Midwest

NORTHMARQ ARRANGES $58.5M LOAN FOR CHICAGO OFFICE PROPERTY

by admin April 16, 2012

CHICAGO — Jeff Cherner of NorthMarq Capital's Chicago office has arranged $58.5 million in mortgage financing for 400 S. Jefferson in Chicago. Sterling Bay Cos. is renovating the office property, which is located at the southwest corner of Jefferson and Van Buren streets. Bank of America provided the three-year, floating-rate loan. Funds from Heitman Capital Management and the ownership were used to close the acquisition of the existing facility in February. Bank of America is providing the construction loan. The renovation of the building, which is slated for completion later this year, will include a new exterior, new building systems and a green rooftop deck.

April 16, 2012

APARTMENT COMMUNITY SELLS IN CARMEL

by admin April 16, 2012

CARMEL, IND. — Lakes of Carmel, a 324-unit apartment community located on Arbor Drive in Carmel, has sold to a private entity for an undisclosed amount. Carmel is located immediately north of Indianapolis. Steve LaMotte, Dane Wilsona and Dave Lockard of CBRE's Indianapolis office represented the seller, a private entity, in the deal.

April 16, 2012

Midwest Retail

APPAREL RETAILER SIGNS LEASE IN JENNINGS

by admin April 16, 2012

JENNINGS, MO. — City Gear, an apparel retailer, has signed a lease for 9,000 square feet at Buzz Westfall Plaza on the Boulevard, located at 8005 West Florrisant in Jennings. Grant Mechlin of Sansone Group represented the landlord, Sansone Plaza on the Boulevard LLC, in the deal.

April 16, 2012

Midwest Mixed-Use

$80M OFFICE/WAREHOUSE NEARS COMPLETION IN ILLINOIS

by admin April 13, 2012

CICERO, ILL. — Wirtz Realty is nearing completion of a 604,970-square-foot office, warehouse and distribution facility in Cicero for Wirtz Beverage Illinois (WBI), a beverage and alcohol distributor. Cicero is located about 16 miles west of Chicago. The $80 million facility will serve as WBI's Illinois hub for sales, wine and spirit distribution and training programs. Wirtz redeveloped 35 of 66 acres, formerly known as the Sportsman's Park Race Track, into an automated warehouse and distribution center connected with a two-story office and conference center. Site features include a pedestrian pathway, a public park, and a regulation-size Bobby Hull Community Ice Rink, which opened in December 2011. Chicago-based companies Cicero Warehouse LLC and 35L Sportman's LLC purchased the property from the Town of Cicero in January 2011. The facility's grand opening is scheduled for this May. The project team also includes architects Ware Malcomb, Spaceco Engineering and general contractor Ryan Cos.

April 13, 2012

Industrial Midwest

CLAYCO BUYS KANSAS CITY INDUSTRIAL PROPERTY

by admin April 13, 2012

KANSAS CITY, MO. — Clayco LLC has purchased an 85,000-square-foot industrial building at 1841 Vernon in Kansas City for an undisclosed price. Robert Galamba and Douglads Hedrick of Colliers International's Kansas City office represented the seller, Arvest Bank, in the deal. Alec Blackwell of Cassidy Turley represented the buyer.

April 13, 2012

Hospitality Midwest

EM PROPERTIES PLANS LIQUIDATION BEFORE REMODELING PEORIA HOTEL

by admin April 13, 2012

PEORIA, ILL. — EM Properties is planning a multi-million renovation of its Hotel Pere Marquette in Peoria, and has scheduled a liquidation sale before the project commences. The sale begins Friday, April 13 at 10 a.m. and continue daily. The sale will include room furniture, banquet equipment, fine china, computers, historic pieces and more. Construction will begin after the liquidation and the hotel will re-open in 2013 as a Marriott hotel, connected to the Peoria Civic Center.

April 13, 2012

Midwest Multifamily

TRAVER RIDGE BUYS 100-UNIT APARTMENT COMPLEX

by admin April 13, 2012

ANN ARBOR, MICH. — Traver Ridge Apartments II LLC has purchased Ironwood Place, a 100-unit apartment property at 2395 Leslie Circle in Ann Arbor. The buyer plans to merge the property with the adjacent 210-unit Traver Ridge, which it also owns, and operate the two properties as a single entity under the Traver Ridge name. The property is situated a few blocks away from the University of Michigan's North Campus. Rick Vidrio and Rick Brace of the Michigan office of Hendricks & Partners represented the seller, Ironwood Place Associates Limited Partnership by First Venture Development Co., in the deal.

April 13, 2012

Midwest Retail

BALLY AGREES TO SELL 39 FITNESS CLUBS

by admin April 12, 2012

CHICAGO — Chicago-based Bally Total Fitness has agreed to sell 39 fitness clubs to Blast Fitness Group LLC, in eight markets including St. Louis and Milwaukee. Blast plans to honor all Bally memberships associated with these markets. The transaction is expected to close May 1. J.P. Morgan Securities LLC acted as exclusive financial advisor to Bally.

April 12, 2012

Midwest Retail

SHERWIN WILLIAMS SELLS FOR $1.6M

by admin April 12, 2012

LAKEWOOD, OHIO — Visconsi Cos. has sold a freestanding Sherwin Williams store in Lakewood for $1.6 million. Sherwin has approximately 9 years remaining on its 15-year lease. Mark Luttner of Luttner Real Estate Services represented the seller in the transaction. He also represented the buyer.

April 12, 2012

Midwest Office

OHIO EMPLOYEE HEALTH SIGNS COLUMBUS LEASE

by admin April 12, 2012

COLUMBUS — Ohio Employee Health Partnership has signed a 6,971-square-foot office lease at 445 Hutchinson Ave. in Columbus. Doug Falor and Randy Stephens of Cassidy Turley's Columbus office represented the landlord, Equity Office Properties, in the deal.

April 12, 2012

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