VALLEY PARK, MO. — NorthMarq Capital has arranged an $11 million first mortgage loan to refinance Forest Woods Apartments, a 260-unit multifamily property in Valley Park, a southwest suburb of St. Louis. Financing was based on a 10-year term and a 30-year amortization schedule. Forest Equities LLC was the borrower. Jeff Chaney of NorthMarq arranged the loan through Freddie Mac. The market-rate community is located at 101 Forest Parkway.
CHICAGO — Jones Lang LaSalle has been selected by Venture One Real Estate as the marketing agent for two of the developer’s industrial parks — Rock 39 Industrial Park and Loves Park Corporate Center — located along the I-39 Industrial Corridor west of Chicago. The two parks have a combined total of 340 acres. Shovel-ready sites of up to 120 acres with build-to-suit opportunities are available, ranging from 50,000 to 1.5 million square feet. Current tenants/owners include PepsiCo Inc., Con-way Inc. and Danfoss Group.
CAROL STREAM, ILL. — The Frain Group, a used manufacturing and processing equipment dealer, has acquired a 329,732-square-foot warehouse in Carol Stream, a western suburb of Chicago. The company plans to relocate its operations into the building, located at 245 E. North Ave., later this year. The property includes a 36,800-square-foot office, 26 dock doors and four drive-in doors. Dominic Carbonari and Frank Griffin of Jones Lang LaSalle represented the seller, Holland Stream LLC, in the transaction. Larry Goldwasser and Jay Maher of Cushman & Wakefield represented the buyer.
CHICAGO — A limited liability company, sponsored by Structured Development, has secured a $75 million loan for a Chicago mixed-use property located at 1400-1460 N. Halsted St. Benjamin Kadish of Maverick Commercial Mortgage Inc. arranged the first mortgage debt and mezzanine financing through Deutsche Bank and Prime Finance. Structured Development completed the property in 2007, which includes educational, retail and medical office components. The property is 94 percent occupied and tenants include British Schools of Chicago, Advocate Health Centers and Diamond Headache Center. The five-year, fixed-rate loan and additional capital will allow the borrower to refinance and recapitalize the property, and buy out the former equity partner in the transaction.
LISLE, ILL. — Primera Engineers Ltd., an engineering design, management and consulting firm, has expanded its lease to 19,101 square feet of office space at 550-650 Warrenville Road in Lisle. The 172,695-square-foot building is located within Corporetum VI, an office campus along I-88. Following the deal, the property is now 85 percent occupied. Patrick Kiefer, Jim Adler and Dan O'Neill of NAI Hiffman represented the landlord, Winthrop Realty Trust, in the transaction. David Miller and Jesse Van Dyke of Jones Lang LaSalle represented the tenant.
SULLIVAN, MO. — American Realty Capital Trust V (ARCT V) Inc. has closed on its first two acquisitions — two build-to-suit Dollar General stores in Sullivan and Mission, Texas. The combined purchase price was $2.2 million. The properties, totaling 18,126 square feet, are fully leased to Dollar General Corp. ARCT V is a publicly registered, non-traded real estate investment trust based in Maryland. The company aims to acquire single-tenant, net-leased properties.
JOHNSTON, IOWA — Dougherty Mortgage LLC has arranged an $18.8 million refinancing loan for the Mansions at Hemingway, a 184-unit, market-rate multifamily complex located in Johnston. Dougherty Mortgage arranged the 10-year term, 9.5-year yield maintenance refinance loan on behalf of the borrower, Mansions at Hemingway LLC. The Mansions at Hemingway is located near the Saylorville Lake recreational area.
ELGIN, ILL. AND SOUTH HAVEN, IND. — Trevian Capital has funded a $15.8 million first-mortgage bridge loan secured by two garden-style apartment complexes totaling 322 units in Elgin and South Haven, suburbs in the Chicagoland market. Loan proceeds are being used by the borrower to retire two maturing loans. The loan is cross-collateralized by a 184-unit, 99 percent occupied multifamily property and a 138-unit, 95 percent occupied multifamily property.
OAKBROOK TERRACE, ILL. — NAI Hiffman has arranged three leases along Butterfield Road in Chicago’s East-West corridor totaling 15,169 square feet. Jack Henry & Associates has signed a 7,709-square-foot lease renewal at Butterfield Centre, located at 700 Butterfield Road in Lombard. NAI Hiffman represented the landlord, St. Paul Travelers, in the transaction. In Oakbrook Terrace, The BROE Group acquired a new tenant, Midwest Digestive Disease Specialists, which signed a lease for 5,427 square feet of office space at 2 TransAm Plaza. At 635 Butterfield Road, Premises Group signed a new lease with a full service engineering firm, CHA Consulting Inc., for 2,033 square feet. Michael Van Zandt, Brian Edgerton and Matt Novak of NAI Hiffman’s office services group, represented the landlords in all three transactions. Tim Fisher with Cresa represented Jack Henry & Associates. Al Lindeman with Sperry Van Ness/AML Commercial represented Midwest Digestive. Kellen Monti of Jones Lang LaSalle represented CHA Consulting.
AUBURN HILLS, MICH. — Metro Sweep Services LLC has signed a lease for 16,320 square feet of industrial space located at 2670 Auburn Court in Auburn Hills. Metro Sweep offers environmentally friendly solutions for street sweeping, parking lot sweeping, landscape maintenance and pressure washing. Kris Pawlowski and Gary Stephens of Signature Associates represented the landlord, Gold Star Development LLC, in the transaction.
