MOUNT PLEASANT, WIS. — VK Industrial V LP, a partnership between Venture One Real Estate and Kovitz Investment Group, has acquired a 151,474-square-foot industrial building in Mount Pleasant for an undisclosed price. The facility, built in 2007, is located at 3535 Oakes Road. The building features a clear height of 21.5 feet, six exterior docks, two drive-in doors and 8,372 square feet of office space. A concrete parking lot can accommodate 301 cars and 112 trailers. The site can accommodate additional outdoor storage, parking or an industrial build-to-suit on an adjacent 25-acre parcel. Brian Bocci of Entre Commercial Realty represented Venture One in the transaction and will be retained to market the vacant property for lease. The seller was undisclosed.
CHICAGO — First Logistics, an Illinois-based third-party logistics company, has signed a 108,343-square-foot lease expansion at Marina Crossings in Chicago. The company now occupies 439,754 square feet of the 633,059-square-foot facility. Completed in the fourth quarter of 2018 and located at 2075 W. 43rd St., Marina Crossings is the city of Chicago’s largest speculative industrial building since 1905, according to Cushman & Wakefield. Larry Goldwasser, Jason West, Colin Green, Matt Cowie and Michelle Maguire of Cushman & Wakefield represented the landlord in the lease negotiations. Marina Crossings Owner LLC, a joint venture between MAT LP and institutional investors advised by JP Morgan Asset Management owns the property.
COUNCIL BLUFFS, IOWA — CyrusOne, a data center REIT, has broken ground on a data center at 4700 Gifford Road in Council Bluffs. The first phase of the facility is slated for occupancy in fall 2020. Upon full buildout, the site will feature 24 megawatts of total power available across the roughly 60,000-square-foot property.
CLINTON, IND. — MAG Capital Partners LLC has acquired 3900 E. White Ave. in Clinton, which is located in west Indiana near the border of Illinois. The purchase price was not disclosed. The LEED Silver-certified property serves as the headquarters for White Construction Inc., a wholly owned company of Infrastructure and Energy Alternatives LLC (NASDAQ: IEA). The campus comprises a three-story, 51,000-square-foot office building that was constructed for the tenant in 2009. It also includes several industrial buildings totaling approximately 51,000 square feet. Jim Tuesley and Mary Garnett of Barnes & Thornburg LLP represented MAG Capital Partners, whose principals are Dax T.S. Mitchell and Andrew Gi, in the sale. Tim Mattingly of American Mortgage & Realty Corp. arranged acquisition financing through First Farmers Bank & Trust. Matt Deahl of Imperium Realty & Investments LLC, along with Alex Cantu and Alex Davenport of Colliers International, represented the seller.
ROBBINSDALE, MINN. — Dougherty Mortgage LLC has provided a $42.3 million HUD 221(d)(4) loan for the construction of Parker Station Flats in Robbinsdale, just northwest of Minneapolis. The apartment property will include 198 market-rate units. Dougherty originated the 40-year, fixed-rate loan on behalf of the borrower, Parker Station Flats LLC. The project also received tax-increment financing from the Robbinsdale Economic Development Authority and various environmental grants from the state of Minnesota, Hennepin County and Metropolitan Council.
GENEVA, OHIO — Colliers International has brokered the $9 million sale of a Spire Institute sports facility in northeast Ohio’s Geneva. The 750,000-square-foot property is located at 5201 Spire Circle. The development includes an outdoor stadium, indoor track and field arena, aquatics center as well as volleyball and basketball courts. Mark Abood and Brian Hurtuk of Colliers represented the seller, Ronilee LLC. Baltimore-based investment group Axxella LLC was the buyer.
FORT WAYNE, IND. — NorthMarq has arranged a $5.9 million loan for the acquisition of Coldwater Crossing in Fort Wayne. The 89,980-square-foot retail property, anchored by Dollar Tree, is located at 5315-5515 Coldwater Road. Susan Branscome of NorthMarq arranged the 10-year, fixed-rate loan with a regional bank.
PRIOR LAKE, MINN. — Marcus & Millichap has brokered the $5.8 million sale of the Village at Five Hawks in Prior Lake, about 25 miles south of Minneapolis. The four-building, 48-unit multifamily community is located at 16611 Five Hawks Ave. SE. Built in 1984, the property features a mix of units ranging in size from 643 to 1,340 square feet. Most of the units have been upgraded since 2007. Abe Roberts, Evan Miller and Chris Collins of Marcus & Millichap brokered the transaction on behalf of the undisclosed buyer and seller.
CHICAGO — NAI Hiffman has negotiated the sale of a 128,000-square-foot industrial building located at 5200-5230 W. Roosevelt Road on Chicago’s West Side. The sales price was undisclosed. Built in 1946, the distribution warehouse is fully occupied by Packaging Corp. of America. It features seven loading docks, one drive-in door and clear heights ranging from 12 to 18 feet. Joe Bronson, Josh Will and Aimee Goudas of NAI Hiffman represented the owner, Rola Corp. The team also procured the buyer, Clear Height Properties.
CHICAGO — American Library Association (ALA) has sold its headquarters buildings at 50 E. Huron St. and 40 E. Huron St. in Chicago’s River North neighborhood. Neither the buyer nor the sales price were disclosed. In spring 2020, ALA will move its office to Michigan Plaza at 225 N. Michigan Ave. Until then, ALA staff will continue to occupy the adjoined, 98,000-square-foot buildings on Huron. ALA says the move will provide it with modernized workspace and enhanced meeting space. Architecture firm Nelson is designing the new office buildout. ALA began occupying space at 50 E. Huron in 1963 before building an extension and opening 40 E. Huron in 1981. The two connected buildings have housed the association’s staff ever since.