CHICAGO — Los Angeles-based Younan Properties has completed the disposition of 211 East Ontario located in downtown Chicago. The 172,000-square-foot, Class A office building is situated within the North Michigan Avenue submarket, adjacent to the Magnificent Mile shopping district. Northwestern Memorial Hospital has acquired the 18-story building from Younan Properties for $35.7 million.
OAK PARK, ILL. — Marcus & Millichap Real Estate Investment Services has arranged the sale of the Eleven 20 Club, a 63,256-square-foot retail center located at 1120 Lake St. in Oak Park. The sales price for the property was $15.8 million. Tenants at the center include Bar Louie and Lane Bryant, as well as a Fitness Formula Gym, which occupies the second and third floors. Situated directly above the development are 44 residential condos. Evan Halkias and Michael Marks of Marcus & Millichap’s Chicago Downtown Office represented both parties in the transaction.
INDIANAPOLIS — Tikijian Associates has brokered the sale of Atrium Village Apartments, a 116-unit senior housing community located near 25th Street and Mitthoeffer in Indianapolis. Lakewood, New Jersey-based TLK Properties has acquired the facility from Indianapolis-based Barrett & Stokely Inc. The property, which consists of two-bedroom, ground-floor units, was listed for $5.9 million. TLK Properties will continue to run Atrium Village as a senior housing facility.
INDIANAPOLIS — Duke Realty Corp. has leased its 600,000-square-foot Plainfield Building 3, which is located off Stafford Road in Indianapolis, to Louisiana-based Cross Road Centers. Plainfield Building 3 is part of Duke’s nine-building, 3.7 million-square-foot portfolio of industrial properties in the Indianapolis International Airport submarket. With immediate access to the airport and Interstate 70, the industrial facility features 36-foot clear ceiling heights, more than 50 dock doors, extra wide column and bay spacing, and ample parking for trailers and automobiles for warehousing and distribution needs. Terms of the lease were not disclosed.
HUTCHINSON, MINN. — Twin Cities, Minn.-based Welsh Cos. has completed the investment sale of Hutchinson Mall located at 1060 Highway 15 in Hutchinson. A local private investor has acquired the 120,831-square-foot retail facility, which is 80 percent leased, for an undisclosed amount. Bob Pounds and Tim Prinsen of NAI Welsh represented the seller, Beachwood, Ohio-based Developers Diversified Realty, in the transaction.
What area is your expertise? Multi-housing properties (rental only) and Central Midwestern markets. However, my answers here apply only to the Indianapolis area. What trends do you see presently in multifamily development in your area? There has been a shift in development activity from the south side of Indianapolis to the north side. Approximately 3,000 units are slated for completion through 2009 along the 146th Street corridor and surrounding areas in Hamilton County. With the recent extension and opening of 146th Street, development activity has intensified along this critical corridor. Who are the active multifamily developers in your area? Currently active: Flaherty & Collins, Pedcor Investments, J.C. Hart, Welbourne Companies, Herman & Kittle Properties, Edward Rose of Indiana and Sheehan Development. Prepared to resume development activity: Paragus, Gene B. Glick Co., and Hearthview Residential. What trends do you see presently in multifamily development in your area? Roughly two-thirds of our buyer base is coming from the East Coast. We have historically had East Coast capital but not significant levels. The heightened interest from coastal investors is due to a widely recognized rental market recovery and stable employment growth. Please name one or two significant multifamily developments in your area. What …
PLAINFIELD, IND. — Indianapolis-based Browning Investments and Duke Realty Corp. have broken ground on a 533,520-square-foot bulk distribution warehouse facility within AllPoints Midwest, which is located off Ronald Reagan Parkway in Plainfield. AllPoints Midwest Building II will include 32-foot clear ceiling heights, T5 fluorescent lighting, 54 dock doors with levelers and seals, 54 truck parking spaces, a 140-foot truck court, and 60-foot staging bays. The building, which is slated for completion this year, is expandable to more than 1 million square feet. In addition to this project, the Browning-Duke joint venture includes AllPoints at Anson, which is located in Whitestown, Ind.
JEFFERSONVILLE, IND. — Dallas-based BMC Capital has originated a $3 million refinancing loan for Mayfair Apartments, a 244-unit property located at 1201 Harmony Lane in Jeffersonville. The undisclosed borrowers are long-term owners of the multifamily community. The fixed-rate financing was based on a 10-year term, with a 30-year amortization schedule.
MENOMONEE FALLS, WIS. — NAI MLG Commercial has brokered the acquisition of 5.31 acres of land located at Pilgrim and Lisbon roads in Menomonee Falls. Pilgrim Group LLC has acquired the property from 333 North Plankinton Building Partnership for an undisclosed amount. The site will house a proposed two-building medical campus, with each facility measuring 27,800 square feet in size. Charlotte Zurn of NAI MLG Commercial represented Pilgrim Group LLC in the transaction.
WAUWATOSA, WIS. — Irgens Development Partners’ Mayfair Woods Business & Technology Center, which is located within the Milwaukee County Research Park in Wauwatosa, has achieved LEED Silver certification for the Core & Shell of the building. The 163,350-square-foot, five story office facility is situated on a 10.8-acre site. High-energy efficient glass, low impact materials with recycled content and extensive use of day lighting were employed at the site in order to reduce long-term operating costs. Elements including green space buffers, wooded areas, activity trails, a pond and natural waterway are highlights of the property. The cost of completion was not disclosed.
