CAROL STREAM, ILL. — Wrightwood Capital has entered into a joint venture agreement with Chicago-based The Missner Group for the development of two industrial buildings in Carol Stream. Village Drive is a planned 93,000-square-foot industrial building located on a 4.66-acre site at 417 and 418 Village Dr. The facility will feature 28-foot clear ceiling heights, 10 exterior loading docks, two drive-in doors and 5 percent office space. Westgate Drive is a planned 80,000-square-foot industrial building located at 221 Westgate Dr. The facility will feature 24-foot clear ceiling heights, eight interior loading docks and office space. Both properties will be divisible for multi-tenant use. The Village Drive property will be marketed by Carter Andrus and David Bercu of Colliers Bennett & Kahnweilier, and the Westgate Drive property will be marketed by Andy Corken of CB Richard Ellis. The properties are the 14th and 15th assets for Wrightwood Capital’s Industrial Fund III.
CHAMPAIGN, ILL. — Champaign-based Sperry Van Ness|Ramshaw Real Estate has completed the sale of a vacant 39,480-square-foot retail property, located at 723 N. Neil St. in Champaign, for $1.05 million. The buyer, a private investor from Champaign, plans to bring a restaurant and retail shops into the one-story building, as well as construct a second story that will feature 11 residential condominiums. Alex Ruggieri of Sperry Van Ness represented the buyer, as well as the seller, a private investor from Urbana, Ill.
INDIANAPOLIS — Indianapolis-based NAI Olympia Partners has brokered the purchase of Raintree Plaza, a 61,718-square-foot shopping center located at 3702 N. Mitthoeffer Rd. in Indianapolis. Tracey Holtzman of NAI represented the undisclosed buyer in the acquisition from Investment Property Exchange. The acquisition price was not disclosed.
COTTLEVILLE, MO. — St. Louis-based Paric Corp. has been selected as construction manager for a new $6 million city hall and police facility located in Cottleville. The 15,888-square-foot, two-story facility will contain sustainable features such as a storm water capture and treatment system to reduce run-off into a nearby creek, as well as the use of the property as a trailhead to a comprehensive biking/walking path and interpretive nature trail. Kostecki Architects is providing design services for the project. The project broke ground at the end of September, and should be complete in September of next year.
GREEN SPRINGS, OHIO — Jacob Gehl, Mark Myers and Michael Glass of Marcus & Millichap represented the undisclosed seller in the $10 million disposition of St. Francis Health Care Centre, a licensed nursing home and long-term acute-care hospital located at 401 N. Broadway Ave. in Green Springs. The property offers 150 skilled nursing beds and 36 long-term acute-care beds. The 186,000-square-foot property includes a park, a pond, a courtyard, a chapel, a greenhouse, a multi-purpose gym, a therapeutic pool with adjustable floor, therapy spaces, a full basketball court and three dining rooms. The buyer was a local healthcare provider.
MINNEAPOLIS — Construction is underway for Mill District City Apartments, a $25 million multifamily project located in Minneapolis’ Mill District/Washington Street corridor. Situated at the corner of Portland and Washington avenues, the five-story building will feature 175 luxury apartments, a 3,500-square-foot specialty market, a business center, a fitness center, an indoor/outdoor pool and a 14,000-square-foot private park. The property is owned by a joint venture between Holtzman Interests and Avgeris & Associates, and Village Green is developing it. Frana Cos. is serving as general contractor for the project, which was designed by Boarman Kroos Vogel Group. Project partners include the City of Minneapolis, U.S. Bank, Western Bank and Metropolitan Capital Bank. Completion is slated for early spring 2011.
FRANKLIN PARK AND BATAVIA, ILL. — Lee & Associates of Illinois has brokered two lease transactions totaling 85,734 square feet in Franklin Park and Batavia. In the first transaction, Hercules Tire & Rubber Corp. leased 60,329 square feet of warehouse space at 3710 River Rd. in Franklin Park. Chris Nelson of Lee & Associates represented the tenant; Matt Mulvihill of Grubb & Ellis represented the landlord, KTR Capital Partners. In the second transaction, Michael Androwich of Lee & Associates represented Midwest Restoration in the leasing of a 25,405-square-foot industrial building, which is located at 1180 Douglas Rd. in Batavia. Lee & Associates’ Nick Eboli represented the undisclosed landlord. The values of the transactions were not released.
MT. PLEASANT, WIS. — Chicago-based HSA Commercial Real Estate has closed the first transaction at its Park 94 at Mt. Pleasant, a 90-acre multi-building business park in Mt. Pleasant. Menomonee Falls, Wis.-based Maysteel has leased 40,744 square feet of space at Building 2, a 125,000-square-foot facility located at 1400 International Dr. in Park 94. The building features 30-foot clear ceiling heights, 21 docks, two drive-in doors and parking for 155 vehicles. Sam Dickman of The Dickman Company represented Maysteel; David Bercu, David Liebman and Brendan Green of Colliers Bennett & Kahnweiler represented the property owner, HSA Commercial. Terms of the lease were not disclosed.
Chicago’s downtown and suburban office markets continue their dynamic path through an unpredictable and unprecedented economic environment. Although no one can predict the future, it is difficult to argue with the opportunities of a tenant in the current market. New supply in Chicagoland has increased by 3.9 million square feet in the past 2 years. Historically, new space is absorbed quickly; however, 2009 met this new supply with a different embrace than before. Space demand has not been as robust, and positive absorption enjoyed in the years past has decreased. This excess space, coupled with added sublease space, is contributing to Chicago’s pain. Given the tumultuous economy, the sublease market (both CBD and suburban) soared to 6.5 million square feet in second quarter 2009. The sublease market has become such a force in volume and quality that it competes with direct space, resulting in a downward push of overall effective rates. While tenants stand to reap the benefits of the subleases available, current market dynamics reveal the risks associated with leasing and subleasing space. A tenant’s credit has never been scrutinized more closely. Furthermore, the credit of the landlord/sub-landlord and tenant/sub-tenant is a major concern. A Subordination Non-Disturbance & Attornment …
CHICAGO — Magellan Development Group is delivering the first phase of completed condominiums at Aqua, an 82-story mixed-use project located at 225 N. Columbus Dr. in Chicago. Situated within the $4 billion, 28-acre Lakeshore East community, the 262 units, including studios, three bedrooms, customized duplexes and single-level penthouses, are more than 90 percent sold. Completion is nearing on Aqua, which was designed by Studio/Gang Architects.