CAROL STREAM, ILL. — Ryland Corp. has acquired a 35,664-square-foot industrial property in Carol Stream for an undisclosed price. Kamflex sold the property, which offers 7,650 square feet of office space and 18- to 20-foot clear ceiling heights. Hank Teague and Larry Schlomann of Thomson Referral Network represented the buyer; Joe Bronson and Richard Daly of Darwin Realty & Development Corp. represented the seller in the transaction. The acquisition price was not disclosed.
ELK GROVE VILLAGE, ILL. — Temperature Services has purchased a 12,200-square-foot manufacturing/warehouse facility in Elk Grove Village for an undisclosed price. Located at 360 Bonnie Lane, the property features 5,000 square feet of office space and 15-foot clear ceiling heights. Richard Daly of Darwin Realty & Development Corp. represented the undisclosed seller in the transaction.
CHICAGO — Chicago-based Testa Produce has broken ground for the development of a state-of-the-art, 91,000-square-foot distribution facility at Stockyards Industrial Park in Chicago. Located at 4555 S. Racine Ave. on a 13-acre site, the property will offer 18,000 square feet of office space and 73,000 square feet of freezer/cooler distribution space. Designed by A. Epstein & Sons, the facility is striving for LEED Platinum certification. Green elements include a wind turbine to co-generate electricity, hot water solar panels, PV solar panels, an extensive green roof, rainwater harvesting and daylight harvesting. Summit Design + Build is managing the project, which is scheduled for completion in the first quarter of 2011. Wendy Berger Shapiro of WBS Equities represented Testa Produce in the transaction with Back of the Yards Council, the property manager for the business park.
CHICAGO — Opus Holdings has named Tom Shaver as president and chief executive officer of Opus North Corp., a full service design-build development firm serving the north central portion of the United States. Based in Chicago, Shaver will replace Danny Queenan, who is leaving the company for another position. Shaver joins Opus North from Opus Northwest where he was serving as vice president of development and was responsible for overseeing office and industrial development in the Minnesota, Nebraska, Iowa, Montana, North Dakota and South Dakota markets. Shaver also serves on the board of directors of the National Association of Industrial and Office Properties (NAIOP) Commercial Real Estate Development Association. Since its establishment in 1972, Opus North has developed more than 49 million square feet of space and currently has more than $75 million of projects under construction for third-party clients.
MUNSTER, IND. — Royal Brush Manufacturing Co. has acquired a 55,000-square-foot industrial property, which is located at 515 W. 45th Ave. in Munster. Chicago Downs Association Inc. sold the property for $2.64 million. Royal Brush, a manufacturer of high-end brushes, plans to relocate to the facility from its current location in Merrillville, Ind. Adam Karras of Paine/Wetzel•ONCOR International represented the buyer; Edward Wabick of Paine/Wetzel and Jeff Brant of Brant Cos. represented the seller in the transaction.
OAK BROOK, ILL. — Rasmussen Inc., a provider of online educational experiences, is relocating to Regency Towers in Oak Brook. The company will occupy 61,844 square feet of office space on four contiguous floors at 1415 W. 22nd St. The company plans to begin move-in during the second quarter of 2010. Perry Higa of CB Richard Ellis represented Rasmussen in the transaction. Details of the transaction were not disclosed.
DEERFIELD TOWNSHIP, OHIO — Encore Retail, a subsidiary of Dallas-based Encore Enterprises, has acquired Governor’s Point, a retail complex located on Mason-Montgomery Road in Deerfield. The 360,000-square-foot center consists of the 161,061-square-foot Governor’s Point North and the 198,940-square-foot Governor’s Point South. Tenants include Lowe’s Home Improvement Warehouse, Bigg’s Supervalu supermarket, Staples, Mattress Warehouse, Chipotle, UPS and T-Mobile. The property was built by owner/developer, Duke Realty Corp., in 1998. Encore Opportunity Fund, a $150 million equity fund in which Encore Equities is a partner, is funding the acquisition. Encore Equities is also a subsidiary of Encore Enterprises. The acquisition price was not disclosed.
ROCK ISLAND, ILL. — Cambridge Realty Capital Cos. has closed an $11.9 million FHA-insured HUD first mortgage loan for St. Anthony’s Nursing and Rehabilitation Center in Rock Island. The loan will be used to refinance the property, which offers 130 skilled beds and 24 board-and-care beds. The fully amortized, 40-year term loan was underwritten by Cambridge Realty Capital Ltd. of Illinois utilizing HUD’s Section 232 MAP funding program.
KANSAS CITY, MO. — Kansas City-based Land Source has merged with KCTerra Land Realty and Stag Commercial to form one commercial real estate company. Based in downtown Kansas City at 112 W. Ninth St., the new firm will operate under the Land Source and Stag Commercial brands. The firm will offer more than $750 million in land to the market, as well as services for land buyers and sellers, including development expertise and brokerage of improvements to the land.
MILWAUKEE — Walker’s Point Center for the Arts has acquired an office building located at 839 S. Fifth St. in Milwaukee. Constructed in 1885, the cream-colored, brick building underwent extensive renovations in 1998. The art center will house an expanded exhibition gallery, administrative offices, a performance and community resource room and approximately 2,500 square feet of classroom and educational space. RNC Walker Property sold the property for $275,000. Dwight Kellogg and Brent Landfried of Ogden & Co. brokered the transaction.