MOLINE, IL-Construction has begun on the $40 million Kone Centre, named after its build-to-suit tenant Kone Corp. Rodney Blackwell with Financial District Properties, based in Davenport, IA, is the developer of the 121,000-square-foot, mixed-use building in this Quad Cities area.

Kone will lease 75,000 square feet, occupying floors two through six, for its new North American headquarters. The seventh floor will offer about 15,000 square feet for lease by a single user or multiple tenants. The eighth floor will offer residential condos. A two-level parking deck will be built adjacent to the building, and a restaurant is possible to go along the first-floor lobby.

When completed, the building will hold Kone’s administrative operations and call center. The company will have significant signage at the property.

St. Louis-based HOK designed the building, and Ryan Cos. US Inc. is the construction manager. The property is going up in Moline’s Bass Street Landing district. Greg Lundgren, president of the local Ryan office, said the building will be an icon for the local area. “With this project there is a domino effect that is having an even greater impact on Moline and the region,” he said in a statement.

CHICAGO-Marcus & Millichap Real Estate Investment Services has negotiated the sale of three Walgreens located throughout the state of Illinois. This portfolio commanded a price of $15 million. John Nuzman, a VP in the broker’s Detroit’s office, represented the seller, a limited liability company. David Thurston, an associate vice president of investments in the firm’s New Jersey office, represented the buyer, a private investor. “Drugstores continue to outperform other net-leased retail assets,” says Thurston. The properties include stores in Chicago, Warrenville and Rochelle.

CHICAGO-Jones Lang LaSalle’s public sector real estate experts have assisted the US General Services Administration in the signing of a new 31,906-square-foot lease in the O’Hare submarket. The 20-year lease will house the US Military Entrance Processing Command. The office will move from its current location in Des Plaines, IL in May 2012 and will begin processing military recruits in its new location at that time. The new lease is at President’s Plaza II at 8700 W. Bryn Mawr Ave. The building is owned by PR II Presidents Plaza JV LLC. Christine Becker led the GSA’s space acquisition team, joined by Peter Sellis, Hugh Murphy and Ken Bodel. GlenStar Properties represented ownership.

NORTHBROOK, IL-The 66,000-square-foot office at 4201 Lake Cook Rd. has been purchased by Crossroads Development Partners LLC. The property was purchased at a sheriff’s sale for an undisclosed price. Located only two blocks from the I-294 interchange, the Class B office building was built in 1989. The three-story building features 22,000-square-foot floor plates and was 100% vacant at the time of sale. Crossroads has already commenced a complete renovation of the interior and exterior of the building. CB Richard Ellis will lease the property.

CHICAGO-Ifbyphone Inc. has signed a new lease for 20,986 square feet at 300 W. Adams downtown. The new lease brings occupancy in the office building to 94.5%. Christopher Cassata and Rachel Waymire with CB Richard Ellis represented ownership, 300 W. Adams LLC. Michael Cummings with Colliers International represented the tenant. Built in 1928 and renovated in 2010, 300 W. Adams is a 12-story, 248,088-square-foot office building.

HOMEWOOD, IL-Dollar Tree Stores Inc. has signed a lease to occupy the remaining 12,000 square feet of the 19,000-square-foot building at 17510 Halsted St. The new location will be a relocation of their existing Homewood store. Home Plate Properties purchased the building in early December 2010. Office Depot was still under a lease obligation at the time, and shortly after closing negotiated a termination agreement. The building had been under construction for a new Buffalo Wild Wings shortly thereafter. Dollar Tree was represented by Kyle Mayberry with Zifkin Realty Group. The landlord was represented by Aaron McDermott with Latitude Commercial Real Estate.

AURORA, IL-IDI has signed a new 247,360-square-foot lease with hhgregg Inc. at Prairie Point West, building A. The building will be the first distribution center for the Indianapolis-based tenant in the Chicago market. The appliance and electronics retailer is expanding its retail locations across the Midwest and will use the space as a distribution center for Chicagoland stores. The property is at 2176 Diehl Road, just off I-88. The business park was built in 2007 and consists of two buildings. About 116,015 square feet remains available for lease in building A. The second building in the park is a 626,000-square-foot industrial facility, built by IDI in 2009 and expanded in 2010 for the current tenant, Freudenberg Household Products. IDI sold the building to a division of the tenant in May 2010. Kirk Armour and David Prell with CB Richard Ellis represented IDI in the lease transaction, and Lawrence Shaw with Colliers International, Charlotte region, and Matthew Stauber, Colliers International Chicago, represented hhgregg.

CHAMPAIGN, IL-Arbor Commercial Funding LLC has arranged the funding of five loans totaling $58 million under the Fannie Mae DUS Loan, Fannie Mae DUS Small Loan and Fannie Mae DUS Dedicated Student Housing Loan product lines across the Midwest. The largest of the loans was for 309 E. Green here, a 416-unit complex that received $33.6 million. The other locations included Wood Creek Apartments in Oak Creek, WI; Southwind Prairie Apartments, Lake Geneva, WI; Country Cove Apartments, Norwood Young America, MN; and El Patio Apartments, Louisville, KY. The loans were originated by VP Patrick McNulty.

CHICAGO-Regency Centers has commenced construction on the redevelopment of Riverview Plaza, a 140,460-square-foot neighborhood center in the Roscoe Village neighborhood. As the firm’s first location within the city, Mariano’s Fresh Market has leased 51,298 square feet and is slated to open in late summer. The $14 million redevelopment will include a new exterior fa