CHICAGO —Multi-Employer Property Trust has purchased the 928,040-square-foot 200 West Madison, an office building located at the intersection of Madison and Wells streets in Chicago, from a joint venture between Tishman Speyer, Pearlmark Real Estate Advisors and a major U.S. pension plan in an all-cash transaction for $217.5 million. Paul Barile and Janice Sellis of Transwestern's Chicago office represented the buyer in the transaction.
Midwest
EVANSVILLE, IND. — Marcus & Millichap has negotiated the $6.39 million sale of a 75,378-square-foot FedEx Ground facility, located at 14831 Foundation Ave. in Evansville. Alvin Mansour of Marcus & Millichap's San Diego office, along with Joshua Caruana of the firm's Indianapolis office, represented the seller, a Missouri-based vineyard and procured the San Diego-based buyer.
CHICAGO — Aries Capital has arranged $45.3 million in first mortgage financing for the 456,000-square-foot Clark Adams Building, located at 105 W. Adams in Chicago. Jeff Bucaro of Aries' Chicago office originated the floating rate loan.
CLARENDON HILLS, ILL. — Marcus & Millichap has brokered the $2.1 million sale of a 34-unit multifamily property, located at 285 N. Richmond Ave. in Clarendon Hills. Ryan Engle and Andrean Angelov of Marcus & Millichap's Oak Brook, Ill., office represented the seller, a private investor, in the transaction. Eric Bell of Marcus & Millichap's Chicago office represented the buyer, also a private investor.
OMAHA, NEB. — Omaha-based Seldin Co. has completed site preparation and underground utilities for the 132-unit Montclair Village Apartments, located on an in-fill site one block south of 129th Street and West Center Road in Omaha. Completion of the first 24 apartments and clubhouse is slated for March 2012.
WAYNE, NEB. — Darland Construction has been selected to lead the planning and construction of the two-part expansion of Providence Medical Center, located at 1200 Providence Rd. in Wayne. The 25,000-square-foot addition will house a wellness and physical therapy center, and a separate 3,500-square-foot addition will provide expanded space for an outpatient department. Avant Architects is designing the expansion, and Specialized Engineering Solutions is the MEP engineer. Completion is slated for the summer of 2012.
It is no secret that, like much of the State of Michigan, the Motor City has not exactly been motoring along with regard to retail performance during the last few years. Southeast Michigan has been struggling, and since the beginning of the national recessionary cycle a few years ago, the state has been held up as an example of taking a retail roundhouse right on the chin from a faltering economy. A more nuanced view, however, reveals some more interesting — and in some cases more positive news — with regard to where southeast Michigan stands today, and how the region seems to be setting up for future growth. In a macro sense, it is accurate that Michigan was more challenged than the rest of the country by the initial economic downturn. There was a perception, real or not, that the struggles in the auto industry would substantially exacerbate the impact of the recession. The state’s unemployment rate was higher than the national average and Michigan was bleeding population. While some of those difficult circumstances and dire predictions seemed to be holding up two or three years ago, the state has made a pretty significant recovery in the last 10 …
ROCKFORD, ILL. — Downers Grove, Ill.-based Cawley Chicago Commercial Real Estate has brokered the $9.85 million sale of the 122,092-square-foot Brynwood Square, located at 2615 Mulford Rd. in Rockford, from JTJ to Cincinnati-based Midland Atlanta. Dan O'Neill of Cawley Chicago represented both parties in the transaction.
MINNEAPOLIS — Milwaukee-based RFP Commercial has negotiated the $9 million sale of a 229,501-square-foot industrial property, located at 2801 Pacific St. N. in Minneapolis. Greenheck Fan purchased the property from LCM Funds. Scott Revolinski and Ben Adank of RFP represented both parties in the transaction.
MENOMONEE FALLS, WIS. — Kuehn Rubber Corp. has purchased a 34,000-square-foot industrial building, located at N51W13251 Brahm Ct. in Falls Business Park in Menomonee Falls, from Harris Mid America Holdings for $1.1 million. Kevin Berry of Milwaukee-based Cassidy Turley Barry represented the buyer in the transaction. Bill Quinlivan and Brian Schroeder of Siegel-Gallagher's Milwaukee office represented the seller.