ELGIN, ILL. — Ryan Cos. US has completed the disposition of a 100,294-square-foot industrial building, which is located within Randall Crossings Business Park in Elgin. Siegle Investments acquired the property, which is fully leased by Boston-based Iron Mountain. Located at 2755 Alft Lane, the property features 5 percent office space, eight exterior docks (expandable to 22), two drive-in doors, 30-foot clear ceiling heights and an ESFR sprinkler system. Ken Franzese and John Cassidy of Lee & Associates represented the seller. Financial terms of the transaction were not released.
Midwest
ST. LOUIS — NorthMarq Capital has arranged a $5.7 million first mortgage for The Knolls Townhomes, a 112-unit multifamily property located in St. Louis. David Garfinkel of NorthMarq’s St. Louis Regional office secured the 7-year loan, which carries a 30-year amortization schedule. The loan was arranged through AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. The borrower was not disclosed.
MILWAUKEE — Lombard, Ill.-based Avgeris & Associates has purchased a 172,000-square-foot manufacturing facility in Milwaukee for an undisclosed price. As part of the sale/leaseback transaction, Avgeris negotiated a 20-year lease with the current tenant, an undisclosed Milwaukee-based company. Sam Dickman of The Dickman Company represented the tenant in the transaction. The lender was Chicago-based Metropolitan Capital Bank.
MINNEAPOLIS — Michael Padilla of NorthMarq Capital’s Minneapolis regional office has arranged a $2.4 million loan for a Walgreens location in Sioux Falls, S.D. The property consists of 13,905 square feet of retail space. Financing was based on a 4 + 4-year term with a 15-year amortization schedule. Symetra Life provided the financing for the undisclosed borrower.
ST. LOUIS — St. Louis-based Colliers Corporate Solutions has signed on to provide commercial real estate services to 23 clients since January, adding companies such as Express Scripts, AutoZone, MeadWestvaco and Solutia to the firm's client list. Colliers has helped these companies with facilities management, portfolio management, transaction management and project management.
FAIRFIELD TOWNSHIP, OHIO — Phillips Edison & Co.’s Strategic Investment Fund recently acquired Bridgewater Falls, a 600,000-square-foot regional shopping center in Fairfield Township. The approximately 54-acre property sale also includes ground leases to JC Penney, Chili’s, Max & Erma’s and Huntington Bank. The center is anchored by TJ Maxx, Best Buy, PetSmart, Dick’s Sporting Goods, Michaels, Target and Bed, Bath & Beyond. The seller and acquisition price were not disclosed. This acquisition marks the third property purchased by the company’s $70 million strategic investment fund.
OVERLAND PARK, KAN. — Westchester, Ill.-based Tri-Land Properties has broken ground for the redevelopment of Cherokee South Plaza in Overland Park. The rehab of the 118,000-square-foot retail center includes demolition of one building, the construction of three new buildings and the addition of many new retail tenants. Current tenants include Hallmark, H Block and Paul Mitchell School. The revitalized center will include outdoor patios, tree-lined walkways, sidewalk planters and public spaces for neighborhood use. Additionally, a 15,000-square-foot, stand-alone Walgreens store is scheduled to open at the end of October. Completion for the redevelopment is slated for summer 2010.
WICHITA, KAN. — InterContinental Hotels Group (IHG) has opened a Staybridge Suites hotel in Wichita. Located at 2250 N. Greenwich Rd., the 88-room property offers deluxe studio, one-bedroom and two-bedroom room options. Additionally, guest amenities include in-room CD/DVD players, workstations, speakerphones with direct-dial numbers, personal voice mail and fully equipped kitchens. The property also features a complimentary daily breakfast and laundry service, workout facilities, a 24-hour business center, 400 square feet of meeting space, a guest library and BridgeMart, a 24-hour convenience store. The hotel is owned by Keystone-DKC/Midas Holdings and managed by Midas Hospitality under a license agreement with a company in IHG.
LAFAYETTE, IND. — Eli Lilly and Company has agreed to sell its Tippecanoe Laboratories manufacturing facility to Evonik Industries AG, one of the world’s largest chemical companies. The facility, which is located in Lafayette, will remain in operation with a focus on producing high-quality active pharmaceuticals ingredients (API) and specialty chemical and animal health products. Concurrent with the sale, the two companies will enter into a 9-year supply and services agreement, whereby Evonik will manufacture API for certain Lilly human and animal health products. Additional terms of the transaction were not disclosed.
WILLOWBROOK, ILL. — Cogent Asset has purchased a 25,428-square-foot building, which is located at 7001 Adams in Willowbrook, for $2.65 million. The facility features approximately 26 percent office space, 22-foot clear ceiling heights, an interior dock and a drive-in door. David Friedland of Epic Realty Partners represented the buyer; Brian Liston and Brian Gedvilas of Darwin Realty & Development Corp. represented the seller, VIP Morgan Partners, in the transaction.