MIDDLETON, WIS. — Patrick Gallagher and Gordy Welch on the investment team at Siegel-Gallagher, ONCOR International, have brokered the sale of Sunrise Heights Apartments, which is located at 5405 Century Ave. in Middleton. The 192-unit community was acquired for more than $8 million. Both the buyer and seller of the facility were not disclosed.
ELK GROVE VILLAGE, ILL. — ML Realty Partners has acquired a 251,076-square-foot industrial facility located at 2801 Busse Road in Elk Grove Village. The Class A, multi-tenant building, which is situated near Chicago’s interstate highway system, features 30-foot clear heights, 32 exterior docks and two drive-in doors. ML Realty Partners also owns the 251,076-square-foot building next to 2801 Busse Road. The acquisition price was not disclosed.
GLENVIEW, ILL. — The investment sales group of Mid-America Real Estate Corp. has brokered the sale of Glenbrook Market Place, a 62,815-square-foot retail center located at the northeast corner of Willow Road and Pfingsten Road in Glenview. Additional tenants at the development, which is anchored by Walgreens, include Cartridge World USA, Jimmy John’s Gourmet Sandwiches and MB Financial Bank. Chicago-based Newport Capital Partners acquired the center for $16.2 million. Mike George and Joe Girardi of Mid-America represented the seller, Chicago-based Centrum Properties, in the transaction.
JOLIET, MOLINE AND PEORIA, ILL. — Beacon Realty Capital has closed a $13.5 million refinancing transaction for nine Murphy’s U-Store-It self-storage properties located in Joliet, Moline and Peoria. Beacon completed the financing through an undisclosed bank. The transaction features a $12.5 million fixed-rate loan, with a 25-year amortization schedule. Additionally, financing includes a $1 million variable rate component, which will be funded subsequent to the closing. Peoria-based U-Store-It will now be able to use the portfolio’s real estate equity for property expansions and facility improvements.
BINGHAM FARMS, MICH. — On behalf of Tel-Bingham Associates – 1977 LLC, Southfield, Mich.-based Bernard Financial Group has arranged a $6.5 million loan for Bingham Office Building I. The office facility, which is located in Bingham Farms, measures 148,692 square feet in size. Summit Investment Partners, a correspondent for Bernard Financial Group, was the lender in the transaction. Bernard Financial Group will also service the loan. The terms of financing were not disclosed.
FISHERS, IND. — The Carmel, Ind., office of Thompson Thrift has broken ground on its new development, Geist Landing of Fishers, which will be located at the northeast corner of 116th Street and Olio Road in Fishers. The 8.92-acre mixed-use development will feature a 31,450-square-foot, two-story building; a 14,375-square-foot, one-story building; and four outlots. The National Bank of Indianapolis has agreed to occupy one outlot at the development. The estimated cost of completion was not disclosed.
JOLIET, ILL. — Central Grocers has broken ground on its new 934,490-square-foot headquarters building located within Northern Builders’ Cherry Hill business park in Joliet. The state-of-the-art distribution facility will feature approximately 45,000 square feet of office space, 340,000 square feet of freezer/cooler space and 550,000 square feet of ambient warehouse. The building is expected to be operational in the first half of 2009. Matt Mulvihill and Ryan Kehoe of Grubb & Ellis are representing Central Grocers in the disposition of the two Franklin Park sites, from which the company is relocating to its new facility. These sites, which are currently under contract with Ridge Property Trust, total approximately 43 acres.
NOBLESVILLE, IND. — Sacramento, Calif.-based Panattoni Construction has broken ground on a 796,330-square-foot manufacturing and distribution center located at the intersection of 149th Street and Cumberland Road in Noblesville. The facility, which is slated for completion in May 2009, will be the new SMC North American headquarters. The single-level, pre-cast building will include manufacturing, distribution and warehouse capabilities, testing facilities, research and development laboratories, and a multi-level office component. JRA Architecture designed the facility. The contract to develop the property is in excess of $31 million.
KANSAS CITY, MO. — Livonia, Mich.-based TransGlobal LLC has signed a 3-year lease agreement to occupy space within Hunt Midwest Real Estate Development’s SubTropolis, which is located at 8300 NE Underground Dr. in Kansas City. The TransGlobal facility, which began operations in mid-June, will provide manufacturing and assembly services in support of Ford Motor Co.’s Kansas City Assembly Plant. Included in the lease agreement were a 110,000-square-foot production facility, a newly constructed 97,000-square-foot interior staging area and a 136,000-square-foot exterior parking area. The state of Missouri has approved TransGlobal for $270,862 in enhanced enterprise zone tax credits over 5 years for the creation of at least 70 new jobs, and new investment of $4.1 million at the location. As the world’s largest underground business complex, SubTropolis was created through the mining of a 270 million year-old limestone deposit.
GRAND RAPIDS, MICH. — Grubb & Ellis|Paramount Commerce has represented both parties in the sale of a 37,000-square-foot former AMF Bowling Center located at 3700 Plainfield Ave. NE in Grand Rapids. 3700 Plainfield LLC has acquired the facility for an undisclosed amount. The buyer, which has a business across the street, plans to use the new building and sell its existing facility. Kurt Suidinski of Grubb & Ellis|Paramount Commerce represented the buyer; Dave Denton, also of Grubb & Ellis|Paramount Commerce, represented the seller, AMF Bowling Centers Inc., in the transaction.