URBANA, ILL. — New York City-based NAI Chesterfield has arranged debt restructuring for the owners of a 74-room Holiday Inn Express and a 202-room Holiday Inn both of which are located in Urbana. The hotels were losing more than $1.2 million and the borrowers were at risk for a potential $9 million liability of personal guaranties. NAI Chesterfield negotiated with the lender, an investment group that recently acquired the loan, to settle for a 97 percent discount from those guaranties.
FREMONT, OHIO — Toledo, Ohio-based Tolson Investments has broken ground for the 21,000-square-foot Liberty Square II in Fremont. 75 percent of the space is pre-leased to national tenants and Wal-Mart will shadow anchor the center. Completion is slated for fall 2011. Pre-leasing has also begun for an expansion of the center, which will occur in 2012.
AURORA, ILL. — Cawley Chicago Real Estate has negotiated a sale-leaseback for a 175,000-square-foot manufacturing and distribution center located at 3920 Enterprise Ct. in Aurora. Dan Cawley, Terry Grapenthin and Josh Hearne of Cawley represented the buyer, KTR Capital Partners, who purchased the building from Cano Container. KTR then leased the building to Cano.
PLYMOUTH, MINN. — Binswanger has arranged the sale of a 60,780-square-foot industrial building located at 13010 County Rd. 6 in Plymouth. Cenveo sold the property to Log House Foods. Gerry Norton of Binswanger's Minneapolis office and James Panczykowski of the North Haven, Conn., office represented the seller.
NAPERVILLE, ILL. — Marcus & Millichap has negotiated the $1.55 million sale of a 7,200-square-foot property net-leased to Davis Automotive that is located in Naperville. Michael Marks and Evan Halkias of the firm's Chicago office represented the seller and the buyer in the transaction.
ELKHORN, WIS. — 530 Centralia LLC has sold a 32,500-square-foot industrial property, located at 530 Centralia St. in Elkhorn, to Van Dyken Enterprises. John Henderson, Vytau Barcas and Margaret Knize of NAI MLG Commercial handled the transaction.
MILWAUKEE — Marcus & Millichap has negotiated the sale of the 344-unit Briarwick Pool Apartments, located at 9050 W. Waterford Square South in Greenfield, a suburb of Milwaukee, for an undisclosed price. Amenities include underground parking, in-unit washer and dryer connections and a heated pool. Matthew Whiteside of the firm's Milwaukee office represented the seller, Jack Styza, and procured the buyer, Blake Capital Corp.
SHELBY TOWNSHIP, MICH. — A 76,830-square-foot retail building containing a Christmas Tree Shops and buybuy BABY has been sold for $4.25 million. Daniel Kukes and Kevin Baker of Farmington Hills, Mich.-based Landmark Commercial Real Estate represented the buyer, and Ron Goldstone and Bill Bubmiak of Southfield, Mich.-based NAI Farbman represented the seller.
WILMETTE, ILL. — Chicago-based Essex Realty Group has arranged the $1.95 million sale of an 18-unit apartment building located at 1119 Greenleaf in Wilmette. Doug Imber of Essex represented the seller and Doug Fisher of the same firm represented the buyer.
BURR RIDGE, ILL. — NorthMarq Capital has arranged $26.86 million in first mortgage financing for a 105,000-square-foot medical office building located at 6800 N. Frontage Rd. in Burr Ridge. Loyola University Health System, now known as Trinity Health, is the major tenant at the property. Jeff Cherner and Rup Patel of NorthMarq's Chicago office secured the financing through Bank of America.