NAPERVILLE, ILL. — A joint venture between Bixby Bridge Capital and Franklin Partners has purchased the MetroWest, a 205,000-square-foot office building located at 55 Shuman Blvd. in Naperville. The 10-story building was acquired in an all-cash transaction. Tenants include Dun & Bradstreet and Wells Fargo. J.F. McKinney & Associates will be the leasing agent for the property and Franklin Partners will be the property manager.
CLEVELAND — OrangeOnions.com has acquired a 110,000-square-foot building, located at 21930 Miles Rd. in Cleveland. The property is a former retail store that will be converted into a distribution and fulfillment center for the company. Eliot Kijewski of CRESCO Real Estate represented the buyer and Isaac Chara of Crown Acquisitions represented the seller in the transaction.
FINDLAY, OHIO — Toledo, Ohio-based Signature Associates has negotiated the sale of 35,802 square feel of industrial space, located at 1525 Lima Ave. in Findlay. Megan Malczewski and Bob Mack of Signature Associates represented the seller, DTS Refueling Systems, in the transaction. The buyer was undisclosed.
Lou Kahnweiler, the founder of Bennett & Kahnweiler, the predecessor to Colliers International here in Chicago, is reported to have once declared, “Industrial Real Estate is a great way to get rich slowly.” He meant buying or building buildings, putting 25-year debt on them, keeping them leased and was the way to wake up rich 25 years later. During the late 1990s and most of the 2000s, industrial real estate in Chicago was the place to get rich quick, as developers couldn't build fast enough to satisfy the demand of well-heeled investors who, by 2006, were actually paying more for vacant properties than those actually encumbered by leases and demanding tenants. “Buy it and figure it out” was their strategy. Flips, portfolio premiums, cap rate compression and an overall “drunken sailor” mentality generated lots of fees for brokers and huge profits for many developers and investors until the music stopped. I vividly recall touring in 2006 with a group of investors from the East Coast who, after looking at the per square foot prices of property around O'Hare and comparing them to New Jersey, said that they wished they were brokers and owners in Chicago, because it must be so …
BEACHWOOD, OHIO — A joint venture between Cleveland-based University Hospitals and Nashville, Tenn.-based Centerre Healthcare Corp. has planned to construct a $17 million comprehensive inpatient rehabilitation hospital, located on Harvard Road in Beachwood. The 50,000-square-foot facility will provide physical, occupational and speech language therapy along with specialized rehabilitation nursing and a wide range of clinical services. Construction is scheduled to begin in October 2011 with completion slated for October 2012. Cogdell Spencer ERDMAN is the developer for the project and Earl Swensson Associates is the architect.
PACIFIC, MO. — St. Louis-based NAI Desco has arranged the $1.8 million sale of an 85,000-square-foot industrial building and 4.1 acres of undeveloped land, located at 15 Industrial Dr. in Pacific. Dan Hayes of NAI Desco represented the seller, Abell Real Estate Partnership. The buyer was WROB Co.
MINNETONKA, MINN. — NorthMarq Capital has arranged $8 million in first mortgage financing for the 52-unit Oaks Glen Lake Apartments, located at 14414 Stewart Lane in Minnetonka. The property also contains seven commercial tenant units. The 7-year financing has a 30-year amortization schedule and was arranged by James Hoopes of NorthMarq's Minneapolis office through Freddie Mac.
YORKVILLE, WIS. — Anixter has signed a 61,767-square-foot lease at 1800 S. Sylvania Ave. in Yorkville. Scott Furmanski, Trent Poole and Roger Siegel with CB Richard Ellis' Milwaukee office represented CenterPoint Wispark Land Co., the landlord, in the transaction.
UNIVERSITY CITY, MO. — A joint venture between The McCarthy Building Cos. and Kwame Building Group has started site preparation for the new 63,000-square-foot Pershing Elementary, a $12.8 million project. The school will be built to achieve LEED standards and is scheduled to open in the fall of 2012.
KIRKWOOD, MO. — David Garfinkel of NorthMarq Capital's St. Louis, Mo., office has arranged a $25 million mortgage for the 412-unit Kirkwood Bluffs, located at 1157 Timerbrook Dr. in Kirkwood. The 10-year financing has a 25-year amortization schedule and was arranged through AmeriSphere Multifamily Finance.
