MOUNT PROSPECT AND ALGONQUIN, ILL. — CB Richard Ellis has brokered the sale of 81,480 square feet of Chicagoland office space. In Mount Prospect, Ted Buenger, Tom Rusthoven and Rob Graham of the firm were the sole brokers in the sale of a 64,080-square-foot office building located at 1601 Feehanville Dr. within Kensington Center Business Park. The single-story structure is situated on an approximately 6-acre site, and is 42 percent occupied to a tenant mix that includes the National Sporting Goods Association, Low Incidence Cooperative Agreement, Primerica Financial Services and the Engineering Export Promotion Council. In Algonquin, Buenger, Rusthoven and Gary Fazzio were the sole brokers in the sale of a 17,400-square-foot office building located at 2284-2298 County Line Rd. The single-story building is solely occupied by Advocate Health and Hospitals Corp. The property sold at a capitalization rate of 6.6 percent. The sellers and buyers in both transactions were undisclosed.
SOUTHPORT, IND. — Spectrus Real Estate has arranged the 1031 exchange of Southport Pavilion, a 16,369-square-foot retail strip center located at the interchange of Southport Road and Interstate 65 in Southport. The property is shadow-anchored by Meijer Supercenter, and has a tenant roster that includes Panera Bread, Game Stop, Great Clips, Azteca Mexican Restaurant and Domino’s Pizza. Tom Georges of Spectrus’s northeast regional office represented the seller. Stuart Singer of NAI Eric Bram & Co. represented the buyer. Both parties, as well as the acquisition price, were undisclosed.
ST. LOUIS — St. Louis-based McGrath & Associates has completed construction of two additions to the Proctor & Gamble manufacturing plant located at 169 E. Grand Ave. in St. Louis. The project comprised two design/build additions, totaling 23,000 square feet, to the company’s existing plant. Construction began last August. Wedemeyer Cernik & Corrubia served as project architect, and Zak Cos. served as project engineer.
KANSAS CITY, MO. — Kansas City-based Block & Co., on behalf of its Block Income Fund III, has acquired a 244,400-square-foot bulk warehouse building located at 1400 N. Cambridge Ave. in Kansas City. The property was originally developed by La Vida Local to accommodate the expansion and consolidation of Corporate Express’s regional distribution and showroom centers. The transaction was handled by Kenneth Block, Aaron Mesmer, Brian Beggs, Grant Reeves and Michael Block of Block & Co. Realtors, along with CB Richard Ellis. The acquisition price was not disclosed.
LOMBARD, ILL. — Midwest Real Estate Equities has sold a 66,000-square-foot shopping center condominium located in the company’s Landings of Lombard shopping center at the interchange of North Avenue and Interstate 355 in Lombard. The condo was acquired by Restaurant Depot, which was represented in the transaction by Glen Ellyn, Ill.-based Spartan Real Estate & Development. Midwest Real Estate Equities was represented by Buffalo Grove, Ill.-based Horizon Realty Services. Midwest is in the process of redeveloping the 204,000-square-foot Landings of Lombard, which was formerly anchored by Menards. The center is currently shadow-anchored by an 11,000-square-foot Harlem Furniture. The sale price was not disclosed.
ROMEOVILLE, ILL. — The Rolling Meadows, Ill., office of Sperry Van Ness has brokered the sale of a 73,750-square-foot industrial building, located at 1265 Naperville Dr. in Romeoville, for $5.1 million. Tom Vincent of Sperry Van Ness represented the buyer, a Darien, Ill.-based limited liability corporation. Vincent also arranged a 10-year lease for half of the property concurrent with the sale. The seller, a Chicago-based limited liability corporation, was represented by Jason West and Sean Henrick of Cushman & Wakefield.
MADISON, WIS. — The Madison office of Lee & Associates has arranged the sale of Pewaukee Commons, a 33,555-square-foot retail property located at the corner of Pewaukee and Capitol drives in Madison. The shopping center is occupied by Office Max and Rec Room Plus. Steve Doran and John Walsh of Lee represented the undisclosed buyer. The Milwaukee office of CB Richard Ellis represented the undisclosed seller.
CHICAGO — Northbrook, Ill.-based Essex Realty Group has completed the sale of a 10,500-square-foot mixed-use building, located at 1439 E. 53rd St. in Chicago’s Hyde Park neighborhood, for $2.97 million. David Goss and Jon Morgan of Essex represented both undisclosed parties in the transaction.
CHICAGO — The Chicago office of Hines has acquired One North Wacker, a 51-story, 1.4 million-square-foot office tower located in Chicago’s West Loop, on behalf of Hines U.S. Core Office Fund LP. The building includes a 9,000-square-foot conference center, a health club and a two-level parking garage. It is 98 percent leased to tenants that include UBS, PricewaterhouseCoopers and Citadel. The property was acquired from a German investment fund managed by RREEF, which was represented in the transaction by Eastdil Secured. The acquisition price was not disclosed.
CLEVELAND — The K&D Group has submitted the sole bid for the redevelopment of the former Ameritrust complex located at E. Ninth St. and Euclid Avenue in Cleveland. The $200 million plan will convert the office property into a mixed-use district encompassing 10 city blocks. Plans call for the construction of a new 13-story building, along with the redevelopment of a number of existing buildings. The Tower and Rotunda building will be redeveloped into a 170-room luxury boutique hotel on the lower floors, with 200 residential suites on the upper floors. The Rotunda will be renovated into a grand ballroom for the hotel. The H&P buildings will be demolished and replaced with a 200,000 to 350,000-square-foot office building. A signature tenant will be sought for the building, and will receive naming rights to it. Also, 50,000 to 100,000 square feet of retail space is slated for the mall level of the building. The 944 Prospect Avenue Parking Garage will also be demolished to make way for a new, 600-space parking garage. Finally, the 1010 Euclid Avenue Building is being studied for redevelopment, with options including luxury condominiums or an office tower. Westlake Reed Leskosky has been retained as lead project …