BLOOMINGDALE, ILL. — Bloomingdale-based Roman Inc. has acquired a 120,822-square-foot building within the Covington Corporate Center located at 468-472 Brighton Dr. in Bloomingdale. The facility, which was sold by CenterPoint Properties for an undisclosed amount, has served as the Roman Inc. headquarters for the past 18 months. John Cash, Mark Moran, Daniel Wilkins and David Haigh of NAI Hiffman’s Industrial Services Group represented the seller in the transaction.
CHICAGO — Chicago-based Paine/Wetzel • ONCOR International has completed a 15,000-square-foot building and 17-acre land lease to Schneider National, which represents the largest land lease in Chicago to date this year. Schneider National is relocating from the suburbs to 3600 S. Kostner Ave. The 17-acre lot will serve as truck and trailer parking. Additional features of the building include 5,000 square feet of finished office product, 10 repair bays within the building and 19-foot clear-height ceilings. Rodger Chenore, Terence Lynch and Jeffrey Girling of Paine/Wetzel represented the landlord, Maersk INC; Mitch Adams and Sal Vitale of CB Richard Ellis represented the tenant in negotiations.
BETTENDORF, IOWA — Dallas-based RM Crowe has acquired the Terrace Park Professional Center, a medical office building located on the hospital campus of Trinity Regional Health Systems in Bettendorf. Situated within the Quad Cities, the three-story facility houses 59,615 square feet of rentable area. The building is the first acquisition of RM Crowe’s $50 million fund that is designated to pursue healthcare real estate opportunities nationwide. The acquisition price was not disclosed.
BRECKSVILLE, OHIO — The former Pilgrim Inn of Brecksville has been acquired by Brecksville Healthcare Holdings LLC. Pending voter approval of a planned development overlay agreement in November, the property will be converted into an 80-bed skilled nursing facility. The 2.8-acre hotel parcel was acquired for $1.15 million. David Kaplan of NAI Cummins represented the buyer; Farley Helms of Colliers Turley Martin Tucker represented the seller in the transaction. If the plans are approved, the new facility could open as early as fall 2009.
PLAINFIELD, IND. — Lauth has closed on the Tax Increment Financing Bonds to begin Phase I infrastructure work at Westpoint Business Park, which will be located at Interstate 70 and State Road 39 in the Plainfield submarket of Indianapolis. Upon completion, the business park will feature up to ten Class A distribution buildings totaling more than 7 million square feet, ranking as one of the largest distribution/logistics parks in Indiana. Situated on 555 acres, buildings will range in size from 500,000 square feet to 1.4 million square feet. Next month, Lauth will begin on approximately $5 million in infrastructure improvements at the Westpoint Business Park site. Work will include construction of new roads, mitigation of wetlands and installation of utilities, while the Hendricks County Regional Sewer District will install a sanitary sewer connection to the Monrovia Treatment Plant and begin construction of a lift station to service the area. Infrastructure improvements are expected to be complete by the end of this year.
CHICAGO AND MICHIGAN CITY, ILL. — New York City-based Meridian Capital Group has arranged approximately $3.14 million in financing for four multifamily properties located at 222 and 234 E. 109th St., also known as 10848 and 10849 S. Prairie; 7802 S. Michigan Ave.; and 9040 S. Bishop St. in Chicago. The properties, which house 55 units, are situated on the Southside of Chicago in the Beverly and Chatham neighborhoods. Financing was based on a 5-year term, with rates all sub 6 percent. Gershon Friedman of Meridian Capital Group’s Illinois office negotiated on behalf of the borrower. Friedman also arranged $1.94 million in financing for a 31,000-square-foot multi-tenant office/loft property located at 1456 N. Dayton St. in Chicago. Additionally, Meridian Capital Group arranged an approximately $3.89 million loan for another multifamily property located at 3208 Dody Ave. in Michigan City. The property consists of 130 units. On behalf of the undisclosed borrower, Friedman secured a 7-year term mortgage, with a rate of 6.25 percent.
FAIRVIEW HEIGHTS, MO. — St. Louis-based Koman Properties is redeveloping Commerce Plaza, a retail center, which was severely damaged by a tornado in 2006, and is located near Highways 50 and 159 in Fairview Heights. The project includes the development of a 40,600-square-foot retail center, which will be anchored by Monkey Joe’s and Jo-Ann Fabrics & Crafts, which is relocating from its current building across the street. Additionally, 8,800 square feet of retail product, as well as the potential for an outlot building, are being considered for the project. Construction of Commerce Plaza is currently underway, with completion slated for November. The retail shop and entertainment venue are both expected to open in the spring of 2009.
GRAND RAPIDS, GRAND HAVEN AND GRANDVILLE, MICH. — Grubb & Ellis|Paramount Commerce has completed the sale of an office facility located at 277 Crahen Ave. NE in Grand Rapids. Aardvark Properties LLC has acquired the property from AMS Liquidating Corp. for an undisclosed amount. Chad Koster and Scott Morgan of Grubb & Ellis|Paramount Commerce represented the seller; John Mundell of Signature Associates represented the buyer in the transaction. Additionally, Grubb & Ellis|Paramount Commerce brokered two smaller office sales in Michigan. In Grand Haven, Steve Wilson and Chad Lahey of Grubb & Ellis|Paramount Commerce arranged the sale of a 5,024-square-foot office building located at 300 N. Ferry St. Jason Beecham has acquired the building from Northway Development Co. for an undisclosed amount. In Grandville, the company has arranged the sale of a 4,068-square-foot office facility located at 4320 44th St. SW. MG Real Estate LLC has acquired the property from Canal Street Leasing for an undisclosed amount. Koster and Ray Kisor of Grubb & Ellis|Paramount Commerce represented the seller; Rusty Richter of Rietberg represented the buyer in the transaction.
WAUKESHA, WIS. — Marcus & Millichap has brokered the sale of Silvernail Center, a 6,857-square-foot retail center located in Waukesha. The multi-tenant center had a sale price of $1.9 million. A local Chicago investor acquired the property from an undisclosed developer in a 1031 exchange. Jason Ladner of Marcus & Millichap’s National Retail Group in Chicago represented the seller; Melissa Glick, also of Marcus & Millichap’s National Retail Group in Chicago, represented the buyer in the transaction.
INDIANA, OHIO AND IOWA — CKE Restaurants Inc. has sold 29 Hardee’s restaurants as part of its ongoing strategic refranchising program that was originally announced in April 2007. The company has completed the sale of 23 restaurants in Indiana and Ohio to Midwest First Star Inc. for an undisclosed amount. Midwest First Star Inc., with Farooq Shah and Carri Simon as principals, has also committed to building a minimum of seven new Hardee’s restaurants in these markets over the next 7 years. Additionally, CKE Restaurants Inc. completed the sale of six Hardee’s restaurants in the Davenport, Iowa, market. Last year, Westar Foods Inc. acquired Hardee’s restaurants throughout the Des Moines and Cedar Rapids, Iowa, markets. Westar Foods has committed to build a minimum of four new restaurants in the Davenport market over the next 4.5 years. Both transactions were brokered by Franchise Resale Consultants LLC, d/b/a Praetorian Group.
