CHILLICOTHE, OHIO — An Ohio-based investor has purchased Tumbleweed Southwest Grill, which is located at 1150 N. Bridge St. in Chillicothe. Built in 2002, the property sold for $1.2 million. The property is absolute triple net leased to the restaurant with approximately 9 years remaining in the lease. Dan Cooper of The Cooper Commercial Investment Group represented the buyer and the sellers, a Minnesota-based net lease property fund, in the transaction.
PLEASANT PRAIRIE, WIS. — Nitto Americas Inc. has sold its 168,879-square-foot office/manufacturing facility within LakeView Corporate Park in Pleasant Prairie. Mondi Akrosil purchased the highly-specialized facility, which is located on 50 acres at 7201 108th St. The United Kingdom- and South Africa-headquartered buyer is a manufacturer of silicone-coated release liners for pressure sensitive products. Built in 2002, the building has 29,000 square feet of office space, high-bay areas with up to 37-foot clearance, and production and lab space. Keith Puritz, Brett Kroner, Ryan Bain and Zach Graham of CB Richard Ellis brokered the transaction. The acquisition price was not disclosed.
MOUNT PROSPECT, ILL. — Casto Lifestyle Properties has selected Rosemont, Ill.-based McShane Construction Co. to construct a new 120-room Hampton Inn & Suites at Randhurst Village, a 100-acre, mixed-use development in Mount Prospect. The four-story, 166,650-square-foot hotel will feature conference areas, a fitness center, a swimming pool and 24,242 square feet of ground-floor retail space. Additionally, the hotel will feature sustainable features, including energy efficient HVAC and water systems, natural lighting and a construction waste recycling program. Construction is scheduled for completion in spring 2011.
INDIANAPOLIS — NorthMarq Capital has arranged $11.43 million in first mortgage financing for the Lodge at Trails Edge Apartments in Indianapolis. Located at 9535 Benchmark Dr., the multifamily property offers 268 units. Greg Duvall of NorthMarq's Kansas City Regional office originated the 10-year loan, which has a 30-year amortization schedule. NorthMarq arranged the loan through its seller-services relationship with Freddie Mac.
CHICAGO — Trammel Crow Co. and Insite Real Estate are developing 301 South Wacker, a 1 million-square-foot office tower in downtown Chicago. Located at the corner of West Jackson Boulevard and South Wacker Drive, the 34-story office tower will feature a sustainable, modern design with efficient 30,000-square-foot floorplates. Tenant amenities include parking for more than 200 cars, a health club and a conference center. Additionally, the building is being designed to achieve LEED certification.
ROCKFORD, ILL. — Monmouth Real Estate Investment Corp. has acquired a 66,387-square-foot industrial property within Rockford Industrial Park at 4472 Technology Dr. in Rockford. The property, which is net-leased through December 2023 to Sherwin-Williams, sold for $5.85 million. Darren Sides of Porthaven Partners represented Monmouth in the transaction. The seller was not released.
MT. PROSPECT, ILL. — Graycor Construction has partnered with Casto for the construction of AMC Randhurst 12 at Randhurst Village in Mt. Prospect. The theater, which is seeking LEED certification, will feature locally sourced materials and efficient mechanical systems. The theater will also feature an IMAX auditorium with the latest in digital and sound technology, an updated concessions area and a cafe. AMC Randhurst 12 is scheduled to open in spring 2011 as part of the redevelopment of Randhurst Mall in Randhurst Village, an open-air, mixed-use center featuring more than 1 million square feet of retail and office space.
WOODRIDGE, ILL. — NorthMarq Capital has arranged $44 million in first mortgage financing for AMLI Seven Bridges, a 520-unit multifamily complex located at 6566 Double Eagle Dr. in Woodridge. Financing was based on a 10-year term with a 30-year amortization schedule. The loan was arranged for the borrowers, AMLI and NREA, by NorthMarq through its affiliate AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. Frank Relihan, Kenneth Gentzel and Gary McGlynn of NorthMarq Capital represented the borrowers in the transaction.
The St. Louis office market continues to see a relatively slow pace of activity. As the economic downturn hit the market slightly later than the rest of the country, the recovery is also delayed, and companies continue to be cautious, with renewals dominating the leasing market. As of the end of the third quarter, the market-wide vacancy rate was 16.3 percent, slightly lower than second-quarter figures. The vacancy rate has stayed steady between 15.5 and 16.5 percent for the past 5 quarters. Firms continue to employ the blend-and-extend strategy of extending leases before the expiration date and locking in a lower lease rate at the same time. While asking rates have remained relatively steady, effective rates are lower than 2 or 3 years ago, and concessions, including free rent, are still being used by landlords to entice potential tenants in most submarkets. Much of the activity within the marketplace is being seen at smaller sizes, between 3,000 and 5,000 square feet, with a dearth of large tenants in the market. Exceptions to this include Panera Bread, which recently leased 71,130 square feet at 3630 South Geyer Road. Recently, the St. Louis office market was dominated by the moves of several …
BELLWOOD, ILL. — Anthony Leeds of Darwin Realty & Development Corp. represented a private investor in the purchase of two industrial properties in Bellwood. Located at 2600 and 2744 Washington Blvd., the properties total 119,000 square feet of industrial space. The acquisition price was not released. Ryan Kehoe of Grubb & Ellis represented the seller, DeNovo Property Trust, in the transaction.