COLUMBUS, OHIO — Breagha Plana LLC has acquired a 67,644-square-foot industrial property, which is located at 800 Kaderly Dr. in Columbus. The property sold for $1.05 million. Kevin McGrath, Mike Hurd and Rick Trott of Colliers Turley Martin Tucker-Columbus represented the seller, Jim Pattison Developments, in the transaction.
Midwest
LIBERTYVILLE, ILL. — MJK Real Estate Holding Co. has purchased the former Miller-Krueger Dodge dealership on Milwaukee Avenue in Libertyville for an undisclosed price. The buyer plans to re-tenant the property with Five Guys Burgers and Fries, Chipotle Mexican Grill, Dunkin’ Donuts, CD One Price Cleaners and T-Mobile. Steve Frishman and David Stensby of Oakbrook Terrace, Ill.-based Mid-America Real Estate Corp. represented the buyer and the seller, Liberty Auto City, in the transaction.
IOWA CITY, IOWA — Davidson Hotel Co. has completed a multi-million dollar renovation of the Sheraton Iowa City, which is located at 210 S. Dubuque St. in Iowa City. The nine-story, 234-room hotel now features more than 12,000 square feet of meeting space, high-speed Internet access, an indoor heated pool, an indoor whirlpool, a 24-hour fitness center, a tanning salon and SHARE, Wine Lounge and Small Plate Bistro. Guestrooms feature 37-inch flat-screen televisions, new bedding and beds, and an oversized workspace. Davidson and RockBridge Capital are joint venture owners of the property, which is managed by Davidson.
WEST BEND, WIS. — Benjamin Kadish of Maverick Commercial Mortgage has arranged a $2.17 million first mortgage loan for a 64-unit multifamily property located in West Bend. Built in 1991, the property consists of eight two-story brick and aluminum buildings offering 32 one-bedroom units and 32 two-bedroom units. The 5-year loan was underwritten with a 75 percent loan-to-value ratio and a 30-year amortization schedule. The borrower was not disclosed.
CHICAGO — Reed Construction has completed the 20,000-square-foot office build-out of the Children’s Home & Aid in Chicago. Located at 100 N. Western Ave., the project included construction of new offices, meeting rooms and therapy and training rooms. The center helps Illinois families and children overcome poverty, abuse and neglect. The center will be relocating from its current location on Milwaukee Avenue. Techno Ltd. provided architectural services for the project.
NEW LENOX, ILL. — Morgan/Harbour Construction has completed the construction of three medical office build-outs totaling 13,414 square feet at the Silver Cross Medical Office Building, which is located on the Silver Cross Replacement Campus at 1870 Silver Cross Blvd. in New Lenox. In the first project, Morgan/Harbour completed a 4,079-square-foot build-out for Spectrum Eye Institute. The project included construction of optical suites, examination rooms, a waiting area, a lab/tech area, a visual field and nursing stations. The company also finished a 4,700-square-foot project for Partners in Obstetrics and Women’s Health that included examination rooms, procedure rooms, waiting areas and nursing stations. Finally, Morgan/Harbour completed a 4,635-square-foot build-out for Advanced Eye Care. The project included a lab/tech space, a laser center, an optical showroom and examination rooms. Design Organization provided architectural services for the projects. HSA Commercial Real Estate’s Primecare Division developed the building.
TINLEY PARK, ILL. — Pronger Smith MedicalCare is breaking ground for the construction of a 37,800-square-foot expansion at 17495 S. LaGrange Rd. in Tinley Park. The building expansion will include MRI, CT, physical therapy and treatment rooms, as well as expanded obstetrics and pediatrics facilities. Additionally, the project includes a renovation and expansion of the main reception area and a parking lot expansion. Completion is slated for July 2010.
VERNON HILLS, ILL. — Principle Construction Corp. has been selected to complete a 3,300-square-foot build-out project for Richard Wolf Medical Instruments Corp. Located at 353 Corporate Woods Parkway in Vernon Hills, the project includes the conversion of an existing storage area, which is located within the company’s 58,500-square-foot headquarters, into a lecture hall and training lab. The existing facility houses manufacturing, assembly, sales and marketing, repair, customer services and administration components for the manufacturer. Timothy Morgan Associates is providing architectural services for the project, which is scheduled for completion in December.
GURNEE, ILL. — Waukegan, Ill.-based Acacia Spice Co. has purchased a 25,069-square-foot manufacturing facility, which is located at 3940 Porett Dr. in Gurnee. Kalva Corp. sold the property for an undisclosed price. The spice company plans to relocate from its current 12,000-square-foot facility in Waukegan. Steve Sullivan of NAI Hiffman represented the buyer; Patrick Shannon of Darwin Realty represented the seller in the transaction.
PHILLIPS EDISON & CO. COMPLETES $27 MILLION FINANCE DEAL FAIRFIELD TOWNSHIP, OHIO — Phillips Edison & Co. has completed a $27 million secured loan, which was collateralized by the regional shopping center Bridgewater Falls. Located in Fairfield Township, the 600,000-square-foot retail center is anchored by Target, JC Penney and Dick’s Sporting Goods. Phillips Edison & Co.’s Strategic Investment Fund acquired the property for $44 million in early October. The 4-year loan was provided by US Bank, N.A.