DARIEN AND CHICAGO HEIGHTS, ILL. — Syndicated Equities Investment Sales Group has arranged the sale of two Walgreens-leased buildings in Darien and Chicago Heights for a combined total of $9.1 million. Each building spans 15,120 square feet and is leased to Walgreens on a long-term basis. The building in Darien sold for $4.9 million and the Chicago Heights property sold for $4.2 million. Isaac Metzger and Jason Schwartz of Syndicated Equities represented the sellers, separate ownership groups, in each transaction.
CHICAGO — Marcus & Millichap has arranged the sale of 2203 West Rice, a 12-unit apartment property located in Chicago, for $1.8 million. Bill Bailey and John Bailey of Marcus & Millichap’s Chicago downtown office marketed the property on behalf of the seller, a private investor. The buyer, a partnership, was also secured and represented by the Baileys. The property is located in the heart of Ukrainian Village and includes 10 two-bedroom and two one-bedroom units. The building has received upgrades during the last several years including a new boiler, a new gas central hot water heater, new windows, a new tear-off roof, upgraded kitchen and baths and new security gates.
ST. LOUIS — Kayne Anderson Real Estate Advisors (KAREA), the private equity real estate arm of Kayne Anderson Capital Advisors, has acquired three apartment buildings and a parking garage, all located across the street from the main gate of St. Louis University. The acquisition brings 655 beds and 406 units to KAREA's portfolio. The properties, which include turn-of-the-century architecture, feature The Coronado (originally a hotel), Moolah Place (originally a Masonic temple), Lindell Towers and the parking structure, which is known as Moolah Garage. KAREA says the assets are unique in their ability to bring a touch of “old-world” elegance to urban living. These assets bring KAREA's student housing portfolio to approximately 16,000 beds and 5,400 units. KAREA's portfolio also contains 444 conventional multifamily units and 15,065 self storage units.
WEST DES MOINES, IOWA — Hubbell Realty Co. is developing 7th Street Brownstones, a $6.8 million rental townhome community in West Des Moines. Construction on the development, which is located south of MLK Jr. Parkway, is underway and is slated for completion in November. The rental homes are modeled after Hubbell’s brownstone community, located on Grand Avenue between 2nd and 3rd streets. The project includes 34 two-story, three-bedroom, three-bathroom rental townhomes. The townhomes feature walk-in closets, stainless steel appliances, washers and dryers, granite countertops, two-car garages and rooftop patios with a pergola and wet bar. Hubbell Construction Services is building the townhomes, which will be managed by Hubbell Apartment Living.
MOUNT PROSPECT, ILL. — Essex Realty Group Inc. has arranged the $3.8 million sale of 1701 E. Kensington Road, a 15,120-square-foot building in Mount Prospect, a northwest suburb of Chicago. Walgreens occupies the property, which was constructed in 1999. David Schwartz and Matt Welke of Essex were the brokers in the transaction.
CEDAR FALLS, IOWA — The former Peregrine Financial Group headquarters, a 48,250-square-foot office building in Cedar Falls, has sold for $3.2 million. Spiegel Family Realty Co. Iowa LLC purchased the building at an auction conducted by GA Keen Realty Advisors. Closing on the transaction is slated for later this month.. Russell Wasendorf Sr., who filed for bankruptcy in July 2012, previously owned the building. Michael M. Eidelman is the court appointed receiver and co-chair of the bankruptcy group at Vedder Price PC.
ROSEVILLE, MICH. — Lormax Stern Development Co. has purchase Macomb Mall, located at 32233 Gratiot Ave. in Roseville. Constructed in 1964, the 921,000-square-foot Macomb Mall is located near I-94. The new owners plan to renovate the single-story building, which include both interior and exterior upgrades. The sale price of the property was undisclosed. Macomb Mall features more than 85 specialty stores, including Aeropostale, American Eagle Outfitters, Bath & Body Works, Charlotte Russe, Helzberg Diamonds, and resturants such as National Coney Island and Olga’s Kitchen.
AKRON, OHIO — Co-developers, Akron-based LRC Realty and Hallmark Campus Communities, are developing University Edge, a 578-bed community focused on the students of the University of Akron.Delivering fall 2014, University Edge is located across the street from campus and will feature many amenities and two-bed, two-bath, three-bed, three-bath, and four-bed, four-bath furnished floor plans. University Edge will also include several thousand square feet of ground floor retail consisting of national and local retailers and restaurants. Peak Campus Management will manage the project. The University Edge leasing center will open early fall 2013.
OMAHA, NEB. — Promontory Healthcare Cos. and Lund-Ross Constructors broke ground on a $6.3 million transitional care center in the Old Mill area of Omaha. Construction on Old Mill Rehabilitation is expected to last 12 months, with an opening scheduled for spring 2014. Once complete, the facility will provide transitional rehabilitation services and be a licensed skilled nursing facility. The 40,000-square-foot facility will feature 44 private suites and common areas including a great room, dining room, library and chapel. Physical therapy rooms, nursing stations and administrative space will also be located on the grounds. Mainland Healthcare Development LLC will be in charge of development. Ankrom Mosian Architects is serving as the project architect. Lamp Rynearson & Associates is serving as civil engineer. Great Western Bank will provide construction financing. Lund-Ross Constructors will act as general contractor, and Promontory Healthcare Cos. will operate Old Mill Rehabilitation.
ELMHURST, ILL. — NAI Hiffman represented Bridge Development Partners in securing two lease renewals totaling 14,903 square feet of office space at 501 W. Lake St. in Elmhurst. Anderson Pest Control has renewed its 9,829-square-foot lease, and Patterson Medical, a provider of rehabilitation products, renewed its lease for 5,074 square feet. The offices are located within the Corporate Plaza of Elmhurst, which is 96 percent leased. The building offers docks and drive-in doors and tenant-controlled HVAC and security. Dan O’Neill, Steve Connolly and Jeff Fischer of NAI Hiffman represented the landlord in both transactions, while Tim Carlson of Cresa represented Patterson Medical.