WAUKEGAN, ILL. — GVA Williams has brokered the sale of an 86,000-square-foot industrial building, located at 3800-3828 Hawthorne Ct. in Waukegan, for $3.87 million. The building is situated on approximately 4 acres, and is divisible into eight units. The building features 18-foot clear ceiling heights, 8 interior docks and 128 car parking spaces. Daniel Tobin of GVA represented the buyer, Greystone Holdings. HB Properties was the seller.
Midwest
FAIRVIEW HEIGHTS, ILL. — Swansea, Ill.-based Holland Construction Services has completed a $5.5 million addition to Christ United Methodist Church, located on Frank Scott Parkway East in Fairview Heights. The addition consists of a 24,000-square-foot sanctuary that seats approximately 1,100 people, tripling the churches former capacity. In the future, the church plans to add a three-story educational building containing 28 classrooms.
COLUMBUS, IND. — Atlanta-based InterContinental Hotels Group has held the grand opening for the $8 million Hotel Indigo Downtown Columbus, located at 400 Brown St. The four-story hotel contains 85 rooms, and features interior space that changes seasonally, including nature-inspired murals, area rugs, plush duvets and slip covers. The hotel also features a nautilus-shaped indoor whirlpool, a fitness room, a 24-hour business center, a meeting room with space for 120 guests, a restaurant and lounge, and an art gallery that features local artists. The property is owned by Vision Hotel Partners and managed by Dora Brothers Hospitality under a license agreement with InterContinental. This marks the first hotel to open in downtown Columbus in more than 100 years.
CHICAGO — Newcastle Ltd. has acquired Belle Plaine Plaza Shopping Center, a 16,000-square-foot retail property located at 4066 N. Milwaukee Ave. in Chicago, for $3.3 million. The center features two single-story retail buildings, which are fully occupied by Dollar Tree, Subway and AthletiCo Physical Therapy. Newcastle acquired the property from Midwest Real Estate Equities on behalf of the firm’s $500 million Chicago investment platform. Midwest was represented in the transaction by Tyler Quast of Zifkin Realty & Development.
CHICAGO — Maverick Commercial Mortgage has arranged $14.7 million in first-mortgage refinancing for a 103,550-square-foot Home Depot located at 200-232 W. 87th St. in Chicago. The building also contains a 27,972-square-foot garden center, as well as parking for 527 vehicles. The loan is priced over the 10-year U.S. Treasury, and has an 80 percent loan-to-value ratio, a 10-year term and a 30-year amortization schedule. Benjamin Kadish of Maverick arranged the financing on behalf of the borrower, MG Development. The lender was undisclosed. The Home Depot is currently in year 11 of a 20-year lease that it signed when MG first acquired the property.
GAHANNA, OHIO — An affiliate of Lee & Associates has negotiated the acquisition of Gahanna Crossing, an 8,464-square-foot retail center, located at 108-112 S. Stygler Blvd. in Gahanna, for $3 million. The property contains two single-tenant buildings, as well as a non-functioning water tower. Wesbanco occupies the 4,834-square-foot structure, and City Barbecue occupies the other 3,630-square-foot building. Rod Feder of the Calabasas, Calif., office of Lee & Associates – LA North/Ventura represented the buyer, Saticoy Gahanna. The seller, Metropolitan Gahanna, was represented by Michael Fennessy of Dietz Commercial.
FORT WAYNE, IND. — Bill Bean of Hanning & Bean Enterprises has acquired the Metro Building, a 132,216-square-foot office building located at 202 W. Berry St. in downtown Fort Wayne. The building marks Bean’s third downtown office acquisition, and he plans to complete major capital improvements to the property, including significant façade and interior renovations. CB Richard Ellis | Sturges will provide leasing and property management services. The acquisition price, as well as the seller, was undisclosed.
COLUMBUS, OHIO — NAI Ohio Equities has arranged the sale of Ackerman Place, a 110,000-square-foot medical office building located at 700 Ackerman Rd. inside Columbus’ 315 Research and Technology Corridor. The building was recently repositioned, and includes tenants such as Wachovia Securities, Dynamic Medical Imaging and OSU Managed Health Care. Don Brokaw of NAI represented the undisclosed seller; NAI will also retain management and leasing responsibilities for the building. The acquisition price and the buyer were not disclosed. 315 Research and Technology Corridor is a 10,000-acre research complex that employees 17,000 people and receives more than $1 billion annually in research grants.
EVANSVILLE, IND. — Hendricks & Partners has brokered the sale of Leisure Living West, a 226-unit senior apartment community located at 2518 Leisure Lane in Evansville. The community features a community center with a library and exercise room, planned activities, covered parking at the front of each unit, golf practice areas, and backyards with private, covered patios. The sale also included five undeveloped parcels of land totaling 53.6 acres, and located adjacent to the property; the parcels are zoned commercial. Ken Aston of Hendricks’ St. Louis office represented the seller, Evansville-based Leisure Living West LLC. The property was acquired by St. Louis-based Leisure Living Apartments LLC and Leisure Living Land LLC for an undisclosed price.
MANITOWOC, WIS. — Butler, Wis.-based Berghammer Construction Corp. has been selected by Chicago-based Felician Sisters to complete renovations to the 24-acre Felician Village senior living campus located in Manitowoc. Approximately 225,000 square feet of existing structures will be demolished and replaced with 105,000 square feet of new construction, which will include new community-based residential facilities, residential care apartment complexes and long-term care households. The project will be completed in three phases beginning in April, with completion expected in 2010.