CHICAGO — Newcastle has acquired a 17,514-square-foot retail building, which is located at 801 West Diversey in Chicago’s Lincoln Park neighborhood, for $10 million. The single-story structure is 81 percent leased to a tenant roster that includes Dunkin Donuts, Back to Bed and Performance Bicycle Shop. It also includes 32 parking spaces. David Stone of Stone Real Estate represented Newcastle, as well as the undisclosed seller.
WADSWORTH, ILL. — Marcus & Millichap has arranged the $4.27 million sale of an 85-room Hawthorne Suites located in Wadsworth. The upscale hotel is located at the Pristine Midlane Golf Course; amenities include suites with full kitchens, as well as an indoor pool, a spa and nine conference rooms. Stephen Rachman, Brian Parmacek and Kyle Stengle of Marcus & Millichap’s downtown Chicago office represented both undisclosed parties in the transaction.
CANTON, MICH. — Birmingham, Mich.-based Broder & Sachse Real Estate Services will open a 19,000-square-foot Aldi grocery store this month in Canton Shopping Center, located at the intersection of Ford and Lilly roads in Canton. Broder & Sachse, which is the center’s owner and property manager, is also planning a multi-million dollar renovation of the center to correspond with the opening. Renovations, which will begin this spring, will include a new faade and streetscape. Additional tenants in Canton Shopping Center include bd’s Mongolian Barbecue, Chuck E. Cheese Pizza and Play It Again Sports.
CHICAGO — Bradley Associates, a Chicago-based commercial real estate and private equity firm, has completed the $488 million sale of a 32-property portfolio composed primarily of industrial product. One of the REITs sponsored by The Inland Real Estate Group of Companies acquired the portfolio, which includes three retail, six office and 23 industrial properties. JP Morgan Securities served as Bradley Associates’ financial advisor. Joe Cosenza of Inland negotiated the transaction in his capacity as president of the group’s acquisition arm.
BERKELEY, ILL. — Epic Realty Partners/TCN Worldwide has completed the acquisition of a 71,200-square-foot industrial property located at 5744 McDermott in Berkeley. Ed Brandt and Phil Rosenberg of Epic Realty negotiated the $3 million investment purchase on behalf of Cook Financial. The seller, Transparent Container, was represented by Chuck Saul and Mike Caruso of L.J. Sheridan & Co.
BERKELEY, ILL. Epic Realty Partners/TCN Worldwide has completed the acquisition of a 71,200-square-foot industrial property located at 5744 McDermott in Berkeley. Ed Brandt and Phil Rosenberg of Epic Realty negotiated the $3 million investment purchase on behalf of Cook Financial. The seller, Transparent Container, was represented by Chuck Saul and Mike Caruso of L.J. Sheridan & Co.
TROY, MO. — Swansea, Ill.-based Holland Construction Services, as general contractor for developer Turnbull Properties, has completed a $2.3 million Walgreens at the intersection of Highway 47 and Lincoln Drive in Troy. The freestanding, 14,500-square-foot building marks the first Walgreens developed in the community. The Lawrence Group of St. Louis served as the architect for the project. Holland has completed the construction of a number of Walgreens projects in the greater St. Louis area.
CLAYTON, MO. — InterContinental Hotels Group has signed on with owner Conrad Properties Corp. to bring the third Hotel Indigo to the St. Louis area. The property is the former Daniele Hotel, which is located at 216 North Meramec Ave. in the first-ring suburb of Clayton. The 120-room property will undergo a $13 million renovation, which will significantly change the building’s faade by adding a fifth story and a new entrance. CPC Hospitality is serving as the hotel manager. The Hotel Indigo is expected to open early 2009.
CINCINNATI — Boston-based High Street Equity Advisors has acquired three Class A distribution facilities located in Cincinnati for $17.7 million. The properties include a 168,000-square-foot building located at 9449 Glades Dr., a 140,800-square-foot building located at 4434 Mulhauser Rd. and a 112,500-square-foot building located at 12072 Best Place. The properties are located within a 1-mile radius of each other, and are all fully leased. The Cincinnati acquisitions were part of a larger $95 million acquisition by High Street Equity Advisors that also included 11 industrial properties located in Northern New Jersey. The seller was undisclosed.
DES PLAINES, ILL. — Marcus & Millichap has brokered the sale of a 145,482-square-foot office building, located at 999 E. Touhy Ave. in Des Plaines, for $11.6 million. The five-story building is situated on 5.97 acres. The buyer, Siete 7 LLC, plans to occupy approximately 30,000 square feet of the building and expand over time. Howard Wiese and Frank Roti of Marcus & Millichap represented the buyer, as well as the seller, 999 East Touhy LLC.