MENOMONEE FALLS, WIS. — Adam Matson and Stephen Provancher of NAI MLG have represented Oldcastle Glass Inc. in its disposition of a 29,000-square-foot industrial building located at N48 W 13334 Hampton Rd. in Menomonee Falls. ADE Electronics made an offer for the property within 3 days of it being listed and acquired the building in order to relocate its contract electronics manufacturing business into a new space.
TINLEY PARK, ILL. — The Chicago regional office of NorthMarq Capital has arranged first-mortgage financing totaling $8.1 million for a 309-unit apartment community in Tinley Park. The borrower was Edenbridge LLC; the lender was AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. Sue Blumberg of NorthMarq originated the loan. The Edenbridge Apartments feature a mix of mid-rise, garden-style and townhome units near the Tinley Park Convention Center, First Midwest Amphitheatre and the city’s newly renovated downtown area. The long-term, fixed-rate financing at 5.5 percent was based on a 10-year term with a 30-year amortization schedule.
MELROSE PARK, ILL. — Darwin Realty & Development Corp. has negotiated two industrial leases in the village of Melrose Park just west of downtown Chicago. At 150 N. 25th Ave., Daniel Fanelli and George Cibula of Darwin represented the lessor in leasing 76,790 square feet of space to Smart Box Inc. The tenant, which will utilize the space for the warehousing and distribution of paper goods and related products, was represented by Matt Baumann of Special Assets Realty. The building features 24-foot clear ceiling heights and exterior docks. Fanelli, Cibula and Anthony Leeds of Darwin have represented the lessor in a lease of 40,388 square feet of warehouse and distribution space at 2680 W. Lake St. in Melrose Park. John Suerth and Jason Lev of CB Richard Ellis represented the tenant, Spirit Distribution.
LEAWOOD, KAN. — Charlotte, N.C.-based Grandbridge Real Estate Capital has originated and closed a lease for an office building in Leawood. Thomas Turner of Grandbridge’s Kansas City office originated a $4.8 million first-mortgage loan secured by the Cline Wood Office Building. The borrower obtained financing for the 28,000-square-foot building in order to complete construction and purchase the property upon completion of the development. The transaction, which was funding by American United Life Insurance Co., is based on a 15-year term and closed with an interest rate below 7 percent. Upon delivery of the building, the Cline Wood Agency Inc. will master-lease 100 percent of the building.
RIVERVIEW, MICH. — Southfield, Mich.-based Lee & Associates of Michigan has brokered the sale of a 9,260-square-foot industrial property, located at 11881 Longsdorf St. in Riverview. The property was purchased by DNA Holdings from A Properties & Investments. Jim Roberts, Scott Lyons, Christian Hill of Lee & Associates represented both parties in the transaction. The acquisition price was undisclosed.
HODGKINS, ILL. — Walmart has renewed and expanded its lease at Quarry Shopping Center, located at the intersection of Joliet and LaGrange roads in Hodgkins. The retailer will occupy an additional 80,543 square feet, bringing its total to 201,194 square feet. The retailer will remain open while the new space is under construction. Completion is scheduled for the fall. Richard Spinelli and Liz Krebs of Mid-America Asset Management negotiated the transaction on behalf of the landlord. Sandy Brooks of Premiere Consulting Group represented the tenant. In addition, Play N Trade and Dress Barn renewed their leases for 1,600 square feet and 7,500 square feet, respectively, within the center. Krebs represented the landlord in both transactions. Kyle Mayberry of Zifkin Realty & Development represented Play N Trade.
OMAHA, NEB. — Omaha-based PDM Inc. has begun a multi-million dollar redevelopment of Baker Square, a 160,000-square-foot retail center located in Omaha. The property will undergo an architectural update that includes the use of new natural materials, enhanced building profiles and accent lighting. Other improvements will be made to promote energy conservation. Locally based DLR Group will serve as project architect. In addition, No Frills Fresh plans to open a new concept supermarket at the center in the fall. The 61,000-square-foot store will provide an expanded produce section, an in-store butcher, a seafood department and a pharmacy. Leasing services for the center’s vacant units will be provided by The Lerner Company.
INDIANAPOLIS — Indianapolis-based Duke Realty Corp. has received a loan commitment for $125 million. The loan will carry an interest-only rate of 7.75 percent and a 10-year term. It will be secured by a portfolio of suburban industrial and office properties located in various areas. The loan is expected to close in the third quarter and proceeds will be used to repay near-term debt. Including this financing, Duke has raised more than $900 million in capital this year, consisting of $575 million in common offering proceeds, $281 million in secured financing and $60 million in asset dispositions.
CHICAGO — Marcus & Millichap has brokered the sale of a 12,800-square-foot multi-use building located in Chicago’s Lincoln Park neighborhood. The property, which is located at 340-344 W. Armitage Ave., comprises six residential units and four retail spaces. Current retail tenants include Geja’s, Academic Approach and Terragusto Café. The property traded for a price of $3.32 million. Kyle Stengle and Stephen Rachman of Marcus & Millichap’s Chicago Downtown office represented the undisclosed seller. The pair also represented the buyer, a limited liability company.
MENOMONEE FALLS, WIS. — Milwaukee-based Colliers Barry has completed the purchase of a 29,000-square-foot industrial facility located on Hampton Road in Menomonee Falls. James Young of Colliers Barry represented the buyer, John Lin et al. The facility will be occupied by ADE Electronics. The seller was Oldcastle Glass. The purchase price was not disclosed.