MELROSE PARK, ILL. — Chicago-based Podolsky Northstar Realty Partners has arranged the purchase of 17.48 acres of land in Melrose Park, Ill. The land is situated along W. North Avenue between Hawthorne and Cornell avenues just west of Chicago and was previously owned by three separate entities. The buyer, Menard Inc., will demolish the current mix of industrial and office buildings on site and use the land to build a 263,701-square-foot retail center and a 47,652-square-foot warehouse. Steven Tick of Podolsky Northstar represented Menard.
CHICAGO—A group of investors has purchased 540 West Madison in Chicago for a reported $350 million. The partnership included Joseph Mizrachi, David Werner, Eyal Ben-Yosef, David Alcalay, Bruce Wisbaum and Dr. Zvi Sharf, Carlton Associates Inc. and the investment division of Independent Health. The investors secured senior mortgage and mezzanine financing from Deutsche Bank to acquire the 1.1-milion-square-foot office tower. Jones Lang LaSalle capital markets team secured a fixed-rate, interest-only five-year loan for a reported $250 million through Deutsche Bank for the deal. The 31-story, LEED gold-certified property was completed in 2003 and is currently 91 percent leased.
OMAHA, NEB. — Broadmoor Hills II, a Class A multifamily apartment community in Omaha, has received $11.28 million in first mortgage refinancing. Financing for the 150-unit multifamily property was based on a 10-year term and a 30-year amortization schedule. John Bendon and Jason Kinnison of NorthMarq’s Omaha office arranged the loan through its seller-servicer relationship with Freddie Mac.
ST. LOUIS — McGrath & Associates has completed construction of a $1.8 million bone marrow transplant center at Saint Louis University Hospital. Located within the Saint Louis University Cancer Center, the 9,900-square-foot facility, designed by Fox Architects, is the first comprehensive outpatient bone marrow transplant center in the region. The center was constructed in an existing hospital space, and the expected open date is unknown.
BOLINGBROOK, ILL. — Penn Station Subs and Integrity Dental Associates have each signed leases for 1,600 square feet of retail space at Country Aire Commons shopping center in Bolingbrook. Both tenants are scheduled to open their doors in early 2013. Located in Country Aire Commons at 266-286 S. Weber Road, the center currently has two vacancies remaining. NAI Hiffman’s Claire Bitautas and Anne Callard represented Garber Properties, the landlord in the transaction. Bill Selonick of Newmark Knight Frank represented Penn Station Subs, and Karen Kramford of Ryan Hill Realty represented Integrity Dental.
LEE’S SUMMIT, MO. — Block & Co. Inc. Realtors has sold Chapel Ridge Shopping Center, a 90,000-square-foot retail property in Lee’s Summit. The center is anchored by Price Chopper grocery store and is located at the intersection of I-470 and Woods Chapel Road. Enterprise Lakewood LLC has agreed to purchase the building. David Block and Bill Maas of Block & Co. negotiated the transaction.
MINNEAPOLIS — AECOM Technology Corp. will provide preliminary engineering work on the Southwest Light Rail Transit line in Minneapolis. The Los Angeles-based corporation was awarded a $16.8 million contract by the Metropolitan Council of the Twin Cities to provide the services for the western half of a 15.8-mile corridor that will include 17 new stations stretching from downtown Minneapolis through several southwestern suburban cities. Construction is set to begin in 2015, with the line scheduled to begin operating in 2018.
MONTGOMERY, ILL — Chicago-based Quantum Real Estate Advisors has arranged the $2.7 million sale of the 11,188-square-foot Blackberry Creek Shopping Center located on Orchard Road in Montgomery, about 44 miles west of Chicago. The building is fully occupied by both national and regional tenants, which include: Jimmy John’s, T-Mobile, Sports Clips and Rosati’s Pizza. Chad Firsel, president of Quantum Real Estate Advisors, represented the seller, a developer based in Chicago. Daniel Waszak, senior vice president of Quantum, represented the private buyer.
CHICAGO — The Chicago office of Duke Realty Corp. has renewed industrial leases at four properties totaling 664,680 square feet. With these renewals, Duke Realty’s Chicago industrial portfolio is 99 percent leased. The properties include: the 145,00-square-foot TCG Packaging building in Bolingbrook with the Development Corp. representing TCG; the 187,000-square-foot Harmon industrial building in Bolingbrook with Colliers International representing Harmon; the 354,000-square-foot Innotrac building in Bolingbrook with CBRE representing Innotrac; the 304,634-square-foot Sysco Guest Supply building in Carol Stream with CBRE representing Sysco.
PALATINE, ILL — Marcus & Millichap Real Estate Investment Services has arranged the sale of an 14,388-square-foot retail property in Palatine for $1.5 million. The net-leased property, Baldwin Plaza, is located at 1625 North Baldwin road and is fully leased to eight tenants. Four tenants have occupied the retail center for more than 10 years. Sean R. Sharko, Ryan D. Engle, Adrian Mendoza, Austin Weisenbeck and Adam Fortino, investment specialists in Marcus & Millichap’s Oak Brook office represented the seller, a private investor. The buyer, a private investor, was represented by Adrian Mendoza, Sean R. Sharko and Austin Weisenbeck.