HUNTLEY, ILL. — Tucker Development Corp. has secured a new lease and marked new retailer openings within the company’s Huntley Grove shopping center located at Route 47 and Kreutzer Road in Huntley. The shopping center, which is scheduled for completion this spring, is anchored by a 176,400-square-foot Wal-Mart SuperCenter. AutoZone has signed a lease within the center, and several retailers, including chiropractic group Chiro One (2,200 square feet) and regional cellular phone retailer Fone Zone (1,500 square feet) have recently opened stores.
Midwest
MT. PROSPECT, ILL. — Edgemark Commercial Real Estate Services has completed a 41,930-square-foot lease on behalf of Sports Authority in a new shopping center located in Mt. Prospect. The sporting goods retailer will open within Randhurst Village, which is a 1 million-square-foot, open-air center that is the culmination of a major redevelopment of the Randhurst Mall. Developer Casto Lifestyle Properties oversaw the redevelopment of the property, which will be anchored by AMC Theaters, The Home Depot, Borders, Costco, and Bed, Bath & Beyond. Al Rodenbostel of Edgemark, working with Steve Niggeman of Philadelphia-based Metro Commercial Real Estate, represented Sports Authority in the lease negotiation.
ELK GROVE VILLAGE, ILL. — Gemstone Real Estate Partners has completed the sale of a 36,664-square-foot industrial building located at 1225 Greenleaf Ave. in Elk Grove Village. Magnetic Inspection Laboratory Inc acquired the building for approximately $2.25 million in order to accommodate its growth. The facility is part of a two-building industrial complex that Gemstone purchased in September of last year; the second building, 1331 Greenleaf Avenue, remains available for sale or lease. Matthew Stauber, Thomas Rodeno and Jonathan Kohn of Colliers Bennett & Kahnweiler represented Gemstone in the disposition. The buyer was represented by Michael Hawryluk and Britt Casey of Cushman & Wakefield of Illinois.
BLOOMINGTON, MINN. — NAI Welsh has arranged the sale of Cedar Bridge Apartments, which is a multifamily community located at 2308 Old Shakopee Rd. in Bloomington, to Mound Spring Terrace LLC for $2.2 million. Kevin Doyle and Ryan Dunlay of NAI Welsh negotiated the deal on behalf of the seller, Hillbridge Properties. Erik Johnson of Welsh Capital arranged financing for the buyer.
SUSSEX, WIS. — Pete Slezak of Milwaukee-based brokerage firm Colliers Barry has represented owner Jonathan Goodman the sale of the Stock Lumber property located along Highway F in Sussex. Investors Associated purchased the 10.69-acre property, which includes 64,760 square feet of fully leased commercial buildings, for $2.27 million. Bill Minett of The Real Estate Company, Lake and County Inc. represented the buyer.
ELGIN, ILL. — Elgin-based architectural design firm Burnidge Cassell Associates (BCA) has merged with Fairfax, Va.-based Dewberry to form PSA-Dewberry/BCA. BCA will operate from its existing Elgin office as part of PSA-Dewberry, which is the firm’s architectural division. BCA’s existing market segments, which include a focus on architectural, interiors, landscape architecture and planning services for municipalities, school districts, library districts, and colleges and universities aligns closely with Dewberry’s current focus.
DECATUR, ILL. — Chicago-based private healthcare real estate firm Lillibridge has acquired a 13-building, 255,000-square-foot medical office portfolio in Decatur. The company purchased the $31 million portfolio from Decatur Memorial Hospital, which fully occupies five of the buildings. Ten of the office buildings are located on the Decatur Memorial Hospital Campus, while the remaining three facilities are located off-campus in Decatur. Overall, the portfolio is 95 percent occupied. Lillibridge will own and manage the properties, and offer ownership options to the buildings’ physician tenants. A remodeling program will be implemented for some of the buildings over the next year.
KENOSHA, WIS. — Developer First Industrial Realty Trust and design/builder Principle Construction have completed the development of a 600,000-square-foot build-to-suit warehouse for Rust-Oleum. Located at 8505 50th Street in Kenosha, the bulk warehouse allows the tenant to consolidate space from two area locations into the new distribution/warehouse facility, which is located in First Industrial’s First Park Kenosha business park.
PLEASANT PRAIRIE, WIS. — Towne Investments, a subsidiary of Milwaukee-based real estate firm Zilber Ltd., has completed two new speculative industrial buildings within LakeView Corporate Park in Pleasant Prairie. Towne Industrial III at LakeView, which measures 82,104 square feet, and Towne Industrial IV, which totals 51,540 square feet, feature 28-foot clear ceiling heights for multiple tenants with space requirements ranging from 15,000 to 82,000 square feet. John Sharpe, Rick Delisle and Sergio Chapa of Lee & Associates of Chicago are marketing the property for sale and lease. LakeView Corporate Park encompasses 2,400-acres and offers more than 10 million square feet of industrial, office and retail space along the Interstate 94 corridor between Milwaukee and Chicago.
CINCINNATI — A new 137,575-square-foot Target has opened within Western Hills Plaza, which is a Centro Properties Group-developed community shopping center located on Glenway Avenue in Cincinnati. The big box retailer’s opening marks the culmination of Centro Properties’ $6.4 million redevelopment of the shopping center. To facilitate Target, the developer demolished approximately 120,000 square feet of multi-tenant retail space. Additional renovations included new storefront canopies and building fascia, restructuring the parking field, new outdoor lighting, new landscaping, new signage and enhanced pedestrian access. Cincinnati-based Cole + Russell Architects provided design services for the redevelopment.