SOUTH BEND, IN-Denver-based Baceline Investments LLC has sold the 100,000-square-foot University Commons retail center here to a private medical group. Baceline had purchased this  property and the 88,000-square-foot Western Avenue Plaza out of foreclosure earlier this year.

The sale price was undisclosed, but Baceline principal David Puchi said his company realized a return on the investment. “When we purchased the center in January we saw it as an opportunistic property that had suffered from neglected ownership,” he said in a statement. “The middle of the country, and especially cities similar to South Bend with good employment bases centered on education and healthcare, continues to demonstrate great undiscovered value. So many real estate buyers are chasing and paying premiums on high-end coastal properties.  Our strategy has been to target commercial properties in stable metropolitan areas throughout the nation’s heartland.” 

The property includes about 10,000 square feet of second story office space and three outlot buildings of almost 7,000 square feet. In late 2009, the property was 37% occupied, with a 35,000-square-foot vacant Kroger. The site is across State Route 23 from the 861,000-square-foot University Park Mall.

CLEVELAND HEIGHTS, OH-TJX Companies Inc. recently signed a lease for 25,000 square feet at Severance Town Center here, with plans to open an A.J. Wright store here in the spring, according to Tim Roe, president of Pine Tree Commercial Realty. “As a new anchor, they’ll be taking the space Borders is vacating this October,” said Roe, “Then they’ll renovate the interior and open next spring.” Pine Tree is the exclusive leasing representative for the 620,000 square-foot center, as well as co-owner along with Syndicated Equities Corp. of Ohio. The center is located at 3640 Mayfield Rd., and is 95% leased. Anchor tenants include Walmart, Home Depot and Office Max.

CINCINNATI-A 4,480-square-foot Once Upon A Child recently opened at Western Village Shopping Center, located southwest of the Interstate 75 and Interstate 74 junction, on the northwest corner of Glenway Avenue and Werk Road. John Thompson with the Everest Group represented the tenant. Centro Properties Group is the owner of Western Village and was represented by Elizabeth Houser.

BUFFALO GROVE, IL-Leica Microsystems, a global designer and producer of innovative high-tech precision optics systems for the analysis of micro-structures and instruments that aid in the diagnosis of disease, has signed a lease for 63,610 square feet at the Aptakisic Creek Corporate Park here. Leica is making this move to increase customer experience and intimacy by designing a unique customer training/education center and North American headquarters. The new facility will include open work areas to promote collaboration among employees and increased response time to customers. CB Richard Ellis’ Keith Puritz and Hank Cox represented the tenant in the lease transaction, while Tony Pricco of Bridge Development Partners, in concert with CBRE’s Brett Kroner, Ryan Bain and Zach Graham negotiated on behalf of owner McMorgan & Co. The property is a 188,215-square-foot industrial building divisible to 40,000 square feet and built in 2008. The rest of the building is empty.

NAPERVILLE, IL-Holliday Fenoglio Fowler LP has closed the sale of The Atrium, an office building here. Jaime Fink, Jeffrey Bramson and director Kenneth Glomb led the investment sales team on behalf of the seller, a subsidiary of Prime Group Realty Trust.  Farbman Acquisitions LLC purchased the property for $3.6 million free and clear of debt. The building is at 280 Shuman Blvd., close to Interstate 88. The two-story property has 69,077 square feet.

NORTHBROOK, IL-USA Vein Clinics leased 7,700 square feet at Sanders Court with plans to open in February 2011. Mid-America VP Barb Kading, along with Katie Hennegan, represented the landlord in the lease, with co-broker Alex Dralyuk of North Shore Capital Realty representing the tenant. The tenant is an independent network of state-of-the-art facilities dedicated to complete vein care, with cardiovascular doctors specializing exclusively in treating circulation problems. Sanders Court is a 136,219 square-foot suburban shopping center located on the southwest corner of Dundee and Sanders roads. Anchors include Dominick's, Butterfield's Pancake House & Restaurant and Fitness 19.

MIDLAND, MI-Gov. Jennifer M. Granholm and Michigan Economic Development Corp. President and CEO Greg Main today announced they have recommended a 15-year, 155.5-acre Renewable Energy Renaissance Zone here that will be the home of a Dow Chemical Co. Solar Shingle manufacturing facility. Dow plans to invest $167 million in the solar shingle project.

A Renaissance Zone allows a company operating within the zone to operate free of virtually all state and local taxes over the life of the designation. The energy zone is pending State Administrative Board approval. This month, the sate approved two state brownfield tax credits valued at $10 million each and a $15 million photovoltaic tax credit to support the project.

CLARKSTON, MI-Friedman Real Estate Group Inc. recently negotiated the sale of 3,240 square feet of industrial space at 4836 White Lake Rd. The seller, Willard Weisel, sold the property to PAC Leasing LLC. Phil Konopitski represented the seller and the purchaser in this transaction.

HOWELL, MI-Love Funding has closed a non-recourse $3.5 million construction loan for Mallard Pond Apartments II, a market rate luxury multifamily development to be built on a 3-acre site here. Mickey Rist and Bruce Gerhart originated the transaction. Love funded the loan for the borrower through the FHA 221(d)(4) loan program. By utilizing FHA financing, Rist and Gerhart were able to lock in a 5.7% interest rate, fixed for 40 years with a 40-year amortization. The property will consist of 48 one-, two- and three-bedroom apartment homes, ranging from 819 to 1,466 square feet. Each unit will feature hardwood floors in the kitchen and dining areas, spacious closets with custom woodwork and private entrances. Each apartment will come equipped with a full-size washer and dryer, heating/cooling unit with programmable thermostat and a gourmet kitchen. The complex will also share a clubhouse with the 108-unit Mallard Pond Phase I.

HARTLAND, WI-Coating and Foam Solutions LLC, a supplier of weather protection products, has leased 8,205 square feet of industrial at 1100 Cottonwood Ave. in the Bark River Commerce Center. James Young of Cassidy Turley Barry represented the tenant, which currently operates from an office suite in Oconomowoc. The company will expand its business into the Hartland facility to include product distribution. Jon Packee with NAI/MLG Commercial represented the landlord, Cottonwood IV LLC, in the transaction.

CLAYTON, MO-Grant Thornton LLP has signed a five-year lease to quadruple its space to 6,385 square feet at 231 S. Bemiston. The firm added nine employees in 2009 and another three so far in 2010 for a total of 21. It plans to add four more professionals shortly to bring the total to 25.

PRAIRIE VILLAGE, KS-Kraus-Anderson Construction Co. has broken ground on a $4.2 million addition to a retirement community. Claridge Court, owned and managed by Lifespace Communities Inc., is at 8101 Mission Rd. The project consists of a new two-story, 12,000-square-foot resident rooms addition and an 8,000-square foot remodel, including the kitchen and dining areas, a caf