PARK RIDGE, ILL. — Millennium Properties R/E has completed the sale of a 12,200-square-foot, eight-unit apartment complex at 1 N. Hamlin Ave. in Park Ridge, a northwest suburb of Chicago, for $150,000 per unit. According to Millennium Properties, the multifamily property generates more than $100,000 in annual rent. Situated on the corner of Hamlin and Touhy avenues, the units in this property feature hardwood floors, eat-in kitchens and private patios and lawns. The building includes on-site laundry, storage and 14 parking spaces split between a six-car garage and an eight-space parking lot. Millennium Properties served as the sales advisor to a bankruptcy court in the transaction.
WAUWATOSA, WIS. — HSA Commercial Real Estate has finalized leases with Saks Fifth Avenue OFF 5TH, Old Navy and Carter’s for The Mayfair Collection, a 270,000-square-foot shopping center development in Wauwatosa, a western suburb of Milwaukee. The project, which broke ground in April, already has lease commitments with Nordstrom Rack, Dick’s Sporting Goods and Ulta Beauty. Saks Fifth Avenue OFF 5TH has 67 stores, and The Mayfair Collection store will be its first in Wisconsin. The store’s grand opening is slated for spring 2014.
GLENCOE, MINN. — Marcus & Millichap has arranged the $1.5 million sale of the Morningside Apartment Portfolio, a 42-unit apartment property located in Glencoe, about 50 miles southwest of Minneapolis. Mox Gunderson and Joe Cuskey, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a private investor, and represented the buyer, also a private investor. The Morningside Apartment Portfolio is located at 1214 Baldwin Ave. North.
ADDISON, ILL. — The Key Group and Val-Matic Valve have purchased a 64,755-square-foot industrial building, located at 303 S. Rohlwing Road in Addison, about 25 miles west of Chicago. The purchase price was undisclosed. Situated on 3.17 acres, the property features 28-foot clear ceiling height, 8,100 square feet of remodeled office space, six cranes, five drive-in doors and eight trailer level docks, as well as a gated area for trucks/trailers and parking for 65 cars. Theresa Gleason of Paine/Wetzel/TCN Worldwide represented The Key Group and Val-Matic Valve in the transaction. Dan Cantacessi of @properties represented the seller, Porter Pipe & Supply.
ELKHORN, WIS. — Dougherty Funding LLC has closed an $8.9 million loan for the new construction of Aurora Medical Office Building, a 30,000-square-foot medical center in Elkhorn, a southwest suburb of Milwaukee. Aurora Health Care has signed a 15-year lease, with two five-year extensions, for the property. The financing was arranged for ElkhornMedical Office Building LLC. Dougherty Funding serves as the lead lender in all of its transactions and funds each financing by selling loan participations to an extensive network of banks and institutional lenders throughout the U.S.
CHARLESTON, ILL. — Triad Real Estate Partners has arranged the sale of University Village, a 391-bed student housing property serving Eastern Illinois University in Charleston, about 50 miles south of Champaign. The property was an REO sale, owned by Fifth Third Bank in Chicago. The buyer was a Champaign, Ill.-based student housing operator that is looking to expand at Eastern Illinois University and other campuses around the Midwest. University Village is located 2.5 miles east of Eastern Illinois University, a public university with a fall 2012 enrollment of 11,178. The project suffered from high vacancy in recent years, posting 2012-13 occupancy of just more than 70 percent. The new owner plans to renovate and reposition the property, renting some units to families.
WILLOWBROOK, ILL. — NAI Hiffman has represented Illinois Property Solutions in two new leases at 500 Joliet Road in Willowbrook, a southwest suburb of Chicago, totaling 78,000 square feet. Environmental Technical Institute (ETI) will occupy approximately 50,000 square feet of office space in the building. ETI offers technical and professional training for persons looking to begin a career in the heating, air conditioning and refrigeration industry. Raths, Raths & Johnson (RRJ), a structural engineering and architectural service provider, will lease 28,000 square feet. Built in 1992, the two-story office building includes warehouse space. With these leases, the building is fully leased. Dan O’Neill and Jim Adler, both executive vice presidents with NAI Hiffman’s office services group, represented Illinois Property Solutions in both transactions. Jeff Janda and Mike Plumb of Lee & Associates represented Environmental Technical Institute. RRJ was represented by Paine/Wetzel.
Most retail brokers in Des Moines are cautiously optimistic in their expectations for 2013. For the first time in years, I’m seeing a lot of site plans for new retail developments come across my desk. Several projects that had been on the back burner for the last few years have finally begun to take shape. Des Moines, like most markets, got hurt when the Great Recession hit. However, with its major industry based in insurance, it weathered the storm better than many other markets. At its high point, the unemployment rate was 6.8 percent, and the rate as of May was 4.3 percent. The Des Moines retail market didn’t get nearly as overbuilt as many of the other nearby larger markets. There wasn’t a ton of first-generation space that sat vacant on the retail market in Des Moines once the recession hit. Most of the retail developers here are conservative. Much of the first-generation space that sat vacant was the result of lenders taking back the properties and not wanting to invest any money in those assets. Lessons Learned The developers in today’s market have a more disciplined approach than many of their predecessors. There was a time when real …
LOCKBOURNE, OHIO — CME Wire and Cable Inc. has signed an 84,616-square-foot lease at CreekSide Parkway, Suite 400 in Lockbourne, located 15 miles south of Columbus. The company outgrew its current building at the CreekSide Industrial Center and will move into the new office and warehouse building, which The Pizzuti Cos. is constructing, in April 2014. CME Wire and Cable is a subsidiary of XIGNUX Group, a 50-year-old firm, with more than 20,000 employees in North and South America and revenues exceeding $3.2 million. The wire distribution company opened its North American headquarters in Georgia in 1998, when it relocated from South Carolina. The company’s other distribution centers are located in California, Illinois and Texas. Cresa represented CME Wire and Cable Inc. in the lease transaction.
CHICAGO — Essex Realty Group Inc. has arranged the $7.5 million sale of a 12-story apartment building in Chicago’s Uptown neighborhood. Situated on the northeast corner of Kenmore and Lawrence avenues, The Lawrence House includes 371 apartments and five commercial spaces. The Lawrence House is currently marketed to adults over 65. Each apartment is furnished and includes weekly maid service that provides clean linens and light cleaning. Doug Imber, Matt Welke and Doug Fisher of Essex represented the buyer and seller, private investors, in the transaction.