Midwest

NYLOK CORP. RENEWS 42,360 SF INDUSTRIAL LEASE IN MACOMB TWP. MICH.

by admin March 7, 2013

MACOMB TWP., MICH. — Nylok Corp. has renewed its 42,360-square-foot industrial lease at 15260 Hallmark Court in Macomb Twp., a northern suburb of Detroit. Kris Pawlowski and Paul Saad of Signature Associates represented both the landlord, Wolf Industrial III LLC, and the tenant, Nylok Corp. Under the umbrella of Berkshire Hathaway, Nylok has registered more than 150 patents on a number of different fasteners. This is more than any other company in their field.They service the automotive, aerospace, military and agricultural industries around the globe.

March 7, 2013

WICKER PARK APARTMENTS SELLS FOR $5.7M IN CHICAGO

by admin March 6, 2013

CHICAGO — Wicker Park Apartments, a 16-unit multifamily property in Chicago, has sold for $5.7 million to a limited liability company. The building, which is located at 2147-2151 W. Evergreen Ave., spans 25,700 square feet. Kyle Stengle of Marcus & Millichap represented the buyer and the seller, a limited liability company, in the deal.

March 6, 2013

Midwest Retail

BOULDER GROUP ARRANGES SALE OF ADVANCE AUTO PARTS PROPERTY FOR $1.6M

by admin March 6, 2013

DIAMOND, ILL. — The Boulder Group has arranged the sale of a net-leased Advance Auto Parts property, located at 1135 E. Division St. in Diamond, for $1.6 million. The 6,125-square-foot Advance Auto Parts was built in 2012 and is located 60 miles southwest of downtown Chicago. The building is situated along Highway 113 and is an outparcel to Berta Crossing, a recently constructed retail center featuring Dollar General and Ace Hardware. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, an Ohio-based investor, and the seller, a Midwest-based partnership.

March 6, 2013

Industrial Midwest

MIDLAND PAPER CO. RENEWS, EXPANDS LEASE TO 155,568 SF IN DES PLAINES, ILL.

by admin March 6, 2013

DES PLAINES, ILL. — Midland Paper Co. has renewed and expanded its lease to 155,568 square feet of industrial space at 363 N. Third Ave. in Des Plaines. Kurt Sarbaugh, Robin Stolberg and Kris Bjorson of Jones Lang LaSalle represented Midland Paper in the deal. Midland Paper is an independently owned fine paper, packaging and supply systems distributor.

March 6, 2013

Midwest Mixed-Use

WALGREENS, HAIKU SUSHI FILL UP RETAIL SPACE AT THE STATION ON WASHINGTON

by admin March 6, 2013

MINNEAPOLIS — Walgreens and Haiku Sushi have signed leases to take up all of the retail space at The Station on Washington, a student residential and retail complex on the University of Minnesota's East Bank campus. Walgreens will occupy approximately 7,000 square feet of space and is scheduled to open in August. Haiku Sushi will occupy 4,000 square feet of space. The six-story building will contain 11,000 square feet of ground-level retail space and 97 residential units. Amenities will include underground parking, a fitness center and study lounge space. The Station on Washington is slated for completion in August. The Opus Group is the developer of the project.

March 6, 2013

Midwest Office

AUCTION TO BE HELD FOR FORMER PEREGRINE FINANCIAL HEADQUARTERS BUILDING

by admin March 6, 2013

CEDAR FALLS, IOWA — GA Keen Realty Advisors, a division of Great American Group Inc., is marketing a 48,250-square-foot office building in Cedar Falls. The property and facilities are being sold as part of a Federal Receiver’s sale, with GA Keen Realty Advisors working with the court appointed receiver, Chicago-based attorney Michael Eidelman, in marketing the building and property. The bid deadline is Friday, May 24 with an auction scheduled for Friday, May 31. Built in 2008, the building design features minimal emissions, water use, waste and indoor pollutants. Located on a 22-acre site at 1 Peregrine Way, the property is designated as a Class A professional office building and includes 108 exterior parking stalls and 43 underground parking spaces. The building is the former headquarters of Peregrine Financial Group owned by Russell Wasendorf Sr., which filed for bankruptcy in July 2012.

March 6, 2013

Midwest Multifamily

RADCO COS. ACQUIRES BRITTANY COURT IN GENEVA, ILL.

by admin March 5, 2013

GENEVA, ILL. — The RADCO Cos. has purchased Brittany Court, a 226-unit apartment complex in Geneva, for $27.8 million. Brittany Court, which was developed in 1989, is 95 percent occupied and is being rebranded as Ashford at Geneva. RADCO plans to upgrade the amenities and unit interiors and modernize the apartment complex. The property, located at 390 Brittany Court, is less than two miles from Geneva’s downtown shopping and business hub.

March 5, 2013

Midwest Multifamily

CBRE ARRANGES $15.6M LOAN FOR STUDIO ONE APARTMENTS IN DETROIT

by admin March 5, 2013

DETROIT — CBRE has arranged the $15.6 million refinancing of Studio One Apartments, a market-rate apartment project located in Detroit. The loan was funded through CBRE’s FHA-insured permanent loan program providing a fixed-rate, 30-year, fully amortizing loan. The multifamily property includes 124 apartment homes, in a mix of one- and two-bedroom layouts and ground floor commercial space. The property is located at 4501 Woodward Ave., in the Midtown neighborhood. Studio One Apartments was developed and is owned by Studio One Apartments LLC, a single-asset entity managed by Marcel Burgler of Prime Development.

March 5, 2013

Midwest Multifamily

STEADFAST INCOME REIT ACQUIRES LIBRARY LOFTS IN KANSAS CITY FOR $12.7M

by admin March 5, 2013

KANSAS CITY, MO. — Steadfast Income REIT has purchased Library Lofts East, a 118-unit historic loft conversion in downtown Kansas City, for $12.7 million. The multifamily property includes a six-story building built in 1906 and a conjoined 10-story building built in 1923. The property was fully renovated and retrofitted in 2003. The property is located at 1004 Baltimore Ave. in the Library District. This is the fifth Kansas City property acquired for the REIT.

March 5, 2013

Midwest Multifamily

OWNER OF GREENTREE APARTMENTS RECEIVES $11.5M LOAN

by admin March 5, 2013

INDIANAPOLIS — The owner of Greentree Apartments , a 448-unit apartment complex in Indianapolis, has received an $11.5 million FHA Section 223 (a)(7) loan. The 35-year, non-recourse loan was funded by Huntoon Hastings Inc., a wholly owned subsidiary of Johnson Capital. The new debt, which was used to refinance an existing FHA insured 223(f) loan with a large prepayment penalty, is fully amortizing and carries a 3 percent fixed-interest rate. The owner, which is a family business with several properties in the area, purchased the property in 2007.

March 5, 2013

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