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.
ROMEOVILLE, ILL. — Midwest Air Technologies, an affiliate of MAT Holdings Inc., has acquired 821 Bluff Road in Romeoville. Land and Lakes Development sold the 506,777-square-foot industrial building for an undisclosed price. Completed in 2009, the facility is situated on 28.54 acres and offers 80 exterior docks and 32-foot ceiling heights. Midwest Air Technologies plans to take occupancy of the building this fall. Keith Puritz and Brett Kroner of CB Richard Ellis represented the buyer; Lynn Reich and Jeffrey Kapcheck of Colliers International represented the seller, Land and Lakes Development, in the transaction. US Asia Group served as a consultant for Midwest Air Technologies.
EMPORIA, KAN. — Griffin Capital Corp., on behalf of The GC Net Lease REIT, which is sponsored by Griffin Capital, has acquired a 320,800-square-foot manufacturing property in Emporia. Situated on a 16.6-acre site, the property site can accommodate an additional 107,000-square-foot expansion. The property is currently home to Hopkins Manufacturing Corp.’s national headquarters office, domestic production plant and principal distribution facility. Hopkins is a manufacturer and distributor of specialized towing products and functional accessories for the automotive and recreational vehicle aftermarkets, including automotive winter care products, fluid handling, storage and amp organization and auto cleaning accessories. Terms of the acquisition were not released.
KENOSHA, WIS. — Sue Blumberg of NorthMarq Capital’s Chicago regional office has arranged $5.1 million in financing for Briarcliff Apartments in Kenosha. Located at 2150 W. 89th St., the property offers 188 apartment units. The financing was based on a 10-year term with a 30-year amortization schedule. NorthMarq arranged the financing through its seller-servicer relationship with Freddie Mac for the borrower, Briarcliff Apartments LLC.
GREENWOOD, IND. — Indianapolis-based Van Rooy Properties has acquired Westminster Apartments in Greenwood. The 438-unit property, which was in receivership, was listed for $8.25 million. The buyer has an extensive rehabilitation planned for the property, which includes new roofs and windows, plumping upgrades, common area renovation, interior updates, clubhouse renovations, and the addition of a community fitness center. Tikijian Associates represented the seller/receiver, Barrett & Stokely, on behalf of a special servicer, Midland Loan Services, in the transaction.
WOODBURY, MINN. — Wellington Management Inc. has signed a purchase agreement for the 450,000-square-foot Woodbury Corporate Campus in Woodbury. State Farm formerly occupied the property. Wellington plans to convert the campus into a Class A, multi-tenant office building for tenants in the 20,000 to 200,000-square-foot range. Additionally, the adjacent 50 acres of undeveloped land at Radio Drive and Interstate 94 will be marketed for build-to-suit office, hotel and retail uses. Also, a portion of the site is expected to be developed as an upscale senior housing campus. Transaction details were not released. Dan Gleason, Tom Stella and Pete Rand of NorthMarq represented State Farm in the disposition of the property. Wellington owns and manages a $375 million portfolio of 88 commercial properties for 625 tenants throughout the Twin Cities area.
CLEVELAND — Developers Diversified Realty Corp. is adding and expanding retail offerings at Macedonia Commons, a 543,987-square-foot community shopping center in Cleveland. Walmart is expanding to a 167,000-square-foot facility, which will feature a full line of groceries; and rue21 is expanding to 4,900 square feet. Additionally, Hobby Lobby recently opened a 54,000-square-foot location at the center and Five Below opened an 8,000-square-foot store at the property. Also, Dots, an affordable woman’s clothing retailer, is expected to open a 5,000-square-foot store in early 2011. Current tenants of the 97 percent-leased center include Home Depot, Kohl’s, Cinemark, PetSmart and Champs Sports.