AURORA, ILL. — A joint venture between Chicago-based companies Bridge Development Partners and Wrightwood Capital has signed the first lease at Park Butterfield, a two-building, 412,177-square-foot industrial property located at 3565 and 3557 Butterfield Rd. in Aurora. Cano Container Corp. will occupy 32,500 square in the property’s 176,098-square-foot building. The other building in Park Butterfield totals 236,079 square feet. Both buildings, which are used for distribution and light assembly, feature 30-foot clear ceiling heights, multiple drive-in docks, up to 43 dock doors per building, up to 39 truck parking spaces per building and a total of 393 car parking spaces. Cano Container Corp. is expanding from its current location at 2300 Raddant Rd., also in Aurora.
GLENVIEW, ILL. — The General Board of Pension & Health Benefits of The United Methodist Church has broken ground for its new headquarters building, located in Glenview. The three-story, 110,000-square-foot building is situated on 25 acres and will be applying for LEED certification. Andrew Davidson and Jay Beadle of MB Real Estate represented the General Board in the land acquisition, and David Graff, also of MB, served as the owner’s development representative. The building was designed by OWP/P and is being built by Power Construction. The construction timetable was not released.
COFFEYVILLE, KAN. — Minneapolis-based Dominium Development & Acquisition has held the grand reopening of Dale Apartments, located in Coffeyville. Originally built in 1924 as a hotel, the apartment building underwent a $2.7 million renovation. Improvements to its 47 units included new cabinets and countertops, new appliances, new entry doors, new light fixtures and new flooring. Additional construction consisted of a new community room with a full kitchen, a new exercise room, a media room, new vending and mail areas, an improved outdoor patio area with new landscaping and sitting areas, a new laundry room and a new library.
MERRILLVILLE, IND. — Chicago-based Paine/Wetzel • ONCOR International has brokered the sale of a 65,000-square-foot industrial building, located at 880 E. 99th Court in Merrillville. Situated on 5.8 acres, the building fronts Interstate 65. It was acquired by Profab Corp., which is relocating from a facility in Lombard, Ill. Paine/Wetzel’s Adam Karras represented the buyer; Lou DeSanto, also of Paine/Wetzel, represented the seller, Holladay Properties. The acquisition price was not disclosed.
MEDINA, OHIO — Cedar Shopping Center has disposed of a two-building retail property for $1.3 million. The property comprises two buildings situated on approximately 3 acres in Medina. The buildings are triple-net leased to McDonald’s and Waffle House. The buyer was not disclosed. Cedar Shopping Centers originally acquired the property in 2005 as part of a 25-property portfolio of primarily drugstore-anchored retail stores located in Ohio.
COLUMBUS, OHIO — CB Richard Ellis (CBRE) Hotels has arranged the sale of the landmark Holiday Inn on the Lane at Ohio State University. The 11-story, 243-room hotel, which is located on Lane Avenue and borders the Ohio State campus, was acquired for $20 million by the university. The school plans to convert the building to student housing. Built in 1973, the hotel has been owned by the seller, Harper Hotels, since it opened. Eric Belfrage of CBRE’s Columbus office and Tom Ives of the company’s Atlanta office represented Harper Hotels in the disposition.
CHICAGO — Cambridge Realty Capital Cos. has provided $90.6 million in HUD-insured Section 232 loans to refinance a 10-property portfolio of intermediate and skilled care nursing facilities located in the Chicagoland. The 10 loans were closed and funded simultaneously to accommodate the payoff of a single credit facility. Loans for the individual properties range in size between $3.1 million and $14.8 million; terms for the fully amortizing loans range between 27 and 35 years. The first-mortgage loans were arranged for an Illinois limited liability company, and were underwritten by Cambridge Realty Capital Ltd. of Illinois. The properties include: Southview Manor and Community Care Center in Chicago; the West Chicago Terrace; Frankfort Terrace; Crestwood Terrace; Kankakee Terrace; Bourbonnais Terrace; Joliet Terrace; The Terrace of Waukegan; and Sycamore Terrace of Quincy.
CINCINNATI — Duke Realty Corp. has leased 354,371 square feet of warehouse/distribution space to GENCO Supply Chain Solutions, North America’s second-largest third-party logistics provider. The tenant is scheduled to occupy space within Duke’s 473,000-square-foot Skyport 3 building, which is located at 2255 Progressive Dr. in Hebron, a Northern Kentucky submarket of Cincinnati. Skyport 3 is situated just off of Interstate 275, with immediate access to Interstates 71, 74 and 75, as well as the Greater Cincinnati/Northern Kentucky International Airport. Si Pitstick and Josh Young of Cincinnati Commercial Realtors, and Brian Zurawski of Summit Realty Group represented GENCO in the transaction; Kevin Schutte and Jeremy Kraus negotiated the transaction in-house for the landlord.
EDINA, MINN. —Twin Cities Orthopedics (TCO) and Hegenes Management have commenced development of Crosstown Medical Center, a four-story, 75,000-square-foot medical office building in Edina. NorthMarq Healthcare Advisory Group provided strategic counsel and transaction services for TCO; Stephen Brown of NorthMarq Healthcare Advisory Group helped TCO identify the 2-acre site, which is adjacent to Highway 62 and Fairview Southdale Hospital. Hegenes was represented by Bill Rothstein of NorthMarq Brokerage. In the process, TCO and property owner Hegenes formed a joint venture and will both retain ownership of the center. RJM Construction is handling the construction of the building and five-story parking structure; completion is expected in 2010.
BOLINGBROOK, ILL. — Morgan/Harbour Construction Co. has begun construction of an interior build-out for the new 150,249-square-foot headquarters for Saratoga Food Specialties within the 269,662-square-foot Crossroads Lakes I. The facility is located at 771 W. Crossroads Pkwy. in Bolingbrook. Saratoga, which is a manufacturer of spices and food flavorings, is relocating into the new space along the Interstate 55 corridor as it consolidates from several area facilities. The interior construction includes 20,000 square feet in corporate offices, R&D space, a common culinary area and locker room facilities. The warehouse component will feature 30-foot clear ceiling heights, a climate-controlled manufacturing and blending area, and a plant dedicated to testing new products. Saratoga will take occupancy this summer. The building developer is Corum Real Estate Group.