DOWNERS GROVE, ILL. — Green Bay Packaging (GBP) has broken ground on a new 170,000-square-foot industrial complex in Downers Grove. The building will house a high-tech design department and enable the packaging company to expand warehouse capabilities. A timeline for construction was not disclosed. The Green Bay, Wis.-based company has manufacturing facilities in 14 states.
CHICAGO — Concept Laboratories Inc. has signed a 119,388-square-foot industrial lease at 4920 S. Central Ave. in Chicago. The designer and manufacturer of personal care and household products will relocate from 83,091 square feet at 4404 W. Ann Lurie Place when the lease commences in February 2019. The property on Central Avenue spans 461,750 square feet and includes 20 exterior docks, 12 interior docks and direct access to I-55. Mike Senner and Ned Frank of Colliers International represented the tenant in the lease transaction. Matt Mulvihill, Mitch Adams and Cal Payne of CBRE represented the landlord, Combined Warehouse Co.
MCHENRY, ILL. — Entre Commercial Realty LLC has arranged the sale of a 65,000-square-foot flex office building in McHenry for an undisclosed price. The property is located at 1391 Corporate Drive. Mike DeSerto and Dan Jones of Entre represented the undisclosed seller. The buyer, Papazyan Capital Group, plans to utilize a portion of the building for its own use while subdividing and leasing up other portions as small as 3,000 square feet.
MINNEAPOLIS — Merchant & Gould, a full-service intellectual property law firm, has unveiled plans to relocate its Minneapolis office from the IDS Center to Fifth Street Towers. The firm will occupy 40,246 square feet on the 21st and 22nd floors beginning in August 2019. Paul Donovan, Jaclyn May and Jeremy Striffler of Cushman & Wakefield represented the tenant in the lease transaction. Jennifer Stumm of Cushman & Wakefield will oversee the buildout of the space on the client’s behalf.
VERNON HILLS, ILL. — NorthMarq Capital has arranged $8 million in refinancing for Emerald Pointe Apartments in Vernon Hills, a northern suburb of Chicago. The 120-unit apartment property is located at 695 Westmoreland Drive. Brett Hood of NorthMarq arranged the fixed-rate Fannie Mae loan, which features a seven-year term.
LOS ANGELES — Trammell Crow Co. (TCC), in a public-private partnership with the County of Los Angeles (LA County), Public Facilities Group and Meta Housing Corp., has commenced construction of Vermont Corridor, a three-site redevelopment project in Los Angeles’ Koreatown submarket. The development costs are estimated at $453 million, according to local media reports. LA County owns all three sites, which span three city blocks between 4th and 6th streets. Situated on Vermont Avenue within one block of the Metro Red and Purple subway lines, the transit-oriented project comprises: • a new, 468,000-square-foot, Class A office headquarters for the LA County Department of Mental Health and Workforce Development, Aging and Community Services • an adaptive reuse of an existing 12-story office building into 172 residential units and • a 72-unit affordable seniors housing complex with a 13,000-square-foot community center to be operated by the YMCA of Metropolitan Los Angeles Construction will occur in multiple phases, beginning with the development of the Vermont Corridor County Administration Building. Designed by Gensler, the 21-story building will feature 7,500 square feet of ground-floor retail space, a peer resource center, fitness facility, open office floor layouts, outdoor terrace with an amenity deck, an indoor/outdoor conference …
The Columbus office market continues to be diverse and thriving as the city becomes an economic hub in the Midwest. With a population that has grown to over 2.1 million people, and the eighth largest millennial population, Columbus has developed varied markets including concentrations in automotive, data centers, fashion/apparel, finance/insurance, food, healthcare, logistics, manufacturing, R&D, beauty, retail/e-commerce and technology. Columbus boasts 14 Fortune 1000 headquarters and five Fortune 500 companies, including Cardinal Health, Nationwide Insurance, American Electric Power, L Brands and Big Lots. Columbus also hosts a multitude of other large businesses, which are drivers in the market, such as The Ohio State University, JPMorgan Chase and Huntington Bancshares. Having such large employers in the central Ohio region has helped draw other small businesses and given rise to a thriving start-up community, which is supported by Rev1 Ventures (a technology incubator), several community supported incubators and venture capital. A successful Columbus start-up, Cover My Meds, recently sold for $1.3 billion, and the city of Columbus hopes that this is the first of many similar success stories. With its recent sale, Cover My Meds is now planning a new 400,000-square-foot corporate headquarters in Columbus. Another notable project in Columbus is Facebook’s …
NORWALK, CONN. — Cronheim Mortgage has arranged an $11.5 million refinancing for SoNo Square, a 94,472-square-foot mixed-use property in Norwalk. Cronheim secured the financing on behalf of borrower SoNo Square Associates, an affiliate of Westport-based David Adam Realty. The lender was undisclosed. Terms of the financing include three years of interest-only payments and a 30-year amortization schedule. The tenant roster at SoNo Square includes Lilian August Design warehouse, West Marine and Barteca Restaurants LLC, the owner of the Barcelona Wine Bar and Bartaco chains.
LANDISVILLE, PA. — RED Capital Group has secured a $7.8 million construction loan for Tobacco Road apartments, an adaptive reuse of a historic building in Landisville. The loan will be used to develop the currently vacant brick property into a 66-unit apartment community. The structure, a former tobacco warehouse, consists of four connected buildings and was built in the early 1900s. The property is listed on the National Register of Historic Places. RED Capital Group secured the financing on behalf of developer, S. B. Conrad. The lender was undisclosed. When completed, the complex will include a mix of one-, two- and three-bedroom units.
STANDISH, MAINE — Marcus & Millichap has negotiated the $6.4 million sale of Colonial Marketplace, a retail center in Standish. Located at 111 Ossipee Trail, the property is approximately 17 miles west of Portland. Preet Sabharwal, Zachary Weiss and Richard Dorfman of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed. Hannaford Supermarket has anchored the retail center for more than 25 years.