NORTHBROOK, ILL. — Highland Baking Co. has selected Meridian Design Build to design and construct a new corporate office space at the company’s existing headquarters in Northbrook. Located at 2301 Shermer Road, the project includes the selected demolition and construction of approximately 12,500 square feet of office space in a vacant single-story building attached to the main plant. The new space will include private offices, a sales area, renovated restrooms, conference rooms and a lunchroom. A+M Architects is providing architectural services for the project.
Midwest
LAKEWOOD, OHIO — Ian Harrison of Marcus & Millichap has arranged a $4.6 million loan for the acquisition of a Walgreens drugstore in Lakewood. Built in 2007, the 14,000-square-foot property has 23 years remaining on the initial lease term. The loan has a loan-to-value of 83.1 percent and a 6.57 percent fixed-interest rate for 23 years. The borrower was not disclosed.
LAKEWOOD, OHIO — Ian Harrison of Marcus & Millichap has arranged a $4.6 million loan for the acquisition of a Walgreens drugstore in Lakewood. Built in 2007, the 14,000-square-foot property has 23 years remaining on the initial lease term. The loan has a loan-to-value of 83.1 percent and a 6.57 percent fixed-interest rate for 23 years. The borrower was not disclosed.
The old adage that every cloud has a silver lining holds true for the St. Louis industrial market. After posting positive absorption during every quarter of the current recession, the industrial market got cloudier when Chrysler shuttered its St. Louis plants during the early part of the third quarter. That placed more than 5.1 million square feet of space on the market and boosted the vacancy rate a couple points. The auto industry’s woes trickled down to a number of Chrysler’s suppliers as well. Another 2.1 million square feet of auto supplier buildings also became available. So where’s the silver lining? Actually, there are several. For starters, Chrysler’s plants and its suppliers are primarily located in the South County submarket. Historically, South County has been one of the area’s strongholds for industrial, with a vacancy rate of only 4.2 percent at the end of the second quarter. The availability of space now opens up opportunities for large and small users. A number of companies have already taken advantage of these opportunities. Colt Industries, the area’s distributor for Corian countertops, purchased a nearly 100,000-square-foot building formerly occupied by Dakkota Integrated Systems, which supplied vehicle interiors. An aerosol can supplier has signed …
FORT WAYNE, IND. — Twin Oaks USA has purchased Twin Oaks Apartments, a 388-unit multifamily property located at 2754 E. Paulding Road in Fort Wayne. TRB Fort Wayne sold the lender-owned property for $3.3 million. Built in 1968, the property offers a mix of one-, two- and three-bedroom flats and two- and three-bedroom townhomes. Peter Flis, Colin Atkinson, Brent Silcox and Alon Shnitzer of Marcus & Millichap represented the buyer; Atkinson, Silcox and Shnitzer, along with Jacob Steele and Andy Glinski of Marcus & Millichap, represented the seller in the transaction.
INDIANAPOLIS — Strategic Capital Partners, through its Strategic Partners Urban Development Group, has acquired Timber Ridge Apartments in Indianapolis for an undisclosed price. The 26-building property offers 286 apartment units. The buyer plans to demolish the property and incorporate the site into the master plan of Avondale Meadows. Avondale Meadows is a community redevelopment of the city’s Meadows area. The property will feature more than 800 mixed-income apartments, townhomes and single-family homes, a grocery store, retail space, a 5-acre park, a community center, and walking and biking paths. Additional details about the transaction were not disclosed.
INDIANAPOLIS — Strategic Capital Partners, through its Strategic Partners Urban Development Group, has acquired Timber Ridge Apartments in Indianapolis for an undisclosed price. The 26-building property offers 286 apartment units. The buyer plans to demolish the property and incorporate the site into the master plan of Avondale Meadows. Avondale Meadows is a community redevelopment of the city’s Meadows area. The property will feature more than 800 mixed-income apartments, townhomes and single-family homes, a grocery store, retail space, a 5-acre park, a community center, and walking and biking paths. Additional details about the transaction were not disclosed.
CHICAGO — Metal fabricator 4800 S. Hoyne Corp. has purchased a 137,688-square-foot crane facility in Chicago. Located at 2310 W. 58th St., the property sold for an undisclosed price. Matt Rogatz of Chicago Industrial Real Estate represented the buyer; Mark Nelson, Mike Nelson and Ed Wabick of Paine/Wetzel • ONCOR International represented the seller, Great Western Realty, in the transaction. The acquisition price was not disclosed.
CHICAGO — Metal fabricator 4800 S. Hoyne Corp. has purchased a 137,688-square-foot crane facility in Chicago. Located at 2310 W. 58th St., the property sold for an undisclosed price. Matt Rogatz of Chicago Industrial Real Estate represented the buyer; Mark Nelson, Mike Nelson and Ed Wabick of Paine/Wetzel • ONCOR International represented the seller, Great Western Realty, in the transaction. The acquisition price was not disclosed.
ST. LOUIS — Net Lease Holdings has acquired an industrial space in St. Louis in a $2.72 million sale-leaseback transaction. STL Craigshire sold the 36,561-square-foot industrial space, which is located at 1940 Craigshire Road. Vernon Martens and Faith Martens of Grubb & Ellis|Gundaker Commercial, along with Colliers Turley Martin Tucker, represented the seller in the transaction.