BURR RIDGE, ILL. — Skokie, Ill.-based The Missner Group has been selected as the design/builder for Burr Ridge Medical Center, a three-story, 104,000-square-foot medical office building located at 6800 N. Frontage Rd. in Burr Ridge. The speculative project will feature a three-story glass atrium facing a reflecting pond, as well as the capability for offices, examination rooms, and X-ray, MRI and hydrotherapy facilities. The project is being developed by Blackrock Medical Corp., with Heitman Architects serving as project architect, and Mike Cummings and Brent DeNoble of Colliers Bennett & Kahnweiler marketing the property. Groundbreaking is scheduled to occur in April, with completion slated for early 2009.
Midwest
SCHAUMBURG, ILL. — Elmhurst, Ill.-based International Contractors Inc. (ICI) has commenced construction of the first Legoland Discovery Centre in the United States. Located within the Streets of Woodfield in Schaumburg, the $3.7 million project will consist of a two-story interactive theme park. It will feature an approximately 32,000-square-foot play arena, which will include an adventure trail, a Lego factory, exhibits, the Dragon ride and a hall of super heroes built of Legos. The project is being designed as a variation of Legoland Park, an outdoor theme park located in Carlsbad, Calif. Legoland Discovery Centre is being developed by Merlin Entertainment, with ICI serving as general contractor. Architectural services are being provided by Chicago-based Byrne Design. Completion is scheduled for August.
GALLOWAY, OHIO — Meridian Capital Group has secured $16 million for the refinancing of Harvest Glen, a 320-unit apartment community located at 1919 Georgesville Rd. in Galloway. The loan carries a 5.3 percent fixed interest rate over a 7-year term with 2 years interest only. Michael Brown and Brad Gladsden with Meridian’s Florida office arranged the loan. The borrower and lender were undisclosed.
EASTPOINTE, MICH. — L. Mason Capitani/TCN Worldwide (LMC) has brokered the sale of a 16,600-square-foot office building located at 20811 Kelly Rd. in Eastpointe. The property is currently 100 percent occupied. Al Iafrate of LMC represented the undisclosed seller, and Jason Capitani and Chris Steel, also of LMC, represented the buyer, Eastwood LLC. The acquisition price was not disclosed, but the asking price was $1.2 million, which represents a 13.6 percent capitalization rate.
WAUKESHA, WIS. — NAI MLG Commercial has completed the sale of a 561,276-square-foot industrial building, located at 1200 W. Sunset Dr. in Waukesha, for $11.3 million. The building, which is situated on 54 acres, is scheduled to be demolished so that the property can be redeveloped into a Target-anchored retail center. The property was acquired by Opus North Corp. from Supervalu Inc. Barry Chavin and Curt Pitzen of NAI MLG were the sole brokers in the transaction.
AVON, OHIO — Cleveland-based NAI Daus has arranged the sale of the Kaiser Permanente Condo, located at 36711 American Way in Avon, for approximately $3 million at a 7.44 percent capitalization rate. The property consists of a 15,381-square-foot medical office condo, and is occupied by Kaiser Permanente through 2014. Mark Luttner of NAI Daus’ Luttner Retail Group marketed the property on behalf of the private seller, and represented the undisclosed buyer in the transaction.
BLUE ASH, OHIO — Cincinnati-based Grubb & Ellis|West Shell Commercial has brokered the purchase of a 26,515-square-foot office building, located at 11262 Cornell Park Dr. in Blue Ash, for $2.3 million. Doug Altemuehle and Darin Armbruster of the firm represented the buyer, ST Media Group, which plans to occupy the entire building. ST Media will relocate from its former facility located at the corner of 8th and Broadway in Cincinnati. Altemuehle and Armbruster have also been retained to sell this property. The seller in the office acquisition was undisclosed.
YPSILANTI, MICH., AND ST. LOUIS — Hendricks & Partners (H&P) has arranged the sales of two Midwest apartment communities. In Ypsilanti, the firm brokered the sale of West Ridge, located at 1926 Washtenaw Rd., for $1.28 million. The 86-unit community was 30 percent occupied at the time of closing. The buyer, Detroit-based WR-YPSI-86, is planning extensive renovations to the property as part of a re-tenanting effort. The seller, Atlanta-based TriTex Westridge, was represented by Kevin Dillion of H&P’s Detroit office. In St. Louis, the company arranged the sale of Grandview Heights, a 68-unit apartment community located at 3024 Kossuth Ave. The buyer, Chesterfield, Mo.-based ZAZ Properties, plans to continue a capital improvement program set into place by the seller, Dallas-based LSF5 Grandview, which includes the renovation of 10 to 15 vacant units. Ken Aston and Paul Cunningham of H&P’s St. Louis office represented the seller. The property, which was lender-owned, sold at a 10.86 percent cap rate on current rents and an 11.54 percent rate on market rents. The sale price was undisclosed.
WOODRIDGE, ILL. — Oak Brook, Ill.-based Inland Real Estate Sales has brokered the sale of Woodgrove Professional Center, a 45,000-square-foot medical office facility located in Woodridge. The building features a granite lobby and hallways, T1 Internet connections, motion-activated lights in the common areas, computer-controlled HVAC and handicap access. The buyer, Pogo Properties, is in negotiations through Inland to add a national dialysis provider to the tenant roster, which includes Adventist Family Medical Center, ACL Labs, Nephrology Associates of Northern Illinois and Physicians CARE Midwest. Henry Holt of Inland represented the undisclosed seller. The sale price was undisclosed.
TOPEKA, KAN. — The Irvine, Calif., office of Sperry Van Ness (SVN) has completed the sale of a 45,000-square-foot, single-tenant retail property, located at 5900 SW Huntoon St. in Topeka, for $6.83 million. The building is situated on 3.5 acres of land and is occupied by Dick’s Sporting Goods. Jereme Snyder, Geoff Tranchina and Scott Tiano of SVN represented the seller, a private Las Vegas-based investor. The buyer, which was also undisclosed, was represented by Larry DeSantis, also of SVN.