CHICAGO — Doug Imber and Doug Fisher of Essex Realty Group have negotiated the sale of a 58-unit multifamily residential property located at 1373 Greenleaf Rd. in the Rogers Park neighborhood of Chicago. The undisclosed seller, represented by Imber and Fisher, disposed of the property for approximately $3.75 million. The building features 37 one-bedroom and 15 two-bedroom units, as well as six commercial spaces.
Midwest
ANN ARBOR, MICH. — Ann Arbor-based McKinley has been named receiver for an 11-property national multifamily portfolio, as well as a shopping center in Maple Heights, Ohio. For the Bethany Portfolio, McKinley has been appointed receiver for several communities in Atlanta, Virginia and North Carolina that feature a total of 2,904 units. In Maple Heights, McKinley is working to stabilize and create value at Southgate USA, a 795,000-square-foot shopping center. Southgate USA comprises approximately 20 buildings and is anchored by The Home Depot, Giant Eagle and Cuyahoga County government services.
CHICAGO — Albert Schulman of Paine/Wetzel • ONCOR International has brokered three industrial transactions in Chicago. At 1300 Exchange Ave., Schulman has negotiated the sale of a 95,000-square-foot building. Amenities include an enterprise zone, an empowerment zone and TIF district. An investment company that owned the property for more than 40 years sold it to 1300 Exchange Trust. Schulman also represented Sign-O-Rama in its acquisition of a 3,000-square-foot building located at 4443-4445 W. Oakton St. in Skokie, Ill. The facility was formerly occupied by Sherwin Williams. The seller, an out-of-town investors, was represented by Ross Goldstein of Hallmark Johnson Realty. Along with Paine/Wetzel’s Michael Nelson, Schulman has negotiated an 8,448-square-foot lease at 1454 W. Willow St. in Chicago on behalf of the landlord, Elston Industrial Lofts. The space has been leased by Orion’s Mind LLC, which negotiated the lease in-house, will use the space within the newly remodeled building as its new corporate office.
COUNCIL BLUFFS, IOWA — John Reed of NorthMarq Capital’s Omaha, Neb., regional office has arranged first-mortgage financing for Riverbend Apartments, which is a 201-unit multifamily property in Council Bluffs. The approximately $3.97 million loan is based on a 10-year term and was arranged for the borrower, MGM Apartments, by NorthMarq through its affiliate, Amerisphere Multifamily Finance.
NILES, ILL. — Summit Design + Build has completed an extensive renovation and tenant build-out for the new corporate headquarters of AFN Transportation Management, located at 7230 N. Caldwell Ave. in Niles. The logistics company will be relocating from Deerfield, Ill., to an existing 38,932-square-foot office building. The renovated space features a front entrance with a glass atrium, private offices, conference rooms, a training room with tiered floors, an executive board room, a kitchen and a vending area. The project also included the construction of a workout facility with plasma-screen televisions, locker rooms, steams rooms and a shower area; an outside patio with a grilling area; an enclosed, heated parking garage, and a 200-space surface parking lot. Architectural services were provided by Cornerstone Architects.
ROMEOVILLE, ILL. — Chicago-based Paine/Wetzel • ONCOR International has arranged a 107,068-square-foot industrial lease in Romeoville. Logistics company Exel Inc. leased the space, which is located within a 471,500-square-foot building located at 1165 Crossroads Pkwy. The property features 30-foot clear ceiling heights, 12 loading docks and ESFR sprinkler systems. Paine/Wetzel’s Gerald Sullivan, John Stump and Phill Reiff represented the landlord, USC Solutions. Jeanne Rogers of Arthur J. Rogers & Co. represented the tenant. Terms of the lease were not disclosed.
O’FALLON, MO. — St. Louis-based NAI DESCO has brokered two industrial leases in O’Fallon. In the first transaction, the firm represented the landlord, LK Drive, in the leasing of a 77,000-square-foot building at 3801 Lloyd King Dr. The building was leased to aerospace and defense supplier Hendon Products, which will take occupancy this summer. Additionally, NAI DESCO represented the tenant, King Innovation, in leasing a 39,000-square-foot industrial building located at 42 N. Central Dr. The landlord was Frederick T. Dyer Trust. NAI DESCO’s David Gannon and David Branning negotiated both of the transactions.
ELMHURST, ILL. — Daniel Fanelli of Darwin Realty & Development Corp. has negotiated the acquisition of a 12,000-square-foot industrial building on behalf of Chicago Metro Fire Protection. The facility is located at 820 N. Addison St. in Elmhurst. Chicago Metro Fire Protection has leased the building for the past 15 years and exercised its option to buy in purchasing the property. Dan Curtis of Robert A. Schmitz & Co. represented the undisclosed seller.
ROMULUS, MICH. — J.S. Vig Construction Co. has broken ground for the construction of a new Hampton Inn Hotel & Suites, located at the intersection of Smith and Merriman roads in Romulus. The six-story, 78,904-square-foot hotel will contain 126 guestrooms. Amenities will include a pool, a spa, a large breakfast area and a conference room. Completion is scheduled for February 2010.
SPRINGFIELD, MO. — Marcus & Millichap has completed the sale of the Regions Bank Office Building in Springfield for $2.5 million. The 31,718-square-foot office property was constructed in 1996 and is located at 3271 East Battlefield in Springfield. It is currently occupied by tenants such as MetLife, URS Corp., and Whitlock, Selim & Keehn. John Magner of Marcus & Millichap’s St. Louis office represented the seller, a REIT investor. Zane Whiteley, also of Marcus & Millichap’s St. Louis office, represented the buyer, a private investor.