FLOSSMOOR, ILL. — Rosemont, Ill.-based McShane Construction Co. has been selected to build a new mixed-use project in Flossmoor. The project consists of a single-story, 15,116-square-foot building located on 1.79 acres at 19801 Governors Highway. The building will contain retail, medical office and professional office space. Groundbreaking is expected to occur this spring, with completion scheduled for December. The project is being developed by Alliance Real Estate, with architectural services being provided by KLLM Architects. Drs. Kung and Labana have already signed on to open a 6,000-square-foot medical practice in the building upon completion. The project is located near several hospitals, including St. James Hospital, Ingalls Memorial Hospital and Advocate South Suburban.
SIDNEY, OHIO — Echo Development Corp. has announced plans to develop a 16-acre business park adjacent to Vandemark Road near Interstate 75 in Sidney. Known as Echo Business Center, the park will contain space for retail, restaurant, professional office and medical office tenants. Plans are currently being finalized for the first tenant at the park, which will construct a 4,200-square-foot retail building that will break ground this spring. Industrial Property Brokers is handling marketing for Echo Business Center.
WHITE LAKE TOWNSHIP, MICH. — Marshalls has been announced as the newest anchor tenant at The Village Lakes Plaza, a 180,000-square-foot shopping center located in White Lake Township. The apparel retailer will open a 28,000-square-foot location that will feature Shoe MegaShop, the company’s 5,000-square-foot shoe department concept, as well as The Cube, a boutique with styles for young women. Marshalls will join a roster of retail tenants that includes a 104,000-square-foot JCPenney, Famous Footwear, Bigby Coffee, AAA, Verizon Experience Store and Sally Beauty Supply. Highland House Café and Randolph’s Salon are expected to open locations this summer. The Village Lakes Plaza is the retail component of The Village Lakes, a 28-acre mixed-use project located at Elizabeth Lake and Highland roads. It is being developed by a joint venture between Farmington Hills, Mich.-based Gershenson Realty & investment and Troy, Mich.-based KIRCO. Ownership was represented by Tony Schmitt and Gabe Schuchman of LaKritz-Weber & Co. in lease negotiations.
CHICAGO — Chicago-based First Western Properties has completed six leases at Stony Island Plaza, a newly constructed retail center located at the intersection of 81st Street and Stony Island Avenue in Chicago. Eugene Bryant Interior Design and US Cellular have each leased 1,200 square feet at the property. AFLAC Friends & Family Insurance, Thomas Gary Art Studio, Crown & Glory Spa and an emergency services company have each taken 800 square feet at the center. The transactions were negotiated by Paul Tsakiris and Fahim Lakhani of First Western. Approximately 2,500 square feet of space is still available at the newly constructed Stony Island Plaza. Terms of the leases were not disclosed.
BOLINGBROOK, ILL. — BPG Properties has completed a $13 million capital improvements program at Tallgrass Corporate Center, a 548,000-square-foot office campus located in Bolingbrook. Construction primarily consisted of the conversion of 130,000 square feet of manufacturing space into Class A office space. In addition, a conference room, a cafeteria and a fitness center were constructed, and the main entrance was improved with a glass canopy. A 300-space expansion to the parking lot is slated for completion this spring. Chicago Bridge & Iron Co. has already signed a lease for 73,000 square feet of the new office space. It will join existing tenants such as Adventist Midwest Health, Ulta Beauty, Provena Health, Patterson Medical and Quebecor World Logistics. BPG first acquired the campus, which is a former research and development facility for Tellabs Inc., in 2004 and converted most of it into multi-tenant, Class A office space at the time.
CHICAGO AND SOUTH HOLLAND, ILL. — Chicago-based Paine/Wetzel • ONCOR International has brokered two Chicagoland industrial sales totaling 135,900 square feet. In the first transaction the firm completed the sale of a 121,000-square-foot industrial building, located at 2180 South Racine in Chicago, for more than $5 million. The building is partially leased and is situated on a 167,000-square-foot site, with room for expansion. Edward Wabick of Paine/Wetzel represented the buyer, ASB Acquisitions, which plans to redevelop the building into smaller spaces targeting users from 5,000 to 20,000 square feet. Paine/Wetzel’s Rodger Chenore, Albert Schulman and Jeffrey Girling represented the seller, 2180 S. Racine LLC. Additionally, Paine/Wetzel brokered the sale of a 14,900-square-foot flex building located at 16910 S. Westview Ave. in South Holland. The property includes 2,000 square feet of office space, 16-foot clear ceiling heights, an enclosed dock, an exterior dock, a drive-in door and a 50-space parking lot. The property was acquired by Thornton Township for $1.5 million; the township plans to use the building as its headquarters. Paine/Wetzel’s Lou DeSanto represented the seller, Frain Group. The buyer was represented by Ted Lagestee of Lagestee-Mulder Co.
MOKENA, ILL. — Construction has been completed for St. James Recovery Center, a new 14,734-square-foot medical project located at 19110 S. Darvin Dr. in Mokena. The facility is an addition to the existing Southwest Surgery Center. St. James Recovery Center features 5,450 square feet of space for surgical patient recovery, including four private rooms and 24-hour nursing care. It also includes 9,284 square feet devoted for future medical office space. Principle Construction Corp. served as design/build contractor for the project, with Harris Architects providing architectural services. The project was developed by Quadrangle Development for a partnership between St. James Hospital and Health Centers.
CHARLES CITY, IOWA — Mumford Co. has arranged the sale of the Super 8 Motel located in Charles City. David Mumford and Ed James of Mumford Co.’s Newport News, Va., office and Lance Potter of the firm’s Chicago office represented the seller, Supertel Hospitality. The property was acquired by HR Corporation of Iowa for an undisclosed amount. This transaction marks the 28th hotel sold by Mumford Co. on behalf of Supertel in the past 10 years, as well as the third hotel that Mumford has sold to the principals of HR Corp.
JANESVILLE, WIS. — Lee & Associates has negotiated a 30,431-square-foot lease for Slumberland Furniture at the intersection of highways 14 and 26 in Janesville. The Little Canada, Minn.-based furniture retailer will occupy the space formerly leased to Walmart. The lease features a 10-year term and totals $2.5 million. Steven Doran of Leed & Associates represented the tenant. The landlord is Northbrook, Ill.-based D&B Development.
DECATUR, GENEVA AND ST. CHARLES, ILL. — Chicago-based Beacon Realty Capital has arranged two loans totaling $35.9 million. In the first transaction, the firm secured $20.6 million in permanent financing for 13 medical office buildings located in Decatur. Terms of the loan include a 5-year term with a fixed interest rate. The lender was a national bank. In addition, Beacon arranged a $15.3 million permanent loan for the refinancing of an eight-property retail and office portfolio located in Geneva and St. Charles. The loan carries a 5-year term, a fixed rate and was arranged through a regional bank. The borrowers in both transactions were not disclosed.