MENDOTA HEIGHTS, MINN. — St. Paul, Minn.-based Paster Enterprises has received final approval for the redevelopment and expansion of Mendota Plaza, a 48,000-square-foot retail property located in Mendota Heights. Construction includes a renovation to the existing building, as well as parking lot and landscape improvements. Three new buildings will be constructed, including a 14,820-square-foot Walgreens, a new 12,000-square-foot retail building and a 7,6000-square-foot restaurant building. Groundbreaking is expected to occur this fall, with completion expected by fall 2010. Tentative plans also call for the construction of senior housing, office space and a child care facility between 2011 and 2013, but this is contingent on market demand.
Midwest
CHICAGO — Chicago-based Paine/Wetzel • ONCOR International has brokered three Chicago industrial transactions. First, Soto Insulations acquired a 13,77-square-foot building located at 4323 S. Western Blvd. The building features undercover trucks floors, three drive-in doors, 14-foot clear ceiling heights and 750 square feet of office space. Paine/Wetzel’s Albert Schulman and Michael Nelson represented the seller, 4321-4323 S. Western Blvd. LLC. Daniel Crow of Darwin Realty & Development represented the buyer. Sumit Construction acquired an 11,000-square-foot building located on 2.33 acres at 4150 W. Wrightwood Ave. The building, formerly an emissions testing facility, features drive-through capability, 18-foot clear ceiling heights and 10 overhead doors. Paine/Wetzel’s Rodger Chenore, Terence Lynch and Jeffrey Girling represented the buyer. The seller, Envirotest, was represented by David Troha of NAI Hiffman. Finally, Tri-angle Fabrication purchased a 9,050 building situated on 2 acres at 1344 W. 43rd St. The building features eight drive-in doors and 18-foot clear ceiling heights. Chenore, Lynch and Girling represented the buyer.
HOFFMAN ESTATES, ILL. — Rosemont, Ill. McShane Construction Co. has completed an office build-out at Prairie Pointe Medical Office Center, a newly constructed medical office building located at 4885 Hoffman Boulevard in Hoffman Estates. The four-story building contains 64,000 square feet of space. The tenant, Suburban Surgical Care Specialist, will be occupying space on the fourth floor. Architectural services for the project were provided by Proteus Group. Prairie Pointe Medical Office Center is being developed by a joint venture between McShane Development Co., The Rego Development & Realty Group and SSCS Properties. McShane Construction recently completed shell construction of the building. KLLM Architects served as the project architect for the building. Currently, tenant spaces are available ranging from 1,500 square feet to a full-floor suites of 15,844 square feet.
ELYRIA, OHIO — Cleveland, Ohio-based NAI Daus has brokered the sale of a 45,743-square-foot retail property, located in Elyria, for $7.2 million. The property, which was built in 2007, is anchored by Discount Drug Mart; additional tenants include GameStop, Burger King, Great Clips, Rent-a-Center and CitiFinancial. NAI’s Mark Luttner represented the seller, a private developer, and procured the buyer, Carl Goudas & Associates. The property traded at an 8.16 percent capitalization rate.
ELWOOD, ILL. — NAI Hiffman, on behalf of owner CenterPoint Properties, has negotiated a long-term lease for 415,800 square feet of industrial space at the CenterPoint Intermodal Center in Elwood. Alliance 3PL, an Illinois-based specialty warehousing and transportation management services company, will occupy space in one of the two speculative Import Distribution Centers (IDC), which together total 2.4 million square feet. Construction of the first IDC facility was completed late last year, while work on the second building is expected to commence this spring. Alliance 3PL’s portion of the space features 32-foot clear ceiling heights, 108 trailer spaces, 53 dock doors and an office component. The company relocated from an office in Bolingbrook, Ill., in order to operate adjacent to the BNSF Logistics Park-Chicago. Daniel Leahy and Adam Roth of NAI Hiffman represented CenterPoint Properties.
MINNEAPOLIS — The grand opening has been held for The Hilton Garden Inn – Minneapolis Downtown, a 210-room hotel located at 1101 Fourth Avenue South in Minneapolis. The 10-story hotel features a 24-hour business center, a lounge area, five meeting rooms totaling 3,000 square feet, a restaurant, a 24-hour convenience store and a fitness center. Room amenities include wired and wireless Internet access, a high definition flat-screen television and evening room service. The hotel is owned by a joint venture between Global One Commercial and First Hospitality Group. It is operated by First Hospitality under a license agreement with a subsidiary of Hilton Hotels Corp.
MINNEAPOLIS — DCT Industrial Trust has leased 158,000 square feet of industrial space, located in southwest Minneapolis, to COKeM International. The video game distributor plans to use the facility as its new distribution headquarters. Brad Bohlman of Welsh Cos. represented the tenant in lease negotiations. Bill Ritter, also of Welsh, represented the DCT, the building’s landlord. Terms of the lease were not disclosed.
HUNTLEY, ILL. — The grand opening has been held for an approximately 176,400-square-foot Walmart Supercenter, located in Huntley. The store is located within Huntley Grove, a 350,000-square-foot shopping center situated at the intersection of Route 47 and Kreutzer Road. Other retailers at Huntley Grove include Jimano’s Pizzeria, The UPS Store, Chiro One and Fone Zone. The Walmart, as well as the rest of Huntley Grove, was developed by Tucker Development Corp.
CHICAGO — Chicago-based Sheldon Good & Co. has filed for Chapter 11 bankruptcy protection. In a release, the real estate auction and brokerage firm says it will continue normal day-to-day operations and that it has enough financial reserves to sustain the company while it reorganizes. The company intends to move through the Chapter 11 process as quickly as possible. The release goes on to state that the company is reorganizing to remedy the effects of improper actions taken by the company’s former chairman, which came to light following his death in January.
LOWELL, IND. — Marcus & Millichap has brokered the sale of a 7,250-square-foot Advance Auto Parts, located at 1729 E. Commercial Ave. in Lowell. Advance currently has approximately 8.5 years remaining on the corporately guaranteed net lease it signed when the store opened in November 2007. Michael Wernke of Marcus & Millichap’s Chicago Downtown office represented the seller, a private developer, as well as the buyer, a private investor.