WAUKEGAN, ILL. — A limited liability company organized by Colorado-based Monarch Investment and Management Group has acquired Northgate Apartments in Waukegan. The 363-unit REO property sold for $22 million or $60,606 per unit. Located at 2330 N. Samson Way, the 348,930-square-foot property features 15 one-bedroom/one-bath units, 45 large one-bedroom/one-bath units, 108 two-bedroom/one-bath units, 90 large two-bedroom/two-bath units, 90 extra-large two-bedroom/two-bath units and 15 three-bedroom/two-bath units. Additionally, the community features a clubhouse, a fitness center, a playground, a swimming pool and a tennis court. Scott Harris of Marcus & Millichap represented the seller, an East Coast-based lender, in the transaction.
Midwest
GREEN SPRINGS, OHIO — Jacob Gehl, Mark Myers and Michael Glass of Marcus & Millichap represented the undisclosed seller in the $10 million disposition of St. Francis Health Care Centre, a licensed nursing home and long-term acute-care hospital located at 401 N. Broadway Ave. in Green Springs. The property offers 150 skilled nursing beds and 36 long-term acute-care beds. The 186,000-square-foot property includes a park, a pond, a courtyard, a chapel, a greenhouse, a multi-purpose gym, a therapeutic pool with adjustable floor, therapy spaces, a full basketball court and three dining rooms. The buyer was a local healthcare provider.
KANSAS CITY, KAN. — Block & Company Inc. Realtors has completed the development of the 184,000-square-foot Wal-Mart Supercenter, which is located within the Plaza at Speedway in Kansas City. Wal-Mart will co-anchor the center along with Best Buy and Kohl’s. Block & Company also recently opened a 176,311-square-foot Wal-Mart Supercenter at the corner of Raytown Road and 350 Highway in Raytown, Mo.
CHICAGO — Evangelical Covenant Church has purchased a 50,000-square-foot office building, which is located at 8303 Higgins Rd. in Chicago. Akton Realty sold the property for an undisclosed price. Covenant is expected to take occupancy in the first quarter of 2010.
OLATHE, KAN. — Bushnell has leased 221,800 square feet of industrial space at 22101 W. 167th St. in Olathe for an undisclosed price. The relocation will allow Bushnell to close two of its three existing locations. Other tenants of the 601,829-square-foot facility include FedEx Smartpost. Kenneth Block and Michael Block of Block Real Estate Services represented the tenant; Joe Accurso and Dan Jensen of Kessinger/Hunter & Co. represented the owner, Sun Life Assurance.
COUNCIL BLUFFS, IOWA — North Liberty, Iowa-based Kinseth Hospitality Cos. has developed Hilton Garden Inn Omaha East/Council Bluffs at Horseshoe Casino, a 153-room hotel located at 2702 MidAmerican Dr. in Council Bluffs. The hotel features 5,000 square feet of meeting space, a fitness center, an indoor swimming pool and whirlpool, a glass-enclosed pavilion lobby, in-room mini refrigerators, microwaves and coffee makers, and on-site laundry facilities.
CAROL STREAM, ILL. — Wrightwood Capital has entered into a joint venture agreement with Chicago-based The Missner Group for the development of two industrial buildings in Carol Stream. Village Drive is a planned 93,000-square-foot industrial building located on a 4.66-acre site at 417 and 418 Village Dr. The facility will feature 28-foot clear ceiling heights, 10 exterior loading docks, two drive-in doors and 5 percent office space. Westgate Drive is a planned 80,000-square-foot industrial building located at 221 Westgate Dr. The facility will feature 24-foot clear ceiling heights, eight interior loading docks and office space. Both properties will be divisible for multi-tenant use. The Village Drive property will be marketed by Carter Andrus and David Bercu of Colliers Bennett & Kahnweilier, and the Westgate Drive property will be marketed by Andy Corken of CB Richard Ellis. The properties are the 14th and 15th assets for Wrightwood Capital’s Industrial Fund III.
CHAMPAIGN, ILL. — Champaign-based Sperry Van Ness|Ramshaw Real Estate has completed the sale of a vacant 39,480-square-foot retail property, located at 723 N. Neil St. in Champaign, for $1.05 million. The buyer, a private investor from Champaign, plans to bring a restaurant and retail shops into the one-story building, as well as construct a second story that will feature 11 residential condominiums. Alex Ruggieri of Sperry Van Ness represented the buyer, as well as the seller, a private investor from Urbana, Ill.
INDIANAPOLIS — Indianapolis-based NAI Olympia Partners has brokered the purchase of Raintree Plaza, a 61,718-square-foot shopping center located at 3702 N. Mitthoeffer Rd. in Indianapolis. Tracey Holtzman of NAI represented the undisclosed buyer in the acquisition from Investment Property Exchange. The acquisition price was not disclosed.
COTTLEVILLE, MO. — St. Louis-based Paric Corp. has been selected as construction manager for a new $6 million city hall and police facility located in Cottleville. The 15,888-square-foot, two-story facility will contain sustainable features such as a storm water capture and treatment system to reduce run-off into a nearby creek, as well as the use of the property as a trailhead to a comprehensive biking/walking path and interpretive nature trail. Kostecki Architects is providing design services for the project. The project broke ground at the end of September, and should be complete in September of next year.