AURORA, ILL. — TMK Development/Inland Real Estate has completed the disposition of a Walgreens location in Aurora. The 14,820-square-foot retail store is situated in a Super Wal-Mart-anchored shopping center, which is located at the corner of Butterfield and Kirk roads. A private investor from Nebraska acquired the property for an undisclosed price. Oakbrook Terrace, Ill.-based Mid-America Real Estate Corp.’s Mark Goldberg and Tom Fritz represented the seller in the transaction.
Midwest
WOOD DALE, ILL. — A private investor has acquired a 15,000-square-foot facility, which is located at 362 Balm Ct. in Wood Dale, for $1.29 million. The building features 2,300 square feet of office space, 16-foot clear ceiling heights, a dock and a drive-in door. Brian Liston and Brian Gedvilas of Darwin Realty & Development Corp. represented the buyer; Chris King and Tom Kukulski of Kingbrook & Associates represented the undisclosed seller.
Caution is the course that many industrial tenants are pursuing in the Twin Cities of Minneapolis and St. Paul, especially when it comes to leasing or acquiring new space. This is partly to do with being prudent and partly to do with firms' continued inability to dislodge money from the frozen capital markets. “More so than I have ever seen in the market, companies are very reluctant to consider relocating,” says Bill Ritter, senior vice president of Welsh Companies. “Any company that has the ability to consolidate or renew is looking at that versus the cost associated with physical relocation.” For those that are in the market for space, Ritter has optimistic news. “I have never seen a better time to be a tenant in over 25 years of experience leasing and selling industrial real estate,” he says. Ritter goes on to say that a unique trend is developing in which landlords are trying to get their tenants to renew 12 to 18 months before the end of their lease terms, and they are willing to rewrite the current rental agreement — with discounted rates — if the tenant agrees. “Sure, the landlord is giving something up, but if that …
WHEELING, ILL. — Morgan/Harbour Construction, serving as design-builder, has completed the construction of a public works facility for the Village of Wheeling. Located at 77 W. Hintz Rd. in Wheeling, the 121,397-square-foot property includes indoor storage space for trucks and equipment, administrative offices and 3 acres of outdoor storage for salt domes, a fuel island, equipment storage and other machinery. Harris Architects provided architectural services for the project.
EDEN PRAIRIE, MINN. — Brian Hennen of NorthMarq Capital’s Minneapolis Regional office has arranged a $4.6 million first mortgage for Southwest Crossing Tech Center in Eden Prairie. The 107,633-square-foot multi-tenant, office/showroom property is currently tenanted by CIGNA and Questar Medical Inc. Terms of the 10-year loan include a 25-year amortization schedule. Advantus Capital Management provided the loan. The borrower is Southwest Crossing Tech LLC.
CHICAGO — Steven D Construction has purchased a 2.82-acre industrial land site located at 2000 W. 43rd St. within Stockyards Industrial Park in Chicago. The company plans to redevelop the existing office buildings and use the land for equipment storage. Michael Nelson and Mark Nelson of Paine/Wetzel • ONCOR International represented the seller, Mike Kibler, in the transaction. The acquisition price was not disclosed.
OMAHA, NEB. — The Omaha regional office of NorthMarq Capital has arranged a first mortgage for Bennington Hill Apartments, a 129-unit multifamily property located in Sioux Falls. S.D. The $6.5 million loan carries a 10-year term with a 30-year amortization schedule. John Reed of NorthMarq arranged the financing for Bennington Hill LLC through an affiliate, AmeriSphere Multifamily Finance.
FRANKLIN, WIS. — Franklin Drive LLC has acquired a 13,500-square-foot office building in Franklin. Located at 9875 S. Franklin Dr., the property sold for $1.57 million. Lyle Landowski of Inland Cos. brokered the transaction. The seller was not disclosed.
CLEVELAND — Horizon Science Academy has signed a lease for an approximately 40,000-square-foot building, which is located at 2261 Columbus Rd. in Cleveland. The property is owned by the Catholic Diocese of Cleveland. Ken Anderson of CRESCO Real Estate represented the tenant in the transaction. Additional terms of the lease were not disclosed.
CARMEL, IND. — Software Engineering Professionals (SEP) has leased 28,000 square feet of office space at The James Building, which is located within Carmel City Center in Carmel. Construction of the building began this month. SEP will be relocating its 75-person staff from Meridian Mark I at 116th and Meridian streets to the new property. John Robinson and Adam Broderick of Jones Lang LaSalle represented the landlord in the transaction.