CHICAGO — Marcus & Millichap has brokered the sale of a mixed-use loft building in the River North neighborhood of Chicago for $9.5 million. The four-story building is anchored by Kinzie Chophouse Restaurant on the ground level, and the three top levels are utilized as offices. Baum Revision and Kaufman Jacobs purchased the building, satisfying a 1031 exchange trade requirement, from an undisclosed private investor. The 26,000-square-foot property, which is located at the northwest corner of Kinzie and Wells streets, is currently 95 percent occupied. Stephen Lieberman of Marcus & Millichap represented the seller in the transaction.
PLANO, TEXAS — Transwestern has brokered the sale of Plano Parkway Business Center in Plano to a buyer represented by SVN/Trinity Advisors. The property, located at 2701 W. Plano Parkway, was built in 1998 and consists of 113,299 square feet of office space. Transwestern’s Steve Simon, Steve Rowland, Henry Knapek and Justin Miller represented the seller, Transwestern Investment Management/State Farm. Steve Fithian of SVN/Trinity Advisors represented the buyer.
BOLINGBROOK, ILL. — Cushman & Wakefield has arranged an industrial lease in Bolingbrook, approximately 33 miles southwest of Chicago. Menasha Packaging Co. LLC will occupy 164,355 square feet of warehouse space at 800 S. Weber Road. Menasha’s lease brings the 328,709-square-foot building to 100 percent occupancy. The building features 30-foot clear heights, 20 exterior truck docks, two drive-in doors, 1,200 amps of power, 90 car parking spaces and 30 trailer parking spaces. Jason West and Sean Henrick of Cushman & Wakefield represented the landlord in the transaction, ML Realty Partners LLC. Patrick McCaffrey of Avison Young represented Menasha Packaging.
GLENVIEW, ILL. — The Missner Group will complete a build-out of a medical office property for the Illinois Bone & Joint Institute (IBJI) in Glenview, approximately 20 miles northwest of Chicago. IBJI’s OrthoAccess facility is located at 2401 Ravine Way and treats fractures, sprains, sports injuries and problems from minor auto accidents. New construction on the existing building will include the addition of an entire floor of exam rooms, nursing stations, three waiting areas, an updated reception area and an X-ray suite. The project is scheduled for completion in this spring. Stephen Rankin Associates is providing the architectural services.
WAYLAND, MICH. — NAI Wisinski of West Michigan has arranged a 2,500-square-foot office lease in Wayland, approximately 20 miles south of Grand Rapids. Salingue Agency Inc. will rent the space from Puhalski Family Farmers Insurance LLC. The formerly vacant space, located at 201 Clark St., will be renovated prior to Salingue Agency taking occupancy. Salingue Agency will relocate its insurance office from Hastings to the building in Wayland. Jason Makowski and Rod Alderink of NAI Wisinski of West Michigan represented the landlord in the transaction. Makowski also represented the tenant.
BOCA RATON AND FORT LAUDERDALE, FLA. — Ivy Realty has closed on the purchase of four Class A office buildings in Boca Raton and Fort Lauderdale. The properties include a 21-story office tower and attached six-story office building (Tower 101) in Fort Lauderdale and two office buildings in Boca Raton totaling 132,000 square feet. Ivy Realty purchased Tower 101 from Miami-based Banyan Street Capital for $56.3 million, according to the South Florida Business Journal. Tower 101 was 94 percent leased at the time of sale to tenants such as Uniform Advantage, Quest Workspaces, KEMET, Puma and Thornton Tomasetti. The two Boca Raton properties are located within Meridian Office Center at 6551 and 6601 Park of Commerce Blvd. The two two-story properties are fully leased to LexisNexis (6601) and Cross Country Healthcare (6551). Ivy Realty purchased the assets from Blackrock for $27 million, according to the South Florida Business Journal.
BIRMINGHAM, ALA. — Bayer Properties has plans to add a food hall on the ground floor of the historic Pizitz building in downtown Birmingham. The $66 million renovation of the circa 1923 department store building began in 2015. The Pizitz Food Hall will feature food and beverage options, two full-service restaurants, an outdoor seating and entertainment area and an interior bar. The food hall will also serve as an incubator for Birmingham’s up-and-coming chefs, with one of the stalls rotating quarterly to feature a new and different chef. Rule Joy Trammel + Rubio has been hired as the architect for the food hall, whose experience includes Krog Street Market in Atlanta. When complete, the Pizitz building will feature 143 rental apartment residences, 11,000 square feet of office space, The Pizitz Food Hall and an entertainment component in the basement. The Pizitz Food Hall will open concurrently with the project’s residential component in fall 2016.
TAMPA, FLA. — Cushman & Wakefield’s Equity, Debt & Structured Finance group has arranged a $28.7 million acquisition and redevelopment loan for Renaissance Senior Living, a 226-unit seniors housing community in Tampa. The borrower was The Carlyle Group, which will acquire the property and perform significant renovations. Changes include putting the levels of care offered — independent living, assisted living and memory care — into separate buildings, as well as enhancements to community amenities. Jay Wagner and Timothy Hosmer of Cushman & Wakefield’s National Senior Housing Capital Markets team arranged the financing through an unnamed regional bank.
GREER, S.C. — NorthMarq Capital has arranged the $10 million refinancing of Halcyon at Cross Creek Apartments, a 152-unit multifamily community located at 1200 Halcyon Circle in Greer. Bill Matone of NorthMarq’s Charlotte office arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac.
CHARLOTTE, N.C. — The Retail Brokers Network (RBN), a national network of retail real estate brokers, has selected Debbie Currier as its new president. Currier is the first woman to hold this position in the organization’s almost 25-year history. Currier will be replacing RBN’s outgoing president Chuck Lanyard, president of RBN’s member firm The Goldstein Group. As president of RBN, Currier will be responsible for helping grow the organization’s brand, representing RBN at industry-related events, recruiting new RBN brokerage offices and facilitating education and networking between the 65 member firms. “I’m delighted to be RBN’s new president, and I look forward to working with the executive team and member offices to contribute to the future success of this great organization,” says Currier. “It is also an honor to be the first woman president at a time when women are assuming more leadership roles in the commercial real estate industry.” Currier is the owner and president of Currier Properties, a Charlotte-based retail real estate brokerage firm and member of RBN. Her corporate clients include Target, CarMax, Hancock Fabrics, rue21, GNC, FedEx Office, Pet People and Rainbow Fashions. Founded in 1992, RBN operates in 48 states. The organization’s network of firms has …