ROMEOVILLE, ILL. — Kylie Capital has purchased a 162,895-square-foot industrial facility, located within Windham Lakes Business Park in Romeoville, from Panattoni Development Co. for an undisclosed price. Panattoni recently purchased the property, which is located at 1186-98 Arbor Dr., as part of a larger portfolio from Prudential Real Estate Investors. Brett Kroner of CB Richard Ellis represented the buyer; Stephen Connolly and Mark Moran of NAI Hiffman represented the seller, Panattoni, in the transaction.
Midwest
MILWAUKEE, WIS. — 5th Ward Partners has acquired two industrial properties, which are located at 401-415 S. 3rd St. and 422 S. 4th St. in Milwaukee, for an undisclosed price. The buyer plans to occupy a portion of the facilities in the short term with plans to eventually redevelop the properties. Badger Trailer, which recently relocated to Franksville, Wis., formerly occupied the properties. James Young of Colliers Barry represented 5th Ward Partners and the seller, Badger Trailer, in the transaction.
ROMEOVILLE, ILL. — Sitex Realty Group has acquired a 27,700-square-foot industrial facility in Romeoville. The property is located at 1231-1233 Naperville Dr. within Marquette Business Park. Wingfoot Commercial Tire and Parkway Imaging currently occupy the facility. Ben Cremer and Mike Robbins of NAI Hiffman represented the undisclosed seller in the transaction. The acquisition price was not released.
WILLOWBROOK, ILL. — Rare Coin Company of America (RARCOA) has purchased a 16,800-square-foot industrial flex facility in Willowbrook. Located at 7550-60 Quincy St., the property features a 5,000-square-foot office build-out, two truck docks and 45 car parking spaces. Mike Robbins and Ben Cremer of NAI Hiffman represented the buyer; Pat Stanton of Patrick Commercial represented the undisclosed seller. The acquisition price was not released.
The hottest trend is to simply not develop! This holds true for all types of speculative development and is currently the case for build-to-suits. There is just nothing being built. Contemplated projects are more complex than ever. To get a development out of the ground, it now takes a true partnership between the user, developer, broker and lender. Having all the parties at the table to structure the deal is key to success in this environment. Four speculative projects, totaling approximately 1.45 million square feet, have been built since third quarter 2008 — the projects are currently 5.3 percent occupied. Facilities recently built include the 533,520-square-foot Allpoints Midwest Building 2 built by Duke and Browning in Plainfield; two buildings built by Browning in Mt. Comfort — a 423,000-square-foot modern bulk facility and a 250,000-square-foot hybrid-bulk facility; and Precedent’s 245,041-square-foot building, which is also in Mt. Comfort. These projects added 2.5 percent to the vacancy in the modern bulk product type. The above projects are located within the southwest and east submarkets of Indianapolis and situated along the Interstate 70 corridor, which is the jugular vein for commodities flow. Browning is the most active developer and is involved in three of …
CUYAHOGA HEIGHTS, OHIO — Premier Produce, Cleveland’s leading supplier of produce, has purchased a 42,008-square-foot warehouse facility. The company plans to relocate to the facility at 4500 Willow Parkway in Cuyahoga Heights. Kevin Kuczynski of Colliers Cleveland represented the buyer; Scott Garson of NAI Daus represented the seller, W.W. Polymer Distribution, in the transaction. The acquisition price was not disclosed.
CHICAGO — The Chicago and Boston offices of Holliday Fenoglio Fowler (HFF) have arranged $100 million in financing for a 1,617-unit, four-property multifamily portfolio. The financing includes a 10-year, $23.7 million loan for The Gates of Carlson Center, a 435-unit property located at 300 Carlson Parkway in Minnetonka, Minn.; a 7-year, $27.48 million loan for Fountain View on the Plaza, a 396-unit community located at 4800 Oak St. in Kansas City, Mo.; a 7-year, $17.7 million loan for the 486-unit Villages of Bogey Hills, located at 2200 Lake Ct. in St. Charles, Mo.; and a 10-year, $31.05 million loan for Jefferson at Dedham Station, a 300-unit property located at 1000 Presidents Way in Dedham, Mass. Mike Kavanau and Fred Wittmann of HFF arranged the financing through Freddie Mac for the borrower, RREEF.
MUNDELEIN, ILL. — Deringer-Ney, a manufacturer of alloys, metal components, insert moldings and part assemblies, has completed the disposition of a 10.16-acre land parcel in Mundelein. Located at 1250 Townline Rd., the parcel was purchased by Medline Industrial for an undisclosed price. CB Richard Ellis’ Keith Puritz, Brett Kroner, Ryan Bain and Zach Graham brokered the deal.
ALSIP, ILL. — AIM Fiber, a manufacturer of acoustical and insulation products for the automotive and appliance industries, has signed a long-term lease for 106,933 square feet of industrial space at 11939 S. Central in Alsip. Chris Gary of Darwin Realty & Development Corp., along with Jeff Moore of Southern Investors Realty, represented the tenant; Gary and Ryan Hanley of Darwin Realty represented the landlord, First Industrial, in the transaction. Additional terms of the lease were not disclosed.
MADISON, WIS. — Emerson Charitable Trust and Emerson Electronic have completed the disposition of a 45,760-square-foot office building and a 6.93-acre adjacent lot. Hallick Real Estate Holdings purchased the properties, which are located in Madison, for more than $5 million. The buyer plans to use the facility for CPM Marketing Group, which is headquartered in Madison. Craig Stanley of Siegel-Gallagher Madison, along with Paine/Wetzel of Chicago, represented the buyer in the transaction.