MADISON, WIS. — American Academy of Cosmetic Dentistry has acquired a 17,700-square-foot office property in Madison. Located at 402 W. Wilson St., the property sold for $2.2 million. Todd Waller of Lee & Associates represented the buyer. The seller was not released.
CHICAGO — Michael Brennan, former president and CEO of First Industrial Realty Trust, has formed Brennan Investment Group, a privately held industrial real estate investment firm in Chicago. The firm will acquire, develop and operate industrial properties in select major metropolitan markets throughout the United States. The co-founders and managing principals are Peter Murphy, who is responsible for transactions in the Eastern United States; Kareem Fikri, who focuses on the Midwestern United States; Robert Krueger, who is responsible for Central Florida; Britten Shuford, who will focus on the Western United States; and Kevin Smith, who focuses on Indianapolis; Cleveland, Cincinnati and Columbus, Ohio; and Nashville and Memphis, Tenn.
KANSAS CITY, MO. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has arranged a $4.9 million loan for the 217-unit Sterling Court Apartments in Kansas City. The 10-year loan, which carries a note rate of 5.9 percent, has a 26-year amortization schedule. The loan was provided under the Fannie Mae DUS Loan product line. Ronen Abergel of Arbor originated the financing.
TROY, MICH. — Echo Global Logistics has leased 10,000 square feet of office space at 3331 W. Big Beaver Rd. in Troy for an undisclosed price. The company is a provider of technology enabled business process outsourcing. Steve Eisenshtadt of Friedman Real Estate Group represented the tenant. The landlord was Troy Place II Associates.
ORRVILLE, OHIO — Holtec International has acquired a 202,000-square-foot industrial facility, which is located at 1400 Diary Ln. in Orrville. Situated on a 25.72-acre site, the property offers 186,700 square feet of industrial space and 15,400 square feet of office space. The company will open a nuclear power division, which provides management solutions for the backend of the nuclear power cycle, at the site. Matt Beesley and Fred Christie of CRESCO Real Estate represented the seller, American Weatherseal, in the transaction. The acquisition price was not disclosed.
INDIANAPOLIS — Cathy’s Concepts has leased a 40,000-square-foot office/warehouse facility in Indianapolis. Founded in 1988, Cathy’s Concepts is a wholesale manufacturer and distributor of gifts for all occasions. The privately held company is headquartered at 6900 E. 30th St. in Indianapolis. Mark Writt and Tom Cooler of CB Richard Ellis’ Indianapolis office represented the landlord, 6900 Complex LLC, and the tenant in the transaction. Terms of the lease were not disclosed.
LINCOLN, NEB. — Bob Chalupa of Q10|Daisley Ruff Financial has arranged a $20 million loan. The loan is for a group of apartment complexes located in Lincoln. The 10-year non-recourse, fixed rate loan carries a 4.94 percent interest rate. Fannie Mae financed the loan. The borrower was not disclosed.
NEW LENOX, ILL. — Morgan/Harbour Construction has completed an 11,868-square-foot build-out for Hinsdale Orthopedic Group within the Silver Cross Medical Office Building. The project is located on the Silver Cross Replacement Hospital Campus at 1870 Silver Cross Blvd. in New Lenox. The project included the construction of X-ray, physical therapy and treatment rooms, a state-of-the-art MRI suite, nursing stations, waiting areas, an office area and a laboratory. The developer of the facility is HSA Commercial Real Estate’s Primecare Division. Design Organization provided architectural services for the project.
Chicago, the nation’s third-largest metropolitan area, is known as a legendary shopping destination. Occupying a glamorous stretch along Chicago’s Michigan Avenue, the Magnificent Mile is lined with fabulous shops, exciting sightseeing activities, restaurants, luxury hotels and even flagship boutiques for some of the world’s most luxurious brands. But the Windy City, like most of the nation, remains mired in a depressed real estate market and faces the worst slump in retailing growth in at least a decade. Vacancies across the Chicagoland market have increased and are currently hovering between 10 and 12 percent. But because the city is so large, there are varying degrees to which areas are affected. The outlying suburbs, where clusters of homes sprouted from farm fields just as the recession began, seem to be faring worse than the downtown area and the more densely populated suburbs. Retailers are taking advantage of the current conditions and many are leaving the “green,” suburban areas and repositioning within the city or upgrading their locations if they already have an urban presence. In the city proper, a massive new Barneys New York emporium opened its doors earlier this year. The 90,000-square-foot store occupies a new six-story building on the corner …
FORT WAYNE, IND. — Keystone Realty has acquired a 40,500-square-foot industrial complex, which is located at 6931 and 6935 Lincoln Parkway in Fort Wayne. Skinner Properties sold the asset for an undisclosed price. Brad Sturges and Bill Cupp of CB Richard Ellis/Sturges represented the seller in the transaction.