Midwest

CHICAGO — Ascend Real Estate Group, Team4 Development LLC and Intercontinental Real Estate Corp. have broken ground on The Madison at Racine, a nine-story, 216-unit luxury apartment midrise in downtown Chicago. The multifamily property is located at the northwest corner of Madison Street and Racine Avenue in the West Loop. The real estate firms formed a joint venture with the Intercontinental US REIF fund to develop the project. The building will include one- and two-bedroom units, 227 parking spaces and 10,000 square feet of ground-floor retail space. The first residential occupancies are scheduled for fall 2014. FitzGerald Associates Architects designed the building.

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OHIO — Aviv REIT Inc. (NYSE: AVIV) has acquired a post-acute and long-term care skilled nursing facility in Ohio for $14.4 million. The property is triple-net leased to existing tenant Saber Healthcare Group. Saber is an operator of 71 skilled nursing and assisted living facilities in five states. The 10-year lease includes an initial cash yield of 10 percent and annual rent escalators. The transaction was funded with the company's revolving credit facility. Aviv has closed $29 million in investments this year.

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ADDISON, ILL. — Virginia-based furniture retailer Haynes Furniture has signed a long-term lease for 215,400 square feet of industrial space at 180 N. Meadow Road in Addison. Haynes Furniture is expanding into the Chicagoland market and chose the distribution facility to service their forthcoming Lombard, Ill., retail store. The 265,058-square-foot industrial building is located in the Central DuPage submarket of suburban Chicago. The building is 81 percent occupied and was formerly occupied by The Pampered Chef. Mark Moran, Steve Connolly, and Kelly Disser with NAI Hiffman’s industrial services group represented American Realty Advisors in the transaction. Al Rodenbostel of Arcore Real Estate Group represented Haynes Furniture.

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CHICAGO — Marcus & Millichap has arranged the sale of a 5,325-square-foot mixed-use property in Chicago for $1.2 million. Kyle Stengle of Marcus & Millichap represented the seller and the buyer, both limited liability companies, in the transaction. The asset is located at 2058 W. Roscoe St. in Chicago’s Roscoe Village neighborhood. The mixed-use building includes five apartments and one retail space.

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CHICAGO — Cole Real Estate Investments, on behalf of Cole Corporate Income Trust Inc., has acquired the Hillshire Brands Co. headquarters in Chicago’s West Loop for $97.5 million. Sterling Bay Cos. reportedly purchased the empty 233,869-square-foot building in 2012 for $10 million, and spent about $50 million to build-out the property for Hillshire. All of the infrastructure and building components were redone, and windows were added on all four exposures, expanding the amount of natural light. “One of the key factors was the long-term lease — nearly 15 years — with an investment-grade tenant,” says Boyd Messmann, senior vice president of office and industrial acquisitions.

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SKOKIE, ILL. — Cohen Financial has arranged a $4.4 million acquisition loan for a mixed-use retail and multifamily property in Skokie, about 15 miles north of Chicago. The 31-unit multifamily property is fully leased. Dan Rosenberg of Cohen Financial secured the fixed-rate, 10-year loan through Greystone & Co., a Fannie Mae DUS lender. The borrower is a local commercial real estate investor.

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ST. LOUIS — SoTel Systems has acquired a 63,000-square-foot office/manufacturing facility in the Westport area of St. Louis for $2.4 million. The telecommunications company is currently located at 19 Worthington Access Drive, which is approximately one mile from its new headquarters. SoTel Systems has been in its current 48,000-square-foot space since 2001. The new building is located at 2465 Centerline Industrial Drive and was the previous home of Jerome Group Printing, a printing and direct marketing services firm that leased the space for 20 years until 2006. The building was then briefly leased to another tenant before its recent sale. Hal Ball of Hilliker Corp. represented the seller, Warson Venture, in the transaction. The deal marks the 12th time HIlliker has represented Warson Venture.

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ITASCA, ILL. — Boyd Coffee has signed a lease for 14,080 square feet of warehouse space located at 1428 Norwood Ave. in Itasca, about 25 miles west of Chicago. Jeff Janda, Mike Plumb and Jay Farnam of Lee & Associates of Illinois LLC represented building ownership, KTR Capital Partners, in the transaction. Luke Heerema of Cresa Partners represented the tenant. Boyd Coffee is a manufacturer of coffee roasters and processing equipment.

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ST. LOUIS — Paric Corp. has begun a $25 million renovation of St. Louis’ landmark Union Station, now a hotel, meeting, restaurant, entertainment and retail center. Lodging Hospitality Management will update all 539 rooms in the DoubleTree hotel and the exhibition and grand halls. The renovation will add approximately 50,000 square feet of meeting space, doubling the size of the hotel’s current meeting facilities. Completion of the project is slated for spring 2014. Lawrence Group is serving as the architect.

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EVENDALE, OHIO — Marcus & Millichap has arranged the sale of Village Crossings, an 89,008-square-foot retail property in Evendale for $6.2 million. C.J. Jackson, Erin Patton, Craig Fuller and Scott Wiles of Marcus & Millichap’s Columbus, Ohio, office marketed the property on behalf of the seller, a local development company, and represented the buyer, a private fund, in the transaction. Village Crossings is located at 10400 Reading Road, about 14 miles north of Cincinnati. Aldi, JoAnn Fabric and Cincinnati Asian Market anchor the shopping center.

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