PLAINFIELD, ILL. — CB Richard Ellis has represented Meritor Heavy Vehicle Systems in signing a lease to occupy 275,327 square feet of industrial space located at 849 Whitaker Rd. in Plainfield. The property was leased by KPJV 849 Whitaker Road LP. Meritor Heavy Vehicle Systems will use its new space for remanufacturing. Mark Collins and Jamie Dingeman in the Detroit office of CB Richard Ellis represented the tenant in the transaction. Additional terms of the lease were not disclosed.
Midwest
LOCKPORT, ILL. — Jeffrey Kowal of Edgemark Commercial Real Estate Services has brokered the sale of a retail center located at 16521-16615 159th St. in Lockport. Situated on approximately 4.85 acres, the 30,051-square-foot Lockport Center is shadow-anchored by Jewel/Osco. The development, which was purchased to satisfy a 1031 investment, is fully leased. Lockport LAD LLC has sold the property for an undisclosed amount. Rahul Patel of Realty Executives Suburban represented the undisclosed buyer in the transaction.
MARYLAND HEIGHTS, MO. — Duke Realty Corp. (NYSE: DRE) has announced plans to develop the final building within its 100-acre Lakeside Crossing Business Park located in Maryland Heights. The 116,000-square-foot build-to-suit office will be constructed for Monsanto. Monsanto’s new facility will be located next to the company’s existing 127,778-square-foot building, which was completed last summer. Upon completion of Lakeside Crossing Two, Duke will have completed 14 projects totaling 916,551 square feet at the park. Duke has invested more than $55 million to develop the park, which houses Class A office space, a service center and warehouse space. Tenants at Lakeside Crossing Business Park include State Farm Mutual Automobile Insurance, Johnson Controls, Shaughnessy and TALX. Duke broke ground on Monsanto’s building in November, with completion and occupation slated for December 2009. Duke Realty Corp. was represented in-house by Whitaker Varley in negotiations.
CHICAGO AND SOUTH BARRINGTON, ILL. — Leopardo has recently completed two restaurants in the Chicago area. Within the Chicago Transit Authority building at 161 N. Jefferson St., Leopardo has completed the interior build-out for Province. The 4,200-square-foot restaurant is the first in downtown Chicago to seek LEED Gold-Commercial Interiors certification. Randy Zweiban is the executive chef and owner of the 140-seat restaurant. Sustainable elements of the restaurant include cork flooring and tabletops, PVC-free vinyl booths, recycled leather chairs, environmentally friendly paint and green kitchen equipment. Additionally, Leopardo has completed an 11,000-square-foot Ruth’s Chris Steak House within the new Arboretum of South Barrington lifestyle center. Situated at 100 W. Higgins Road in South Barrington, the restaurant is Ruth’s Chris Steak House’s third location in the Chicago market and the first stand-alone location. Robert A. Harris Architect provided design services for the building.
MINNEAPOLIS/ST. PAUL, ISANTI AND HOPKINS, MINN. — The Minneapolis regional office of NorthMarq Capital has arranged more than $9.2 million in loans for multifamily properties in Minnesota. The company has arranged $5.47 million in financing for two apartment communities in Minneapolis and St. Paul. In Minneapolis, the 77-unit Labor Retreat Apartments was financed at $3.29 million; in St. Paul, the 67-unit Labor Plaza Apartments was financed at approximately $2.18 million. Financing was based on a 10-year term, with a 30-year amortization schedule. Additionally, NorthMarq has arranged approximately $2.17 million in first mortgage financing for Evergreen Apartments located in Isanti. The loan for the 36-unit property was arranged for the borrower through NorthMarq’s seller-servicer relationship with Freddie Mac. In Hopkins, the company has arranged an approximately $1.58 million loan for Creek Point Apartments. Financing for the 101-unit community was based on a 10-year term, with a 30-year amortization schedule, and was arranged from the borrower through NorthMarq’s relationship with a national bank.
WOOSTER, OHIO — Marcus & Millichap has brokered the sale of Chesterland Square, a 46,295-square-foot shopping center located at 4120-4190 Burbank Rd. in Wooster. The neighborhood shopping center is fully leased with a mix of national, regional and local tenants. Erin Wiles-Patton and Scott Wiles in the Columbus, Ohio, office of Marcus & Millichap marketed the property on behalf of the seller. An out-of-state 1031 exchange buyer purchased the property for $4.76 million.
LAKE ZURICH, ILL. — Arthur J. Rogers & Co. has arranged the acquisition of an industrial facility located at 635 Oakwood Dr. in Lake Zurich. The 85,263-square-foot building features six interior docks, 21-foot clear-height ceilings and a quality control lab. Cabot Properties purchased the facility, which is fully occupied by Insight Beverages. The sales transaction is valued at approximately $4.8 million. The seller, a private investment group negotiated the deal in-house; Nicholas Esposito of Arthur J. Rogers & Co. represented the buyer in the transaction.
CHICAGO — Kimberly-Clark Corp. has agreed to lease approximately 750,500 square feet within ProLogis Park 55, which is located southwest of Chicago in Romeoville. The transaction represents the largest industrial lease in the Chicago area so far this year. This is the third lease agreement between Denver-based ProLogis and Dallas-based Kimberly-Clark, which now occupies approximately 1.6 million square feet within various ProLogis sites across America. The six-building ProLogis 55 industrial park consists of more than 3.1 million square feet of Class A distribution space. Sustainable features at the development include an energy-efficient lighting system with motion sensors, T5 lights and clerestory lighting. Additional terms of the lease were not disclosed.
ELY, MINN. — Minneapolis-based Kraus-Anderson Construction Co. has broken ground on Ely-Bloomenson Community Hospital and Nursing Home located at 328 W. Conan St. in Ely. The $9 million, 45,000-square-foot renovation project is slated for completion in May 2010. Existing hospital space, physical and occupational therapy areas, and administration offices will undergo major renovations as part of the project. Additionally, the project calls for a new ambulance garage and public corridor links. The facility is designated as a Critical Access Hospital.
HOLLAND, OHIO — Dallas-based Prime Income Asset Management has acquired a 200-unit apartment community located off of Airport Highway in the Toledo, Ohio, suburb of Holland. The company purchased Quail Hollow at the Lakes in April, and is in the process of repositioning the asset. The property consists of one-, two- and three-bedroom units with 9-foot ceilings. Amenities at the property include a swimming pool and a state-of-the-art fitness center. The acquisition price was not disclosed.