CHICAGO — Chicago-based U.S. Equities Realty has completed an outparcel sale within Stony Island Plaza, a 175,000-square-foot retail center located at the intersection of 95th Street and Stony Island Avenue. Heartland Food Corp., a franchisee of Burger King fast food restaurants, has purchased the parcel in order to develop a new concept for the restaurant. The new Burger King will feature a working fireplace, a high definition plasma television, Wi-Fi access and a double drive-thru. Construction of the restaurant is underway, with completion expected before the first quarter of 2009. U.S. Equities sold the development in 2004, but continues oversee property management and leasing for the center. Additional tenants at Stony Island Plaza include Jewel-Osco, Bank of America, KFC and A.J. Wright. The acquisition price for the .8-acre parcel was not disclosed.
NAPERVILLE AND WARRENVILLE, ILL. — Charles Canale and Brian Kling of Colliers Bennett & Kahnweiler have represented Burgess Enterprises in the acquisition of two parcels of land located along the south side of Ferry Road in Naperville and Warrenville. The Naperville property consists of a 38-acre parcel, which was sold by Hartz Construction; the adjacent Warrenville property consists of a 7-acre parcel, which was sold by Paul Swanson & Associates. Hartz Construction was represented in-house, while Paul Swanson & Associates was represented by Joseph Dvorak of Colliers Bennett & Kahnweiler in the transaction. Burgess Enterprises has purchased the properties to construct the master-planned High Point of Naperville industrial park. The LEED-certified project, which will break ground in the spring, will consist mostly of speculative office, warehouse and commercial condo components. The acquisition prices for the properties were not disclosed.
CHANHASSEN, MINN. — RJM Construction has been selected by the city of Chanhassen to serve as construction manager for a new public works facility. The company will begin work on the 83,000-square-foot building in April. With an $8 million budget, the facility will include administrative offices, employee support areas, a fleet maintenance facility and a vehicle storage building. The building is being constructed on land owned by the city. Oertel Architects will design the project.
BROWN DEER, WIS. — Cohen Financial has arranged $15.3 million in refinancing for Deer Run Apartments, a 232-unit community located in Brown Deer. Amenities at the 261,000-square-foot property include a pool and a clubhouse. Steve Roth and Steve Kundert in the Skokie, Ill., office of Cohen Financial arranged the loan on behalf of the borrower, a Midwest-based commercial real estate investor. Green Park Financial was the lender. Additional terms of the loan were not disclosed.
URBANA, ILL. — Marcus & Millichap has brokered the sale/acquisition of Park Inn, a 140-room motel/hotel property located at 2408 N. Cunningham Ave. in Urbana. Amenities at the facility, which is situated within minutes of the University of Illinois, include an outdoor pool, a fitness center and 6,000 square feet of meeting space. The asset commanded a sales price of $2.1 million. The buyer and seller were not disclosed. Brian Fay and Scott Clawson in the downtown Chicago office of Marcus & Millichap represented both parties in the transaction.
PLYMOUTH, MICH. — Brembo North America has signed a 12-year lease for 45,000 square feet of space within Plymouth-based DeMattia Group’s MetroWest Technology Park located in Plymouth. The building will serve as Brembo North America’s new headquarters, as well as a research and development facility for the company. It will consolidate three corporate and technical offices into one location. The facility will feature product development, laboratory space, offices and team collaboration areas. DeMattia will act as the designer/builder for the project. Additional tenants within the park include Johnson Controls, AVL North America, Freudenberg-NOK, DOW Corning and Metaldyne. Brembo is expected to take occupancy this summer.
CHICAGO — Town & Country Pediatrics has signed a lease for 13,500 square feet of medical office space within Chicago-based Structured Development’s Blackhawk/Halsted mixed-use project, which is located in the Clybourn Corridor of Chicago. The 225,000-square-foot development houses 70,000-square-feet of medical office space, which is 70 percent leased. Ira Perlman of Howard Ecker & Co. represented Town & Country Pediatrics in negotiations. Additional medical tenants include Advocate Health Centers, Pine Dental, Associated Allergists, and Northwestern Memorial Physicians Group, which will open a pediatric and internal medicine office at the development in the spring. The British School of Chicago and retailer REI also occupy a combined 105,000 square feet of space within Blackhawk/Halsted. The 2-acre site features a 550-space parking garage. The building, which is 80 percent leased, is a candidate for LEED Silver certification. Structured Development’s mixed-use, 1 million-square-foot New City project is situated directly across the street from Blackhawk/Halsted.
AVON, IND. — Hendricks Regional Health and the YMCA of Greater Indianapolis are partnering to build central Indiana’s first fully-integrated YMCA and hospital collaboration in Avon. The approximately $18 million project is planned for a 28.8-acre site located along Highway 36. Measuring 100,000 square feet, the Hendricks Regional Health YMCA will offer health and wellness services designed around the needs of the surrounding community. YMCA amenities will include an indoor aquatics center, a wellness center, a dance/aerobics studio, a sports gym, a teen center, a child watch area, an indoor climbing wall, outdoor sports fields, walking trails and an outdoor education center. Hendricks Regional Health will provide physical and occupational therapies, cardiac rehabilitation, complete lab and x-ray services, new medical practices, sports medicine, and other hospital outreach programs. The community will raise $13.5 million to fund the project. Based on funding, the project could begin as early as this summer, with a projected opening in late 2010.
OVERLAND PARK, KAN. — Integrated Capital, as owner, has completed the $20 million renovation of the Overland Park Marriott, which is located at 10800 Metcalf Ave. in Overland Park. The 398 guest rooms and suites, hotel corridors, the concierge lounge, the ballroom and 14,000 square feet of meeting space were renovated as part of the project. Amenities at the 11-story hotel include four restaurants, an indoor/outdoor connecting pool, 17 meeting rooms and a fitness center.
AVON LAKE, OHIO — Capmark Finance has originated $13.5 million in fixed-rate debt for the acquisition of Somerset Apartments, a 98 percent occupied, 221-unit community located in Avon Lake. The loan was provided at a fixed rate of 6.02 percent and at a 70 percent loan-to-value ration. Capmark sourced the financing through its Freddie Mac CME program. Financing was based on a 10-year term, with 2 years interest only payments followed by a 30-year amortization. Stewart Campbell in the New York City office of Capmark originated the loan for the borrower Dimitrios Kaloidis.