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.
Midwest
CHICAGO — Essex Realty Group has brokered the $4 million sale of a 47-unit apartment community located at 5746 N. Sheridan Rd. in the Edgewater neighborhood of Chicago. The property contains 14 studios and 33 one-bedroom units. The seller was represented by Doug Fisher of Essex; the buyer was represented by Matt Welke, also of Essex.
CHICAGO — Essex Realty Group has brokered the $4 million sale of a 47-unit apartment community located at 5746 N. Sheridan Rd. in the Edgewater neighborhood of Chicago. The property contains 14 studios and 33 one-bedroom units. The seller was represented by Doug Fisher of Essex; the buyer was represented by Matt Welke, also of Essex.
OVERLAND PARK, KAN. — The Kansas City office of NorthMarq Capital has arranged $3.17 million in first mortgage financing for the 126-unit Overland Towers senior housing facility located in Overland Park. Financing for the HUD-insured transaction was based on a 35-year term with a 35-year amortization schedule. The loan was arranged for the undisclosed borrower through NorthMarq’s affiliation with AmeriSphere Multifamily Finance.
OVERLAND PARK, KAN. — The Kansas City office of NorthMarq Capital has arranged $3.17 million in first mortgage financing for the 126-unit Overland Towers senior housing facility located in Overland Park. Financing for the HUD-insured transaction was based on a 35-year term with a 35-year amortization schedule. The loan was arranged for the undisclosed borrower through NorthMarq’s affiliation with AmeriSphere Multifamily Finance.
KENOSHA, WIS. — Grubb & Ellis Co. has represented Gordon Food Service in the acquisition of two sites totaling 135 acres of industrial land located near Interstate 94 in Kenosha. Gordon Food Service will build a 480,000-square-foot freezer/cooler and dry storage distribution facility on the site. The city is providing funding to complete significant infrastructure improvements, which includes roads and utilities. Chuck King, Matt Mulvihill, Frank Griffin, Dominic Carbonari and Greg Wernisch of Grubb & Ellis represented Gordon Food Service in the transaction. The acquisition price was not disclosed.
ST. LOUIS — Walton Construction St. Louis has completed construction at Brown Elementary School located at 3325 Chickory Creek Lane in St. Louis. The $3.4 million project included the renovation of existing facilities and the addition of 11,000 square feet, which houses a new library, a new wing with six classrooms, and a new front entry wing. Brown Elementary School’s development was the first of three phases in Walton Construction’s $21.3 million project for the Hazelwood School District. Central High School and the Learning Center within the Hazelwood School District are undergoing additions and renovations slated for completion in July.
FRANKLIN, WIS. — InterContinental Hotels Group has announced plans to build a five-story, 78,000-square-foot Straybridge Suites located at 9527 South 27th St. in Franklin. The $10 million facility, which is slated for completion in the first quarter of 2009, will house 114 suites and four meeting rooms ranging from 200 to 680 square feet in size. Amenities at the hotel include an indoor pool, 24-hour business center and complimentary guest laundry center. Additionally, InterContinental Hotels Group is developing two Staybridge Suites in Milwaukee and Oconomowoc, Wis., which are slated for completion in the fourth quarter of this year and the third quarter of 2009, respectively.
CHICAGO — Cambridge Realty Capital Cos. has arranged a $10.5 million FHA-insured HUD loan to refinance and provide funding for construction and rehabilitation at Alden Wentworth, a 300-bed nursing home in Chicago. The 40-year term loan was underwritten for the owner, an Illinois limited liability company, by Cambridge Realty Capital Ltd. of Illinois. The interest rate was not disclosed.
MADISON, WIS. — On behalf of Wisconsin Inns, David Macdonald of NAI MLG Commercial has brokered the sale of Rodeway Inn, a 50,000-square-foot facility located at 4916 East Broadway in Madison. Aspire Equities has acquired the hotel for $2.79 million. Included in the transaction was an adjacent 3.4-acre vacant parcel. Aspire Equities plans to redevelop the property as a mixed-use project.