BROOKFIELD, WIS. — Cities & Villages Mutual Insurance Co. has purchased a 24,696-square-foot office property in Brookfield. Grede LLC sold the property, which is located at 9898 W. Bluemound Rd., for an undisclosed price. Dan Jessup and John Mazza of Grubb & Ellis|Apex Commercial brokered the transaction.
Midwest
WAUKEGAN, ILL. — Onsrud Cutter has purchased a 63,833-square-foot industrial facility in Waukegan. Situated on 6 acres at 1081 Northpoint Blvd., the property offers heavy power, air-conditioned warehouse/manufacturing space and 15,000 square feet of office space. Onsrud plans to relocate its manufacturing operations to the facility from its existing property in Libertyville, Ill. Steve Trapp of Cushman & Wakefield represented the buyer; Whit Heitman, Samuel Badger and Brad Weiner of Paine/Wetzel • ONCOR International represented the seller, Northpoint ADG LLC, in the transaction.
CHICAGO — A New York-based institutional real estate company has acquired the ground lease for a CVS/pharmacy location in Chicago. Located at 6355 W. Belmont Ave., the property is 100 percent leased to CVS on a long-term lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private Chicago-based developer. The acquisition price was $3.6 million.
ST. LOUIS — Principal Commercial Real Estate has merged with Walpert Properties. The new company will operate under Principal Commercial Real Estate and launched its new brand, structure and website on October 1, 2010. Walpert Properties was founded by Robert Walpert in 1989; Principal Commercial was co-founded by Gary Parker, Dan Merlo and Dan Dokovic in early 2010. Kent Evans, who joined the Principal team in July, will oversee the integration of the two companies. The combined companies plan to continue to expand all facets of development, acquisition, management and brokerage services.
MT. PROSPECT, ILL. — Brennan Investment Group has acquired a 217,000-square-foot industrial facility in Mt. Prospect. Situated on 8 acres at 1900-2000 S. Carboy Road, the two-building property is partially leased. An affiliate of Principal Global Investors sold the property for an undisclosed price. Grubb & Ellis provided representation for the seller. Brennan has engaged CB Richard Ellis to market and lease the remaining space in the facility.
JUNEAU, WIS. — Capitol Real Estate Juneau has acquired a 28,717-square-foot shopping center in Juneau. Located at 100 S. Western Ave., the 7-year-old retail center is occupied by Piggly Wiggly, Edward Jones and Subway. T. Rectangle Properties sold the 90-percent occupied center for $3.1 million. Steve Doran, Blake George and Todd Waller of Lee & Associates’ Madison, Wis., office represented both parties in the transaction.
CHICAGO — The Chicago office of Opus Development Corp. has named David Everson to the position of general manager. In this position, Everson will be responsible for pursuing commercial real estate development and investment opportunities and for leading development operations. Additionally, he will continue his role as vice president of sales and finance for the company. As vice president, Everson is responsible for securing the construction financing and eventual sale of various build-to-suit and speculative development projects throughout Chicago, Milwaukee, Indianapolis and Columbus, Ohio. Since joining the company in 1999, Everson has managed or assisted in the financing or sale of more than $1 billion in commercial real estate. Prior to joining Opus, he served for First Industrial Realty Trust and Marvin F. Poer & Co.
KANSAS CITY, MO. — NorthMarq Capital has arranged a $3.25 million loan for Citadel Apartments in Kansas City. Located at 1702 Bushman Dr., the property offers 164 apartment units. The 10-year Freddie Mac loan features a 30-year amortization schedule. Greg Duvall of NorthMarq's Kansas City regional office originated the transaction. Additional terms of the loan were not released.
MILWAUKEE — Panda Express has signed a lease to open its first free-standing restaurant location in Milwaukee. Located at 1210 Miller Park Way, the 3,035-square-foot restaurant is expected to open in December. John Kardelis of CB Richard Ellis' Milwaukee office represented the tenant. Terms of the lease were not released.
SYLVANIA, OHIO — Athena Career Academy has leased 8,004 square feet of space at Starlite Plaza, which is located on Monroe Street in Sylvania. The academy is a career education school that focuses on nursing. John Healey and Mike Scannell of Toledo, Ohio-based Park West Realty represented Athena; Robert Saggese provided in-house representation for the landlord, Centro Properties Group. Terms of the lease not disclosed.