FRANKLIN PARK, ILL. — Hill Mechanical Group has purchased a three-building, 183,950-square-foot industrial complex in Franklin Park. Situated on 19.4 acres, the property consists of the 83,670-square-foot 11100 Belmont Avenue facility, the 71,306-square-foot 3201 Wolf Road building and the 15,450-square-foot 3205 Wolf Road property. The complex was vacated when Central Grocers relocated its operations to a build-to-suit in Cherry Hill Business Park in Joliet, Ill. Hill Mechanical will use the facility to expand its operations from its current facility, which is located adjacent to the acquired asset. Matt Mulvihill and Ryan Kehoe of Grubb & Ellis represented the seller, CGI Franklin Park LLC, in the transaction. The acquisition price was not released.
CHICAGO — Chicago-based MorrisAnderson has formed a joint venture with Northbrook, Ill.-based Frontline Real Estate Partners, which specializes in providing real estate consulting and advisory services in bankruptcy and distressed situations, as well as acquiring distressed real estate assets. The partnership will be able to provide referral sources and clients with distressed real estate assets with restructuring, turnaround management, bankruptcy advisory and investment-banking services. Additionally, clients will benefit from the firm’s in-house real estate services, including management of receivership and bankruptcy transactions. Mitch Kahn, Matt Darin and Josh Joseph will lead the joint venture.
TAYLOR, MICH. — Paul Burger of Farmington Hills, Mich.-based Burger Easton & Co. has brokered the sale of a 19,000-square-foot industrial building. Located on Universal Drive in Taylor, the property sold to private buyer for an undisclosed price. Burger represented both undisclosed parties in the transaction.
OMAHA, NEB. — Omaha-based Darland Construction has broken ground for the construction of a corporate headquarters property for Pinnacle Bank in Omaha. The three-story, 82,000-square-foot office building will feature 63,000 square feet of office space and 19,000 square feet of underground parking space. The facility will house a Pinnacle Bank branch, Pinnacle’s corporate headquarters and the offices of Seim Johnson, an accounting/consulting firm. Avant Architects is providing architectural services for the project, which is scheduled for completion in May 2011.
DETROIT — DP Precise LLC has acquired the Greenfield Portfolio, a 151-unit REO apartment portfolio located in Detroit. The portfolio consists of three properties located along Greenfield Road and built in 1963. Westfield Apartments offers 56 units, including 48 one-bedroom and eight two-bedroom units; Greenview Apartments features 33 one-bedroom units; and Harvard House offers 62 units, including one studio, 56 one-bedroom units and five two-bedroom units. Bank of America N.A. sold the property for an undisclosed price. Mark Rohr and Eric Taylor of Hendricks & Partners’ Michigan office represented the seller in the transaction.
OREGON, OHIO — Cambridge Realty Capital Cos. has closed on an $11.6 million, FHA-insured loan for the refinancing of Orchard Villa I, a 164-bed skilled-care nursing facility in Oregon. Cambridge Realty Capital Ltd. of Illinois arranged the fully amortized, 34-year term loan for the undisclosed property owners. The loan was funded using the HUD Section 232 pursuant to Section 223(a)(7) Lean program, which is used to refinance existing HUD loans.
CLEVELAND — Grubb & Ellis Healthcare REIT II has acquired St. Vincent Medical Office Building, a three-story multi-tenant medical office building located on the campus of St. Vincent Charity Medical Center in Cleveland. Located at 2322 E. 22nd St., the 51,000-square-foot facility sold for $10.1 million. The property is currently 92 percent leased to multiple tenants, with St. Vincent Charity Medical Center occupying approximately 65 percent of the space. Jim Moloney and Joe Dominguez of Cain Brothers represented the seller, Vincent MBL Investors, in the transaction.
LENEXA, KAN. — Kansas Sampler (9750 Quivira LLC) has purchased a 40,000-square-foot retail space at Broadway Plaza Shopping Center in Lenexa. Located at 9750 Quivira Road, the former Feist Furniture property sold for an undisclosed price. Kansas Sampler’s new location is scheduled to open this summer. David Ye of Block & Company Realtors represented the seller, Feist Inc., in the transaction.
RICHFIELD, OHIO — Cuyahoga Falls, Ohio-based Carrara Cos. has acquired a 15,134-square-foot office and warehouse property in Richfield. Situated on 10.44 acres at 3774 Congress Parkway, the property sold for $735,000. William Nice and John Chaluda of Cleveland-based The Chartwell Group represented the buyer; Jennifer Fernandez of NAI Cummins Real Estate represented the seller, Akron, Ohio-based The Macomb Group, in the transaction.
CHICAGO — Meridian Capital Group has secured $3.5 million in financing to refinance three properties in Chicago. The properties include a nine-unit multifamily building located on North Clark Street in Chicago’s Lakeview neighborhood and two properties featuring a total of 11 apartments and two retail spaces on Division Street in the Wicker Park neighborhood. Provided by Northern Trust, the three 5-year loans feature rates of 5.75 percent and amortize on a 25-year schedule. Gershon Friedman of Meridian Capital originated the loans.