EMPORIA, KAN. — Griffin Capital Corp., on behalf of The GC Net Lease REIT, which is sponsored by Griffin Capital, has acquired a 320,800-square-foot manufacturing property in Emporia. Situated on a 16.6-acre site, the property site can accommodate an additional 107,000-square-foot expansion. The property is currently home to Hopkins Manufacturing Corp.’s national headquarters office, domestic production plant and principal distribution facility. Hopkins is a manufacturer and distributor of specialized towing products and functional accessories for the automotive and recreational vehicle aftermarkets, including automotive winter care products, fluid handling, storage and amp organization and auto cleaning accessories. Terms of the acquisition were not released.
Midwest
KENOSHA, WIS. — Sue Blumberg of NorthMarq Capital’s Chicago regional office has arranged $5.1 million in financing for Briarcliff Apartments in Kenosha. Located at 2150 W. 89th St., the property offers 188 apartment units. The financing was based on a 10-year term with a 30-year amortization schedule. NorthMarq arranged the financing through its seller-servicer relationship with Freddie Mac for the borrower, Briarcliff Apartments LLC.
GREENWOOD, IND. — Indianapolis-based Van Rooy Properties has acquired Westminster Apartments in Greenwood. The 438-unit property, which was in receivership, was listed for $8.25 million. The buyer has an extensive rehabilitation planned for the property, which includes new roofs and windows, plumping upgrades, common area renovation, interior updates, clubhouse renovations, and the addition of a community fitness center. Tikijian Associates represented the seller/receiver, Barrett & Stokely, on behalf of a special servicer, Midland Loan Services, in the transaction.
WOODBURY, MINN. — Wellington Management Inc. has signed a purchase agreement for the 450,000-square-foot Woodbury Corporate Campus in Woodbury. State Farm formerly occupied the property. Wellington plans to convert the campus into a Class A, multi-tenant office building for tenants in the 20,000 to 200,000-square-foot range. Additionally, the adjacent 50 acres of undeveloped land at Radio Drive and Interstate 94 will be marketed for build-to-suit office, hotel and retail uses. Also, a portion of the site is expected to be developed as an upscale senior housing campus. Transaction details were not released. Dan Gleason, Tom Stella and Pete Rand of NorthMarq represented State Farm in the disposition of the property. Wellington owns and manages a $375 million portfolio of 88 commercial properties for 625 tenants throughout the Twin Cities area.
CLEVELAND — Developers Diversified Realty Corp. is adding and expanding retail offerings at Macedonia Commons, a 543,987-square-foot community shopping center in Cleveland. Walmart is expanding to a 167,000-square-foot facility, which will feature a full line of groceries; and rue21 is expanding to 4,900 square feet. Additionally, Hobby Lobby recently opened a 54,000-square-foot location at the center and Five Below opened an 8,000-square-foot store at the property. Also, Dots, an affordable woman’s clothing retailer, is expected to open a 5,000-square-foot store in early 2011. Current tenants of the 97 percent-leased center include Home Depot, Kohl’s, Cinemark, PetSmart and Champs Sports.
HILLSIDE, ILL. — Dynamic Manufacturing Corp. has acquired a 173,000-square-foot industrial property, which is located at 4201 Raymond Dr. in Hillside. The company plans to use the property to consolidate and reorganize operations. Dynamic is a remanufacturer of torque converters and transmissions for the automotive industry. Daniel Fanelli, George Cibula and Anthony Leeds of Darwin Realty & Development Corp. represented the buyer; Justin Fierz and Brian Vanosky of Lee & Associates represented the undisclosed seller. The acquisition price was not disclosed.
BLUE SPRINGS, MO. — Westchester, Ill.-based Tri-Land Properties has completed the disposition of its Blue Springs Market project to Hy-Vee Inc., a leading supermarket chain in the Midwest. Hy-Vee plans to retrofit the 84,146-square-foot building to fit its corporate floorplan. Kmart previously occupied the property. Terms of the transaction, which closed in late August, were not released.
SCHAUMBURG, ILL. — TRECAP Partners has acquired a majority interest in Lakes of Schaumburg, a 428-unit apartment building located in Schaumburg. The property was acquired for an undisclosed price on behalf of TRECAP value-add investment vehicle in joint venture with Marquette Property Investments. The community features 27 two- and three-story buildings, two clubhouses, two outdoor heated pools, a jogging trail and a fitness center. The property was built in 1987 and underwent renovations between 2000 and 2009. This transaction is TRECAP’s third multifamily acquisition since the second quarter.
GERMANTOWN, WIS. — Pendergast Real Estate LLC has completed the disposition of a 25,000-square-foot property. The property is located at W194 N11250 McCormick Drive in Germantown. NW McCormick LLC acquired the property for an undisclosed price. Barry Chavin and Adam Matson of NAI MLG Commercial represented the seller in the transaction.
QUINCY, ILL. — MWF Properties has broken ground for the development of Franklin Square Apartments, which is located at 318 Maiden Lane in Quincy. The three-story, 48-unit complex will consist of two- and three-bedroom apartments and a two-level underground parking garage. Weis Builders is serving as general contractor for the $9.2 million project, which is scheduled for completion in early summer 2011.