INDIANAPOLIS — Time Equities Inc. (TEI) has acquired Brookside Industrial Park in Indianapolis for $6.9 million. The Class B property spans 303,764 square feet and 10 buildings across 33.9 acres. The asset was 90 percent leased at the time of sale to tenants such as United Rentals, California Closets, Alloyd Supply Co. Inc., Purposeful Design, AH Furnico Inc., Health and Hospital Corp. of Marion County, Agile Engineering & Manufacturing and Siddique Enterprises. Julia Evinger and Damien Yoder of Marcus & Millichap brokered the transaction on behalf of the private seller. Brian Soto, Max Pastor and Raymond Cazis of TEI self-represented the comapny as acquisition and asset managers. TEI also acquired 1.9 acres of undeveloped land on the site, enabling the firm to further develop the complex.
INDIANAPOLIS — Mag Mile Capital has arranged a $5.4 million CMBS loan for the acquisition of an 83-room Courtyard by Marriott hotel in southeast Indianapolis. The property is located at 4650 Southport Crossing Drive near I-65. Rushi Shah and Prabhat Jayara of Mag Mile Capital arranged the fixed-rate loan on behalf of the borrower, Trivedi Hospitality. Rialto Mortgage Finance provided the 10-year, nonrecourse loan, which features a 30-year amortization schedule.
GRAND RAPIDS, MICH. — Engineering consulting firm Hubbell, Roth & Clark Inc. (HRC) is relocating from its 3,500-square-foot office in the American Seating building to a 7,000-square-foot office at 1925 Breton Road SE in Grand Rapids. The 44,000-square-foot Breton Road building, owned by an affiliate of Rockford Construction, was formerly medical office space. Rockford updated the formerly vacant building. HRC expects to move into its new space in mid-October. Colliers International | West Michigan handles leasing for the entire building.
EDEN PRAIRIE, MINN. — Timberland Partners has opened Elevate at Southwest Station Apartments in Eden Prairie. Elevate features 222 apartment units as well as 13,000 square feet of retail space. Brick & Bourbon craft bar and eatery is expected to open at the property by the end of the year. Amenities at Elevate include a rooftop courtyard, pool, community room, coworking space, dog run, pet spa, yoga studio and fitness center. Kaas Wilson Architects and general contractor Frana Cos. made up the project team for the $63.7 million development. Monthly rents start at $1,279 for studios.
ROLLING MEADOWS, ILL. — Krusinski Construction Co. has completed a 112,500-square-foot distribution and packaging facility for School Health, a provider of health supplies, services and solutions. The two-story building is located at 5600 Apollo Drive in Rolling Meadows. School Health is relocating from Hanover Park. The project included the demolition of an existing building onsite. The new facility features a clear height of 32 feet, more than a dozen dock doors, LED lighting and 30,000 square feet of office space. The project team included architect Ware Malcomb, civil engineer SpaceCo Inc. and Trammell Crow Co. as the owner’s representative.
INDIANAPOLIS — Kite Realty has acquired Nora Plaza, a 139,743-square-foot shopping center located at 1300 E. 86th St. in Indianapolis. The purchase price was not disclosed. Tenants include Whole Foods Market, Marshalls, Goodman’s Shoes and Firestone. CBRE represented the seller, a joint venture between RPT Realty and an institutional partner.
WEST BEND, WIS. — Marcus & Millichap has brokered the $3.5 million sale of the Country Inn & Suites West Bend. The 58-room hotel is located at 2000 Gateway Court in West Bend, about 35 miles northwest of Milwaukee. Ebrahim Valliani, Michael Klar, Alan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured the buyer, a private investor.
ELGIN, ILL. — Brown Commercial Group has negotiated the sale of a 26,000-square-foot industrial building located at 2475 Millennium Drive in Elgin for an undisclosed price. Foderaro Investment Partnership Corp. purchased the building, which will house V&F Transformer Corp., a manufacturer of custom-designed transformers and reactive magnetic components. Built in 2002, the building is situated on a 1.5-acre site within an industrial park near I-90. Jim Pietrarosso of Brown Commercial represented the buyer. Dan Brown of Brown Commercial represented the seller, 2475 Millennium Drive Holdings LLC.
ST. PAUL, MINN. — Kraus-Anderson Development has begun the conversion of the former Capitol Professional Office Building located at 590 Park St. in St. Paul into a 92-unit apartment building. Located near Regions Hospital and the state capitol building, the project is situated within the Capitol Heights neighborhood. Completion is slated for July 2020. Designed by UrbanWorks Architecture, the 590 Park project will offer micro and one-bedroom units. Amenities will include a lobby lounge, game room, outdoor patio, dog run, fitness center and clubroom. Kraus-Anderson will also renovate the adjacent parking structure as part of the project.
NAPERVILLE, ILL. — Bridge Capital Partners and Friedkin Property Group Inc. have acquired River Run at Naperville Apartments for an undisclosed price. The 206-unit, 11-building apartment complex is located at 1015 Preserve Ave. in suburban Chicago. Built in 2003, the property includes a clubhouse, game room, fitness center, conference room, dog park and pool. The average unit size is 1,316 square feet. Dan Cohen and John Jaeger of CBRE represented the joint venture seller, Marquette Cos. and an affiliate of Heitman.