VALPARAISO, IND. — Michael Wernke of Marcus & Millichap’s Indianapolis office brokered the disposition and acquisition of Villa Moderne in Valparaiso. Located at 1411 E. Chicago St., the 58-unit property sold for $2.27 million. Built in 1974, the property features studio, one- and two-bedroom apartments. At the time of acquisition, the complex was 93 percent occupied. The buyer and seller were not disclosed.
RIVERDALE, ILL. — Turnstone Development Corp. has selected McShane Construction Co. to complete the renovation of Riverdale Senior Apartments, which is located at 335 W. 138th St. in Riverdale. The five-story, 52-unit multifamily project will offer public and affordable housing options, including 43 one-bedroom apartments and nine two-bedroom apartments; a community room; on-site laundry; two elevators and a social services office. Additionally, the property will feature three ADA accessible units and eight ADA adaptable units. The project is receiving funding from the American Reinvestment and Recovery Act through the U.S. Department of Housing and Urban Development, the Housing Authority of the County of Cook and the County of Cook’s Department of Planning and Development. Piekarz Associates is providing architectural services for the project, which is scheduled for completion in December.
SCHAUMBURG, ILL. — Leopardo, serving as general contractor, has broken ground for the construction of a headquarters property for Barrington Orthopedic Specialists. Located at 929 W. Higgins Road in Schaumburg, the 53,000-square-foot medical office will feature physical therapy, work hardening, work conditioning, MRI and physician offices. Completion is slated for January 2011. Tinley Park, Ill.-based Areté 3 is providing architectural services for the project.
ANN ARBOR, MICH. — Anytime Fitness has opened a new location at Maple Village in Ann Arbor. The company leased 6,893 square feet of space at the retail center, which is located at the corner of Maple and Jackson roads. Richard Parnell of Hastings, Minn.-based Franchise Real Estate represented the tenant; Justine O’Brien provided in-house representation for Centro Properties Group, which owns the retail property.
BLAINE, MINN. — Ryan Companies Inc. has completed the construction of a 25,011-square-foot building for Rasmussen College in Blaine. The $4.8 million project was designed by Mankato, Minn.-based Paulsen Architects. Slated to open this summer, the building will be part of Blaine Preserve Park.
BOLINGBROOK, ILL. — Jet Lithocolor Inc. has leased 94,118 square feet at 605 Territorial Drive, a 182,400-square-foot warehouse/manufacturing building within Remington Lakes Corporate Center in Bolingbrook. The facility features 30-foot clear ceiling heights, an ESFR sprinkler system, full climate control, concrete floors, 28 docks with 130-foot minimum truck court depths and 49-foot by 40-foot bays. Jason West of Cushman & Wakefield of Illinois represented the tenant; Traci Buckingham and Grant Glattly of CB Richard Ellis represented the owner, BPG Properties Ltd., in the transaction. Terms of the lease were not disclosed.
KANSAS CITY, KAN. — Tritz Pallet has leased an industrial property in Kansas City for an undisclosed price. Located at 30 Funston, the property offers 74,660 square feet of space. Prime Investments is the owner. Paul Neal of Grindstone Industrial Properties brokered the transaction. Terms of the lease were not released.
SOUTH ELGIN, ILL. — An entity of a Northbrook, Ill.-based development company has purchased the 260,000-square-foot South Elgin Crossings shopping center from a national bank for $24 million. Located at the intersection of Randall Road and McDonald Road in South Elgin, the property houses Home Depot, Best Buy, PetsMart, Staples and Buffalo Wild Wings. Wells Fargo Bank financed the transaction. Chad Firsel of Quantum Real Estate Advisors represented the buyer in the transaction.
CHESTERFIELD, MO. — TA Associates – CA has sold the 300-unit Schoettler Village apartment complex to Maxus Properties for an undisclosed amount. The property is located at 15480 Elk Ridge Lane in Chesterfield. Sean Fogarty, Matthew Lawton and Marty O’Connell brokered the sale.
MICHIGAN — NAI Farbman’s Paul DeBono represented Amherst Partners in the sale of a retail property to Residential Rental-Harry for an undisclosed amount. The 58,443-square-foot building is located at 34150 Gratiot Ave. in Clinton Township, Mich. DeBono and the firm’s Ronald Goldstone represented Bank of America National Association’s sale of a 36,336-square-foot retail property to a private party. The development is located at 35300 Central City Parkway in Westland, Mich.