SOUTH HAVEN, MICH. — L. Mason Capitani has brokered the acquisition of a 125,960-square-foot industrial facility located at 1600 Stieve in South Haven. East Jordan Plastics Inc. has purchased the new building for an undisclosed amount. The property was previously occupied by Noble International. Craig Mercier of L. Mason Capitani represented the buyer in the transaction.
CHICAGO — Essex Realty Group has brokered the sale of a 33-unit multifamily community located at 6506 N. Ashland in the Rogers Park neighborhood of Chicago. The property houses 31 studios, one one-bedroom unit and one two-bedroom unit. Additionally, the building includes two street-level commercial storefronts. David Goss and Jon Morgan of Essex represented the seller, a local bank, and the buyer in the transaction. The property commanded a sales price of approximately $1.8 million.
ST. CHARLES, MO. — Marcus & Millichap has arranged the sale of a 28,272-square-foot retail property located at 2350-2430 S. Highway 94 in St. Charles. The Hemsath Business Center currently houses mostly professional tenants, including Gateway Power Communication, J&T Processing and Farmer’s Insurance. An undisclosed developer has purchased the property from a private investor for $1.65 million. Andrew Medler and John Magner in the St. Louis office of Marcus & Millichap represented the seller in the transaction. The buyer was also secured and represented by Marcus & Millichap’s St. Louis office.
LENEXA, KAN. — A Suburban Extended Stay Hotel is currently underway at 15151 W. 101st Terrace in Lenexa. The 118-room hotel, which is slated for completion in March, is being developed and is owned by Lenexa Lodging LLC and Neuterra Real Estate Development LLC. North Carolina-based The Generation Companies has been selected to manage the economy-priced facility. The Suburban Extended Stay Hotel brand is a part of Choice Hotels International.
AURORA, ILL. — US Industrial REIT II has purchased the Cinram Distribution Center within the 660-acre Meridian Business Campus, which is located adjacent to a Burlington Northern & Santa Fe railroad line in Aurora. Canada-based Cinram Distribution LLC sold the 595,000-square-foot, state-of-the-art distribution center for an undisclosed amount. The REIT also purchased 11.7 acres of land adjacent to the building. US Industrial REIT II, which is owned by affiliates of USAA Real Estate Co. and other investors, invests in high quality bulk distribution properties located in major markets throughout the United States.
BOLINGBROOK, ILL. — Morgan/Harbour Construction has completed Crossroad Lakes Building I, a 270,000-square-foot warehouse/distribution facility located at 771 Crossroads Pkwy. in Bolingbrook. The multi-tenant facility, which is situated within Crossroad Lakes business park, was completed on behalf of Corum Real Estate. The state-of-the-art building includes 30-foot clear ceiling heights and 41 docks. Ben Warriner and Jay Mumm of Woodridge, Ill.-based Morgan/Harbour oversaw the construction of the project. Harris Architects provided design services. The estimated cost of completing the facility was not disclosed.
CHICAGO — IDEO, a global innovation and design firm, has signed a lease for 20,442 square feet within an eight-story redeveloped office building located at 626 W. Jackson Blvd. in Chicago’s West Loop. Chicago-based Sterling Bay Cos., in partnership with The Deitcher Group, owns the 107,977-square-foot building. IDEO is the first tenant signed at the building since it underwent major capital improvements that encompassed common areas and building systems. Palo Alto, Calif.-based IDEO will take occupancy on floors seven and eight of the building in the third quarter. Lisa Konieczka of CB Richard Ellis represented IDEO in lease negotiations. Terms of the lease were not disclosed.
WAUKESHA, WIS. — Patrick Minea in the Minneapolis regional office of NorthMarq Capital has arranged $8.9 million in financing for a retail center located in Waukesha. Terms of the loan for the 116,135-square-foot Silvernail Shopping Center were not disclosed. Financing was arranged for the borrower through NorthMarq’s relationship with The Prudential Insurance Company of America.
ST. LOUIS — On January 22, the Ballpark Village mixed-use project received preliminary approval from a St. Louis Board of Alderman committee. The board’s Housing, Urban Development & Zoning Committee approved subsidies of up to $188 million for the multi-phased project. The approximately $650 million project will be developed by Baltimore-based The Cordish Company and the St. Louis Cardinals. Plans for the development call for approximately 100,000 square feet to 360,000 square feet of retail, entertainment and restaurant space; approximately 100,000 square feet to 750,000 square feet of office space; approximately 250 residential apartments and/or condo units; one or more additional uses; and approximately 1,200 parking spaces. In order for the project to commence, the full Board of Alderman must approve the project. Additionally, the project must receive state approval for subsidies through the Missouri Downtown Economic Stimulus Act.
CHICAGO — Summit Design + Build has completed the Halsted Pershing Business Center located on a 6.6-acre site at the corner of Halsted Street and Pershing Road in Chicago’s Stockyard Industrial Park. Dayton Street Partners is the owner and developer of the 104,000-square-foot speculative industrial/manufacturing center. The single-story, steel and pre-cast building, which can house up to six tenants, includes 30-foot clear ceiling heights, four drive-in doors, eight exterior docks and parking for 75 cars. Cornerstone Architects provided design services; Michael Senner of Colliers Bennett & Kahnweiler is the marketing agent for the property. The estimated cost of completion was not disclosed.