WOODRIDGE, ILL. — Conor Commercial Real Estate is developing a 347,400-square-foot build-to-suit at the Union Pointe Business Park in Woodridge for the Orbus Exhibit and Display Group. Orbus is a privately owned group of companies that specializes in the manufacturing of display products, graphics and solutions. The company will be consolidating its Bolingbrook and Niles facilities and relocating to the new property in Woodridge upon completion in 2014. With this build-to-suit, Orbus will triple its leased space from 128,000 square feet to 347,400 square feet. McShane Construction Co. will construct the new facility. Ware Malcomb Architects will serve as the architect for the project.
LYONS, ILL. — American Blue Ribbon Holdings has signed a 52,678-square-foot lease at 8424 W. 47th St. in Lyons. The space is located in a 312,896-square-foot cold storage facility that currently includes 125,000 square feet available for lease. American Blue Ribbon Holdings, a food service company, will use the space for the storage of raw materials and finished products. Steve Connolly and Larry Much of NAI Hiffman represented the landlord, Bridge Development Partners, in the transaction. Chris Gray, also of NAI Hiffman, represented American Blue Ribbon Holdings.
NORTHBROOK, ILL. — The Boulder Group has arranged the sale of a single-tenant ground lease located at 240 Skokie Blvd in Northbrook, about 25 miles north of Chicago. Fifth Third Bank is the sole occupant of the 4,100-square-foot retail building that was developed in 2004. The property is located on a 1.1 acres. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, an East Coast-based, 1031 tax-deferred exchange investor, and the seller, a Midwest-based private partnership.
SPRINGFIELD, MO. — Dalmark Development Group has plans to invest $15 million into the downtown Springfield Heer's building to convert the former department store into a mixed-use property. Jim Nichols, co-owner of Heer's Luxury Living and CEO of Dalmark Development Group, says while many of the details have yet to be ironed out, renovation plans include adding up to 90 market-rate rental apartments and 8,000 to 12,000 square feet of ground-floor retail space. Heer's Luxury Living LLC purchased the building from real estate investment group E and J HIDC LLC for an undisclosed amount. E and J HIDC LLC bought the building at an April 22 foreclosure auction for $960,000. Shawnee, Kan.-based Straub Construction Co. Inc. is serving as general contractor. The design team from St. Louis-based Rosemann and Associates will be led by Drury University graduate Jarret Cooper. Zac Nichols, a graduate of Missouri State University, is Dalmark's project manager. Construction is anticipated to take 12 to 14 months with an opening within the next 24 months.
WAVERLY, OHIO — Marcus & Millichap Real Estate Investment Services has arranged the sale of a 10,752-square-foot Rite Aid, located at 501 E. Emmit Ave. in Waverly for $2.4 million. Preet Sabharwal of Marcus & Millichap’s Manhattan office and Chris Thomson of Marcus & Millichap’s Ohio office represented the seller, a private investor. Michael Glass, also of Marcus & Millichap’s Ohio office, assisted in closing this transaction.
TOLEDO, OHIO — Commercial Property Advisors (CPA) has arranged the sale of the Andover Apartments in Toledo. The property’s occupancy rate was 82 percent at closing. Cary Belovicz of CPA’s Midwest office arranged the transaction between the seller, LB-RPR I Asset Holdings LLC, and the buyer, Andover Toledo LLC. CPA’s Midwest office deals exclusively in investment sales throughout the Midwest.
NORTHBROOK, ILL. — The Athletic and Therapeutic Institute of Naperville LLC (ATI) has signed a lease for 3,300 square feet at the Willow Festival Annex, located at 1122 Willow Road in Northbrook. ATI was founded in 1996 as a rehabilitation facility focused on capacity evaluations and work conditioning for worker’s compensation patients. Both Joe Parrot and Michael Gold of CRBE represented the landlord, IOFII Willow JV LLC, in this transaction.
ST. CLAIRE SHORES, MICH. — Mid-America Real Estate-Michigan, Inc. has arranged a 5,800-square-foot lease in a shopping center at 31240 Harper Avenue in St. Claire Shores. C.C. Roberts and Brad Rosenberg of Mid-America Real Estate-Michigan Inc. represented the landlord, CVS/pharmacy, in this transaction. The new tenant is Second Glance, one of the largest privately owned resale shops in Metro Detroit.
OAK BROOK, ILL. — Inland Real Estate Corp. has entered into an agreement with the New York State Teachers’ Retirement System (NYSTRS) to acquire a 13-property Midwest retail portfolio for $121 million. Inland will acquire NYSTRS’ 50 percent ownership in the IN Retail Fund LLC, a portfolio that consists of 11 neighborhoods, community and power shopping centers located in the Chicago area, one neighborhood retail center in a suburb of Minneapolis and one community retail center located near Racine, Wis. The properties total about 2.3 million square feet of gross leasable area, with an estimated fair value of approximately $395.6 million, according to Inland. Major properties in the portfolio include the 592,495-square-foot Orland Park Place in Orland Park, Ill.; the 216,485-square-foot Randall Square in Geneva, Ill. and the 207,452-square-foot Woodfield Commons in Schaumburg, Ill. The top five retail tenants based on annual base rent include: Roundy’s (5.8 percent); Safeway (3.8 percent); AB Acquisitions (3.0 percent); CarMax (2.9 percent); and TJX Cos. (2.8 percent)
OVERLAND PARK, KAN. — Grandbridge Real Estate Capital has arranged a $17.8 million first mortgage loan secured by Villa Medici Apartments located in Overland Park. BB&T Real Estate Funding LLC provided the nonrecourse bridge loan, which carries a four percent interest rate with interest-only payments. The 166-unit multifamily community features a large clubhouse, theater room, fitness center and covered parking. The borrower plans to upgrade the property, which was constructed in 1970. Alan Tapie of Atlanta-based Grandbridge originated the loan for an Atlanta-based multifamily investment company.