BELVIDERE, ILL. — Pacific Global Logistics has signed a lease for 30,000 square feet of industrial space, located at 3915 Morreim Dr. in Belvidere. Emmett Gray of Whitehead Commercial Realty represented Pacific Global in the transaction. The landlord, Landmark Real Estate Group, was represented by Shane Van Sickle of Landmark.
MILFORD, OHIO — Colliers International of Cincinnati completed the sale of three ground leases at the River's Edge development in Milford, totaling $2.4 million. A local investor purchased a Gold Star Chili ground lease for $550,000. The 2,400-square-foot building is located at 85 River's Edge Dr. A ground lease of Red Robin, located at 45 River's Edge Dr., sold for $1.2 million to a private investor. The 6,300-square-foot restaurant was constructed in 2003. A Wendy's ground lease sold for $628,000 to a private investor. The 3,200-square-foot building is located at 75 River's Edge Dr. Steven Timmel, Jeffrey Johnston and Christopher Prosser represented the seller, a private developer, in the transaction.
CHICAGO — Sperry Van Ness has arranged the $3 million sale of 2100-14 S. Indiana, a multifamily property in Chicago. The 54,000-square-foot building was a failed condominium conversion that had been in foreclosure since 2008. The undisclosed buyer plans to convert the property into an apartment building, with retail on the first floor. Jeff Baasch of Sperry Van Ness represented both the buyer and undisclosed bank in the transaction.
PORT HURON, MICH. — Mid-America Real Estate Corp. has arranged the $3.96 million sale of a 15,120-square-foot, freestanding Walgreens in Port Huron. Bill Wright and Ben Wineman of Mid-America Real Estate Corp., along with Daniel Stern of Mid-America Real Estate Michigan Inc. represented the seller, Beachwood, Ohio-based DDR. The buyer was a private Michigan-based company headed by an investor in China.
CHICAGO — A Chicago-based investment company has purchased a retail building located at 6440 W. 95th St. in Chicago for an undisclosed amount. The property is leased to Party City, a party supplies store, which has occupied the building since 1996. Chad Firsel of Quantum Real Estate Advisors Inc. represented the buyer and seller in the transaction.
CHICAGO — The American Medical Association (AMA) plans to relocate its Chicago headquarters to 330 N. Wabash, the former IBM Plaza, in September 2013. The physicians' trade group is currently located at 515 N. State St. The AMA has signed a 15-year lease for 275,000 to 300,000 square feet in the building, which will be renamed AMA Plaza. Steve Stratton, Jock Howland and Mike Sessa of Jones Lang LaSalle represented AMA in the transaction. The landlord, Prime Group Realty Trust, represented itself.
FORT WAYNE, IND. —SuperMedia Sales Inc., an advertising agency for small to mid-size businesses, has signed a 10,288-square-foot office lease at Midwestern Office Park, located at 7223 Engle Rd. at the Midwestern Office Park in Fort Wayne. Kathy Moses-Denig of CBRE, Sturges represented the landlord, Midwestern Office Park LLC, in the transaction.
NORTHBROOK, ILL. —Goodman Distribution, an air conditioning parts and supplies company, has signed a lease renewal for 29,403 square feet of warehouse space, located at 3600 Woodhead Dr. in Northbrook. Keith Puritz, Ryan Bain, Brett Kroner and Zach Graham represented the landlord, AMB Property Group, in the transaction. Seth Koschak of Steam Realty Partners and Elise Couston of Paine/Wetzel represented the tenant in the transaction.
CHICAGO, BROOKFIELD, WIS. — Real estate investment trust Inland Real Estate Corp. and Dutch pension fund manager PGGM purchased two Midwest retail properties for $43 million. Inland and PGGM, operating in a joint venture, paid $18.9 million for Elston Plaza, an 88,213-square-foot, grocery-anchored center in Chicago. The entity also acquired Brownstones Shopping Center, a 137,800-square-foot, grocery-anchored located in Brookfield, Wis., for $24.1 million. Elston Plaza is 95 percent occupied. Brownstones is about 93 percent leased. The venture plans to invest $270 million in retail centers in select Midwest markets. To date, the venture has purchased seven assets valued at $141.3 million.
CLEVELAND — Casino developer Rock Ohio Caesars has agreed to acquire the 205-room Ritz Carlton Hotel in Cleveland for $36.5 million. Rock Ohio is a joint venture between Caesars Entertainment Corp. and the Rock Gaming company. The entity has also acquired an attached 119,000-square-foot office building, which was sold in a mortgage default auction. The hotel and office building are adjacent to the entity's planned casino, Horseshoe Casino Cleveland, which is slated to open in March 2012. Both properties are owned by Forest City Enterprises Inc., a publicly traded real estate company. The hotel will remain a Ritz-Carlton under a long-term management contract. The transaction is expected to close Dec. 15.