SCHAUMBURG, ILL. — Noble Investment Group has acquired a 126-room AmeriSuites located in Schaumburg. The hotel will undergo a $5 million re-positioning that will re-flag it as the Hyatt Place Chicago/Schaumburg. The hotel was acquired for an undisclosed amount on behalf of Noble Hospitality Fund, the company’s fully discretionary, private equity real estate fund.
ELKHART, IND. — Marcus & Millichap has completed the sale of a 156,800-square-foot industrial building located in Elkhart. The single-tenant property is currently leased to Pioneer Plastics. Mike Albright and Michael Wernke of Marcus & Millichap’s Chicago office, along with John Godwin of the firm’s Detroit office, represented the seller, an Indiana-based developer. The property was acquired by a California-based private family trust completing a 1031 exchange. The property listed for $5.32 million, representing an 8.5 percent cap rate.
DECATUR, ILL. — Inland Real Estate Sales has brokered the sale of a 13,500-square-foot retail center located at 1201 Wood St. in Decatur. The building formerly housed a Walgreens. The buyer plans to open a neighborhood grocery store in the location. Rich Artman of Inland’s Yorkville, Ill., office represented the seller, a REIT. The acquisition price was undisclosed.
INDIANAPOLIS — Coldwell Banker Commercial Realty Services (CBC) has brokered the sale of a 61,480-square-foot industrial facility located at 1737 Massachusetts Ave. in Indianapolis. Harvey Levin and Jeffery Baumgartner of CBC represented the seller, RW Carter Corp. The undisclosed buyer was represented by Sandra Jarvis and Brian Epstein of Urban Space Commercial Properties. The acquisition price was not disclosed.
MINNEAPOLIS — The Minneapolis office of CB Richard Ellis | Melody (CBRE) has arranged a total of $11.52 million in financing for two Minneapolis office buildings. The company arranged $7.07 million in permanent financing for Bassett Creek Business Center. The 134,867-square-foot, a multi-level office building, also contains 32 residential condos, which were not included as part of the loan’s collateral. For the second property, The IDC Building, CBRE arranged $4.45 million in permanent financing. The four-story building consists of 63,930 rentable square feet of loft-style offices and first-floor retail. Douglas Seylar and Murray Kornberg of CBRE | Melody secured the funds on behalf of BC Properties and IDC Properties, both entities of Schafer Richardson. Financing was provided by Ameritas Life Insurance Corp.
CHICAGO — Chicago-based PEAK Development has acquired Clybourn Retail Center, located at 2220-2226 N. Clybourn Ave. in Chicago. The property consists of three connected, but independent parcels totaling 6,000 square feet. 2220 and 2224 North Clybourn are currently occupied by Chicago Import Service. The seller, as well as the sale price, was undisclosed.
WESTMONT, ILL. — Chicago-based NAI Hiffman has completed the sale of Oakmont Circle I, a four-story, 115,000-square-foot office building located at 601 Oakmont Lane in Westmont. The building is 90 percent occupied by tenants including J.P. Morgan Chase & Co. and KeyBank. Daniel O’Neill and James Adler of NAI Hiffman’s office brokerage group were the sole brokers in the transaction. The property was acquired by Boston-based TA Associates Realty from Indianapolis-based Duke Realty Corp.
O’FALLON, MO. — St. Louis-based Gray Design Group, serving as project architect, has assisted in the completion of Schneider Electric’s multi-million dollar technology center located in O’Fallon. The new 100,000-square-foot facility features a state-of-the-art electronic testing laboratory, classrooms, training rooms, and demonstrations and display areas. Additional amenities include a two-story atrium that contains a 120-foot long skylight, as well as informal client gathering areas that feature wireless Internet access, a coffee bar and private lounge areas.
ST. CHARLES, ILL. — Inland Real Estate Sales has brokered the sale of St. Charles Place Apartments, a 126-unit community located at 100-207 N. 15th St. and 1400-1620 W. Indiana Ave. in St. Charles, for $8.35 million. The community includes 11 buildings comprising 21 one-bedroom units and 105 two-bedroom units. Rich Artman and Bill Goodwin of Inland’s Yorkville, Ill., office brokered the transaction on behalf of the undisclosed seller; Bob Edmiston, also of Inland, represented the undisclosed buyer.
SCHAUMBURG, ILL. — Chicago-based Wrightwood Capital has added to its Industrial Property Fund III with the acquisition of an approximately 27,000-square-foot cold storage facility located at 2095 Hammond Dr. in Schaumburg. The property, which is fully leased to Amazing Food Manufacturing, features 20-foot clear ceiling heights, two interior and three exterior docks, 7,500 square feet of office space, and a USDA-approved cooler and freezer area. The opportunity was brought to Wrightwood by Keith Puritz of CB Richard Ellis and Joel Schneider of Atlas Partners. The acquisition price was not disclosed.