BURR RIDGE, ILL. — Dik Drug Co. has selected Woodridge, Ill.-based Morgan/Harbour Construction to complete a 32,065-square-foot warehouse expansion in Burr Ridge. The project includes adding 32,065 square feet to the company’s existing 78,082-square-foot property, which is located at 160 Tower Drive. The expansion will include five exterior dock, one drive-in door and 28-foot clear ceiling heights. Dik Drug warehouses more than 20,000 products over a broad spectrum of categories and specializes in providing service and support to independent pharmacies. Cornerstone Architects is providing architectural services for the project, which is scheduled for completion in the first quarter of 2011.
CHICAGO — Beech Street Capital has provided a $3.375 million loan for a multifamily property in Chicago. Constructed in 1924 and renovated in 2004, the property offers 44 apartment units. The permanent, fixed-rate financing has a 10-year term and a 30-year amortization schedule. The Fannie Mae DUS loan was originated by Meridian Capital Group and financed by Beech Street Capital.
CHAMPAIGN, ILL. — St. Louis-based Midas Hospitality has acquired the Candlewood Suites Champaign in Champaign. Located near the University of Illinois campus, the 83-room hotel is set to open in December. The property will offer high-speed Internet access, free local phone calls, free on-site guest laundry and a 24-hour fitness center. Guestrooms will feature studio or one-bedroom suite floorplans with a full kitchen, a recliner, and a large workspace with a desk chair and overhead lighting. Terms of the acquisition were not disclosed.
CHICAGO — McShane Construction Co., serving as general contractor, has completed the construction of Casa Maravilla, a 73-unit senior-living complex in Chicago’s Pilsen neighborhood. Located at 2021 S. Morgan St., the five-story property features 70,000 square feet of affordable senior rental housing in studios, one- and two-bedroom floorplans. Additionally, the complex offers a community rooms, laundry facilities, a dining area, a fitness rooms, a library and recreation rooms. The Resurrection Project, a community-based nonprofit organization supporting neighborhood development, developed the property. Chicago-based Weese Langley Weese provided architectural services for the project.
For those who were expecting some market relief by now, there is not a great deal of positive prognosis to provide. Despite the slow rise in the stock market since its fall, the market continues to suffer from mediocre progress with its continuous ups and downs. There is still much change needed in the global economy to sustain the stock market growth we need to realize a full and effective recovery of other markets, including commercial real estate. But I would like to say that we are now bouncing off the bottom with an ability to understand where market corrections have settled in terms of value, cap rates, absorption and development, which is all but non-existent. With historic high unemployment and the uncertainty of what new pothole we might hit while we are finding our way out, it may still be a rough year or more ahead of us. Much depends on how the commercial lending industry plays out the myriad transactions that still linger in their portfolios. The penalties for a defer-and-deny or an extend-and-pretend philosophy may not yet to been fully realized. On a positive note, if consumer confidence continues to eek up, while other economic indicators remain …
NORTHBROOK, ILL. — Northbrook-based Romanek Properties Ltd. has acquired a 195,101-square-foot office building at 400 Skokie Blvd. in Northbrook. The company currently occupies the property. Additionally, the eight-story building is occupied by M. Holland, Ameriprise Financial and Levenfeld Pearlstein. The building also offers a deli and a fitness center. 400 Skokie Boulevard Investors sold the property for an undisclosed price. Paul Lundstedt of Grubb & Ellis represented the seller in the transaction. The acquisition team was led by Romanek Properties Ltd., Bachmann Associates Ltd. and Syndicated Equities Ltd. Ladder Capital Finance provided long-term financing for the acquisition. Bill Barry of Draper and Kramer and Joel Simmons of Grubb & Ellis sourced the acquisition financing.
FOX LAKE, ILL. — Ryan Companies US, along with its joint venture development partner Jim Bergman, has completed the construction of Thomas Place Fox Lake in Fox Lake. The 100-unit affordable and age-restricted apartment community is located at 229 Thomas Lane. The $24 million four-story community offers 33 one-bedroom/one-bath units and 67 two-bedroom/two-bath units. Each unit features a balcony, a full kitchen equipped with modern appliances, a washer and dryer, and 9-foot ceilings. Residents are expected to take occupancy in September. Design Build Architectural Services, a wholly owned Ryan subsidiary, provided architectural design and engineering services for the project. The project is being financed under the Section 42 affordable housing program, which is administered by the Illinois Housing Development Authority.
LAKE ORION, MICH. — Palace Chrysler Jeep has acquired 57,000 square feet of light industrial space at 4800 S. Lapeer Road in Lake Orion. The buyer plans to use the property to expand its current parts department and construct one of the largest body shop/repair facilities in Michigan. Palace Chrysler plans to install solar roof technology, skylights and wind turbines. P&G Properties sold the property for an undisclosed price. Larry Schultz of Friedman Real Estate Group represented the buyer in the transaction. The acquisition price was not released.
MANCHESTER, MO. —Cole Real Estate Investments has acquired a major portion of Manchester Highlands, a retail center located at the intersection of Manchester Road and Missouri Highway 141 in Manchester. Pace Properties sold the assets for $48.5 million. The acquired portion includes a 29-acre site, which is occupied by a Walmart Supercenter, and a 136,000-square-foot group of junior anchor and in-line space. The acquired property is 98 percent occupied. Pace retains ownerships of two new retail buildings offering a combined 12,000 square feet and two undeveloped out-lots totaling 3 acres. Year-to-date, Cole has acquired more than $1 billion of high-quality commercial real estate, including retail, office and industrial properties across the United States. Scott Holmes of Mid-America Real Estate Corp. represented the buyer; Ben Wineman, also of Mid-America, represented Pace Properties in the transaction.
GLENVIEW, ILL. — Regency Centers has acquired Glen Oak Plaza, a 62,443-square-foot retail center located at Lake Avenue and Waukegan Road in Glenview, for $18 million. The Class A shopping center is anchored by an 11,944-square-foot Trader Joe’s and a 15,754-square-foot Walgreens. Additional tenants include NorthShore University HealthSystem, FirstMerit Bank, Einstein Bros. Bagels, Starbucks and Boston Market. Regency acquired the property from the Adinamis family, a Chicago-area family real estate partnership. Joe Girardi of Mid-America Real Estate Corp. represented the buyer in the transaction.