MACOMB, MICH. — L. Mason Capitani/TCN Worldwide (LMC) has brokered the sale of a 32,454-square-foot industrial facility located at 51483 Quadrate in Macomb. The property was acquired by Flood Solutions, which is expanding and relocating its existing facilities. Joe DePonio of LMC represented Flood Solutions, as well as the undisclosed seller.
Midwest
CHICAGO — Chicago-based companies Golub & Co. and Sterling Business Center have leased the 15th floor of 22 West Washington in Chicago to SKG Partners, which will use the space as the firm’s North American headquarters. The tenant will occupy 29,450 square feet of the new tower, which is under development by affiliates of Golub & Co. The length of the lease was for 9 years; J.F. McKinney & Associates assisted in negotiations.
INDIANAPOLIS — NorthMarq Capital has arranged $11.28 million in first-mortgage financing for Riverchase Apartments, a 216-unit multifamily community located in Indianapolis. Financing was based on a 7-year term with a 30-year amortization schedule. David Farrell of NorthMarq’s Kansas City, Mo., office arranged the financing on behalf of the borrower, Riverchase Partners, through Freddie Mac.
SAUK VILLAGE, ILL. — Reno, Nev.-based DP Partners has completed its third speculative building at LogistiCenter at Sauk Village, a 325-acre business park located in Sauk Village. Building A is a 496,260-square-foot, rail-served distribution center situated on a 26.5-acre site fronting Jason Rasmussen Drive. It features 32-foot clear ceiling heights, 50-foot by 50-foot typical bays with 60-foot deep staging bays, up to 120 truck docks, two drive-in doors, and parking for 189 cars and 59 trailers. The facility also features the ability to cross-dock and/or rail-serve the rear of the building and expansion capability up to 1.2 million square feet. The project was built by Deerfield, Ill.-based Meridian Design Build, with Palatine, Ill.-based Harris Architects serving as project architect. George Maragos, Brad Weiner of the Chicago office of CB Richard Ellis are providing leasing services for LogistiCenter at Sauk Village.
LEBANON, IND. — United States Cold Storage will build a new $38 million Midwest storage and distribution center at Lebanon Business Park in Lebanon. The facility will total 300,000 square feet, and will feature refrigerated space and rail access. Completion is scheduled for June 2009.
QUINCY, ILL. — The 97-room Holiday Inn Quincy has opened at 4821 Oak St. in Quincy. The three-story hotel totals 71,853 square feet and includes 4,500 square feet of space for group events. Hotel amenities include an indoor pool and whirlpool, a business center, wireless Internet access, a 24-hour fitness center and two restaurants. The project was developed and is owned by Duane Venvertloh and Steve Brink, both of Quincy.
CLAYTON, MO. — GE Real Estate has provided $36.5 million in acquisition financing for National City Center, an 18-story office tower located at 120 South Central in Clayton. The building, which was renovated in 1999, totals 295,634 square feet and includes a four-story parking garage. The 3-year, first-mortgage loan includes a $2.5 million hold back for future capital expenditures and tenant improvements. The borrower was an affiliate of Forester Properties.
LAFAYETTE, IND. — Holliday Fenoglio Fowler (HFF) has completed the sale of Lafayette Marketplace, a 214,876-square-foot power center located in Lafayette, for $21.38 million. The project, located on State Road 38 across from Tippecanoe Mall, is shadow-anchored by Kmart. It is 80 percent leased to a tenant roster that includes Michael’s PetSmart, Pier 1 Imports and Staples. Paul Barile and Janice Sellis of HFF’s Chicago office, with Dave Keller of the firm’s Indianapolis office, represented the seller, Kimco Realty Corp. The property was acquired by Baceline Investments.
LINCOLNWOOD, ILL. — A joint venture between Inland Real Estate Acquisitions and TMK Development has acquired the former Purple Hotel, located at the intersection of Touhy and Lincoln avenues in Lincolnwood, for redevelopment. The hotel, which closed in 2007, will be demolished to make way for a mixed-use development named Legacy Place. Initial plans for the project include 100,000 square feet of restaurant and retail space, 40,000 square feet of office space, a 350-room boutique hotel, more than 200 residential units, a health club and a premium movie theater. Legacy Place will also include a fountain and a monument that will incorporate bricks from the Purple Hotel’s façade. Construction is expected to begin in 2009.
CINCINNATI AND LOVELAND, OHIO — Hendricks & Partners (H&P) has brokered the sale of two Ohio multifamily properties for $14.22 million. Beechwood Villas, a 184-unit property located at 4706 Beechwood Rd. in Cincinnati, was sold for $10.1 million. MacArthur Park is an 85-unit property located at 660 Park Ave. in Loveland that sold for $4.12 million. Both of the properties provide Section 8 housing through HUD. Eric Taylor and Mark Rohr of H&P’s Detroit office represented the seller, Loveland-based Matrix Capital Partners. The properties were acquired by Knoxville, Tenn.-based Lawler-Wood Housing at a capitalization rate of 7.33 percent. The buyer plans to undertake a significant rehabilitation of the properties equating to more than $10,000 per unit.