NORTHBROOK, ILL. — The Missner Group has disposed of a 3,350-square-foot office condominium, located at 105 Revere Dr. in Northbrook. The condo, which traded for approximately $424,000, is situated within a 17,500-square-foot, single-story office property. The multi-tenant property has been repositioned as a for-sale office condo building. The condo was acquired by architecture firm Sara E. F. Gensburg Ltd.
CHICAGO — The Illinois office of Meridian Capital Group has arranged three loans totaling more than $5 million for three Chicago properties. First, Meridian’s Joseph Schwimmer secured a $2.25 million loan for a 22,980-square-foot mixed-use property located on the 3200 block of North Sheffield Avenue. The building contains 15 offices, 14 residential apartments and one retail space. The loan carries a 10-year term and a 5.72 percent interest rate. Meridian’s Gershon Friedman arranged a $1.6 million loan for an 80-unit multifamily property located at 4128 N. Clarendon Ave. The loan carries a 5-year term and a 5.95 percent interest rate. Finally, Meridian’s Tannie Schnell arranged a $1.2 million loan for a multifamily building located at 7010 N. Ashland Blvd. The loan carries a 5-year term and a 5.48 percent interest rate. The lenders and borrowers were undisclosed in all three transactions.
WEST ALLIS, WIS. — Brookfield, Wis.-based Grubb & Ellis | Apex Commercial has negotiated the leasing of 42,400 square feet of industrial space, located at 16800 W. Ryerson Rd. in West Allis. The space will be occupied by Tire Centers. The landlord is CenterPoint Properties. Jeff Horn of Grubb & Ellis arranged the transaction.
COLUMBUS AND CINCINNATI, OHIO — Retailer hhgregg is opening two new locations in Ohio. The first location will be in the space formerly occupied by Circuit City at Tanglewood Plaza, a 250,000-square-foot shopping center located on Hilliard-Rome Road in Columbus. The second location will be at King’s Mall, a 186,909-square-foot center located at the interchange of Interstate 71 and Fields Ertel Road in Cincinnati. The Tanglewood Plaza location will open this summer and the King’s Mall location will open this fall. Both retail centers are owned by Columbus-based CASTO.
INDIANAPOLIS — Indianapolis-based shopping center owner Simon Property Group has announced plans for a public offering of 20 million shares of its common stock. The offering will be priced at $50 per share, and proceeds will be contributed to Simon Property Group LP, the company’s majority-owned operating partnership subsidy, which will use it for general corporate purposes. Merrill Lynch & Co. and J.P. Morgan Securities are the joint book-running managers for the offering. In addition, Simon Property Group LP has agreed to sell $600 million of its 6.75 percent senior unsecured notes, which are due in 2014, in an underwritten public offering through Citigroup Global Markets. The notes are priced at 98.96 percent of the principal amount to yield 7 percent at maturity. The offering is expected to close on May 15. Deutsche Bank Securities, UBS Securities, and Goldman, Sachs & Co. are the joint book-running managers.
BUFFALO GROVE, ILL. — HSA Commercial Real Estate has arranged the sale of a 19,598-square-foot industrial facility, located at 801 Asbury Dr. in Buffalo Grove. The seller, Rasco LLC, was represented by HSA’s Tim Thompson and Paul Broderick. The property was acquired for an undisclosed amount from a private investor group.
BELOIT, WIS. — Coldwell Banker Commercial | McGuire Mears & Associates (MMA) has brokered the sale of a 3,350-square-foot office building located in Beloit. The property is situated at 1970 Cranston Rd. and sold for a price of $400,000. Joel Patch of MMA represented the buyer, McBain Enterprises. Land Title & Closing, a tenant at the building, will remain in its space. The seller was not disclosed.
MANSFIELD AND CANTON, OHIO — McKinley has be appointed receiver for two Ohio properties. The first is a two-building, 20,216-square-foot shopping center located at 2010-2016 August Dr. and 68 Briggs Dr. in Mansfield. The second property is a 22,480-square-foot office building located at 4368 Dressler Rd. in Canton. The property contains a mix of office and medical tenants. The appointments were made by the Court of Common Please for Richland County and Stark County, respectively.
FENTON, MO. — NorthStar and Kwame Building Group, together serving as the project management team, have completed work on the $236 million SSM St. Clare Heath Center in Fenton. The 430,000-square-foot, 154-bed facility is the first new hospital to open in St. Louis County in approximately 35 years, and is located on a 54-acre campus at Interstate 44 and Highway 141. Kwame coordinated design and construction activities, and provided support for procurement and installation of the medical equipment, systems and furnishings. Milwaukee-based Hammel, Green and Abrahamson Inc. served as architect; Alberici Constructions of St. Louis was the general contractor. St. Clare Health Center features a 24-hour emergency department and comprehensive medical/surgical services, as well as an electronic medication administration system, decentralized nursing pods and private patient rooms with family accommodations.
SHAKOPEE AND MINNETONKA, MINN. — NAI Welsh has arranged two industrial leases for tenants in the Minneapolis/St. Paul market. In Shakopee, Brad Bohlman of NAI Welsh represented COKeM International in securing a 5-year, 157,644-square-foot lease for space at 3880 4th Ave. Bill Ritter of NAI Welsh negotiated the transaction on behalf of the landlord, DCT MN Valley LLC. In Minnetonka, GA Communications, an Atlanta-based marketing and advertising agency, has leased 14,730 square feet of office/warehouse space at Baker Technology Center. NAI Welsh’s Jeff Jiovanazzo and Judd Welliver represented the tenant in the lease agreement. Baker Technology Center is located at 5909 Baker Rd. in Minnetonka.