EAST MOLINE, ILL. — Douglas Longyear of NAI BT Commercial’s San Francisco office represented both undisclosed parties in the disposition and acquisition of a FedEx Freight warehouse/distribution facility, which is located at 5005 Morton Dr. in East Moline. The 211,832-square-foot property sold for $19.25 million or $91 per square foot.
CHICAGO — Locally-owned Reed Construction has completed the build-out of a 5,000-square-foot fitness center within 303 E. Wacker Dr. in Chicago. The project includes men’s and women’s locker rooms and an exercise equipment area. Owned and managed by Hines, 303 East Wacker is a 28-story, 838,000-square-foot office tower situated in Chicago’s East Loop area. The building, which was built in 1979, was designed by Fujikawa Johnson & Associates and features an International Style tower that is distinguished by a curtain wall of bronze-finished aluminum and reflective glass and a two-story colonnaded arcade at ground level. The Environments Group/Perkins & Will provided architectural services for the build-out project.
CRYSTAL LAKE, ILL. — Rolling Meadows, Ill.-based A.G. Commercial has brokered and secured a $3.8 million loan for the ground-up construction of a Walgreens location in Crystal Lake. The 14,820-square-foot stand-alone property will be located at the corner of U.S. highways 31 and 176. Construction is slated to begin in September with completion expected by February 2010. George Arvanitis of A.G. Commercial arranged the financing on behalf of the undisclosed borrower.
ORLAND PARK, ILL. — Woodridge, Ill.-based Morgan/Harbour Construction, on behalf of American Technical Publishers Inc., has completed two office build-outs within a 42,000-square-foot, LEED-certified office building, which is located at 10200 Orland Parkway in Orland Park. The first project was a 5,952-square-foot build-out for Linden Group Inc., an architectural, interior design and land planning company, which is relocating from Homewood, Ill. Additionally, Morgan/Harbour completed a 2,667-square-foot build-out for ProMed Staffing Inc., which is relocating to the new Class A facility. Archideas provided architectural services for the projects.
VALPARAISO, IND. — Jones Lang LaSalle (JLL) has arranged the $15.2 million sale-leaseback of a corrugated box manufacturing facility located in Valparaiso. Situated at 3155 State Road 49, the 506,650-square-foot facility was constructed in 2002 and is one of the world’s largest corrugated box manufacturing buildings. It features two 110-inch BHS corrugators and nine finishing machines. It is occupied by Conyers, Ga.-based Pratt Industries, which executed a long-term leaseback of the property upon its sale to Chicago-based FT & NW Investments. JLL’s Matthew
ELK GROVE VILLAGE, ILL. — Moss Inc. has selected Meridian Design Build to complete a renovation of a 104,930-square-foot industrial building the company recently leased at 2600 Elmhurst Rd. in Elk Grove Village. Meridian will renovate the building to accommodate manufacturing and warehousing operations for Moss. Process electrical wiring, process ventilation and compressed air distribution will all be installed; a climate-controlled, 4,000-square-foot print room will be constructed; and a fully enclosed interior loading dock area will be built. The construction timetable was not released. Moss is leasing the property from Mirvac Industrial Trust.
LISLE, ILL. — Grubb & Ellis has brokered the sale of a 51,000-square-foot office building, located at 4979 Indiana Ave. in Lisle. The property was acquired by the Chicago Regional Council of Carpenter, which plans to consolidate its suburban operations into the new facility. Michael Fortuna and Brett Ratay of Grubb & Ellis represented the seller, Lisle Portfolio LLC, a subsidiary of Philadelphia-based Amerimar. Jules Marling and Michael Jacobs of Real Estate Research Corp. represented the buyer. The acquisition price was not disclosed.
CHICAGO — Chicago-based Hansen Realty has completed the purchase of a six-unit residential condominium building, located at 3320-22 W. Eastwood Ave. in Chicago’s Albany Park neighborhood. The property is newly constructed but had been foreclosed on prior to its completion. Hansen Realty represented the buyer, a Northside developer, which purchased the building for $750,000.
CHESTERFIELD, MICH. — Troy, Mich.-based L. Mason Capitani/CORFAC International (LMC) has brokered the sale of a 750,000-square-foot industrial complex, located at 26090 Twenty-Three Mile Rd. in Chesterfield. LMC’s Joe DePonio and Jason Capitani represented the seller, Cadence Innovation. The undisclosed buyer plans to use the property as warehouse and distribution space. The purchase price was not disclosed but the property listed for $10 million. DePonio also brokered Cadence Innovation’s original purchase of the property in 2005. This most recent sale marks the seventh property in an 11-property portfolio that Cadence Innovation enlisted LMC to sell. The other four properties are located in Clinton Township, Fraser, Grand Blanc and Hillsdale, Mich.
PLYMOUTH, MINN. — Minneapolis-based Timberland Partners has acquired Parkers Lake, a 248-unit multifamily community located in Plymouth. The garden-style, Class B property was built in 1988 and is situated within a larger master-planned community. Parkers Lake comprises a mix of one-, two- and three-bedroom units averaging 1,067 square feet each. Community amenities include a fitness center, two outdoor swimming pools, a resort-style bar/grill area, a business center, a playground, and a pond with walking trails and fountains. Timberland purchased the property from Principal Life Insurance Co. for an undisclosed amount. It plans to complete several capital improvements projects in the near-term.