BLOOMINGDALE, ILL. — Leopardo is constructing a new headquarters facility for the Scottish Rite Cathedral Association's Valley of Chicago. Located at the corner of Lake Street and Medinah Road in Bloomingdale, the two-story, 61,000-square-foot property will feature a museum, a library, a traditional hall, kitchen facilities, a dining room for 290 people, a bar and game room, a grand hall, administrative offices and a 270-seat theater. Leopardo is serving as general contractor and construction manager; Thompson, Ventulett, Stainback & Associates is serving as architect; and Core Project Management Group is providing representation for the owner. The project, The Scottish Rite – Valley of Chicago, will be completed by year's end of 2011.
Midwest
INDIANAPOLIS — The $130 million expansion has opened at Community Hospital South in Indianapolis. The project includes a new five-story, 194,000-square-foot patient tower that boosts hospital capacity to 150 all-private rooms and six new surgical suites that accommodate multiple disciplines. The project also included a 100,000-square-foot renovation of existing spaces, including patient rooms, kitchen areas, central sterile, pre- and post-op units, daybed units and PACU. RTKL provided planning and design services for the project.
TAYLOR, MICH. — Metro South Church has acquired a 43,112-square-foot retail space in Taylor. TSA Stores Inc. sold the property, which is located at 21080 Penn Road, for an undisclosed price. The buyer plans to relocate its nondenominational independent church to the new facility, which is a former Sports Authority location. Greg Hornby of Friedman Real Estate Group represented the buyer in the transaction. Terms of the deal were not released.
BUFFALO GROVE, ILL. — J&T Enterprise has acquired a 34,216-square-foot industrial property located at 1225 Busch Parkway in Buffalo Grove. Situated on 3.12 acres, the Class B property features three interior loading docks and 16-foot ceiling heights. Bill Novelli, Keith Puritz, Brett Kroner, Ryan Bain and Zach Graham of CB Richard Ellis represented the buyer; Terry O'Hara and Paul Tesdal of Lee & Associates represented the seller, 1225 Busch Parkway, in the transaction.
CHICAGO — Chicago-based Holliday Fenoglio Fowler (HFF) has completed the sale of an $11.4 million, first-mortgage loan secured by a 12-property, self-storage portfolio in Indiana. An affiliate of First City Commercial Corp. purchased the loan for an undisclosed price. The loan has a 6.36 percent coupon and 7-year remaining life. The self-storage collateral, which is located throughout central and southern Indiana, totals 3,320 storage units and is owned and operated affiliates of Storage Express. Bill Mitchell, Stuart Salins, Aaron Swerdlin and Doug McCarron of HFF represented the seller, a undisclosed major Midwest insurance company, in the transaction.
HEBRON, KY. — ProLogis has signed a third-party logistics provider to its ProLogis Park 275 property in Hebron. The company will lease 70,000 square feet at Building Four, which is approximately 10 miles south of Cincinnati. The tenant signed a third-quarter lease for 30,000 square feet, followed by a fourth-quarter lease of 40,000 square feet. Additional terms of the transaction were not released.
COLUMBUS, HILLIARD AND VERMILLION, OHIO — Red Mortgage Capital, along with RED CAPITAL GROUP, has arranged and funded four multifamily loans totaling more than $73 million in Ohio. In the first transaction, RED provided $13.22 million for Prescott Place, a 244-unit complex that will be located in Columbus. The project is owned by Prescott Place LLC and will be managed by Ardent Property Management. In the second transaction, Edwards Communities Management Co. received $23.67 million for the development of Arlington Park, a 282-unit property in Columbus. Additionally, RED funded a $31.8 million loan for Hilliard Grand Apartments, a 314-unit property that will be located in Hilliard. The property is owned and will be managed by Schottenstein Real Estate Group. In the final transaction, Baywoods Villa Apartments received $4.54 million in financing. Located in Vermillion, the 54-unit property will be owned by Vermillion One LLC and managed by Redwood Management Co.
WARREN, MICH. — Mercurio Management Services has acquired an 8,580-square-foot building, which is located at 24920 Gibson in Warren. The buyer plans to use the property as a headquarters for its concession business. Michael Grammatico of L. Mason Capitani CORFAC International represented the buyer; Joe DePonio and Jason Capitani, also of L. Mason Capitani, represented the undisclosed seller in the transaction.
SHOREWOOD, ILL. — Cambridge Realty Capital Cos. has closed a $13.6 million FHA-insured HUD Lean loan for the construction of Alden Estates of Shorewood. The 100-bed, skilled-care nursing home facility is located in Shorewood. The HUD Section 232 funding package included both new construction and a fully-amortized 40-year permanent mortgage loan. The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois. The borrower was an undisclosed Illinois limited liability company. The interest rate was not released.
ALSIP, ILL. — FutureMark Paper Co. has renewed its lease at 13040 S. Pulaski in Alsip. The environmentally-friendly paper manufacturer leases 81,468 square feet of industrial space at the property. Ryan Hanley and Chris Gary of Darwin Realty & Development Corp. represented the tenant in the transaction. The landlord is Australia-based Mirvac Property Trust. Terms of the transaction were not released.