QUINCY, ILL. — FedEx has broken ground on a new $1.5 million FedEx Distribution Center in Quincy, Ill. The 28,000-square-foot center is located on six acres in Wismann Ridge Business Park. The project developer is Madison-Wis.-based Ruedebusch Development & Construction. The center is slated for completion in March 2012.
CREST HILL, ILL. — High Street Equity Advisors LLC purchased a 262,500-square-foot industrial warehouse, located in the Crest Hill Business Park at 21511 Division St. in Crest Hill, Ill. The Boston-based investment firm acquired the property from Qualified Intermediary Land Trust of Southern Illinois for an undisclosed amount. Michael Tenteris and Jeff Fischer of NAI Hiffman represented High Street in the transaction.
CHICAGO — Great Lakes Lumber and Pallet Inc., an industrial pallet manufacturer, has leased 47,600 square feet of space at 333 W. 47th Place in Chicago. Mike Nelson and Mark Nelson of Chicago-based NelsonHill represented the tenant and Matt Rogatz of Chicago Industrial Real Estate represented the owner in the transaction.
CRETE, ILL. — Silliker Inc., an international network of food testing and consulting laboratories has broken ground on a new lab in Crete, Ill. The building, which has a reported cost of $9.8 million, will house Silliker's research and development team. When completed next summer at Steger Road and Illinois 394, the 71,000-square-foot facility will be one of the largest food testing labs in the U.S. Robert Sevim and Rich Dale of Studley's Illinois office advised Silliker throughout the real estate process.
CHICAGO — Vornado Realty Trust (NYSE: VNO) has entered into an agreement to sell 350 W. Mart Center, a 1.2 million-square-foot office building in Chicago for about $228 million. The reported buyer is San Francisco-based Shorenstein Properties LLC. Vornado has also entered an agreement to sell four mixed-use properties in Manhattan for $78 million.
WEST CHESTER, OHIO — Liberty Towne Center, a 22,798-square-foot shopping center in West Chester, Ohio, has sold for $1.3 million. Located at 7206-7240 Towne Center Dr., the center was 60 percent occupied at the time of sale. Rob Taylor and Mike Sullivan of Cassidy Turley's Ohio office represented the seller, Dawn BV LLC. The buyer was a local family trust.
SHAKOPEE, MINN. — NorthMarq Capital's Minneapolis office has arranged $3.75 million in first mortgage financing for Dean Lakes Medical Office Building, a 20,000-square-foot building located at 4201 Dean Lakes Blvd. in Shakopee, Minn. Financing was based on a five-year term and a 25-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with Bremer Bank-Minnesota.
EDEN PRAIRIE, MINN. —CIGNA Behavioral Health Inc., a global health service company, has signed a long-term lease to renew its 117,058-square-foot office space and expand into a total of 211,105 square feet at One Southwest Crossing in Eden Prairie, Minn. Brandon Megal and Bob Zwengler of CBRE represented CIGNA in the transaction. Kevin O' Neill and Mike Gelfman of Colliers International | Minneapolis-St. Paul represented the landlord.
CHICAGO — Canyon-Johnson Urban Funds and a joint venture between Vermillion Development Inc. and JFJ Development, will work together on a $106 million redevelopment of the mixed-used Harper Court in the Hyde Park neighborhood in Chicago. The two phase project will include the construction of a 150,000-square-foot office tower and more than 425 residential units. James McHugh Construction Co., the project's general contractor, has begun to mobilize the Harper Court site. The project is slated for completion in 2013.
DALLAS — Venture Commercial, a Dallas-based retail brokerage service, has arranged leases for three Northern Tool + Equipment locations in the Midwest. The leases, which range between 15,000 and 16,000 square feet, are located at 4661 Associated Ct. in Appleton, Wis.; Oak Park Commons in Lenexa, Kan.; and 2601 South Louise Ave. in Sioux Falls S.D. Clay Mote of Venture Commercial and a partner of X Team International represented the retailer in Sioux Falls and the landlord, HOM Furniture, was self-represented. In Lenexa, Mote and Tom O' Leary of Lane4 Property Group represented the retailer, while the landlord was represented by David Bayer of KC Commercial. Mote also represented the retailer in the Appleton deal, while the landlord was represented by Nick Tice and Thomas Hagedorn of Commercial Property Associates. Northern Tool + Equipment also signed additional leases in Oklahoma and Florida. The retailer signed 10-year leases in all locations.