BUFFALO GROVE, ILL. — Des Plaines, Ill.-based Premier Design + Build Group has broken ground for the development of Aptakisic Creek Corporate Park, a 29-acre industrial park located at the corner of Aptakisic Road and Industrial Drive in Buffalo Grove. The project, which is being developed by Bridge Development Partners and McMorgan & Co. Investment Management, will consist of two speculative warehouse facilities. Building 1 will total 188,215 square feet and Building 2 will total 146,850 square feet. Both facilities will feature 30-foot clear ceiling heights, 16 exterior truck docks per facility, four drive-in doors per facility and ESFR sprinkler systems. Cornerstone Architects is serving as project architect. Completion is scheduled for next summer.
Midwest
BROWNSTOWN, MICH. — Southfield, Mich.-based Bernard Financial Group has arranged $10.5 million in financing for Brownstown IV and V, respective 220,000-square-foot and 60,000-square-foot industrial facilities located in Brownstown. The borrower is Ashley Brownstown North IV & V LLC, and the lender is TIAA CREF.
CHICAGO — Chicago-based Reed Illinois Corp. has been selected to complete a 40,000-square-foot office build-out for the U.S. Census Bureau. The office is located on the 16th floor of a building located at 500 W. Madison Ave. in Chicago, and will be used by the agency as a regional office for the upcoming 2010 Census. The build-out will include a complete remodeling and upgrade of the office space. Mekus Studios is providing architectural services for the project. Completion is scheduled for January.
WHITE LAKE TOWNSHIP, MICH. — A joint venture between Farmington Hills, Mich.-based Gershenson Realty & Investment and Troy, Mich.-based KIRCO has broken ground for the construction of a $50 million, 28-acre mixed-use development located in White Lake Township. The Village Lakes Plaza, located at 1534 Elizabeth Lake Rd., will be anchored by a 104,000-square-foot JC Penney, and will contain an additional 60,000 square feet of retail and 77,000 square feet of medical office space. The retail component of the development will include Stucchi’s/Pappa Romanos, Verizon Experience Store and Famous Footwear. St. Joseph Mercy Oakland, a division of Trinity Health, has already committed to nearly half of the medical office space. The project, which is expected to be complete in July 2008, is the first joint venture project between the two companies.
NORWOOD, OHIO — Centro Properties Group has announced plans for the redevelopment of Surrey Square Mall, a 176,433-square-foot shopping center located at the intersection of Montgomery Road and Sherman Avenue in Norwood. The formerly enclosed mall will be renovated into a multi-tenant, open-air center. A new 76,000-square-foot Kroger, as well as additional retail space, will replace the enclosed portion of the center. An existing McDonald’s will be relocated to an outlot along Sherman Avenue, and improvements will also be made to the façade, parking lot and lighting.
CINCINNATI — San Diego-based Burnham Real Estate • ONCOR International has brokered the sale of Prospect Square Shopping Center, a 113,146-square-foot retail property located at 9690 Colerain Ave. in Cincinnati, for $16.32 million. Tenants at the center include Kroger, Firestone and Olive Garden. Pete Bethea of Burnham Real Estate represented the buyer, GDA Real Estate, as well as the seller, Prospect Square Associates 2, in the transaction.
WOODRIDGE, ILL. — Meridian Design Build has completed construction of a new two-story, 26,300-square-foot facility at The Morey Corporation’s global headquarters, located at Internationale Center in Woodridge. The building, known as the Innovation Center, will serve as a technical development, engineering and testing facility for the electronics manufacturer. It will feature large volume spaces designed for laboratory and testing facilities, prototype display areas, a center for engineering design, a connecting link to Morey’s existing facility and a partial basement with an underground parking garage. Oak Park, Ill.-based Schmidt Design served as project architect. The completion of the Innovation Center increases Morey’s total square footage in the park to 121,500 square feet.
CHICAGO — Cambridge Realty Capital Cos. has provided $5.5 million in FHA-insured permanent mortgage financing for Ridgeview Rehabilitation and Nursing Center, a 136-bed skilled nursing facility located in Chicago. The fully amortized, 35-year loan was arranged for the property’s owner, an Illinois-based limited liability company, by Cambridge Real Estate Capital of Illinois. The interest rate was not disclosed.
CHICAGO — Chicago-based Wrightwood Capital has secured $11.5 million in mezzanine financing for the acquisition of the Kollinger Portfolio, a collection of four apartment communities located in Wisconsin totaling 1,157 units and more than 1 million square feet. The properties include River Place Apartments, a 210-unit apartment community located in Brown Deer; Mission Hills Apartments, a 271-unit community located in Franklin; Springtree Apartments, a 272-unit community located in Middleton; and Meadows Apartments, a 404-unit community located in Madison. Wrightwood Capital structure a 36-month participating mezzanine loan for the borrower, a partnership between BNG Management and Axiom Properties.
LAKE GENEVA, WIS. — Target and Best Buy have signed as anchors at Lake Geneva Commons, a shopping center located near the intersection of Route 12 and Highway 50 in Lake Geneva. The approximately 125,000-square-foot Target is currently under construction and expected to be complete by the end of the month. After completion of the Target, construction will begin for an approximately 30,000-square-foot Best Buy. The store is scheduled to be complete in spring 2008. Lake Geneva Commons will also include 14,000 square feet of in-line retail space, as well as two outlots available for sale or lease.