VERNON HILLS, ILL. — Principle Construction has completed a 53,000-square-foot renovation project for Probat Burns, a manufacturer and provider of grinding and roasting equipment for the coffee, pharmaceutical and food industries. The company is relocating its headquarter to 601 Corporate Woods Parkway within Corporate Woods Business Park in Vernon Hills from its current location in Memphis, Tenn. The new facility includes a customer training area, a showroom, 7,500 square feet of office space, manufacturing space, warehouse space and 1,500 square feet of engineering space. Principle provided extensive interior and exterior construction services for the renovation project. Timothy Morgan Associates provided architectural services for the project. The property is owned by Mark Kestenbaum of Armon Investments.
WHEELING, ILL. — Monmouth Real Estate Investment Corp. has acquired the remaining 37 percent interest in Wheeling Partners, an Illinois-based limited liability company, for $4.1 million. Wheeling owns a 137,000-square-foot industrial building in Wheeling. The property is currently leased to FedEx Ground Package Systems through May 2017. Prior to the acquisition, Monmouth owned 63 percent of Wheeling Partners.
NILES, ILL. — Imperial Realty has acquired 5940 Touhy Avenue in Niles for an undisclosed price. The three-story building offers 33,783 square feet of office space. Daniel Hyman of Millennium Properties represented the buyer, while Susan Silver, also of Millennium, represented the sellers, a consortium of banks, in the transaction. Greg McCormick of Garfield & Merel served as counsel for the sellers.
INDEPENDENCE, MO. — DCL Realty Trust has completed the disposition of 46,350 square feet of retail space in Independence. BBT Investors purchased the property, which is located at 3810 Crackerneck, for an undisclosed price. Drew Quinn of Colliers International represented the seller; Scott Taubin of R.H. Johnson Co. represented the buyer in the transaction.
OVERLAND PARK AND TOPEKA, KAN. — The Kansas City Regional office of NorthMarq Capital has arranged two loans totaling $27.1 million for two multifamily properties in Kansas. In the first transaction, Sheridan Ridge Apartments received $14.6 million in first mortgage financing. The multifamily property is located at 8342 Carter St. in Overland Park. Financing was arranged for the undisclosed borrower by NorthMarq through its seller-servicer relationship with Freddie Mac. in the second transaction, Villa West Apartments, located at 2744 S.W. Villa West Dr. in Topeka, received a $12.5 million loan. Financing for the 308-unit multifamily property was based on a 10-year term with 2-year interest only followed by a 30-year amortization schedule. The loan was arranged by NorthMarq through its affiliate, AmeriSphere Multifamily Finance. Greg Duvall of NorthMarq secured financing for both transactions.
MADISON, WIS. — Banner Essex Apartment Fund I, through an affiliate, has acquired a 420-unit apartment community in Madison. Built in phases, the community consists of Rivers Edge, Fordem Towers and Camelot Apartments. The property is comprised of 10 studios, 134 one-bedroom units, 244 two-bedroom units and 28 three-bedroom units. Additionally, the community features underground parking, laundry facilities, two swimming pools and a central clubhouse. Acquisition financing was arranged by Allan Edelson of CW Capital. The purchase price was not released.
AUBURN HILLS, MICH. — Reid Limited Partnership II recently purchased 148,000 square feet of industrial space in Auburn Hills. Auburn Group Limited Partnership sold the property, which is located at 2550 Auburn Court, for an undisclosed price. Principal Associates represented the buyer; Paul Hoge of Signature Associates represented the seller in the transaction.
KANSAS CITY, MO. — NorthMarq Capital has arranged $5.08 million in first mortgage financing for Regency North Apartments. The 180-unit apartment complex is located at 6024 N. Jefferson St. in Kansas City. David Farrell of NorthMarq's Kansas City regional office secured the financing for the borrower, Regency North Acquisition. The 10-year loan, which carries a 30-year amortization schedule, was arranged by NorthMarq through its seller-servicer relationship with Freddie Mac.
NEW ALBANY, OHIO — The Pizzuti Companies has broken ground for the development of a headquarters and operations facility for Accel Inc. Located in the New Albany Business Park in New Albany, the $18 million, 417,000-square-foot facility was designed by Columbus, Ohio-based Glavan Feher Architects. The project, which is seeking LEED Silver certification, is scheduled for completion in June 2011.
HOBART AND LAPORTE, IND.; AND NILES, MICH. — Red Mortgage Capital, the mortgage banking arm of Red Capital Group, has provided three FHA LEAN Section 232/223(f) loans for senior housing properties in Indiana and Michigan. The company provided an $8.8 million loan for Brentwood at Hobart, a 116-unit assisted-living and memory-care facility in Hobart; a $9.76 million loan for Brentwood at LaPorte, a 124-unit independent-living, assisted-living and memory-care facility in LaPorte; and a $3.31 million loan for Brentwood at Niles, a 67-unit assisted-living facility located in Niles. Each of the non-recourse loans carry a fixed-mortgage rate and a 35-year, fully amortized term.