HAMMOND, IND. — Insulation Fabricators Inc. has signed a lease for 40,000 square feet of industrial space at 3200 Sheffield Ave. in Hammond. The space is part of Long-Middendorf Corp.'s 600,000-square-foot facility, located 20 miles south of Chicago. The property features 24-hour building maintenance staff and security and immediate access to I-90. Chris Gary of NAI Hiffman represented both parties in the transaction.
MINNEAPOLIS — Chicago's GEM Capital has acquired University Technology Enterprise Center, a 180,000-square-foot business incubation center for the University of Minnesota campus, for $12.9 million. The asset will be converted into a 336-unit student housing facility, which will include 40,000 square feet of first-floor retail. Planned amenities include an open plaza area, a 20,000-square-foot courtyard and a green roof. Peter Katz of Institutional Property Advisors and Michael Ahles of Marcus & Millichap represented the seller, Dave Jasper, in the transaction. They also represented the buyer.
OAK PARK, ILL. — Interfaith Housing Development has selected McShane Construction Co. to build Grove Apartments, a 51-unit supportive living development at 442 S. Grove Ave. in Oak Park. McShane will transform the former two-story Comcast office building into a four-story facility, which will include 5,233 square feet of retail on the ground floor. The project is slated for completion this fall. Weese Langley Weese is providing architectural services.
CHICAGO — Summit Hotel Properties has closed its acquisition of three Hyatt hotels for $36.1 million, including a property in Illinois. The company purchased the 126-room Hyatt Place in Chicago, as well as the Hyatt Place-Universal and Hyatt Place-Convention Center in Orlando. Select Hotels Group, an affiliate of Hyatt, will operate each hotel.
ST. PAUL, MINN. — Kellogg Square, a 32-story apartment tower in downtown St. Paul, has sold for $51 million. The apartment building features views of the Mississippi River, a walkable neighborhood and 594 covered parking stalls. The multifamily property is located at 111 E. Kellogg Blvd. and is adjacent to the Central Corridor light-rail line, which is slated to begin service in 2014. According to the StarTribune, the local newspaper, Northbrook, Ill.-based Sentinel Management sold the tower to Golden Valley, Minn.-based Bigos Management.
ADDISON, ILL. — A private investor has purchased the Addison Retail Center, a 9,504-square-foot retail property in Addison, Ill. for $3.7 million. The property is an outparcel to a Walmart and Sam’s Club, which is located at 1050 North Rohlwing Road, some 20 miles west of Chicago. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the buyer. They also represented the seller, a Chicago-based partnership that developed the center.
AURORA, ILL. — NAI Hiffman will oversee property management and leasing for Rush Copley Physician Office Buildings I and II, which total approximately 160,000 square feet, in Aurora, Ill., some 40 miles west of Chicago. Both buildings are situated on the Rush Copley Medical Center campus and were recently purchased by American Realty Capital Healthcare Trust Inc., which awarded NAI Hiffman the assignment. The Class A medical office buildings provide physicians with suites ranging in size from 1,500 to 5,000 square feet. While Physician Office Building I is fully leased, Brian Edgerton and Mike Van Zandt of NAI Hiffman will market existing availabilities at Physician Office Building II.
BUFFALO, GROVE, ILL. — CBRE has arranged the lease of a 15,000-square-foot industrial space in Buffalo Grove, located about 30 miles north of Chicago. Zach Graham, Keith Puritz, Brett Kroner and Ryan Bain of CBRE assisted The Shamrock Cos. in its five-year lease of the industrial property, located at 1367-1407 Barclay Blvd. Adam Heffner and Dan Prendergast of Darwin Realty represented the landlord, TA Associates Realty, in the deal. Shamrock is a multichannel marketing company headquartered in Westlake, Ohio, with sales and distribution offices located across the country.
MICHIGAN CITY, IND. — A limited liability company has purchased a 37,150-square-foot office building that is home to Brown Mackie College in Michigan City, Ind., for $4.7 million. The college occupies approximately 77 percent of the building, which is located at 1007-1001 East U.S. Highway 20, some 60 miles east of Chicago. John Abuja of Marcus & Millichap represented the buyer and the seller, a partnership, in this deal.
OAK FOREST, ILL. — Marcus & Millichap has arranged the sale of an 11-unit apartment property in Oak Forest, Ill. for $785,000. Located at 16733-16735 Forest Avenue, the property consists of two, one-bedroom units and nine, two-bedroom units. Ryan Engle, Voltaire Zapanta and Adam Fortino, of Marcus & Millichap’s Chicago office represented the seller, a private investor, as well as the buyer, an individual trust.