ALGONQUIN, ILL. — Baltimore-based Alex. Brown Realty Inc. (ABR), in a joint venture with Chicago-based Sydney Partners LLC, has acquired 545 Algonquin Industrial Park, which is located in Algonquin. ABR Chesapeake Fund III provided an equity commitment of $2.9 million to the venture. The debt and equity capital was arranged by Matthew Shoenfeldt in the Chicago office of Holliday Fenoglio Fowler. At the time of the sale, occupancy at the 111,355-square-foot, single-story property was at 80 percent. This is the third transaction between ABR and Sydney Partners, which are assembling a Midwest portfolio that is expected to have a total investment capacity of approximately $70 million. Prior to the acquisition, the joint venture acquired Kitley Industrial Park, a 365,750-square-foot industrial property in Indianapolis, as well as Merchants Distribution Plaza, a 260,000-square-foot industrial property in Des Moines, Iowa.
Midwest
MADISON, WIS. — Mid-America Real Estate Corp.’s Investment Sales Group of Oakbrook Terrace, Ill., has arranged the sale of High Point Center, a retail development located on Mineral Point Road in Madison. The 86,000-square-foot shopping center, which is positioned adjacent to a 1.3 million-square-foot mall, is anchored by Pier 1 Imports. Wisconsin-based Outlook Development has acquired the property for an undisclosed amount. Rick Drogosz, Bonnie Ferguson Tripton and Dan Rosenfeld of Mid-America represented the seller in the transaction.
BROOKFIELD AND WATERTOWN, WIS. — Milwaukee-based Colliers Barry has represented both parties in the acquisition of an industrial facility located at 3245 N. 126th St. in Brookfield. TNC Development has acquired the 13,380-square-foot building from Hearthstone Group for an undisclosed amount. James Cape of Colliers Barry represented the buyer; James Young, also of Colliers Barry, was the listing broker in the transaction. Additionally, Colliers Barry has arranged the lease of a warehouse facility, which is being constructed at 1009 S. 12th St. in Watertown. U.S. Chemical’s has leased the 150,000-square-foot warehouse from Wangard Partners Inc. The new distribution center will be ready for occupancy this fall. Pete Slezak of Colliers Barry brokered the transaction.
OVERLAND PARK, KAN.; AND JOHNSTOWN, OHIO — San Rafael, Calif.-based The Silver Group has brokered the sale of an 8,064-square-foot National Tire & Battery store located in Overland Park. The retail facility was sold for approximately $3.2 million to a California-based family trust, which completed a tax-deferred exchange. The Silver Group represented both parties in the transaction. Additionally, Greg Cunha of The Silver Group has completed the sale of a Dollar General store in Johnstown, Ohio. An undisclosed Ohio-based investor has acquired the store, which is leased to Dollar General for a 10-year term.
CHICAGO — On behalf of institutional clients advised by Prudential Real Estate Investors, Jones Lang LaSalle Hotels has arranged the sale of the 192-room Hotel Monaco Chicago. The Hotel Monaco Denver and the Hotel Monaco Salt Lake City were also included in the transaction. The three-property portfolio was acquired by Cornerstone Real Estate Advisers LLC for the Cornerstone Hotel Income & Equity Fund II LP. In order to support the purchase, the real estate investment banking division of Jones Lang LaSalle secured acquisition financing from an undisclosed life insurance company. Alan Tantleff, Tom Fisher and John Strauss of Jones Lang LaSalle Hotels represented the seller in the transaction. The acquisition financing effort was led by Ben Singer and Jeff Davis. The acquisition price was not disclosed.
STRONGSVILLE, OHIO — Pepper Pike, Ohio-based Visconsi Cos. has signed Costco, Bed Bath & Beyond, and Best Buy to anchor its Plaza at SouthPark development, which is being constructed at Interstate 71 and State Route 82 in Strongsville. Groundbreaking at the approximately 30 acre-site took place this summer, with stores expected to open in the fall of 2009. The project is a co-venture with Cleveland-based Aveni-Miller. Upon completion, the center will include the 147,000-square-foot Costco, the 26,000-square-foot Bed Bath & Beyond, and the 45,000-square-foot Best Buy. Additional retailers and restaurants are also planned for the development.
PEWAUKEE, WIS. — NAI MLG Commercial has brokered the sale of a 37,000-square-foot multi-tenant building, which is located at W231 N2844 Roundy’s Circle East in Pewaukee. Velcheck & Finger Roof Consulting & Services has acquired the building from JMC Properties LLC for $2.6 million. The new owners plan to renovate 15,000 square feet of vacated space for their new headquarters. The remaining 22,000 square feet is leased to Capital Wire & Cable. Stephen Provancher of NAI MLG Commercial represented the seller; Gordon Steimle of Ogden & Co. represented the buyer in the transaction.
CHICAGO — Grubb & Ellis Co. has arranged the acquisition of 24,000 square feet of office space located at 180 W. Adams St. in Chicago. Aiman Humaideh and his partner, Peter Burdi, have acquired the space for an undisclosed amount. The seller, Ted McDonald’s Corp., has retained ownership of the first floor, where it operates a McDonald’s restaurant. Ted Prillaman in the Office Group of Grubb & Ellis represented the buyer in the transaction.
CHICAGO — RTKL Healthcare Technologies Group will complete technology planning for the new 1.2 million-square-foot hospital pavilion for the University of Chicago Medical Center, which will be located in Chicago’s Hyde Park neighborhood. The 10-story hospital pavilion, which is scheduled to open in 2012, will focus on cancer, gastrointestinal disease, neuroscience, advanced surgery and high-technology medical imaging. The facility will feature 54 rooms including specialty and hybrid operating rooms, general procedure rooms, gastrointestinal rooms, bronchoscopy rooms, ERCP rooms, and interventional radiology procedure rooms. RTKL is ensuring that each department within the hospital pavilion understands how the other will use the integrated systems that the firm installs, and how the systems will interact. Don Conrad is acting as RTKL’s project manager at the site.
KENOSHA, WIS. — North Liberty, Iowa-based Kinseth Hospitality Cos., Kenosha-based Bear Realty and Mills Enterprises have completed construction of a Candlewood Suites within the Cornerstone Commons development, which is located at the northeast sector of Highway 50 and 104th Avenue in Kenosha. The three-story extended-stay hotel houses 90 studio and one-bedroom suites. Each room features a full kitchen and separate sleeping and business/work areas. Amenities at the property include a small meeting room, an in-house convenience store, a laundry area and a fitness center. Kinseth Hospitality Cos. will manage the property.