JACKSONVILLE, ILL. — St. Louis-based Walton Construction Co. has completed construction of a $15 million Wal-Mart Supercenter located in Jacksonville. The grand opening for the 200,000-square-foot retail center was held last week. During construction, 90 percent of the project subcontractors hired by Walton were residents of the Jacksonville community.
Midwest
WEST BEND, WIS. — North Liberty, Iowa-based Kinseth Hospitality Cos. and West Bend-based American Design & Build have completed construction of an 83-room Hampton Inn & Suites, located near the intersection of Paradise Drive and 18th Avenue in West Bend. The four-story hotel features high-speed Internet access and a flat-screen television in each room. Hotel amenities include a banquet room, a conference room, an indoor pool, a fitness center, and a business center with fax and copy services. Kinseth will provide property management services for the hotel.
BENSENVILLE, ILL. — Colliers Bennett & Kahnweiler (CBK) has brokered the sale of a 19,200-square-foot industrial property located at 764-768 Thomas Dr. in Bensenville. The facility features 16-foot clear ceiling heights, 3,000 square feet of office space and a large parking lot. The buyer, luxury car dealer The Chicago Toy Store, had previously leased half of the building. The company now plans to utilize the new space as a showroom. Anne Dempsey of CBK represented the seller, Corporate Crossings. Joseph Reiff, also of CBK, represented The Chicago Toy Store. The acquisition price was not disclosed.
INDIANAPOLIS — Dwinn-Shaffer & Co. has secured $9.8 million in permanent financing for Pheasant Run Apartments, a 184-unit multifamily community located in Indianapolis. The property comprises 13 two-story buildings in a mix of one-, two- and three-bedroom units. Individual units feature scenic lake views with private balconies or patios. Community amenities include a clubhouse that houses leasing and management offices, a fully equipped kitchen and a community room; a swimming pool with a sundeck and adjacent 24-hour fitness center; a children’s activity center; and a 24-hour laundry facility. The loan was arranged by Marc Fiedler of Dwinn-Shaffer for a 3-year, interest-only term. The borrower and lender were not disclosed.
BURR RIDGE, ILL. — Burr Ridge-based Mars Equities is developing a three-story, 90,000-square-foot speculative office building as the final phase of construction of Estancia Executive Center, located at 180 Harvester Dr. in Burr Ridge. This phase comes on the heels of NAI Hiffman fully leasing the other two speculative buildings in the development, which together total 160,000 square feet. NAI Hiffman will also handle leasing for the new building, which is slated for completion in first-quarter 2009.
BENSENVILLE, ILL. — Arthur J. Rogers & Co., a partner of The CORE Network, has completed the purchase of a 60,000-square-foot industrial building, located at 811 Thorndale Ave. in Bensenville, for $5.95 million. The property features 24-foot clear ceiling height and 21 exterior docks. The current tenant, Genesis Group, will remain in the building. Mark Baumhart of Arthur J. Rogers represented the buyer, AMB Property Corp. The seller, One Ninety Nine Group, was represented by David Bercu of Colliers Bennett & Kahnweiler.
WAUKEGAN, ILL. — Chicago-based Redwood Capital Partners has acquired Lakes at Fountain Square, a 384-unit apartment community located in Waukegan. The property comprises one-, two- and three-bedroom units with rents ranging from $855 to $1,260. The project was 93 percent occupied at the time of closing. Redwood plans to implement an interior and exterior capital improvements program. The seller, as well as the acquisition price, was undisclosed.
CHICAGO — Marcus & Millichap has arranged the sale of a 15,000-square-foot vintage bank building, located at 1421-1425 W. Fullerton Ave. in Chicago’s Lincoln Park neighborhood. The property sold for approximately $3 million, or $203 per square foot. The three-story building was built in 1927, and has also been used as office and retail space over the years. The building still houses the bank’s original vault and cage on the lower level. Michael Marks, Shaun Buss and Sean Lyons of Marcus & Millichap’s downtown Chicago office represented the seller, Mirro Development. The buyer was not disclosed.
ADDISON, ILL. — The Rosemont, Ill., office of Cushman & Wakefield (C&W) has brokered the sale of a 63,650-square-foot industrial building, located at 426 South Westgate in Addison, for $2.2 million. Jason West and Sean Henrick of C&W represented the seller, RDF Properties; the seller, Turtle Creek Enterprises, was represented by Scott Duerkop of Staubach Co.
AURORA, ILL. — CB Richard Ellis (CBRE) has negotiated a 160,000-square-foot lease at Butterfield Distribution Center II, located at 2413 Prospect Dr. in Aurora. The building features 30-foot clear ceiling heights, cross-docking capability, trailer parking, 52-foot staging bays and 1,100 square feet of office space. Kirk Armour and David Prell of CBRE represented building ownership, Alliance Commercial Partners, in the transaction. The tenant, Chep USA, was represented by Greg Lance of UGL Equis. Terms of the lease were not disclosed.