ALLEN PARK, MICH. — West Bloomfield, Mich.-based Lormax Stern Development has partnered with Deerfield Beach, Fla.-based Konover South, an affiliate of The Simon Konover Company, to acquire Fairlane Green, a regional shopping center in Allen Park. The 275,891-square-foot, LEED Gold property is occupied by Barnes & Noble, Bed Bath & Beyond, Michaels, Old Navy and TJ Maxx. Archon Group, a subsidiary of Goldman Sachs, sold the property for an undisclosed price.
CHICAGO — Bickerdike Redevelopment Corp. has completed the development of Rosa Parks Apartments, which is located within the Humbolt Park neighborhood of Chicago. The property consists of 94 affordable rental units in eight buildings, which were constructed on lots that were formerly vacant. Designed to earn LEED Silver certification, the project features green elements including solar panels, geothermal heating and cooling systems, a vegetated roof and a variety of other green and sustainable elements. Pioneer Engineering & Environmental Services served as the environmental and geotechnical engineering consultant on the project.
MILWAUKEE — Jiminez LLC has purchased a 66,000-square-foot industrial property in Milwaukee. The 3-acre property is located at 920 and 1000 W. Bruce St. Blackhawk Development sold the facility for an undisclosed price. Brian Parrish of The Dickman Company/CORFAC International brokered the transaction.
ROSEVILLE, MINN. — Local multifamily investor Tom Thul has acquired Roseville Arms Apartments, a 22,000-square-foot multifamily complex located at 160 and 170 Elmer St. in Roseville. The complex features 34 one-bedroom units and is currently 92 percent occupied. JTHC Properties sold the property for $1.75 million or $51,529 per unit. Lance Steiger and Scott Pollock of NorthMarq’s investment sales team represented the seller in the transaction.
ROSEMONT AND NAPERVILLE, ILL. — Naperville-based Ryan Cos. Midwest Division has completed the development and construction of two office buildings in Rosemont and Naperville. The company, along with The Harp Group, developed Rosemont Corporate Center, a four-story, 119,000-square-foot office building located between River Road and Interstate 294 in Rosemont. Cisco Systems, Skyline Advanced Technology Services and The Harp Group/Portfolio Hotels & Resorts occupy the property, which was built to LEED Gold certification criteria. Additionally, Ryan Cos. developed 111 Shuman Boulevard in Naperville. The four-story, 85,000-square-foot building will be occupied by Delta Dental and Ryan Cos., which will relocate to the space in November. The properties are the first Class A office buildings to come online in the O’Hare and East-West Corridor markets since fall 2008.
CHICAGO — Essex Realty Group has brokered the sale of a six-building real estate portfolio in the Auburn Gresham neighborhood of Chicago. The portfolio consists of 16 apartment units and three commercial storefronts at 1735-39 West 79th Street; 18 units at 8001 South Marshfield; 17 units at 1704 West 77th Street; 15 units at 1717 West 77th Street; 17 units at 1738 West 77th Street; and 16 units at 1815 West 77th Street. Don Fisher and Jon Morgan of Essex represented the undisclosed seller; Morgan and David Goss, also of Essex, represented the undisclosed buyer. The acquisition price was $2 million.
CHICAGO — NorthMarq Capital’s Chicago regional office has arranged $7.9 million in first mortgage financing for a 253,151-square-foot industrial portfolio in Chicago. The single- and multi-tenant portfolio consists properties in Elmhurst, Lombard, Elk Grove Village and Buffalo Grove, Ill. Provided by PPM Finance, financing was based on a 10-year term with a 25-year amortization schedule. Jeff Cherner of NorthMarq secured the loans for the borrower, Value Industrial Partners.
LIBERTYVILLE, ILL. — Lake County Forest Preserve District has acquired an office building, which is located along Winchester Road in Libertyville. The three-story, 93,231-square-foot facility sold for $4.1 million. Lake County plans to consolidate eight offices into the property and relocate the Lake County Discovery Museum to the facility. The planned office consolidation will take place within the next 12 months followed by the museum relocation in 2 to 3 years. Michael Adams and Darryl Silverman of Colliers Bennett & Kahnweiler represented the buyer; Michael Flynn, Jason Wurtz and Art Burrows of NAI Hiffman represented the seller, PNC MAC Pine Meadows III, in the transaction.
PERRYSBURG, OHIO — Northwood, Ohio-based JTEA Inc. has purchased an 87,335-square-foot industrial property in Perrysburg. Parsippany, N.J.-based Toledo Technologies sold the facility, which is located at 28271 Cedar Park Blvd., for $1.2 million. Ronald Jurgenson of CB Richard Ellis|Reichle Klein represented the buyer, while Jerry Malek, also Reichle Klein, represented the seller in the transaction.
MILWAUKEE — New York-based Greystone & Co. has completed the disposition of East Town Plaza, a 24,000-square-foot shopping center in Milwaukee. Located at the corner of Farwell Avenue and Brady Street, the property sold to Chicago-based Monroe Investment Partners for an undisclosed price. The buyer plans to make capital improvements to the property. Patrick Gallagher of Siegel-Gallagher represented the seller in the transaction. The acquisition price was not released.
