NORTHBROOK, ILL. — Regency Centers has acquired Willow Festival, a 405,227-square-foot retail center located at 840 to 1090 Willow Road in Northbrook, for $64 million. Built in 2007, the property is occupied by Lowe's Home Improvement Warehouse, Whole Foods Market, Best Buy, HomeGoods, REI, DSW and CVS/pharmacy. The 96-percent leased center also offers 54,317 square feet of side shop space, including Starbucks Coffee, Potbelly, Fannie May, Lenscrafters and Sports Clips. The property was purchased in an off-market transaction from the center's developer, Hamilton Partners.
Midwest
LINCOLNSHIRE, ILL. — Glentronics has completed the disposition of a 40,009-square-foot industrial property within the Lincolnshire Business Center in Lincolnshire. Dynomax purchased the property, which is located at 640 Heathrow Dr., for an undisclosed price. Built in 1988, the property features four interior loading docks and 3,781 square feet of office space. Keith Puritz, Brett Kroner, Ryan Bain and Zach Graham of CB Richard Ellis represented the seller; Patrick Shannon of Darwin Realty represented the buyer in the transaction.
CHICAGO — Summit Design + Build has completed a remodel of Pastorelli Food Products' existing 24,000-square-foot manufacturing facility, which is located at 901 W. Lake St. in Chicago's West Loop. The remodel included converting portions of the existing two-story timber building to a steel-frame and concrete-deck bottling and storage facility. Chicago-based Archideas provided architectural services for the project.
VERNON HILLS, ILL. — Principle Construction has completed a 53,000-square-foot renovation project for Probat Burns, a manufacturer and provider of grinding and roasting equipment for the coffee, pharmaceutical and food industries. The company is relocating its headquarter to 601 Corporate Woods Parkway within Corporate Woods Business Park in Vernon Hills from its current location in Memphis, Tenn. The new facility includes a customer training area, a showroom, 7,500 square feet of office space, manufacturing space, warehouse space and 1,500 square feet of engineering space. Principle provided extensive interior and exterior construction services for the renovation project. Timothy Morgan Associates provided architectural services for the project. The property is owned by Mark Kestenbaum of Armon Investments.
WHEELING, ILL. — Monmouth Real Estate Investment Corp. has acquired the remaining 37 percent interest in Wheeling Partners, an Illinois-based limited liability company, for $4.1 million. Wheeling owns a 137,000-square-foot industrial building in Wheeling. The property is currently leased to FedEx Ground Package Systems through May 2017. Prior to the acquisition, Monmouth owned 63 percent of Wheeling Partners.
NILES, ILL. — Imperial Realty has acquired 5940 Touhy Avenue in Niles for an undisclosed price. The three-story building offers 33,783 square feet of office space. Daniel Hyman of Millennium Properties represented the buyer, while Susan Silver, also of Millennium, represented the sellers, a consortium of banks, in the transaction. Greg McCormick of Garfield & Merel served as counsel for the sellers.
INDEPENDENCE, MO. — DCL Realty Trust has completed the disposition of 46,350 square feet of retail space in Independence. BBT Investors purchased the property, which is located at 3810 Crackerneck, for an undisclosed price. Drew Quinn of Colliers International represented the seller; Scott Taubin of R.H. Johnson Co. represented the buyer in the transaction.
OVERLAND PARK AND TOPEKA, KAN. — The Kansas City Regional office of NorthMarq Capital has arranged two loans totaling $27.1 million for two multifamily properties in Kansas. In the first transaction, Sheridan Ridge Apartments received $14.6 million in first mortgage financing. The multifamily property is located at 8342 Carter St. in Overland Park. Financing was arranged for the undisclosed borrower by NorthMarq through its seller-servicer relationship with Freddie Mac. in the second transaction, Villa West Apartments, located at 2744 S.W. Villa West Dr. in Topeka, received a $12.5 million loan. Financing for the 308-unit multifamily property was based on a 10-year term with 2-year interest only followed by a 30-year amortization schedule. The loan was arranged by NorthMarq through its affiliate, AmeriSphere Multifamily Finance. Greg Duvall of NorthMarq secured financing for both transactions.
MADISON, WIS. — Banner Essex Apartment Fund I, through an affiliate, has acquired a 420-unit apartment community in Madison. Built in phases, the community consists of Rivers Edge, Fordem Towers and Camelot Apartments. The property is comprised of 10 studios, 134 one-bedroom units, 244 two-bedroom units and 28 three-bedroom units. Additionally, the community features underground parking, laundry facilities, two swimming pools and a central clubhouse. Acquisition financing was arranged by Allan Edelson of CW Capital. The purchase price was not released.
AUBURN HILLS, MICH. — Reid Limited Partnership II recently purchased 148,000 square feet of industrial space in Auburn Hills. Auburn Group Limited Partnership sold the property, which is located at 2550 Auburn Court, for an undisclosed price. Principal Associates represented the buyer; Paul Hoge of Signature Associates represented the seller in the transaction.