TINLEY PARK, ILL. — MACK Cos. has purchased two shopping centers and an office building in Tinley Park, located about 30 miles south of Chicago. Gateway Plaza, located at 6800 Oak Park Ave., is a 7,500-square-foot shopping center with a mix of retail, office and commercial space. Interior renovations have begun, with plans for exterior renovations slated for the spring of 2014. Located 10 blocks north of Gateway Plaza at 6787 159th St., High Pointe Plaza is an 11,953-square-foot shopping center. Betscher Cleaners and Indy Mac Holdings LLC currently occupy 5,361 square feet at High Pointe. Centennial is an 8,000-square-foot facility that will become office space for approximately 40 MACK employees from the firm’s executive management, operations, accounting and sales and marketing divisions. Move-in is scheduled for early 2014. MACK will provide property management services for all three buildings.
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GLENVIEW, ILL. — Illinois Tool Works (ITW), a Fortune 200 industrial manufacturer, has acquired the vast majority of the former Kraft Foods Group Inc. campus in Glenview, a northern suburb of Chicago. Terms of the transaction were not disclosed. The campus is located four miles southeast of ITW’s former location at 3600 W. Lake Ave. Global commercial real estate services firm Studley represented ITW in the site search and final transaction. The land ITW purchased from Kraft includes 49 acres and two office buildings spanning 503,000 square feet combined. Kraft vacated the Glenview campus as part of the splitting of its grocery and snack businesses. Rick Schuham, executive vice president and co-branch manager of Studley’s Chicago office, represented ITW in the transaction. John Goodman and Eric Feinberg, also of Studley, assisted Schuham. Paul Sheridan of Hamilton Partners assisted in the transaction.
BIG RAPIDS, MICH. — On behalf of Big Rapids Country Lodging LLC, Mumford Co. has sold the Country Inn & Suites of Big Rapids to Jackson Superior Hospitality Inc. Built in 2003, the three-story hotel includes 63 rooms, a business center, fitness center, guest laundry and a heated indoor pool. Big Rapids Country Lodging LLC is a South Dakota-based investment group, which is pruning its portfolio of non-core branded assets. Jackson Superior Hospitality Inc. is a Michigan-based group with extensive lodging holdings throughout the state. The new owner plans to upgrade and renovate the hotel. David Mumford, senior principal of Mumford Co.’s Newport News, Va., office and Lance Potter, vice president in the firm’s Chicago office, arranged the transaction.
NEW YORK CITY — Vornado Realty Trust has completed the sale of 866 United Nations Plaza, a 360,000-square-foot office building in Manhattan, for $200 million. The New York-based real estate investment trust did not disclose the buyer’s information for the 38-story building, which occupies an entire square block between 48th and 49th streets, First Avenue and F.D.R. Drive. However, Crain's New York Business previously reported the buyer was a venture between real estate investors Meadow Partners and United Realty Partners. Major tenants at the building include the consulates of Chile, Finland, the United Nations Office of Foreign Missions and law firm Fross, Zelnick, Lehrman & Zissu. Vornado says the sale of the building resulted in net proceeds of about $146 million, after repaying existing debt and closing costs.
NEW YORK CITY — The Peebles Corp. has purchased 346 Broadway in Manhattan, a building that had been serving primarily as a courthouse, for $160 million and plans to spend more to convert the property into a five-star hotel and condominiums. Peebles purchased the property, in conjunction with the Elad Group, from the city of New York. The pair is investing $100 million, roughly one quarter of the $400 million that will be spent on the restoration, according to The Real Deal. Goldman Sachs also provided an acquisition and pre-development loan of an undisclosed amount. The remainder of funds is from other debt. Located in Tribeca section of Manhattan, 346 Broadway was designed by McKim, Mead & White as the headquarters of the New York Life Insurance Co. in 1898. It currently houses the city’s Criminal Summons Court and part of its Probations Department. Howard Michaels, chairman of the Carlton Group, represented the buyers.
PHILADELPHIA — CIT Real Estate Finance has arranged a $33 million senior secured credit facility to Exeter Property Group, a private equity real estate firm that acquires, develops and manages commercial properties across the U.S. The facility was used to finance a portfolio of seven office buildings in the suburbs of Philadelphia. CIT Bank, the U.S. commercial bank subsidiary of CIT, provided the financing. Terms of the transaction were not disclosed. This is CIT’s second transaction with Exeter Property Group this year. In March, CIT Real Estate Finance arranged a $62 million senior secured credit facility for the acquisition of industrial, distribution and R&D buildings in Mt. Olive, N.J.
TOTOWA, N.J. — Terreno Realty Corp. has sold an industrial property in Totowa, located about 16 miles northwest of Newark, for $19 million. The distribution building spans approximately 208,000 square feet and was purchased by the tenant, which fully occupies the property. Terreno Realty Corp. acquired the property in September 2010 for $16.5 million.
DALLAS — Berkshire Income Realty Inc. has purchased Pavilion Townplace, a 236-unit multifamily community in Dallas. Located at 7700 Greenway Blvd., the property offers one-, two- and three-bedroom apartments in single-floor and townhome configurations, as well as amenities including a swimming pool, fitness center and clubroom. Berkshire, which now owns interests in 20 multifamily complexes nationwide, announced the acquisition of Pavilion Townplace alongside the acquisition of an Atlanta apartment community and reported the combined purchase price at $120 million.
RICHARDSON, TEXAS — CBRE has brokered the sale of Campbell Glen II, a 205,817-square-foot office building in Richardson’s Telecom Corridor. AT&T holds the triple-net lease for the entire two-story property, which is located half a mile from U.S. Highway 75. Built in 1997, the structure recently underwent renovations including interior enhancements, mechanical upgrades and the installation of automated gates and a security fence. Eric Mackey, Gary Carr, John Alvarado and Robert Hill of CBRE represented the undisclosed seller in the transaction. Macfarlan Capital Partners purchased the asset.
LITTLE ELM, TEXAS — Marcus & Millichap has brokered the sale of a 14,820-square-foot net-leased retail property in the Dallas suburb of Little Elm. The building, currently occupied by Walgreens, is located at 2774 E. Eldorado Parkway, in close proximity to FM 423. The buyer, a limited liability company, purchased the property as part of a 1031 tax-deferred exchange and at a 5.8 percent cap rate, according to Marcus & Millichap. Geoff Ficke of Marcus & Millichap marketed the property on behalf of the seller, also a limited liability company, and procured the buyer as well.