CARMEL, IND. — Browning Construction has completed a 15,800-square-foot expansion project for ACES Power Marketing's existing 25,000-square-foot property in Carmel. Located in Mayflower Park, the new facility features an energy-efficient HVAC system; a state-of-the-art, raised access trading floor; executive offices; and two tornado-proof shelter areas. Browning Day Mullins Dierdorf provided architectural services for the project.
CHICAGO — Essex Realty Group has completed the sale of 1953 West Dickens, multifamily property located in Chicago. The property consists of a one-bedroom duplex unit, a two-bedroom duplex unit, one four-bedroom duplex units, a three-bedroom/two-bath unit and a two-bedroom/two-and-a-half-bath coach house. The sales price was approximately $1.27 million. The buyer and seller were not disclosed.
MADISON, WIS. — NorthMarq Capital has arranged $21.1 million in first mortgage financing for Greenbriar Village Apartments in Madison. Located at 238 Randolph St., the property offers 537 apartment units. Financing was based on a 10-year term with a 30-year amortization schedule. David Woida of NorthMarq's Milwaukee office arranged the loan through NorthMarq's seller-service relationship with Freddie Mac. The borrower was not disclosed.
NORTHLAKE, ILL. — Go To Logistics has broken ground for the development of a manufacturing facility in Northlake. Located at 165 W. Lake St., the 120,000-square-foot property will feature 73 docks, paved trailer storage for up to 100 trailers, 24-foot clearance height and 5,000 square feet of office space. Brian Carroll of Grubb & Ellis brokered the sale of a 231,000-square-foot building, which occupied the development site. The building was razed for the new facility, which was approved by Northlake for a Class 6 tax reduction program. Harris Architects and Triumph Development are designing and constructing the facility.
CHICAGO AND CICERO, ILL. — JP Morgan Asset Management has completed the disposition of a four-property, self-storage portfolio for $13.5 million. The portfolio consists of approximately 321,000 square feet of rentable storage space and 2,285 storage units. Ladera Ranch, Calif.-based Strategic Capital Holdings acquired the property, which was 76 percent occupied at the time of acquisition. The assets are located at 1000 E. 95th St. and 2244 S. Western Ave. in Chicago, and 5701 W. Ogden Ave. and 5525 W. Roosevelt Road in Cicero. Marc Boorstein and Jeff Jacobson of MJ Partners Real Estate Services represented the seller in the transaction.
Like virtually every major metropolitan area, the Kansas City market has suffered in the economic malaise of the past few years. However, it hasn’t experienced the irrational highs and devastating lows that have beset markets in Arizona, Nevada and Florida. In fact, the submarkets that are struggling the most are the few that got ahead of themselves in anticipation of housing construction and leasing that never materialized. In many ways, this scenario has enhanced the position of well-located, established centers in fully developed submarkets. Many developers are renovating and, in some cases, re-tenanting their shopping centers situated in more established Kansas City neighborhoods. While demand is certainly not as robust as it was in the heyday of 2006-2007, we are still seeing more-than-respectable leasing of small tenant spaces of 1,200 to 1,500 square feet and of “mid-box” spaces ranging from 5,000 to 10,000 square feet throughout the market. Service firms such as cleaners and hair stylists, plus small eateries including breakfast/lunch-only restaurants such as Big Biscuit, as well as Starbucks, are taking smaller spaces. Dollar Tree, Dollar General and other value merchandisers are mostly taking the mid-box vacancies. Traditional lifestyle centers, however, seem to be the exception. They continue to …
CHICAGO — Chica Marketplace LLC has acquired 55 Chicago Business Center, a 680,000-square-foot warehouse and office property located at 2600 W. 35th St. in Chicago. Situated on 17 acres, the single-story warehouse property features 26-foot clear ceiling heights, truck docks, drive-in capability, large open bays and heavy power. Additionally, the property offers a multi-story area with corporate office space and a commercial loft space. Edward Wabick of Paine/Wetzel • ONCOR International represented the buyer; Len Caldiera and Scott Deurkop of Jones Lang LaSalle represented the seller, Glazers of Illinois, in the transaction. the acquisition price was not released.
CHICAGO — Brinshore Development, Michaels Development Co. and Sinai Community Institute development alliance has selected McShane Construction Co. to construct Park Douglas, a 19-building multifamily property located on Chicago's West Side. The project will offer 137 units throughout 18 three-story buildings located on scattered sites. The market-rate, affordable and subsidized units will be available in one-, two-, three- and four-bedroom floorplans. All completed buildings will be Energy Star certified, including an on-site, single-story management office. Koo and Associates LTD and Pappageorge Haymes Partners are providing architectural services for the project, which is scheduled for completion in December 2011.
KETTERING, OHIO — Orchard Lake, Mich.-based Princeton Enterprises has acquired The Chimney's of Oak Creek Apartments in Kettering for $9.7 million. Situated on 27 acres, the 338-unit property features one-, two- and three-bedroom floor plans, two wildlife ponds, a nature trail/bike path, two swimming pools, a tennis court, a volleyball court, a 24-hour fitness center and a pet play pen. The property was acquired from Wells Fargo Bank as trustee for the note holders who took control of the asset through the foreclosure process and the court-appointed receiver, Finsilver Friedman Management Corp. The special servicer, Torchlight Investors (formerly ING Clarion Capital), negotiated the sale on behalf of the seller.
DUBLIN, OHIO; DEKALB, ILL.; AND MISSION, KAN. — Charlotte, N.C.-based Grandbridge Real Estate Capital has closed three loans totaling $30.2 million for multifamily properties in Ohio, Illinois and Kansas. Grandbridge's Ted Schmidt originated an $18.3 million loan, which was provided by Freddie Mac, for Orchard Apartments in Dublin. The 292-unit multifamily property features a swimming pool, a Jacuzzi, detached garages, laundry facilities, storage units, lakes, a putting green, a fitness center and a clubhouse. In the second transaction, Matt Rocco of Grandbridge's Atlanta office originated a $9.4 million first mortgage loan, which was secured by the 254-unit Lincolnshire West Apartments in DeKalb. The 10-year, fixed-rate loan, which carries a 30-year amortization schedule, was provided by Fannie Mae under its DUS loan program. Finally, Grandbridge's Tom Vrabac in the company's Kansas City office originated a $2.5 million loan, which was secured by Lamar Place Apartments in Mission. The property offers 108 affordable housing units. Funding was provided by Fannie Mae under its DUS loan program. The 10-year term loan carries an interest rate in the mid-5 percent range and a 30-year amortization schedule.
