NAPERVILLE, ILL. — Edgemark Commercial Real Estate Services has completed the sale of Waterside Center, a 52,101-square-foot retail center located at 2764-2768 Aurora Ave. in Naperville. The building is situated on 5.97 acres and is anchored by Michaels. Jeffrey Kowal of Edgemark represented the seller, a locally based partnership; Rueben Helich of Wilson Bros. Commercial represented the buyer, a California partnership participating in a 1031 exchange. The acquisition price was not disclosed.
Midwest
ALLEN PARK, MICH. — Southfield, Mich.-based Bernard Financial Group has secured a $13.7 million loan for Fairlane Green, a 125,450-square-foot retail center located in Allen Park. The borrower was DBSI Housing, and the lender was Goldman Sachs Commercial Mortgage Co. The terms of the loan were not disclosed.
CHESTERFIELD, MO. — St. Louis-based ARCO Construction Co. is advancing construction for a $3.8 million Lamborghini dealership, located at 9 Arnage Dr. in Chesterfield. The 22,000-square-foot facility will be the 100th dealership worldwide for the Italian automaker and its first in the St. Louis area. It will feature a 2,700-square-foot showroom, a 60-foot by 10-foot raised platform to showcase up to four cars, an exotic used car inventory room, a Lamborghini boutique, two internal car washes and an automobile photo booth area. The exterior of the facility will feature a 25-foot fountain, and a motor court that connects the dealership to the existing Bentley and Maserati dealerships. The Lamborghini dealership is owned by a partnership between St. Louis Motorsports’ J.J. Mills and Graham Hill. ACI/Boland served as project architect, with ARCO providing design/build services. Completion is scheduled for this spring.
CREST HILL, ILL. — Chicago-based Redwood Capital Partners has acquired Woodlands of Crest Hill, a 730-unit apartment community located at 1615 Arbor Lane in Crest Hill. The property comprises studio, one- and two-bedroom units, with rents ranging from $600 to $950. Occupancy was 94 percent at the time of closing. Redwood plans to complete between $4,000 and $4,500 in capital improvements per unit to renovate the apartment interiors. The community was acquired from Chicago-based Laramar Group for an undisclosed amount.
QUINCY, ILL. — Quincy-based Niemann Foods will open or remodel six County Market grocery stores in Illinois in the first quarter of this year. The County Market in Quincy is located at 4830 East Broadway, and is the redevelopment of an approximately 85,000-square-foot retail property. The building was subdivided into three spaces occupied by The County Market, Pet Supplies Plus, which is also owned by Niemann, and Jane’s Pampered Pet Grooming & Pet Boutique. The other two retailers have already opened, with County Market scheduled to open in April. Niemann also purchased two former Jewel locations in Springfield and Dixon to redevelop as County Markets. The Springfield location was completed in January, and the Dixon location is set to open in April. A ground-up development in Pittsfield is scheduled to open by the end of February, and a redeveloped location in Chatham is set to open in March. Finally, an existing County Market in Champaign, located on Glen Park Drive, is undergoing a renovation, and will reopen at the end of March.
WICHITA, KAN. — RockBridge Capital has entered into a joint-venture agreement with Wichita-based TMH Hotels to develop a $9.8 million Hampton Inn & Suites located in Wichita. The 102-room hotel will be located within Regency Lakes, an approximately 400,000-square-foot development that will contain retail and restaurant space upon completion. The hotel will be managed by TMH.
MIDDLEBURG HEIGHTS, OHIO — Cleveland-based NAI Daus has brokered the sale of Interstate Plaza, a 62,073-square-foot office building located at the corner of Sprague and Pearl roads in Middleburg Heights, for $4.85 million, at an 8.41 percent capitalization rate. The property, which was 90 percent occupied at the time of closing, features an indoor, heated parking garage, a full-service deli and conference rooms. Dan Cooper and Bob Havasi of NAI Daus represented the seller, Illinois-based Baybrook Investors, as well as the buyer, locally based Interstate Plaza Co.
SOUTH BARRINGTON, ILL. — L.L. Bean is expanding outside of the Northeast for the first time with a 30,000-square-foot location within The Arboretum of South Barrington, a 600,000-square-foot, open-air lifestyle center located in the Chicago suburb of South Barrington. The project is being developed by The Jaffe Companies. The L.L. Bean store is currently under construction, with completion set to coincide with the completion of the retail center in September. L.L Bean is seeking LEED certification, and will incorporate the use of recycled and reclaimed materials in the construction of the building, as well as use energy-efficient climate control and lighting systems. L.L. Bean plans to open 32 stores nationwide by 2012.
OVERLAND PARK, KAN. —Apartment Realty Advisors (ARA) has arranged the sale of Three Lakes Apartments, a 278-unit apartment community located at 12100 Willow Lane in Overland Park. The garden-style community features enclosed apartment entries, a fitness center, a business center, a swimming pool and heated spa, a clubhouse, a lodge and a scenic lake. The property was 92 percent occupied at the time of closing. Mac Crowther of the Kansas City, Mo., office of ARA represented the seller, New York-based Sentinel Real Estate Corp. The buyer, as well as the acquisition price, was not disclosed.
CAROL STREAM, ILL. — Darwin Realty & Development Corp. has brokered the sale of a 95,000-square-foot industrial building located at 410-420 Fullerton Ave. in Carol Stream. The facility is situated on 7.8 acres, and features 30-foot clear ceiling heights, 10 exterior docks, two drive-in doors, 800 amps of power and ESFR sprinkler systems. Noel Liston of Darwin represented the seller, Panattoni Development, in the transaction. The buyer, Porteous Fastener Co., had previously leased the facility; it was represented by Alden Management Group. The acquisition price was undisclosed.