CHICAGO — Reed Construction has completed a medical build-out at Rush University Medical Center, which is located at 1611 W. Harrison in Chicago. The build-out included the installation of waste piping and steel re-enforcements for future tenants at the building. Rush University Medical Center is an academic medical center that includes a 671-bed hospital, the 61-bed Johnston R. Bowman Health Center and Rush University. Proteus Group provided architectural services for the project.
Midwest
CHICAGO — The Los Angeles and Chicago offices of Holliday Fenoglio Fowler (HFF) has secured a $9.9 million loan for the refinancing of 9201 Belmont Avenue, located in Chicago’s Franklin Park area. The fully occupied property offers 536,800 square feet of industrial space. Todd Sugimoto and Kenneth Glomb of HFF arranged the loan on behalf of the borrower, Guggenheim Real Estate. American National Insurance Co. funded the fixed-rate loan.
Although much of the country may think Michigan’s economic outlook is bleak, Grand Rapids is still holding on strong through the economic downturn. The city is faring better than Southeast Michigan and currently is looking toward the future. With more than 1 billion square feet in proposed construction, the area is getting a head start on the rebound, especially in the medical office sector. Absorption in the traditional office market is slow, causing there to be less speculative development in the pipeline. That being said, Grand Rapids is experiencing an influx in medical office and healthcare development, especially in the central business district (CBD), where Michigan State is currently developing a new medical school. Even with medical office development proposed and under way, there is a perception that companies need to wait and see what everyone else decides to do before making any decisions for themselves. This pause is fueling a vicious cycle in the market that is making it difficult to get deals across the finish line. Like many markets across the nation, the leasing sector of Grand Rapids is seeing a great deal of concessions and incentives pass from landlords to tenants. Some owners are making bare-bone deals …
MANCHESTER, MO. — Swansea, Ill.-based Holland Construction Services has completed the construction of Dave Mungenast Lexus of St. Louis. Located at 13700 Manchester Road in Manchester, the two-story, 70,000-square-foot building features a showroom and service lounge, a café, a delivery area and a 32-bay service area. Additionally, the facility is LEED-New Construction certified. The building will reduce potable water by more than 40 percent and use more than 15 percent less energy. Chesterfield, Mo.-based HDA Architects designed the property, while Vertegy served as the LEED consultant on the project.
DOVER, OHIO — New York-based Cedar Shopping Centers has completed the disposition of Discount Drug Mart Plaza in Dover. Located at 3015 N. Wooster Ave., the 38,409-square-foot property sold for $3.23 million. The fully leased center is anchored by Medina, Ohio-based Discount Drug Mart. Dan Cooper of The Cooper Commercial Investment Group represented the seller and undisclosed buyer in the transaction.
WILLOWBROOK, ILL. — Pirrello Digital Imaging has purchased a 49,122-square-foot industrial property, which is located within Madison Business Park at 7350 S. Madison in Willowbrook. The buyer is relocating its corporate headquarters and studio to the new facility. Bill Waliewski of Morgan Realty Partners represented the buyer; Brett Kroner and Traci Buckingham of CB Richard Ellis represented the seller, Lab Source. The acquisition price was not disclosed.
CHICAGO — The Chicago office of NorthMarq Capital has arranged $27.44 million in first mortgage financing for Midwest Orthopaedics at Rush, an 117,000-square-foot medical office center located in Chicago. The 10-year loan carries an 80 percent loan-to-cost and a fixed rate. Michael Sieman of NorthMarq arranged the financing on behalf of the undisclosed borrower.
SOUTHFIELD, MICH. — Friedman Real Estate Group has negotiated the sale of 20,973 square feet of industrial space at 21500 W. 8 Mile Road in Southfield. CCPZ Investments acquired the property for an undisclosed price. The buyer plans to use the property for its granite business. Friedman’s Todd Hawley and Paul Feldman represented the seller, LR Properties, in the transaction.
BROOKLYN PARK, MINN. — Ryan Companies US has completed the sale of an industrial property, which is located at 9303 W. Broadway within 610 Business Center in Brooklyn Park. Bio Test acquired the 75,000-square-foot facility for $3.67 million. Mark Sims of Colliers Turley Martin Tucker – Minneapolis/St. Paul represented the seller in the transaction.
CHICAGO — NorthMarq Capital’s Chicago Regional office has completed the sale of ten well-performing seasoned commercial mortgage loans. The transaction was between two undisclosed institutional entities. The properties are located in Illinois, Minnesota, Wisconsin, Missouri, Ohio, California and Washington. The assets include an apartment community, a medial office property, an office property, two industrial properties and five retail properties. The size of the loans range from $2.27 to $7.96 million with 7 to 16 years of seasoning and remaining loan terms of 3 to 16 years. Jeff Frankel, Erik Kunz and Mike Sieman of NorthMarq arranged the transaction.