CHICAGO — Chicago-based Waterton Residential has closed its Waterton Residential Property Venture XI, a $500 million discretionary multifamily investment fund. The fund was created to capitalize on opportunities within the multifamily real estate market where potential exists to add value to properties through repositioning, capitalizing and buying secured debt. While the fund will target owners in need of funding to recapitalize properties, Venture XI will also focus efforts on buying debt secured by multifamily properties.
CHICAGO — LKQ Corp. has selected Reed Construction to complete a 20,000-square-foot office space built-out within Citigroup Center, which is located at 500 W. Madison in Chicago. The project includes high-end millwork, custom architectural metal paneling, glass and wood panels for private and open office areas, conference rooms, and a reception area. Additionally, the project includes high-end acoustic ceilings and dramatic lighting details. Eastlake Studio is providing architectural services for the project, which is scheduled for completion in May.
JACKSON, WIS. — Platinum Enterprises LLC has completed the disposition of an industrial property located at W208 N16975 Center St. in Jackson. Lange Realty LLC purchased the 7,200-square-foot building for an undisclosed price. Brian Parrish of The Dickman Company/CORFAC International represented the seller; Jim Young of Cassidy Turley represented the buyer in the transaction.
LINCOLN, NEB. — Q10 | Daisley Ruff Financial has arranged a $1.03 million loan for an owner-occupant automotive retail and service store in Lincoln. The undisclosed borrower was able to lock a permanent rate prior to construction start, proceed through construction and convert to the permanent loan once the property was complete. Roger Porter of Q10 | Daisley Ruff secured the financing.
The St. Louis market, long known for its diverse economy, has been slow to extricate itself from the downturn. The retail real estate brokerage business has been mostly dormant for the past 2 years, particularly the tenant representation side, as scant few national retailers dared to brave the murky expansion waters. Rental rates in the market decreased slightly from third quarter 2010, ending at $12.51 per square foot. However, rates have held up better in some submarkets, including West St. Louis County, where they are $20-plus per square foot. Prime properties at hard corners are holding their own, but second-tier properties have taken a pretty hard hit with rents down into the mid- to high-single digits. When the recession started, many landlords granted rent reductions almost uniformly to tenants and will have to live with their decisions for a while, but other owners held fort and demanded to see sales reports as proof. This resilient region of nearly 3 million people is starting to show new signs of life heading into spring 2011. The market has seen slight improvements in retail vacancy rates, which dropped from 8.4 percent in third quarter 2010 to 8.1 percent in fourth quarter 2010, according …
BLOOMINGTON, MINN. — Westdale Investment Partners has acquired Hampshire Hill Apartments in Bloomington for an undisclosed price. Located at 10660 Hampshire Avenue South, the 584-unit property offers studio, one- and two-bedroom units averaging 980 square feet. Community amenities include a clubhouse, a pool, a business center, a fitness center, a dry cleaning service, a car wash facility, a dog park and walking/biking trails. Additionally, each building offers heated underground parking. Matthew Lawton, Sean Fogarty and Marty O'Connell of Holliday Fenoglio Fowler represented the undisclosed seller in the transaction.
BEREA, OHIO — Pennsylvania-based Stone Ridge Apartments LLC has acquired Stone Ridge Apartments, which is located at 1000 Stone Ridge Circle in Berea. The 144-unit property consists of six three-story buildings constructed in 2007. The property has 36 one-bedroom and 108 two-bedroom units. Community amenities include a clubhouse, a 24-hour fitness center, a gourmet coffee bar, a business center and a resort-style heated swimming pool. Daniel Burkons, Michael Barron and Joshua Wintermute of Marcus & Millichap represented the buyer. David Davenport and Barbara Sullivan of Cleveland-based Bellwether Real Estate Capital arranged financing for the acquisition. The seller was not released.
STREETSBORO, OHIO — Automated Packaging Systems Inc. has purchased the former Playtex facility at 600 Mondial Parkway in Streetsboro. Playtex Manufacturing sold the industrial facility for $5.22 million or $30.15 per square foot. Built in 1995, the 173,315-square-foot property features 6,000 amps of power, pipe distribution for chillers/condensers and is rail served. George Pofok and Joseph Barna of CRESCO Real Estate, along with Tim Luli of PlayhouseSquare Real Estate Services of Cleveland represented the buyer; Terry Coyne of Grubb & Ellis represented the seller in the transaction.
CHICAGO — Red Frog Events has signed a lease for a 21,756-square-foot facility in Chicago. 14th Place LLC leased the space, which is located at 555 W. 14th Place, to Red Frog for an undisclosed price. Matt Rogatz of Chicago Industrial Real Estate represented the landlord, 14th Place; Jason Schulz and Rich Schulz of The J Rich Company represented the tenant, Red Frog Events, in the transaction.
INDIANAPOLIS — Victory JV3 LLC has acquired a 241,986-square-foot manufacturing and distribution facility in Indianapolis. Situated on 18.62 acres at 3011 N. Franklin Road, the property offers 30,000 square feet of office space. The facility will be occupied by Genesis Casket Co., which will open operations this summer. Jeff Castell of Cassidy Turley/Indianapolis represented the seller, SMC Corp., in the transaction. The acquisition price was not released.