Midwest

MERIDIAN CAPITAL ARRANGES $6 MILLION IN FINANCING FOR CHICAGO PROPERTIES

by admin August 8, 2008

CHICAGO — New York City-based Meridian Capital Group has arranged more than $6 million in financing for three multifamily properties in Chicago. Tannie Schnell of Meridian’s Illinois office has arranged $3.28 million in financing for a multifamily building located at 1441 W. Howard St. in Chicago. The 62-unit apartment community is situated within the East Rogers Park neighborhood. Financing was based on a 5-year term mortgage, with a rate of 5.13 percent. Gershon Friedman, also of Meridian’s Illinois office, has brokered approximately $2.92 million in financing for two Chicago apartment buildings located at 6810 N. Lakewood Ave. and 3915 N. Fremont Ave. Combined, the properties contain 51 units. Financing was based on a 5-year term mortgage, with a rate of 5.33 percent.

August 8, 2008

PSA-DEWBERRY BREAKS GROUND ON 118,480-SQUARE-FOOT MUNICIPAL CENTER

by admin August 8, 2008

ROMEOVILLE, ILL. — PSA-Dewberry, acting as designer, has broken ground on Romeoville’s 118,480-square-foot municipal center. The police station and village hall will be linked within the facility by a central meeting area, the village boardroom, as well as other community meeting and conference rooms. Accommodating city departments that are currently located in six separate facilities, the new building is slated for completion in 2010. PSA-Dewberry has designed a 60-foot limestone tower for the entrance, which will be a new civic symbol for the community. The project cost is estimated at $46 million.

August 8, 2008

Midwest Retail

UPLAND REAL ESTATE GROUP ARRANGES $4.4 MILLION SALE OF CAMPING WORLD STORE

by admin August 8, 2008

MADISON, WIS. — Minneapolis-based Upland Real Estate Group has arranged the sale of a Camping World net-leased investment property located in Madison. The facility was acquired by a 1031 exchange buyer for $4.4 million at an 8.5 percent cap rate. Keith Sturm and Deborah Vannelli of Upland Real Estate Group are representing the developer in the sale of 15 Camping World properties located throughout the United States. FreedomRoads, which owns 60 stores in 30 states, and Camping World, which owns 77 stores in 30 states, have merged, providing a national network of local dealerships and retail parts and accessories stores.

August 8, 2008

Industrial Midwest

GRUBB & ELLIS|PARAMOUNT BROKERS TWO INDUSTRIAL TRANSACTIONS

by admin August 8, 2008

CALEDONIA AND GRAND RAPIDS, MICH. — Grubb & Ellis|Paramount Commerce has brokered two Michigan industrial transactions. Duke Suwyn and Tom DeBoer of Grubb & Ellis|Paramount Commerce have represented Franklin Southbelt LLC in selling its 35,000-square-foot industrial facility, which is located at 6940 Southbelt Dr. in Caledonia. The buyer, Alticor, actually signed a 10-year lease, with an option to purchase after 12 months. Additionally, Randy Bronkema of Grubb & Ellis|Paramount Commerce has brokered the sale of a 4,000-square-foot industrial building located at 705 Crofton St. SE in Grand Rapids. Becker & Sanders Properties acquired the facility from Mercantile Bank Mortgage Co. for an undisclosed amount. Bernie Merkle of CB Woodland Schmidt represented the buyer in the transaction.

August 8, 2008

Midwest Multifamily

MARCUS & MILLICHAP BROKERS SALE OF 128-UNIT APARTMENT COMMUNITY

by admin August 8, 2008

RANTOUL, ILL. — Marcus & Millichap Real Estate Investment Services has brokered the sale of the Parkview Rentals located at 1400 Hobson Dr. in Rantoul. The sales price for the 128-unit apartment community was $1.65 million. A Southern California investment group has acquired the 12.78-acre property, which consists of one-, two-, three- and four-bedroom units, from an undisclosed seller. Shaun Buss and Sean Lyons of Marcus & Millichap’s downtown Chicago office represented both parties in the transaction.

August 8, 2008

Industrial Midwest

NAI WELSH BROKERS TWO SALES TOTALING MORE THAN $8.9 MILLION

by admin August 7, 2008

INVER GROVE HEIGHTS AND ROSEMOUNT, MINN. — NAI Welsh has brokered two Minnesota industrial sales totaling more than $8.9 million. Ted Carlson of NAI Welsh represented Capri Capital Advisors in selling the 174,267-square-foot Carmen Distribution Center, which is located in Inver Grove Heights. Boston-based TA Associates Realty acquired the facility for $6.46 million. Brad Bohlman and Eric Riemer, also of NAI Welsh, represented the buyer in the transaction. Additionally, Carlson represented Independent School District 196 in its purchase of a 25,900-square-foot office building located at 15290 Carrousel Way S. in Rosemount. The building was acquired from an undisclosed seller for $2.45 million.

August 7, 2008

Industrial Midwest

CBRE BROKERS THREE TRANSACTIONS TOTALING MORE THAN 290,998 SF

by admin August 7, 2008

LOMBARD AND CAROL STREAM, ILL. — Pat McCourt, Michael Sedjo and Chris Zubel of CB Richard Ellis have completed three industrial transactions totaling more than 290,998 square feet in Northern DuPage County, Ill. McCourt, Sedjo and Zubel represented both parties in the sale of a 178,567-square-foot warehouse/distribution facility located at 1100 Lombard Rd. in Lombard. AMB Property Corp. acquired the building from Illinois Industrial Properties Inc. for an undisclosed amount. The building, which is currently vacant, includes 40-foot clear ceiling heights, 44 exterior docks, 4 drive-in doors and parking for 121 cars. Additionally, McCourt, Sedjo and Zubel have represented ownership for two industrial leases in Carol Stream. ConAgra Foods has leased 58,922 square feet of space within ProLogis’ 249,576-square-foot industrial building, which is located at 158 Alexandra Way. The space contains 30-foot clear ceiling heights and 14 exterior docks. ConAgra was represented by The Staubach Company in the transaction. TJ Higgins has leased 53,474 square feet of industrial space located within the same building in Carol Stream. The space includes 3,300 square feet of office and 14 exterior docks. TJ Higgins, which is relocating from Glendale Heights, Ill., was represented by Andy Corken of CB Richard Ellis; ProLogis was represented …

August 7, 2008

Midwest Office

MERIDIAN REAL ESTATE REPRESENTS BRIGHTONPOINT IN HEADQUARTERS RELOCATION

by admin August 7, 2008

INDIANAPOLIS — Michael Corr and John Robinson of Meridian Real Estate have represented Brightpoint in relocating its 39,685-square-foot North American headquarters from Plainfield, Ind., to Woodland Corporate Park VI, which is located in Indianapolis. The new facility will ensure enough space for Brighpoint’s future expansion. The 154,000-square-foot building, which is owned by Duke Realty Corp., is now 100 percent leased. Meridian Realty represented all three tenants that occupy the facility.

August 7, 2008

Industrial Midwest

LEE & ASSOCIATES COMPLETES DEAL FOR 85,000-SQUARE-FOOT HQ

by admin August 7, 2008

HURON TOWNSHIP, MICH. — Lee & Associates of Michigan has completed an 85,000-square-foot manufacturing headquarters facility located at 17275 Huron River Dr. in Huron Township. Jim Roberts of Lee & Associates represented Quality Pipe Products in the site selection, the purchasing of the land, as well as the site plan approval and bidding process for the company’s new building. Roberts obtained a 12-year real property tax abatement for the company from Huron Township. D&G Building Co. acted as general contractor for the project, which broke ground in July. The new headquarters allows Quality Pipe Products to merge three of its existing operations, as well as provide them the space necessary to accommodate the company’s expanding business.

August 7, 2008

Midwest Office

COLDWELL BANKER COMMERCIAL FIRST REALTY-ENCORE BROKERS OFFICE SALE

by admin August 7, 2008

CROOKSTON, MINN. — Coldwell Banker Commercial First Realty-Encore has brokered the sale of a 49,463-square-foot office building located at 23616 U.S. Highway 2 SW in Crookston. Riverview LLC has acquired the property, which was valued at $1.8 million, from The Sisters of St. Joseph of Medaille. The facility was formerly a novitiate, junior college, convent and retirement home. Riverview LLC will lease the building to a local hospital for its drug and alcohol treatment center, which will contain 52 beds and 156 acres of outdoor recreation space. Scott Hildre and Dennis Olson of Coldwell Banker represented the seller in the transaction.

August 7, 2008

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