Midwest

ST. CHARLES, ILL. — Inland Real Estate Brokerage has arranged the sale of Fox Run apartments located near Route 64 and Randall Road at 145 Walnut Dr. in St. Charles. Kinzie Assets has purchased the 220-unit multifamily community from an undisclosed seller for $12.9 million. The property houses 160 one-bedroom units, 56 two-bedroom units and four three-bedroom units. Amenities at the community include parking, a swimming pool with sun deck, and a balcony or patio on each unit. Rich Artman and Heather Devermann in the Yorkville office of Inland Real Estate Brokerage represented both the buyer and seller in the transaction.

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ORLAND PARK, ILL. — On behalf of American Technical Publishers Inc., Woodridge, Ill.-based Morgan/Harbour Construction has completed a 45,000-square-foot office building located at 10200 Orland Pkwy. in Orland Park. In November, American Technical Publishers Inc. relocated its headquarters from Homewood, Ill., to the new facility. The company has taken 30,000 square feet on the second and third floors, with plans to lease approximately 7,715 square feet on the first floor of the building. A state-of-the-art fitness facility is also located on the first floor. The three-story, Class A facility was designed to achieve LEED Gold certification. Bob Harbour of Morgan/Harbour Construction served as the project executive, and Brad Peterson, also of Morgan/Harbour, was the project manager. Archideas provided architectural services for the development. Chris Gary of Darwin Realty is the project broker. The estimated cost of completion was not disclosed.

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FLINT, MICH. — Architectural firm SHW Group’s Michigan office has completed design plans for the new Science & Technology Incubator facility, which will be located at Kettering University in Flint. The 9,000-square-foot building is the first facility planned for Kettering University’s Technology Park, and will be used as an incubator for start-up research and corporate office space for science and technology companies. Slated for completion in 2009, the building was designed to achieve LEED certification. The facility is divided into public and private functional space. Amenities in the public space include a business center, furnished executive and administrative offices, a conference room and a reception area. Plans for the private segment of the building call for six 700-square-foot wet and dry research lab facilities.

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CHICAGO — West Oak Partners has arranged an $800,000 bridge loan for a multi-unit industrial facility located within the North Elston Avenue corridor of Chicago. West Oak Partners is the only Midwest correspondent for a private lending fund that is positioned as an alternative to traditional commercial lenders. Financing was arranged by Jeff Sondgeroth of West Oak Partners and Benjamin Kadish of Maverick Commercial Mortgage on behalf of an undisclosed Midwest-based commercial real estate investor. Additional terms of the loan were not disclosed.

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NORMAL, ILL. — CB Richard Ellis’ Detroit Multi-Housing Group has brokered the sale of an eight-building student-housing portfolio located near the Illinois State University campus in Normal. The 109-unit portfolio, which houses 390 beds, includes two-, three- and four-bedroom floor plans. All eight properties are situated within 3 blocks of the university’s main campus, and are fully leased through 2009. Both the buyer and seller were not disclosed. Rob Stone in the Detroit office of CB Richard Ellis, in conjunction with Mike Sakich and Bryse Toothaker in the Chicago office of CB Richard Ellis, represented the seller in the disposition. Additional terms of the transaction were not disclosed.

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OAK CREEK, WIS. — Yaskawa Electric America has leased 107,152 square feet of industrial space within Oakwood Crossings Business Center I, which is located in Oak Creek. The 139,726-square-foot multi-tenant facility is within Rosemont, Ill.-based Opus North Corp.’s Oakwood Crossings Business Center. Situated on a 12.1-acre site, the building features 26-foot clear ceiling heights, two drive-in doors, 14 truck docks and parking for 172 cars, which is expandable to include a total of 280 parking spaces. In addition to general warehouse improvements, the build-out for Yaskawa Electric America includes 7,900 square feet of office space and 9,300 square feet of future lab space. The company will take occupancy at the facility in March. Bob Flood and Paul McBride of RFP Commercial brokered the long-term lease on behalf of Opus North. Additional terms of the lease were not disclosed.

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WATERFORD, MICH. — Southfield, Mich.-based Bernard Financial Group has arranged a $3 million loan for a Walgreens store located in Waterford. The single-building retail development measures 14,820 square feet in size. Financing for the borrower, P&P Real Estate Investment, was provided by a correspondent life insurance company of Bernard Financial Group. Bernard Financial Group will also service the loan. Additional terms of the financing were not disclosed.

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BARTLETT, ILL. — Edgemark Commercial Real Estate has arranged the acquisition of a 43,560-square-foot pad for a proposed Sonic Drive-In located at the southwest corner of Route 59 and Stearns Avenue in Bartlett. Sonic Drive-In has acquired the site in order to expand its business in the Midwest. Tyson Fraser and Al Rodenbostel of Edgemark Commercial Real Estate Services represented the buyer; Mike Wesley and Joanne Sutryk, also of Edgemark, represented the seller in the transaction. The acquisition price was not disclosed.

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JANESVILLE, WIS. — Coldwell Banker Commercial McGuire Mears & Associates has brokered the sale of a 35,000-square-foot industrial facility located at 525 E. Conde St. in Janesville. The building, which is occupied by Promax/Isuzu, was purchased for approximately $1 million. Barry Badertscher of Coldwell Banker represented the undisclosed buyer and seller in the transaction.

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KANSAS CITY, KAN. — Kansas Entertainment LLC has temporarily pulled the plug on its $700 million Hard Rock Hotel & Casino Project, which was expected to be located in Kansas City. The 50/50 joint venture between Kansas Speedway Development Corp. — a wholly owned International Speedway Corp. subsidiary — and The Cordish Company has withdrawn its application for Lottery Gaming Facility Manager for the Northeast Kansas Gaming zone. Although the joint venture was willing to move forward with its $400 million casino and dining and entertainment venues, the remaining hotel, convention facilities and additional entertainment components would need to be developed in subsequent phases. Because a phased development plan was not included in the existing agreement, the joint venture was forced to withdraw, with plans to re-apply upon the re-opening of bidding for the zone. The joint venture cites financing constraints as the reason for a phased plan. Initial plans for the final facility called for a 300-room luxury hotel; a state-of-the-art casino; 275,000 square feet of retail, dining and entertainment space, including a live music venue; and meeting and convention components.

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