Midwest

OPUS NOTH BEGINS CONSTRUCTION OF 550,000-SQUARE-FOOT INDUSTRIAL PARK

by admin August 18, 2008

CICERO, ILL. — Rosemont, Ill.-based Opus North corp. has begun construction of the Cicero Business Center, a 550,000-square-foot speculative industrial development located at 16th Street and 54th Avenue in Cicero. The two-building project is slated for completion in early 2009. Situated on an approximately 12-acre site, the 260,725-square-foot first building will include 32-foot clear-height ceilings, 30 docks, 44 trailer spaces, two drive-in doors, office space and parking for 169 cars. The 291,664-square-foot Building 2, which will be constructed on approximately 14 acres, will include 32-foot clear-height ceilings, 30 docks, 65 trailer spaces, two drive-in doors, office space and parking for 217 cars. Opus Architects and Engineers was the designer for the project.

August 18, 2008

GLEDHILL PROPERTIES SELLS 1.57 MILLION-SQUARE-FOOT FORMER MOTOROLA PROPERTY

by admin August 18, 2008

HARVARD, ILL. — Gledhill Properties has sold the approximately 1.57 million-square-foot commercial campus located at 2001 North Division St. in Harvard. The property, which formerly housed Motorola’s corporate office, manufacturing and distribution buildings, is situated on a 325-acre site. Optima has acquired the buildings, and plans to reposition the property and lease the various components of the building to different entities. The acquisition price was not disclosed.

August 18, 2008

Midwest Multifamily

BRIAN PROPERTIES COMPLETES SALE WITHIN METROPOLIS THEATER BUILDING

by admin August 18, 2008

ARLINGTON HEIGHTS, ILL. — Brian Properties has completed the sale of approximately 26,000 square feet of commercial condominiums within the Metropolis Theater Building in downtown Arlington Heights. Oakwood Properties LLC has acquired the facility from Banbury Properties LLC for more than $6 million. Tenants at the building include USA Beer Academy, Carlos & Carlos Italian-French Restaurant, and Resource Mortgage Group. Thomas Hellgeth of Brian Properties represented both parties in the transaction.

August 18, 2008

Civic Midwest

BERGHAMMER CONSTRUCTION BEGINS 27,700-SQUARE-FOOT CHRIST CHURCH FACILITY

by admin August 18, 2008

MEQUON, WIS. — Butler, Wis.-based Berghammer Construction Corp. has begun work on a 27,700-square-foot worship facility for Christ Church in Mequon. The two-story building, which will be located at the southeast corner of Bonniwell and Port Washington roads, will seat approximately 400 people. Classroom and other community amenities will also be housed at the facility. Construction is slated for completion in May 2009.

August 18, 2008

Midwest Multifamily

WRIGHTWOOD CAPITAL PROVIDES CAPITAL ARRANGES $4.16 MILLION MUTIFAMILY LOAN

by admin August 15, 2008

COLUMBUS, OHIO — Wrightwood Capital has provided $15 million to finance the acquisition of a seven-property Storage Inns portfolio located in Columbus. With more than 407,000 square feet of storage space, the self-storage properties contain a total of 3,406 units. The Sterling Group has acquired the portfolio, and plans to re-brand the properties. Additional plans include the improvement of on-site management, increased merchandise sales and enhanced marketing efforts. The loan was sourced through Devin Huber of Beacon Realty Capital. Wrightwood Capital structured a 36-month loan.

August 15, 2008

Midwest Office

ALTERRA REAL ESTATE ADVISORS BROKERS $5.3 MILLION OFFICE SALE

by admin August 15, 2008

COLUMBUS, OHIO — Alterra Real Estate Advisors has brokered the sale of The Cliffs office building, which is located at 2323 West Fifth Ave. in Columbus. The 118,000-square-foot office facility was acquired by 2323 Realty Group LLC of Bloomfield Hills, Mich., for $5.3 million. Citizens Bank sold the building, which was 86 percent leased at the time of the sale. Ross Lanford of Alterra represented the seller; Alan Stern of ICI Property Consultants represented the buyer in the transaction.

August 15, 2008

Industrial Midwest

NAI CUMMINS ARRANGES SALE OF $2.9 MILLION INDUSTRIAL PROPERTY

by admin August 15, 2008

MOGADORE, OHIO — NAI Cummins Commercial Real Estate has represented both parties in the sale of an industrial facility located at 3833 Mogadore Industrial Pkwy. in Mogadore. The 88,400-square-foot facility is situated on a 5.58-acre site. CMAC Property Management has acquired the property from Jenco Properties for $2.9 million. Bob Raskow of NAI Cummins represented the seller; Tom Franjesh, also of NAI Cummins, represented the buyer in the transaction.

August 15, 2008

Midwest Retail

HSS MANAGEMENT CO. SELLS 43,427-SQUARE-FOOT RETAIL CENTER

by admin August 15, 2008

HAMMOND, IND. — Skokie, Ill.-based HSS Management Co. has sold Sohl Plaza, a 43,427-square-foot retail center located at the intersection of Douglas Street and Sohl Avenue in downtown Hammond. Tenants at the development include Family Dollar, First Choice Market and Quik Wash Laundry. Sohl Plaza had a listing price of $2.75 million. Michael Horne of HSS Management is the property manager and was the agent for the seller. Bruce Harris and Philip DeFrancesco in Marcus & Millichap’s Chicago office represented the seller, Sohl LP, an affiliate of HSS Management Co., in the transaction.

August 15, 2008

Midwest Office

KRUSINSKI CONSTRUCTION COMPLETES 38,752-SQUARE-FOOT HEALTHCARE FACILITY

by admin August 15, 2008

BOLINGBROOK, ILL. — Oak Brook, Ill.-based Krusinski Construction Co., as general contractor, has completed Remington Medical Commons, a Class A medical office facility located at 329 Remington Blvd. in Bolingbrook. Krusinski Construction was retained by developer Irgens Development Partners LLC to complete the two-story, 38,752-square-foot building. The facility is situated on a 3-acre site adjacent to the Adventist Bolingbrook Hospital campus. Tenants at the facility include Bolingbrook Family Medicine and Nephrology Associates of Northern Illinois. The extensive piping installed by Krusinski is ready to serve six additional tenants, which are expected include primary care physicians and medical specialists.

August 15, 2008

Midwest Multifamily

TIKIJIAN BROKERS $80 MILLION SALE OF FIVE-PROPERTY MULTIFAMILY PORTFOLIO

by admin August 14, 2008

INDIANAPOLIS — Tikijian Associates has brokered the $80 million sale of a five-property multifamily portfolio totaling 1,885 units located throughout Indianapolis. Indianapolis-based Ardizzone Enterprises has acquired the properties from AIMCO. The portfolio includes the 616-unit Bent Tree apartments; the 404-unit Brookwood apartments, which also includes two commercial facilities; the 187-unit Cheswick Village; the 582-unit Reflections apartments; and the 96-unit Winchester Village apartments. Dallas-based Lincoln Property Cos. has been retained by Ardizzone to manage the portfolio.

August 14, 2008

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