Midwest

ROLLING MEADOWS, ILL. — GlenStar Properties LLC has acquired Continental Towers, a 910,796-square-foot office complex in Rolling Meadows, located about 28 miles northwest of Chicago. Glenstar reportedly purchased the property with Walton Street Capital LLC for $58.5 million. The three-tower office complex was acquired from CW Capital on behalf of the owner, 1701 West Golf Road Holdings LLC. Glenstar plans to invest $8 million in capital improvements, which will include an overhaul of the driveways, entranceways, parking lot and landscaping. Signage, restrooms, tenant corridors and lobbies will also be upgraded. Tenants at the property include Komatsu America Corp., the Lincoln National Life Insurance Co., Advocate Health Partners, Fifth Third Bank and Chicago Title Insurance Co.

LAWRENCE, KAN. — Partners of LANE4 Property Group, along with other investors, have acquired the I-70 Business Center in Lawrence, located about 35 miles west of Kansas City. The purchase price was undisclosed. The 95,000-square-foot center is located at 1025 N. Third St. The property was originally built in 1993 as a retail outlet, but has been repositioned in the last few years as a corporate office center. The center was 90 percent occupied at the time of sale. LANE4 plans to create two outparcels on the 12-acre site intended for restaurant and/or convenience store space. LANE4 will serve as the center’s property manager. Ken Schmanke of KS Commercial Real Estate Services Inc. will continue as the leasing agent for existing vacancies at the property.

CHICAGO — Urban Innovations has acquired two office buildings in the Greektown neighborhood of Chicago totaling 150,000 square feet for $14 million. Urban Innovations previously owned the properties and sold them in 2005 to a private investor. The properties purchased include a 60,000-square-foot office building located at 833 W. Jackson Blvd. and a 90,000-square-foot property located at 322 S. Green St. The buildings sit adjacent to one another, separated by a parking lot that services the properties. The company plans to renovate the buildings’ exteriors, common areas, lobbies, restrooms and vacant spaces. Current tenants within the new portfolio include CAN TV, University of Illinois, Incisent Labs Group and Chicago-based nonprofit Family Health Network, which occupies nearly 24,000 square feet. Aaron Zaretsky of Urban Innovations represented the firm in the transaction. John Slivka of CBRE worked on behalf of the seller, Wells Fargo N.A.

OAKBROOK TERRACE, ILL. — Sperry Van Ness Chicago Commercial has arranged the sale of a 13,105-square-foot office condominium for $1.3 million, or $102 per square foot. The office condo, which is located at One Trans Am Plaza in Oakbrook Terrace, a western suburb of Chicago, was sold via bank directed short sale. The buyer is a technology company, which will use the space for its Chicago operations. Wayne Caplan and Olivia Czyzynski of Sperry Van Ness represented the seller in the transaction.