CHICAGO — Chicago-based retail developer, Preferred Development, has acquired the third of three properties on the 3400 and 3500 blocks of North Southport Avenue in Chicago. The company will demolish the existing buildings and construct approximately 20,000 square feet of one- or two-story retail space. The properties, which will be renamed The Southport Collection, were acquired for $6.6 million. Preferred development has announced plans to invest another $6.5 million in construction for the project.
CHICAGO — Essex Realty Group has arranged the sale of 1509-1513 W. Fullerton, a mixed-use, 20-unit multifamily property located in the Lincoln Park neighborhood of Chicago. The property contains three retail spaces, a one-bedroom unit, three two-bedroom units, two three-bedroom units and one four-bedroom unit. Doug Imber and Jacob Fenton of Essex represented the seller in the approximately $2.66 million transaction. Both the buyer and seller were not disclosed.
NOBLESVILLE, IND. — Jeremy Woods of Summit Realty Group has represented Meritex Enterprises in the acquisition of 51.8 acres of land for a multi-tenant industrial development in Noblesville. The 537,000-square-foot Noblesville Business Center will offer distribution and office/warehouse spaces ranging from 5,000 to 150,000 square feet in size. Located within the Noblesville Corporate Campus, the project is scheduled to commence January 2009. Woods will be responsible for leasing the facility. The acquisition price was not disclosed.
CHICAGO — Jewel-Osco has acquired a 5.5-acre site within Marshfield Plaza to construct a 62,000-square-foot grocery store located at West 119th Street and South Marshfield Avenue in south Chicago. The 450,000-square-foot Marshfield Plaza retail center is being developed in two phases. Phase I, which is expected to open in October, is anchored by a 127,000-square-foot Target. Anchor tenants for Phase II, which is slated for completion in the first quarter of 2009, include Jewel-Osco, Petco, Staples and Marshalls. Additionally, the project features seven outlots and two multi-tenant buildings. Oakbrook Terrace, Ill.-based Mid-America Asset Management is the exclusive representative for Marshfield Plaza.
COLUMBUS, OHIO — Charlotte, N.C.-based Grandbridge Real Estate Capital has arranged approximately $41 million in financing for two properties in Columbus. A $27.65 million construction loan was secured for a 179,000-square-foot hospitality property. The first-mortgage, which was originated by Jay Shaw and John Rothschild, was funded through Huntington National Bank, with its participant, Citizens Bank. Additionally, Craig Kegg and John Rothschild originated a $13.4 million permanent loan for a 407,040-square-foot warehouse property, which is located within the 1,300-acre Rickenbacker Global Logistics Park. The transaction for the single-tenant property was funded by American National Insurance Co.
ROCHESTER HILLS, MICH. — L. Mason Capitani has brokered the sale of the 51,000-square-foot Budd Office Building in Rochester Hills. The glass building, which was listed for $3.98 million, will be converted from a single-occupant general office facility to a multi-tenant medical building. Mason L. Capitani and Gary Grochowski represented both the seller, Budd Park LLC, and the buyer, Barclay of Rochester Investment Group LLC, in the transaction. The acquisition price was not disclosed.
TOLEDO, OHIO — InterContinental Hotels Group has announced plans to open the 241-room Crowne Plaza Toledo located at Two Seagate, 444 North Summit St. next month. The 14-story property, which is being converted from a Wyndham Hotel, is situated on the Maumee River in the central business district of Toledo. Amenities at the facility include 18,600 square feet of meeting and banquet space; del Sol, a 120-seat waterfront restaurant; Starbucks Coffee; and an indoor swimming pool. The property is owned by Paradise Hospitality, and is managed by Lane Hospitality.
JOLIET, ILL. — On behalf of J.B.B.R.E. Holdings, Gerald Sullivan, Edward Wabick and J. Louis DeSanto of Paine/Wetzel • ONCOR International have arranged the sale of 263 acres of land located at Route 6 and Houbolt Road in Joliet. The buyer, First Industrial Realty Trust, has plans to develop an industrial park at the site, which is expected to be ready for development this fall. First Park Joliet will include buildings measuring 100,000 to more than 1 million square feet in size, which will be available for sale or lease. First Industrial Realty Trust was represented in-house by Marty Edmondson of the company’s Chicago office.
PEWAUKEE, WIS. — James Young of Colliers Barry has represented Guacamole LLC in the acquisition of a 17,800-square-foot office facility within the Bluemound East Business Park located at W223N608 Saratoga Rd. in Pewaukee. S.E.D. Partners, which was represented by Scott Furmanski of CB Richard Ellis, has sold the building for an undisclosed amount. Guacamole will occupy a portion of the property, with 6,000 square feet of Class B office space available for additional tenants. Diversified Insurance, the former tenant in the property, will lease space in a nearby office building.
MORRIS, ILL. — Chicago-based Higgins Development Partners has acquired HDPark Morris, a planned 158-acre industrial business park located on the Interstate 80 corridor — near the future Brisbin Road interchange — in Morris. HDPark Morris will include three warehouse and distribution facilities totaling more than 2.8 million square feet in size. Each facility is expected to be available this year on a build-to-suit basis, with LEED-certification available in the park. The 454,950-square-foot Building One is scheduled to be built on a 22.19-acre site. Amenities include heavy trailer parking, 342-foot building depth and 48 expandable docks. Building Two, which features 570-foot building depth and 139 expandable docks, will measure approximately 1.1 million square feet in size and is situated on a 50.53-acre site. The third approximately 1.3 million-square-foot facility will be positioned on a 58.95-acre site. Amenities include 570-foot building depth and 170 expandable docks. Michael Svoboda, David Prioletti and Kip Hennelly of CB Richard Ellis represented Higgins Development Partners; Bill Myre of Caton Commercial represented the seller in the transaction. The acquisition price was not disclosed.