. The new tenant, a publicly traded homebuilder, plans to use the space for its regional office. One Naperville Plaza is a multi-story, 54,109-square-foot building located at 1804 N. Naper Blvd. Dan O’Neill, Adam Johnson and Jud Henry of NAI Hiffman represented the landlord, ROC Inc., in the transaction. Mark Georgas and Paul Diederich of CBRE represented K. Hovnanian.
DELAFIELD, WIS. — Ramco-Gershenson Properties Trust has acquired a 106,000-square-foot shopping center in Delafield, located about 25 miles west of Milwaukee, for $22.7 million. The purchase includes the assumption of a $9.3 million mortgage loan, which carries an interest rate of 5.8 percent maturing in 2026. A 38,000-square-foot Marshalls and a 40,000-square-foot Sports Authority anchor the property, which is the second phase of Ramco-Gershenson’s Nagawaukee Center. Ramco-Gershenson has owned the first phase of Nagawaukee Center, anchored by an 81,000-square-foot Kohl’s and a 60,000-square-foot Sentry Market, since June 2012. Nagawaukee Center is located at the northeast quadrant of I-94 and Highway 83.
KANSAS CITY, MO. — NorthMarq Capital has arranged the $11.7 million first mortgage for the refinancing of Cold Storage Lofts, a renovated 224-unit affordable housing property located at 500 E. 3rd St. in Kansas City. The six-story building was constructed in 1922 as a refrigerated warehouse and converted to loft-style apartments in 2007. The property features underground parking with a rooftop swimming pool and jogging track. Financing was based on a 10-year term and a 30-year amortization schedule. Greg Duvall of NorthMarq’s Kansas City office arranged the financing for the borrower through Freddie Mac’s Targeted Affordable Housing Program.
CHICAGO — Global law firm Dentons has extended its lease at Willis Tower in Chicago for 15 years. Dentons will relocate within the building and occupy 144,000 square feet of new space. Willis Tower is a 4.5 million-square-foot office/retail building in Chicago. The building is home to more than 100 different companies, including the global headquarters of United Airlines. Dentons is the world’s seventh-largest law firm with 2,500 lawyers. Mike Kazmierczak, Derek Rolison and Bob Wislow of U.S. Equities Asset Management represented 233 S. Wacker Drive LLC, the building’s owner, in the transaction. Stuart Eisenkraft, Andrew Sussman, Lewis Miller, Patrick Nelson, Paul Stimpfle, Todd Lippman and Lisa Konieczka of CBRE represented Dentons. U.S. Equities Asset Management has managed leasing at the iconic Chicago building since 2007.
EAGAN, MINN. — Chicago Tube & Iron in Eagan has awarded Opus Design Build LLC a contract to construct a 40,000-square-foot warehouse addition. The project is scheduled to break ground in May and be completed in the fall. As well as the expansion, Opus also will complete interior renovations, refinish the front entrance of the building and add a new canopy to reflect the exterior design of other Chicago Tube & Iron facilities. The property is located at 2940 Eagandale Blvd., about 15 miles south of Minneapolis. Opus AE Group LLC will be responsible for structural and architectural design. MFRA Inc. will perform civil engineering and landscaping and Hallberg Engineering will provide the mechanical and electrical design services.
CHICAGO — Chicago Mayor Rahm Emanuel and City Colleges of Chicago have released plans for the new $251 million Malcolm X College campus, located in Chicago’s Eisenhower Corridor at Jackson and Damen streets. City Colleges has contracted with Moody Nolan, the nation’s largest African American-owned architectural firm, to serve as the project’s architect of record. Construction is slated for completion by the end of 2015. The development will be supported by a mix of bonds, capital reserves, operating funds and $8 million in funds generated by the surrounding tax-increment financing district, according to the Chicago Sun Times.
ROCHESTER, MICH. — Oakland University has broken ground on a new 500-bed student housing facility, which is slated for completion in 2014. The Ann V. Nicholson Student Apartments will be financed with bonds by the university. According to CBS affiliate WWJ in Detroit, the project will be Phase I of a plan to house 5,000 students on campus. The next phase will include four different facilities containing 540 apartments each. The report also states that the university considered a private development partner, but opted to finance the project with its own balance sheet. Oakland University is located in the metropolitan Detroit area. It was founded in 1959 and has a current enrollment of approximately 18,000 students.
MINNEAPOLIS — HFF has arranged a $2.2 million first mortgage for the refinancing of Parkway Plaza, a 37,426-square-foot retail property, located at 4701 Hiawatha Ave. in Minneapolis. Pet Supplies Plus is the major tenant at the shopping center. Financing was based on a 10-year term with a 20-year amortization schedule. Hiawatha Plaza Associates was the borrower. A life insurance company provided the loan. Michael Padilla of NorthMarq’s Minneapolis regional office arranged the loan.
CHICAGO — Baum Realty Group LLC has sold a 4,750-square-foot retail building in Bucktown, a neighborhood in Chicago, for $2.9 million or a capitalization rate of 6 percent. The property is located at 1733-1735 N. Damen Ave. Greg Dietz, Danny Spitz, Ben Brichta and Adam Secher of Baum Realty represented the seller in the transaction. The buyer was a local investor.