NORTHBROOK, ILL. — Summit Design + Build has been chosen to gut and renovate a former auto repair shop into the 12,000-square-foot Park Place, a retail center located at 1347 Shermer Rd. in Northbrook. The Equitable Group is the owner and developer for the project and SAS Architects and Planners is providing architectural services. Construction will include all new site utilities, MEP's, roofing, glazing and a complete rehab of the exterior masonry and landscaping, and is slated for completion in the fall of 2011. Caribou Coffee and Sherwin Williams have already signed leases to join the center.
NORTHBROOK, ILL. — Westwood Financial Corp. has purchased the 136,219-square-foot Sanders Court Shopping Center, located at 4109-4195 Dundee Rd. in Northbrook, from Sandee, LLC, for $22 million. Dominick's anchors the center, which is 99 percent leased to Goodwill, USA Vein Clinics, Fitness 19, Fred Astaire Dance Studio, Butterfield's, Century 21, Sally Beauty, State Farm Insurance, United Self Defense and Subway. Joe Girardi of Mid-America Real Estate Corp. represented the seller.
OMAHA, NEB. — John Reed of NorthMarq Capital's Omaha office has secured $9.22 million in financing for Whispering Hills Phase II, a 144-unit multifamily community located at 2510 N. 109th Plaza in Omaha. Financing was based on a 7-year term with a 30-year amortization schedule and was arranged through Freddie Mac.
SKOKIE, ILL. — Skokie-based EPN Holdings II has completed a tender offer for all the units in the EDT Retail Trust not already held by EPN. Upon completion, EPN has increased its interest in EDT from 47.8 percent to 96.4 percent. Following completion of the takeover bid, EPN's equity investment in EDT Retail Trust will be approximately $360 million.
The commercial real estate market in Wichita stabilized in the second half of 2010 and has started seeing slow, but steady, improvement during the first four months of 2011. The majority of the activity has been on the leasing side of the business, with limited sales activity. Market conditions still favor tenants but are starting to move back to a more balanced position, giving landlords more leverage in their negotiations. Development activity has been minimal the past two years, but the strengthening economy is starting to generate interest in bringing new projects into the market. Laham Development Company continues to be very active in the local market, particularly in the popular northeast area. Laham’s showcase Bradley Fair lifestyle center is at 98 percent occupancy after the opening of Sephora’s in April. The developer’s Regency Park project at 21st North and Greenwich got a major boost earlier in the year when Cabela’s announced plans to construct a new store there. This is Cabela’s first location in the area; it will be anchoring the center with Super Target and World Market. In addition to Cabela’s, other national retailers expanding into the market include Sephora’s, Five Guys Burgers & Fries and Menards. These …
INDIANAPOLIS — Sperry Van Ness has negotiated the sale of the 240-unit Nottingham Village Apartments, located a 9300 E. 21st St. in Indianapolis. Reid Bennett and Jim Sears of the firm's Chicago office procured the buyer, Chicago-based Warren Harbor.
NAPERVILLE, ILL. — A 50,000-square-foot Gordmans has opened at the 457,156-square-foot Westridge Court in Naperville. The retailer operates 72 stores in 16 Midwestern and surrounding states. Allan Murow of Omaha, Neb.-based Noddle Co. represented the tenant in the lease transaction.
AUBURN HILLS, MICH. — General Development has been selected to construct a 55,490-square-foot build-to-suit project on 14.64 acres of land in Auburn Hills at the Oakland Technology Park. Schostak Brothers is developing the LEED certified building for Henniges Automotive, which will move from its current headquarters in Farmington Hills. Randall Thomas of Commerce Township, Mich.-based Insite Commercial represented Schostak Brothers in the purchase of the land from General Development, which was represented by Matt Farrell of CORE Partners.
BRIDGEVIEW, ILL. — Chicago-based Weis Builders has completed the renovation of a former DMV office, located at 8342 S. Harlem Ave. in Bridgeview, on behalf of the Polish & Slavic Federal Credit Union. The interior of the office was gutted and renovated, and the exterior branding package included minor sitework and updates to the building's facade.
WORTHINGTON, OHIO — Worthington Square Venture has broken ground for the redevelopment of the 22-acre The Shops at Worthington Place, located at the intersection of High Street and Wilson Bridge Road in Worthington. The property will include a 168,000-square-foot shopping center, three outparcels and a separate 67,000-square-foot Kroger Fresh Fare. Completion is slated for the second quarter of 2012.