LOCKPORT, ILL. — Meridian Design Build has completed the build-out of a medical office property in Lockport for MedProperties Group. The fast-tracked project included the construction of 10 exam rooms, private restrooms, shared waiting/reception areas and lockable file storage. The build-out was completed within Lockport Crossings Medical Center, a three-story, 54,000-square-foot medical office building. Areté 3 Ltd. provided architectural services for the project.
SCHAUMBURG, ILL. — Amada-Wasino America has signed a 10-year lease for a 40,000-square-foot industrial property in Schaumburg. Shorewood Properties leased the property, which is located at 2324 Palmer Drive. The lease is valued at more than $4 million. Amada plans to use the property as a showroom, system configuration area, parts storage and distribution. Mas Ishida of TOBI International represented the tenant; John Cassidy and Ken Franzese of Lee & Associates’ Chicago office represented the landlord in the transaction. Terms of the lease were not disclosed.
BEDFORD PARK, ILL. — GRM Information Services, a national record storage company, has acquired a 296,147-square-foot industrial building, which is located at 7123 W. 65th in Bedford Park. The new building features a 130-foot truck court depth, pre-cast concrete construction, 19 trailer spaces, 30-foot ceiling heights, 30 docks and four drive-in doors. Jeanne Rogers of Arthur J. Rogers & Co. represented the buyer; Michael Caprile, Mitch Adams, Ted Staszak and Stephanie Park of CB Richard Ellis represented the undisclosed seller in the transaction. The sales price was not released.
SOUTHFIELD, MICH. — Health Care Partners Inc. has signed a lease for 16,441 square feet of office space at 18000 W. Nine Mile Road in Southfield. The tenant is a full service home health care provider that assists individuals with a variety of home health care needs. Dan Verderbar of Friedman Real Estate Group represented the tenant in the transaction. FSP Southfield Centre Ltd. leased the property for an undisclosed price.
DETROIT — Farmington Hills, Mich.-based Burger Easton & Co. has brokered the sale of an industrial property in Detroit. Located at 8650 Mt. Elliott, the 317,000-square-foot building was listed for $2.75 million. David Wax of Burger Easton & Co. represented the buyer, Detroit Mt. Elliott Real Estate LLC, and the seller, 8560 Mt. Elliott Partnership, in the transaction. Additional terms of the sale were not disclosed.
DAYTON, OHIO — GE Aviation, an operating unit of GE, is planning to develop Electrical Power Integrated Systems Research and Development Center (EPISCENTER) near Dayton. The $51 million center will focus on several markets, including on- and off-highway hybrid and electric vehicles, and additional electric aircraft and marine applications. The Ohio Third Frontier Commission is providing a capital grant of up to $7.6 million for EPISCENTER. GE expects the center to be operational in 2012. Details of the project have not been released.
COLUMBUS, OHIO — Glimcher Realty Trust has closed on a 10-year, $46 million mortgage loan for the refinancing of Polaris Towne Center in Columbus. The new loan, which will be sold into the CMBS market, carries a fixed-interest rate of 6.76 percent. Bank of America originated the loan, which was used to repay the previous mortgage on the property of $38.6 million.
MENDOTA HEIGHTS, MINN. — St. Paul, Minn.-based Paster Enterprises has received financing approval for the redevelopment of Mendota Plaza in Mendota Heights. Scheduled to begin this spring, the project includes remodeling the existing 48,000-square-foot building, major parking improvements and landscaping enhancements. Completion is slated for this fall. Additionally, a standalone 14,820-square-foot Walgreens property will be constructed, with an expected completion date of spring 2011. During the next 4 years, additional phases will be added to the property, including retail buildings, senior housing, office space and a childcare facility.
CHICAGO — Chicago-based Cohen Financial has formed an exclusive correspondent relationship with Zions National Real Estate, a national secondary market leader of commercial real estate loans. Cohen borrowers will be able to access a range of Zions’ lending products from commercial first mortgage SBA 504 loans, conventional loans and investor loans on most property types. Owner occupied conventional and investor loan-to-values range from 55 to 65 percent for transactions up to $6 million with terms from 20 to 25 years. Cohen will manage and execute each transaction from preliminary underwriting to closing. André Bailey of Cohen will manage the relationship with Zions. Zions is a division of Salt Lake City-based Zions Bank.
COUNTRY CLUB HILLS AND WEST CHICAGO, ILL. — Inland Real Estate Corp. has brokered two leases totaling more than 101,000 square feet in the Chicago area. In the first transaction, Michael’s Fresh Market inked a deal for 56,118 square feet of space at the Shops at Coopers Grove, a 72,518-square-foot retail center located at 4044-4112 W. 183rd St. in Country Club Hills. In the second transaction, Tampico Fresh Market signed a lease for 45,000 square feet at Oliver Square, which is located at 1935 Neltnor in West Chicago. Jeff Howard of Inland Real Estate Corp. brokered the transactions. Terms of the transactions were not released.
