RIVERWOODS, ILL. — Podolsky Northstar / CORFAC International has brokered the acquisition of a truck terminal in Riverwoods on behalf of Quincy, Ill.-based Gully Truck Leasing. The terminal includes a 7,823-square-foot truck terminal situated on approximately 3 acres as well as a 4.5-acre undeveloped land parcel for future expansion. Gully plans to use the facility to expand its operations into the Chicago metro area. It currently has terminals in Quincy, St. Louis and Kansas City. Corey Chase of Podolsky Northstar represented Gully. Rick Daly of Darwin Realty & Development Corp. represented the seller, BMW Venture LLC.
KANSAS CITY, MO. — Love Funding has arranged $1.88 million for the refinancing of Palestine Gardens, an 85-unit apartment community located in Kansas City. Terms of the loan include a 35-year amortization schedule and a 6 percent interest rate. Robyn Cunningham of Love's St. Louis office arranged the loan for the undisclosed borrower through the HUD 202/223(f) program.
JOLIET, ILL. — Atlanta-based IDI has leased 202,356 square feet of industrial space within Rock Run Business Park in Joliet to Menlo Worldwide Logistics. Menlo will use the space, located within Building 8, on behalf of Caterpillar. John Suerth of CB Richard Ellis and Steve Shields of Transportation Property Co. represented Menlo in lease negotiations. Rock Run Business Park is situated approximately 1 mile from the intersection of interstates 55 and 80. It totals 387 acres and contains 12 buildings with 3.5 million square feet of industrial space. Other tenants at the park include Mack Trucks, PETCO Animal Supplies, Tyco Healthcare, Unisource and Madison Warehouse Corp.
CHICAGO — Chicago-based Essex Realty Group has arranged the sale of two multifamily buildings in Chicago’s Hyde Park neighborhood. The first building, located at 5123-25 S. Kimbark Ave., contains 43 units, and the second building, located at 5130 S. Kenwood Ave., contains 39 units. Both properties offer a mix of studio and one-bedroom units. David Goss and Jon Morgan of Essex represented the seller; Doug Imber, also of Essex, represented the buyer. Both parties were undisclosed.
ANAMOSA, IOWA — Mumford Co. has negotiated the sale of a 35-room Super 8 Motel located in Anamosa. The buyer, Shree HR Corp, plans to complete minor renovations and retain the Super 8 brand. Acquisition financing was obtained through a SBA 504 loan facilitated by a local bank. Mumford’s Lance Potter and David Mumford completed the deal. The seller was not disclosed.
ADDISON AND HANOVER PARK, ILL. — Elmhurst, Ill.-based Darwin Realty & Development Corp. has completed two Chicagoland industrial deals. In the first transaction, Darwin brokered the sale of a 17,000-square-foot building located at 230 Lombard Rd. in Addison. The property features 18-foot clear ceiling heights, three exterior docks and approximately 1,700 square feet of office space. Darwin’s Noel Liston represented the seller, Panattoni Development Co. Sean Henrick of Cushman & Wakefield represented the buyer, Gourmet Express. In the second transaction. Liston and Matt Lewandowski, also of Darwin, represented the landlord in the leasing of 64,000 square feet at 4150 Chandler Dr. in Hanover Park. The tenant, Clarke Packing & Crating Co., was represented by George Pappas of Hartford Associates. The landlord was CenterPoint Properties. The building is situated within Mallard Lakes Business Park. It features 24-foot clear ceiling heights, four interior docks, one drive-in door and 4,700 square feet of office space.
The Kansas City apartment market continues to hold its own despite economic challenges and uncertainties. While occupancy and rental rates have remained steady, development has been tempered by a tight lending environment. The pace of planned construction has slowed dramatically as a result of market fundamentals. The first half of 2009 showed the lowest level of permits, a mere 78, in the past 20 years. The lack of liquidity and tougher underwriting standards are halting development. The uncertainty in asset values plays a part in this as well as lenders underwriting deals more conservatively. As a result, banks are requiring developers to contribute a greater amount of equity, thus decreasing project risk for both parties Market fundamentals have remained steady. Rents are averaging $0.79 per square foot, unchanged from the start of the year. Rates vary widely from $1.14 per square foot at the Country Club Plaza, which has 95 percent occupancy, to as low as $0.64 per square foot for Class C apartments in the Northland submarket. These rates, though, are offset by concessions. At the end of June, nearly three-fourths of the area’s multifamily properties offered concessions, up noticeably from the 56 percent that used concessions to attract …
HOFFMAN ESTATES, ILL. — Construction is complete for Mori Seiki U.S.A. Inc.’s new North, South and Central Americas corporate headquarters and showroom, which is located at the intersection of W. Central Rd. and Huntington Blvd. within Huntington Woods Corporate Center in Hoffman Estates. The 104,00-square-foot facility features a two-story, 58,515-square-foot space for the office and classroom area of Chicago Technical Center, Machining Technology Laboratory and Mori Seiki University; a 23,875-square-foot showroom and 22,610 square feet of warehouse space, which features two 25-tom cranes and a 1-ton utility crane. McShane Construction Co. served as general contractor for the project, which was designed by Cornerstone Architects.
FOND DU LAC AND FRANKLIN, WIS. — On behalf of Welsh Real Estate Fund IV WelshInvest, an affiliate of Twin Cities, Minn.-based Welsh Cos., has completed two acquisitions totaling $12.3 million in Wisconsin. The company has purchased Fond du Lac III, a 234,000-square-foot office/warehouse property in Fond du Lac, for $5.1 million. Additionally, the company acquired Franklin Park Industrial Center II, a 155,320-square-foot industrial property located in Franklin, for $7.2 million.
BROOKLYN PARK, MINN. — RJM Construction is currently renovating Prairie Seeds Academy, a K-12 school located at the intersection of 62nd Avenue and West Broadway in Brooklyn Park. The $8.1 million project includes a 30,000-square-foot remodel and a 55,000-square-foot addition to the school. The addition will include a gymnasium, an auditorium, science classrooms, a media center, a music room, a central atrium and administrative offices. Completion is scheduled for March 2010.