CHICAGO — Los Angeles-based CB Richard Ellis has brokered the sale of a 788,089-square-foot industrial portfolio located primarily in Chicago. Boston-based Cabot Properties has purchased the 12-property portfolio from TIAA-CREF for an undisclosed amount. The acquisition includes 11 properties in Chicago totaling 676,898 square feet, as well as one 111,191-square-foot property in Baltimore. Jack Fraker, Josh McArtor and Conor Feeney of CB Richard Ellis marketed the property on behalf of TIAA-CREF.
EVANSVILLE, IND. — Ken Newcomb and Butch Proctor of F.C. Tucker Commercial have brokered the sale of Hickory Lake Apartments complex located at 1214 Lavender Court in Evansville. Theimann Real Estate has purchased the property from Goebel Real Estate for $7 million. The 100-unit community will be targeted to the area’s population aged 55 and older. The listing was procured by Kyle Parker and Steve Parker of F.C. Tucker Commercial.
NORTH RIDGEVILLE, OHIO — Comprehensive Healthcare of Ohio has purchased 24 acres of land located on the north side of Lorain Road, between Interstate 480 and the Ohio Turnpike, in North Ridgeville. The property will house a new healthcare and emergency room facility, which is expected to break ground in the fourth quarter of 2009. Local developer Don Mould sold the property to Comprehensive Healthcare of Ohio for $3.5 million. Mike Petrigan of Grubb & Ellis represented the buyer in the transaction.
CLEVELAND — Farley Helms and Brian Lenahan of Colliers Ostendorf-Morris have represented the city of Cleveland in leasing 53,900 square feet within the 65 and 75 Erieview Plaza office buildings in Cleveland. The Department of Aging will relocate to the building from City Hall, and the Department of Public Health will relocate to its new facility from 1925 St. Clair Ave. The two side-by-side buildings house 187,000 square feet of rentable office space. The buildings, which were recently purchased by IB Properties, are connected to the Erieview Tower and Galleria amenities via a lower-level tunnel. The city has signed a year-to-year, 10-year lease. Additional terms of the lease were not disclosed.
KENT, OHIO — Marcus & Millichap has brokered the sale of University Plaza, a 128,028-square-foot retail center located at Cherry and South Water streets in Kent. An undisclosed investor has acquired the property from an undisclosed developer. The asset, which is anchored by a Save-A-Lot grocery store, commanded a sales price of $1.95 million. Additional tenants at the 65 percent occupied center include Dollar General, Fashion Bug and the 29,650-square-foot Plaza Theatres. Erin Wiles-Patton and Scott Wiles in the Columbus, Ohio, office of Marcus & Millichap represented both parties in the transaction.
ST. CLOUD, MINN.; AND TOPEKA, KAN. — Daniel Trebil in the Minneapolis office of NorthMarq Capital has arranged $2.5 million in first mortgage financing for Edgewater Estates Apartments located in St. Cloud. The loan for the 57-unit apartment community was based on a 10-year term plus a 1-year extension period, with a 30-year amortization schedule. Financing was arranged for the borrower through NorthMarq’s seller-servicer relationship with Freddie Mac. Additionally, the company has arranged $2.26 million in first mortgage financing for Bristol Ridge Apartments, a 69-unit community located in Topeka. Brent Blake in the Kansas City office of NorthMarq arranged the loan on behalf of the borrower, Topeka Apartments Co. Financing was based on a 10-year fixed rate term, with a 30-year amortization schedule.
CLEVELAND — Huntington Bank has signed a 20-year lease for 96,000 square feet of office space located at 200 Public Square in downtown Cleveland. The sixth and seventh floors of the 45-story tower will house Huntington Bank’s regional headquarters. Additionally, the company will occupy a portion of the 11th floor and street-level retail space. Alex Jelepis of Grubb & Ellis facilitated the lease on behalf of the landlord Harbor Group International. The building is 90 percent leased.
DAYTON, OHIO — Springfield, Mass.-based Northstar Recycling Group has signed a lease for 93,000 square feet of space within the Dayton Distribution Center, which is located on Rosedale Drive in Dayton. The company will occupy the floor space by the end of the year. The building features rail access and a generous outside truck and trailer staging area. Tim Echemann of Sidney, Ohio-based Industrial Property Brokers negotiated the deal. Additional terms of the lease were not disclosed.
EDWARDSVILLE, ILL. — The Morris Center book store on the Southern Illinois University-Edwardsville campus is undergoing $1.5 million in renovations. Granite City, Ill.-based Limbaugh Construction is the general contractor for the 10,000-square-foot project. St. Louis-based Mackey Mitchell is serving as the architect. The project, which began in October, is slated for completion by the end of January. Fenton, Mo.-based Kaiser Electric is providing lighting and power to the new casework, as well as installing a new fire alarm, public address system and HVAC system within the book store.
ST. PAUL, MINN. — Bloomington, Minn.-based Paramount Real Estate Corp./TCN Worldwide has arranged the acquisition of a 312,800-square-foot distribution/warehouse facility located at 1700 Wynne Ave. in St. Paul. The building will be occupied by a group of companies associated with the ownership of 3PL Holdings LLP. Companies occupying the facility in the first quarter of 2009 will include Superior Third Party Logistics, Superior Brokerage Services, SBS Transportation Services, SBS Specialized Transportation Inc. and SBS International. Additionally, the seller, Minnesota Diversified Industries, will lease back a small portion of the building for its St. Paul operations. The acquisition price was not disclosed.