CHICAGO — MetLife Inc. has purchased the 29-story EnV apartment tower in Chicago for a reported $125 million. The seller, Lynd Development Partners, developed the 249-unit tower, which is across the street from the Merchandise Mart in the North Loop. The tower includes one- and two-bedroom apartments and 27,000 square feet of retail and restaurant space. CBRE’s Chicago office represented the seller in the transaction.
BROADVIEW, ILL. — TK Simplex, a hydraulics manufacturer, has sold its 104,000-square-foot facility, located at 2525 Gardner in Broadview. Timoth Cahill, Robert Tamillio and Chase Macleod of UGL Services secured the undisclosed buyer. At the same time, TK Simplex relocated its administrative, sales and lab testing offices to 777 Oakmont Lane in Westomont. Jim Whiteside of Heartland Commercial represented the landlord, UBS REIT, in the lease deal. Cahill, Tamillio and Macleod represented TK Simplex.
FENTON, MO. — Control Devices LLC, a leading valve manufacturer, has signed a lease for a 98,949-square-foot office/warehouse building, located at 155 Larkin Williams Dr. in Fenton. Partick Reilly of Gateway Commercial, Cushman & Wakefield Alliance represented the tenant in the lease negotiations. The Johnson Group represented the owner, TJC Partners LLC.
Like a baby boomer adapting to the new realities of social media and the digital age, the St. Louis industrial market has had to learn to reinvent itself during the down market we entered in 2008. Legacy industries that employed generations of St. Louisans and drove significant demand for space from suppliers and vendors have exited the market, leaving challenges and opportunities throughout the industrial real estate landscape here. Prior to the downturn, St. Louis enjoyed the presence of automotive plants for all of the “Big Three,” with Chrysler, Ford and General Motors all producing vehicles here. Chrysler, in fact, had committed to invest more than $1 billion in its plants in the Fenton submarket until the global economic crisis sent the company into forced bankruptcy. After acquiring locally based McDonnell Douglas in 1997, Boeing continued to be a major production force here. Several smaller companies across the business spectrum operated manufacturing and production facilities in St. Louis, providing opportunities for a highly skilled workforce. The plot twist that followed isn’t unique to St. Louis, the Midwest or the United States, as so many are acutely aware. The closure of the Chrysler plants in Fenton (in favor of Canadian and …
MERRIAM, KAN. — Lee & Associates Net Leased Group in Carlsbad, Calif., a division of the national brokerage firm Lee & Associates, has closed a $19.1 million sale of a car dealership property at 6801 E. Frontage Rd. in Merriam. An undisclosed buyer acquired the 58,430-square-foot property, which is occupied by CarMax Inc. The used-car retailer will remain at the property. CarMax has 17 years remaining on its lease, which includes four, 5-year extension options. Ryan Barr and Ryan Bennett of Lee Net Leased Group assisted the buyer in the assumption of a complex CMBS loan that was already in place on the property. The seller, a non-traded REIT, was self-represented in the transaction.
CHICAGO — NorthMarq Capital has arranged $21 million in first mortgage refinancing for Williams Reserve, a multifamily property located at 1245 Prairie Brook Dr. in Palatine, Ill. The property consists of 320 units, 30 percent of which are affordable housing, and a small retail center. Financing was based on a 7-year term and a 30-year amortization schedule. Sue Blumberg, managing director of NorthMarq’s Chicago office, arranged the financing through its seller-servicer relationship with Freddie Mac.
LONG GROVE, ILL. — ACCO Brands Corp. has signed a 189,092-square-foot lease at Kemper Lakes Business Center, a 1.1 million-square-foot, four-building office park located in Long Grove, a northwest suburb of Chicago. ACCO Brands is relocating its headquarters to Four Corporate Drive, a three-story, Class A office building. Kemper Lakes encompasses 164 acres and is situated between two lakes and overlooks the Kemper Lakes Golf Course. Philadelphia-based BPG Properties Ltd. (BPG), which serves as the asset manager for the property, has completed more than $35 million in capital improvements, including a complete redevelopment of the parking area, new exterior entries, new interior lobbies and enhanced landscaping. Dave Florent and Steve Kling of the Chicago office of Colliers International represented the landlord in the transaction. Lou Hall of the Chicago office of Cushman & Wakefield represented ACCO Brands.
RENSSELAER, IND. — Marcus & Millichap has brokered the sale of The Panda Garden Apartments, a 52-unit apartment property located in Rensselaer. The asking price was nearly $2.3 million, but the final sales price was not disclosed. Jim Walsh and Michael H. Wernke, investment sales specialists in Marcus & Millichap’s Indianapolis office, represented the seller, a local limited liability company. The two also represented the buyer, a local developer.
HILLIARD, OHIO — A 128,875-square-foot Garden Ridge, a crafting and home decorating store, has sold for $5.5 million in Hilliard. Dan Yozwiak, Antoine Matthews and John Reehil of Marcus & Millichap's Columbus office represented the seller, an undisclosed limited liability company, in the transaction. Graden Ridge is located at 3599 Park Mill Run Dr.
LAWTON, MICH. — Love Funding has closed a $2.8 million loan to refinance White Oak, a 72-bed assisted living and dementia care facility in Lawton, near Kalamazoo. Robert Smallwood of Love Funding's Cleveland office secured the loan through a U.S. Department of Housing and Urban Development loan program. White Oaks is owned by Chuck and Barbara Randall, who own six assisted living properties in Ohio and Michigan.