MCCOOK, ILL. — Dermody Properties and AEW Capital Management have acquired 34 acres in the McCook II Business Park in suburban Chicago. The partnership plans to develop LogistiCenter McCook, which will include two industrial properties totaling 662,7000 square feet, on the site. The project is slated to break ground later this year, with a completion date set for the third quarter of 2014. The site is located at 1st Avenue at 47th Street in McCook, about 11 miles from downtown Chicago.
WOODBURY, MINN. — Marcus & Millichap has arranged the $2.8 million sale of Ashwood Ponds, a 36-unit apartment property located in Woodbury, an eastern suburb of Minneapolis. Dan Linnell and Mox Gunderson, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a private investor, and the buyer, a limited liability company. Ashwood Ponds is located at 6725 Ashwood Road. Constructed in 1996, the multifamiliy community features six one-bedroom, 20 two-bedroom and 10 three-bedroom units.
PLYMOUTH, MINN. — NorthMarq Capital has arranged $38 million in acquisition financing for Stoneleigh at the Reserve, a 361-unit multifamily property in Plymouth, a western suburb of Minneapolis. Greg Benjamin, senior vice president, and James Hoopes, senior director at NorthMarq, arranged the 10-year loan, which includes a 30-year amortization schedule. The borrower was a division of Weidner Investment Services Inc., a Seattle-based, privately held owner of multiple multifamily properties. NorthMarq arranged the Fannie Mae loan through its affiliate AmeriSphere. Constructed in 2003, Stoneleigh at the Reserve includes four three-story buildings with numerous amenities, including an outdoor pool, community room with kitchen, gas fireplace and indoor half basketball and racquetball courts. The community also features heated underground parking, as well as cyber lounges and fitness centers in each building. The property is located at 5200 Annapolis Lane North.
BETTENDORF, IOWA — Phillips Edison–ARC Shopping Center REIT Inc. has acquired Duck Creek Plaza, a 134,229-square-foot, grocery-anchored shopping center in Bettendorf, for $19.7 million. Inland Western Bettendorf Duck Creek LLC was the seller. A 63,706-square foot Schnucks grocery store, one of the largest privately owned grocers in the Midwest, anchors the center. The 92.7 percent-occupied plaza also features a 28,270-square-foot Marshalls store and is located in the Quad Cities region that borders Iowa and Illinois.
DUBUQUE, IOWA — The Cafaro Organization has acquired a large portion of Asbury Plaza, a 700,000-square-foot regional power center in Dubuque, a city in northeast Iowa, for $12 million. The purchase includes more than 136,000 square feet, comprising 16 separate store spaces. Current tenants include Bed Bath & Beyond, Michaels Arts & Crafts, Dress Barn, Famous Footwear, Pier 1 Imports, Petco, Maurices, Sally Beauty Supply, GNC, VIP Nails and Supercuts. Asbury Plaza is located at the intersection of Asbury Road and Highway 32. The property is shadow-anchored by Hy-Vee Supermarket, Kohl’s, AMC Theater and a 114,000-square-foot Blain’s Farm & Fleet currently under construction.
CEDAR LAKE, IND. — Marcus & Millichap has arranged the $1.8 million sale of Keep It U-Lock, a 50,840-square-foot, self storage facility in Cedar Lake, a city in northeast Indiana. Sean Delaney and Matthew Duda, investment specialists in Marcus & Millichap’s Oak Brook, Ill. office, marketed the property on behalf of the seller, a private investor, in the transaction. Delany and Duda, along with Josh Caruana, a broker at Marcus & Millichap, represented the buyer, also a private investor. Keep It U-Lock is located at 13649 Wicker Ave. and includes 291 storage units, an office, a 4,000-square-foot warehouse and more than 175 RV/boat parking spaces.
DETROIT — Hantz Woodlands, an enterprise of Hantz Farms, has received approval from Michigan Gov. Rick Snyder for its plan to purchase and plant timber on abandoned Detroit-owned lots. Hantz has agreed to purchase more than 140 acres on the city’s lower east side for approximately $300 per parcel, which totals to $420,000. Plans for the land include demolishing at least 50 structures while planting at least 15,000 hardwood trees. Hantz also has discussed large-scale urban farming plans for Detroit, but those have been delayed in part as the city works to develop new agricultural zoning rules, according to the Associated Press.
CHICAGO — CBRE Global Investors’ U.S. Managed Accounts Group has acquired 161 N. Clark St., a 49-story office building in Chicago, on behalf of a consortium of Korean investors led by the South Korean Postal Service. The tower sold for approximately $348 million, according to Crain’s Chicago Business. Speyer sold the 1.1 million-square-foot, trophy-quality building, which is located in the Central Loop submarket of downtown Chicago. The U.S. Managed Accounts team plans to implement a $14 million capital improvement campaign to upgrade existing amenities and building systems and to maintain the property’s existing LEED Silver certification. The property is 93 percent leased to a diverse roster of tenants with limited rollover. Vic Bucchere, Gary Jaye and Brian Cosentino of CBRE represented the buyer in the transaction.
SAUK RAPIDS, MINN. — The Mansour Group has arranged the $10.9 million sale of a Walgreens property in Sauk Rapids, a small city in central Minnesota. Alvin Mansour of The Mansour Group marketed the property on behalf of the seller, a Houston-based developer. A 1031 tax-deferred exchange investor based in California purchased the property. The property is located near a new four-lane bridge that connects the downtown area of Sauk Rapids to St. Cloud.
EDINA, MINN. — Marcus & Millichap has arranged the $3.2 million sale of Willow Greens, a 20-unit apartment property in Edina, a southwest suburb of Minneapolis. Josh Talberg, an investment specialist in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a limited liability company. Talberg and Mox Gunderson, also of Marcus & Millichap, represented the buyer, a limited liability company. Constructed in 1968 and purchased by the seller in 2006, Willow Greens is located at 4350-4380 Parklawn Ave.