OAK BROOK, ILL. — Allied Asset Management Ltd. has acquired an office building, located at 721 Enterprise Dr. in Oak Brook. The two-story, 12,497-square-foot building sold for $1.5 million or $120 per square foot. Situated on a 2-acre site, the property features approximately 350 feet of frontage on 22nd Street. The seller was Davis Chemical Corp. Chris Schramko of Schramko Real Estate brokered the transaction.
Midwest
BRIDGEVIEW, ILL. — VIP Bridgeview LLC has purchased a 37,503-square-foot multi-tenant industrial building, which is located at 7500-30 W. 99th Place in Bridgeview. The seller, Hinton & Associates, will lease back a portion of the building, with the remaining 15,000 square feet available for lease. The building offers one 11,001-square-foot unit, three 8,834-square-foot units, four docks and a drive-in door. Daniel Fanelli of Darwin Realty & Development Corp. represented the buyer; Andrew Polivka of The Polivka Group represented the seller in the transaction. The acquisition price was not released.
SCHAUMBURG, ILL. — J.C. Anderson has completed an office build-out in Schaumburg for a private insurance company. Located at 1375 E. Woodfield Road, the 18,000-square-foot project included the construction of new ceilings, work spaces, private offices and conference rooms, as well as data and training rooms. Featherstone Consulting Inc. provided architectural services for the project. J.C. Anderson was selected for the project by the property manager, Jones Lang LaSalle.
PLEASANT PRAIRIE, WIS. — Robert Pitts and Mike Pitts Jr. of B. Pitts Brothers & Associates have brokered the sale of a multi-tenant office building. The property, which is located at 10411 Corporate Dr. in Pleasant Prairie, sold for $1.95 million. The buyer and seller were not disclosed.
CAROL STREAM, ILL. — Oakbrook, Ill.-based CenterPoint Properties has acquired the Davies Molding industrial building for an undisclosed price. The 83,600-square-foot property is located at 350 Kehoe Blvd. in Carol Stream. Situated on 4.7 acres, the property is 100 percent occupied by Davies Molding LLC, a division of Pettibone LLC. EnTrust Realty Advisors and and Alter 360° brokered the transaction. The seller was The Alter Group.
MILWAUKEE AND NEW BERLIN, WIS. — NAI MLG Commercial has closed two transactions totaling 54,400 square feet in Wisconsin. In the first transaction, Rah Rah Investments II LLC sold a 11,430-square-foot property, which is located at 6251 W. Forest Home Ave. in Milwaukee, to ORP Real Estate Holdings LLC for an undisclosed price. Steve Anderson and Nicole Hohnstein of NAI MlG Commercial represented the seller; Elizabeth Kane of Coldwell Banker Commercial represented the buyer. In the second transaction, RLT LLC acquired a 42,970-square-foot facility at 2800 S.163rd St. in New Berlin. Midwest Paper Tube & Can Corp. sold the property for an undisclosed price. Jon Packee of NAI MLG Commercial brokered the transaction.
REEDSBURG, WIS. — Belmont LLC has acquired the Super 8 hotel in Reedsburg for an undisclosed price. The buyer plans to upgrade the property, which will remain a Super 8. The 49-unit, interior corridor hotel offers themed suites and tanning beds. Lance Potter of The Mumford Company represented the undisclosed New York-based seller in the transaction.
LINCOLN, NEB. — NorthMarq Capital has arranged $4.72 million in first mortgage financing for Park Ridge Apartments in Lincoln. The 91,464-square-foot multifamily property offers 96 units. Financing was based on a 35-year term and a 35-year amortization schedule. NorthMarq's John Reed arranged the financing for the undisclosed borrower through NorthMarq's relationship with Johnson Capital Huntoon Hastings Inc., HUD 223F.
INDIANAPOLIS — Rolls-Royce has signed a long-term lease to occupy 404,000 square feet of office space in the former Eli Lilly Faris campus at 450 Meridian St. in Indianapolis. The four-building complex will be renamed Rolls-Royce Meridian Center. The company plans to consolidate 2,500 employees from various Indianapolis locations into the new campus beginning in April. The $58 million campus was constructed in 2001 and features a conference center, a cafeteria, a fitness center and parking facilities. Michael Cook, Dave Byard and Eric Steiner of UGL Services represented Rolls-Royce in the transaction. Jeff Luebker and Zane Brown of CB Richard Ellis represented the landlord, Eli Lilly & Co., in the transaction. Terms of the lease were not released.
SOUTH LEBANON, OHIO — San Diego-based USA Properties has acquired a 117,000-square-foot, freestanding retail building in South Lebanon. The building, which is occupied by Lowe's Home Improvement Warehouse, sold for $5.1 million. Lowe's is one of the anchor tenants for the 450,000-square-foot Pavilion at Rivers Crossing, an under construction shopping center in South Lebanon. Ben Wineman, Tom Fritz and Mark Goldberg of Mid-America Real Estate Corp., along with Tracy Green of Ohio Realty Advisors, represented the seller, Rivers Power Crossing LLC, in the transaction.