MCCOOK, ILL. — A real estate fund managed by Morgan Stanley has purchased a storage facility in McCook for $7.2 million. The property includes 69,945-square-foot of rentable space and 698 storage units. Located at 9001 W. 47th St., the facility is about 90 percent occupied. The property will be rebranded as a Safeguard Storage. The sale marks the first non-distressed sale of a stabilized, Class A self-storage property in the Chicago area in three years.
DALLAS, ST. LOUIS, MO. —Dallas-based Cobalt Capital Partners has acquired a 1.6 million-square-foot industrial portfolio, located in the Dallas and St. Louis MSAs. The properties in the 13-building portfolio were built between 1980 and 2006. The acquisitions expand Cobalt's presence in the Dallas market to nearly 6 million square feet and double the company's presence in St. Louis to 1.4 million square feet. The purchase price was undisclosed.
EDINA, MINN. — Kraus-Anderson Construction Co. has been selected to renovate Southdale Center in Edina. The 293,378-square-foot renovation will include a new concourse, food court and entrances, as well as new elevators, stair cores and general mall finishes. Construction is expected to be completed this December. Kraus-Anderson will operate in two shifts to complete the renovation before the holiday's shopping season. Baltimore-based JP2 is the architect for the project. The mall opened in 1956.
OVERLAND PARK, KAN. — Newmark Knight Frank has arranged the $16.6 million sale of Southridge Medical Building, a 57,000-square-foot medical office building adjacent to Saint Luke's South Hospital in Overland Park. Michael Bennett of Newmark represented the seller, a private group of doctors associated with Saint Luke's Health System, in the transaction. The buyer was a Midwest family trust.
BOLINGBROOK, ILL. — Tobe Enterprises, a business and accounting services company, has leased a 48,101-square-foot industrial unit at 605 Territorial Dr. in Bolingbrook, bringing the property to full occupancy. Terry Grapenthin and Joshua Hearne of Cawley Chicago Commercial Real Estate represented the landlord, KTR Capital Partners, in the transaction. Jonathon Kohn of the Chicago office of Colliers International represented the tenant.
PLYMOUTH, MINN. — Medical device giant St. Jude Medical Inc. plans to expand its facilities in Plymouth with a three-story, 275,000-square-foot addition to its 5050 Nathan Lane building. St. Jude also plans to consolidate its cardiovascular division at the new facility. The company's cardiovascular unit currently leases locations in Minnetonka, Minn. and Maple Grove, Minn. St. Jude acquired the property in 2010, which formerly served as the headquarters for AGA Medical. Pending city approval, the company hopes to begin construction as early as this February.
CHICAGO — Law firm Latham & Watkins LLP will relocate its Chicago office to 330 N. Wabash Ave. on or near April 2014. The company signed a 15-year lease for 137,000 square feet in the building. Scott Gamber, Todd Lippman and Kyle Kamin of CBRE represented Latham & Watkins in the transaction. The landlord, Prime Group Realty Trust, was represented in-house by Steven Baron.
MACHESNEY PARK, ILL. — The Boulder Group has completed the $1.5 million sale of an Advance Auto Parts property, located at 1535 W. Lane Rd. in Machesney Park. Advance Auto Parts is the sole occupant of the 6,124-square-foot building that was developed in 2011. The company has 14 years remaining on its lease. Randy Blankenstein and Jimmy Goodman of The Boulder Group represented the seller, an Illinois developer, in the transaction. The buyer was a California-based private investment firm.
RAPID CITY, S.D. — Patrick Minea of NorthMarq Capital's Minneapolis office has arranged $3 million in first mortgage financing for Canyon Lake Apartments, a 109-unit multifamily property in Rapid City. Minnea arranged the financing through NorthMarq's seller-servicer relationship with Freddie Mac. The 10-year loan has a 30-year amortization schedule.
LEAWOOD, KAN. — Glimcher Realty Trust has closed on a $77 million mortgage loan secured by Town Center Plaza in Leawood. The 15-year loan has a fixed interest rate of 5 percent. The loan proceeds were used to retire the $70 million term loan in connection with completing the purchase of Leawood in December 2011. The remaining proceeds were used to reduce outstanding borrowings on the company's credit facility.
