BURBANK, ILL. — Craig Bjornsund of NorthMarq Capital’s New York City office has arranged $2.65 million in first mortgage financing for Toys “R” Us and Summit Plaza located in Burbank. The property, which consists of two non-contiguous parcels, contains an approximately 33,000-square-foot 100 percent triple-net leased, freestanding Toys “R” Us, and a one-story, approximately 28,000-square-foot strip shopping center (Summit Plaza). Anchor tenants at the development include Toys “R” Us, Family Dollar and Radio Shack. Financing was based on a 10-year term, with a 25-year amortization schedule. NorthMarq arranged the loan for the borrower, Goodrich Cicero LLC, through its relationship with Sun Life of Canada.
Midwest
SAVOY, ILL. — Newtown Square, Pa.-based GMH Capital Partners has arranged the sale of University Fields, a 192-unit, Class A apartment complex in Savoy. Tampa, Fla.-based Landmark Residential purchased the property from an undisclosed seller for $11.5 million. The community, which was constructed in 2000 to house students from the University of Illinois at Urbana-Champaign, consists of 16 three-story apartment buildings and one single-story leasing office/clubhouse. University Fields contains two-, three- and four-bedroom units that total 202,932 square feet of net-rentable area. Amenities include a swimming pool and oversized hot tub, clubhouse with game room and pool table, as well as outdoor basketball and sand volleyball courts. Dave Forrest, Bill Tourtellotte, Randall Calvert and Tom Haak of GMH Capital Partners represented the seller in the transaction.
GLEN ELLYN, ILL. — This month, Atlanta-based InterContinental Hotels Group will open the Crowne Plaza Glen Ellyn-Lombard located at 1250 Roosevelt Rd. in Glen Ellyn. The 148,000-square-foot hotel, which has been renovated from a Holiday Inn, contains 119 rooms, including nine two-room suites. Environmentally sound aspects of the facility include a guest recycling program, low-emissivity windows and the Glen Prairie Restaurant, which supports sustainable farming practices. Additionally, the hotel offers 9,400 square feet of meeting space in seven meeting rooms. Glen Ellyn Hospitality LLC owns the property; F & F Realty manages the facility.
INDIANAPOLIS — New York-based Meridian Capital Group has arranged $4.5 million in financing for Atrium Village, a 116-unit apartment complex located at 2636 North Mitthoeffer in Indianapolis. Financing was based on a 10-year term, with a rate of 5.9 percent. Russ Drebin of Meridian’s New Jersey office represented the borrower, TLK Properties, in the transaction.
BARTLETT, HUNTLEY AND ELGIN, ILL. — Nicholas Esposito and Chris Zannis of Arthur J. Rogers & Co. have completed three sales totaling more than 20,000 square feet in Northwest Illinois. In Bartlett, Glenwood Tool & Mold has acquired a 12,924-square-foot industrial facility located at 1251 Humbracht Circle. The firm is expanding and relocating from its previous headquarters in Elgin. Berkowitz Enterprises, which sold the facility for $930,500, was represented by Dan Brown of Brown Commercial Group. In Huntley, Esposito represented T & J Printing Supply in the acquisition of a 5,852-square-foot industrial building. The facility, which is located at 11451 Allison Ct., was sold by Bernat Development for $483,000. Joyce Harding of Paramount Commercial Properties represented Bernat Development in the transaction. Additionally, Zannis represented KNXS Equity LLC in the acquisition of a 2,014-square-foot office property located at 790 Fletcher in Elgin. The facility was sold by Black & Green Investments for $267,800. Kevin O’Donnell, Josh Schilb and John Miller of O’Donnell Commercial Real Estate represented Black & Green Investments in the transaction.
TWINSBURG, OHIO — First Industrial Realty Trust has acquired a 257,000-square-foot distribution center in Twinsburg through a sale/leaseback transaction with Consolidated Plastics Co. The facility, which is located at 8181 Darrow Rd., features 35-foot clear-height ceilings and dock-high doors. First Industrial will lease the space when Consolidated Plastics Co. relocates. Matt Beesley of CRESCO Real Estate represented First Industrial in the transaction. The acquisition price was undisclosed.
CHICAGO — Chicago-based Fifield Cos. and its joint-venture partner, Newport Beach, Calif.-based Pacific Life Insurance Co. have opened Echelon at K Station, a 350-unit apartment community, which is located at 353 N. Desplaines St. in Chicago. The facility is the second apartment tower to be completed within K Station, a $750 million, master-planned community containing 2,400 units. Echelon includes studio, one- and two-bedroom units, with floorplans ranging in size from 572 to 1,111 square feet. Amenities at the facility include a spa, fitness center, an on-site valet dry cleaner, and a game room and lounge. Additionally, Fifield Cos. has completed construction of a 1-acre park —ThePark at K Station — that is slated to open in August. The third and fourth buildings at K Station, Alta and Cirrus, are currently under construction, with first occupancy expected in fall 2009 and completion several months later.
CHICAGO — In March 2009, AlixPartners will relocate its Chicago office to a 33,997-square-foot space located within 300 N. LaSalle in downtown Chicago. The 1.4 million-square-foot 300 N. LaSalle project, which is being developed by Hines, is slated for completion in the first quarter of 2009. With more than 200 feet of frontage along the Chicago River, the 775-foot tall, Class A office building’s outdoor plaza will feature a waterfront café with seating areas adjacent to the river. The facility is a pre-certified LEED-CS Gold structure. Todd Lippman and Brad Serot of CB Richard Ellis represented the tenant; J.F. McKinney & Associates represented the owner in the lease agreement. Terms of the deal were not disclosed.
OMAHA, NEB. — Omaha-based Darland Construction Co. has begun building the new corporate headquarters for Home Instead Senior Care within the West Business Park located at 132nd and Dodge streets in Omaha. The 4-story, 60,000-square-foot office facility will include enclosed parking, exterior verandas and upper-story decks with views of the city. Holland Basham Architects is serving as the project’s architect. The estimated cost of construction was not disclosed.
SUN PRAIRIE, WIS. — Stan Johnson Co. has completed the sale of a 14,820-square-foot, free-standing retail store that is 100 percent leased to Walgreens. The drugstore is located within the SunTowne Shopping Center at 546 Grand Ave. in Sun Prairie. Tenants adjacent to the facility include Copps Grocery, Subway and a proposed SuperTarget. The building, which is situated on a 1.7-acre site, was acquired by Barsky Family Limited Partnership for $4.8 million. Joey Odom of the Hughes Team of Stan Johnson Co. represented the seller, a preferred Walgreens developer; Justin Earley of Capital Real Estate Investments represented the buyer in the transaction.