Midwest

INLAND BROKERS $7.55 MILLION RETAIL SALE

by admin May 1, 2008

FRANKFORT, ILL. — Oak Brook, Ill.-based Inland Real Estate Sales has brokered the sale of Crown Centre, a 48,000-square-foot retail center located in Frankfort, for $7.55 million. The sale also included an adjacent 1.3-acre outlot. The two properties are located at 20606 S. La Grange Rd. and 9645 W. Lincolnway Lane. Tenants at Crown Centre include Salon Rhapsody, Prudential Financial, and Flectere Health & Tanning Center. The center offers space for retail and office tenants. Paul Montes, Mitch Silverman and Eric Spiess of Inland represented the undisclosed seller; the buyer was also not disclosed.

May 1, 2008

PREFERRED BREAKS GROUND FOR RETAIL CENTER

by admin May 1, 2008

BOURBONNAIS, ILL. — Chicago-based Preferred Development has broken ground for the construction of Main Street Marketplace, a 7,000-square-foot retail center located at the intersection of Main Street and Stratford Drive East in Bourbonnais. The center is situated on approximately 1.5 acres and contains 50 parking spaces. Starbucks Coffee is the first tenant to sign on at the $2.8 million center, and will lease 1,785 square feet. The coffee shop will include a drive-thru window and an outdoor patio. Preferred is in negotiations to lease the remaining space, with potential tenants including a wireless communications dealer and a wine outlet.

May 1, 2008

Industrial Midwest

HILLWOOD ACQUIRES 750,000-SQUARE-FOOT INDUSTRIAL PORTFOLIO

by admin April 30, 2008

COLUMBUS, OHIO — Hillwood has acquired three industrial buildings totaling more than 750,000 square feet from ODW Logistics in a sale/leaseback transaction. The portfolio of properties is located on Williams Road in Columbus. ODW built each of the facilities and will continue to operate them as part of an 83-acre campus totaling more than 1.5 million square feet. Hillwood was represented in-house by Chad Cook; ODW was represented by Al and Trip Leon of Leon Brothers. The acquisition price was not disclosed.

April 30, 2008

Industrial Midwest

BINSWANGER COMPLETES 500,000-SQUARE-FOOT BUILD-TO-SUIT AGREEMENT

by admin April 30, 2008

ELWOOD, ILL. — Binswanger has completed a build-to-suit agreement on behalf of Bissell Homecare for a 500,000-square-foot distribution facility located in Elwood. The facility will be developed and built by CenterPoint Properties on 35.89 acres within the developer’s CenterPoint Intermodal Center, and will serve as Bissell’s Midwest distribution center. Completion is scheduled for the end of the year. Binswanger provided site selection, as well as negotiation and transaction services on behalf of Bissell, and will provide project management services for the building’s construction.

April 30, 2008

Hospitality Midwest

MOLINARO KOGER FACILITATES 234-ROOM HOTEL SALE

by admin April 30, 2008

IOWA CITY, IOWA — The Chicago office of Molinaro Koger (MK) has facilitated the sale of a 234-room Sheraton Hotel located adjacent to the University of Iowa in Iowa City. The hotel features more than 26,000 square feet of flexible meeting space, two restaurants with combined seating for 520, a full-service business center, a locally managed fitness center, an indoor swimming pool and a whirlpool. John Jameson of MK represented the seller, Ashford Hospitality Trust. The hotel was acquired by a joint venture involving Davidson Hotel Co. and Rockbridge Capital. It will remain a Sheraton and will be managed by Davidson. The purchase marks the sixth university-related hotel acquired by Davidson.

April 30, 2008

Midwest Retail

GRUBB & ELLIS REALTY INVESTORS ACQUIRES WALGREENS

by admin April 30, 2008

MARYSVILLE, OHIO — Grubb & Ellis Realty Investors has acquired a 15,000-square-foot Walgreens located at 180 Coleman’s Crossing Blvd. in the Columbus suburb of Marysville. The newly constructed pharmacy is situated on approximately 2 acres of land, and features a drive-thru pharmacy window. Grubb & Ellis acquired the property on behalf of a private investor participating in the Grubb & Ellis Wealth Management program. The seller, Arlington-Tremont, was represented by Robert Miller of Millco Investments.

April 30, 2008

Midwest Multifamily

WELLS FARGO SECURES $7.5 MILLION FREDDIE MAC LOAN

by admin April 30, 2008

LISLE, ILL. — Wells Fargo has secured a $7.5 million loan for the refinancing of the 160-unit Country Villas Apartments in Lisle. The loan carries a 10-year term, and is interest-only for the first 5 years. The lender was Freddie Mac, and the loan was taken out under the lender’s Streamlines Refinance Mortgage Purchase Program. The undisclosed borrower used Freddie Mac’s early rate lock 75 days prior to closing. The loan was originated by Brian Manion of Wells Fargo’s multifamily capital office in Northbrook, Ill.

April 30, 2008

Midwest Office

GE REAL ESTATE PROVIDES $100 MILLION LOAN FOR 330 N. WABASH

by admin April 29, 2008

CHICAGO — GE Real Estate has provided $100 million in bridge financing for 330 North Wabash, a 52-story, Class A office building located in Chicago’s River North neighborhood. The bridge loan, which carries a 5-year, interest only term, will allow the borrower, Prime Group Realty Trust (PGRT), the opportunity to recapitalize and reposition the property. As part of the refinancing, PGRT had previously sold off the second through 13th floors of the tower to a joint venture controlled by LaSalle Hotel Properties, which plans to develop the space into a five-star hotel. PGRT will use the funds to attract new tenants once the property’s major tenants vacate the building in April 2010. The financing was brokered by Chicago-based Draper & Kramer.

April 29, 2008

Healthcare Midwest

JACKSON COMMERCIAL TO DEVELOP $20 MILLION HEALTHCARE CAMPUS

by admin April 29, 2008

NOBLESVILLE, IND. — The Indianapolis office of Jackson Commercial Real Estate has announced plans to develop Hamilton Healthcare Campus, an 11.5-acre medical facility located at the corner of 146th Street and Cumberland Road in Noblesville. The project will consist of two buildings: a three-story building totaling more than 122,000 square feet, and a single-story structure totaling 8,287 square feet. Project costs are expected to exceed $20 million; groundbreaking is expected this summer.

April 29, 2008

Midwest Office

FALCON ARRANGES 75,000-SQUARE-FOOT OFFICE SALE

by admin April 29, 2008

ITASCA, ILL. — New York City-based Falcon Real Estate Co. has arranged the sale of a 75,000-square-foot office building, located at 425 Spring Lake Dr. in Itasca, for $8.77 million, or $117 per square foot. The vacant Class B office building is situated on 7.2 acres. It was previously leased to Riverside Publishing, which recently moved out. Falcon represented the seller, 425 Spring Lake Corp.; the office building was acquired by a non-profit organization that provides medical services.

April 29, 2008

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