CHICAGO — Mid-America Real Estate Corp. has arranged the sale of a 7,000-square-foot restaurant and bar located in Chicago’s Lincoln Park neighborhood. The building, which formerly housed Ranalli’s Restaurant & Beer Garden, was acquired by locally based 1925 North Lincoln LLC for an undisclosed amount. The buyer plans to open a new restaurant and bar in the space by May. Mid-America’s Luke Molloy represented the seller, Chicago-based Park West Properties. The buyer utilized in-house representation. The acquisition price was not disclosed.
Midwest
GRAYSLAKE, ILL. — Skokie, Ill.-based Alter Group has released the final general development plan for Cornerstone, a 650-acre master-planned project that is slated for development in Grayslake. Plans call for approximately 3 million square feet of light industrial, research and development, and office space; 500,000 square feet of retail and entertainment space; and a unique residential component. Cornerstone will be constructed in multiple phases over a 12-year period. Infrastructure work, including utility extensions and road enhancements, will be undertaken in cooperation with the Village of Grayslake. A public hearing for the project is anticipated to take place in the next few months.
TOPEKA, KAN. — The Minneapolis office of NorthMarq Capital has arranged a total of $27.67 million in first-mortgage financing for three apartment communities located in Topeka. The three properties total 680 units, and include Brookfield Estates Apartments, Crown Colony Apartments and Sherwood Apartments. Financing for each property was arranged by Patrick Minea of NorthMarq through Freddie Mac. The borrowers were not disclosed.
COLUMBUS, OHIO — Sterling Commerce, a subsidiary of AT&T, has renewed its lease for 322,679 square feet of space at Tuttle Crossing, a Class A office park located at Interstate 270 and Tuttle Crossing Boulevard in Columbus that is owned by Indianapolis-based Duke Realty Corp. Sterling Commerce occupies space at 4600 Lakehurst, 4675 Lakehurst, 4725 Lakehurst and 6060 Emerald Parkway — it is the sole occupant of each of the buildings. The company first leased space at Tuttle Crossing in 1993 and has since expanded into additional buildings. The new lease carries a 10-year term.
FRASER, MICH. — Lee & Associates of Michigan has completed two industrial leases in Fraser totaling 40,000 square feet. First, Car Guys Auto Sales leased 15,360 square feet at 32639 Groesbeck Highway. Jeffrey Buckler of Lee & Associates represented the landlord, Supply Den. Buckler also represented the undisclosed tenant in the leasing of 24,960 square feet of space at 6501 Sims Dr. The landlord was not disclosed.
CHICAGO — Michael Nelson and Mark Nelson of Paine/Wetzel • ONCOR International have brokered two industrial transactions in Chicago. At 3715-3717 S. St. Louis Ave., the team, along with Paine/Wetzel’s Jeff Blake, represented the seller, Hei Yeng Kwok, in the disposition of a 110,000-square-foot industrial building. The Building Commission of Chicago, which was represented by Albert Schulman of Paine/Wetzel, acquired the property and plans to demolish the existing facility and redevelop the site for the Chicago public school system. Nelson and Nelson also negotiated the sale of a 36,684-square-foot building located at 11235 S. Cottage Grove in Chicago on behalf of the seller, Cook Financial. Recycle Tech Solutions purchased the facility, which features 23-foot clear ceiling heights and heavy power capacity. Frank Melchert and David Drew of Grubb & Ellis represented the buyer.
INDIANAPOLIS — Rolls-Royce has completed development of a 42,000-square-foot Regional Customer Training Center in Indianapolis. The center provides services to civil and defense aerospace, energy and marine customers. The project represents the fifth Rolls-Royce facility in Indianapolis, and features office, laboratory and classroom space.
ST. PAUL, MINN. — Minneapolis-based Opus Northwest has been selected to design and develop a 180,000-square-foot athletic and recreation center on the main campus of the University of St. Thomas in St. Paul. Representing the largest expansion in the school’s history, plans for the Anderson Athletic and Recreation Complex include a 2,000-seat basketball and volleyball arena; an aquatics center; a new field house with a 200-meter indoor track; fitness and weight training areas; and classroom and lab facilities. Construction is scheduled to commence in May, with completion expected in 2010. Opus Architects & Engineers is handling the design with assistance from Hastings-Chivetta of St. Louis. Additionally, the university has proposed a 240,000-square-foot student center that would also be designed and constructed by Opus. If approved, the project would break ground fall 2010 and deliver early in 2012.
ANN ARBOR, MICH. — Locally based mortgage banking and loan advisory firm Commercial Mortgage Capital (CMC) has arranged $2.88 million in non-recourse financing for a 44-unit apartment community in Ann Arbor. The 10-year, 6.32 percent loan was funded through one of CMC’s correspondent lenders.
BROADVIEW, ILL. — Elmhurst, Ill.-based Darwin Realty & Development Corp. has brokered the sale of an 18,000-square-foot industrial building in Broadview. Darwin’s Daniel Fanelli represented the undisclosed seller in the transaction; Eileen Curry of Cibco Realty Corp. negotiated the transaction on behalf of the buyer, Harrison & Company. The distribution facility is located at 2421 S. 25th Ave., and features 3,000 square feet of office space, two interior docks and heavy power capacity.