BLUE ASH, OH-Duke Realty Corp. has broken ground on a two-building office complex for software firm itelligence Inc. here in the Legacy Pointe business park. The buildings, a 69,856-square-foot headquarters facility and a 14,742-square-foot data center, are the first buildings to go up in Duke’s 26-acre park at Osborne Boulevard and Reed Hartman Highway.

The software firm reportedly purchased the land from Duke for $1.8 million earlier this summer. The two buildings will go up on eight acres. Jon Burger, SVP with Duke, says in a statement that the activity should generate further interest for the park. The city is also constructing a new connector road through the property.

Thomas Runge, VP with itelligence, says in the statement that the company needed to add the data center because of the needs of computer users today. “Being able to provide a modern, state-of-the-art data center featuring the highest levels of security, redundancy, and efficiency, and communications options will allow us to continue to guarantee our customers the highest level of quality, reliability, and availability that they are used to and need to support their businesses,” Runge says.

Marc Sebens with Cincinnati Commercial Realtors represented itelligence in the transaction. Jay Morey represented Duke.

FAIRBORN, OH-Spirit Investment Partners, a New York City-based real estate investment company, is acquiring Arlington Village Townhomes in Fairborn, OH, an eastern suburb of Dayton. The 164-unit apartment community is being purchased for $6 million or approximately $36,500 per unit, representing a 10% yield on in place income. The property was built in 1965 and consists exclusively of two-bedroom, townhouse-style apartments with basements. The property is situated amongst 8.5 landscaped acres and includes a separate leasing office, pool and basketball court. It is located a half-mile from Wright Patterson Air Force Base and two miles from Wright State University. Spirit plans to invest approximately $500,000 into improving the property, including unit upgrades, site and building improvements. The property was 95% occupied at the time of acquisition. This is Spirit’s second acquisition in the past year with plans to acquire 1,000 units during the next 18 months.

CHICAGO-MB Real Estate’s Corporate Services & Tenant Advisory group represented Katz, Friedman, Eagle, Eisenstein, Johnson & Bareck PC in a 10,839-square-foot lease renewal of its headquarters at the Chicago Temple Building at 77 W. Washington downtown. The law firm, which specializes in workers’ compensation and personal injury legal services, has been in business for more than 50 years. Michael Hull, a MB SVP, represented the law firm in the 10-year lease renewal, which commences on Jan. 1, 2013. Allison Olszta with CB Richard Ellis represented the building’s landlord in the transaction.

NAPERVILLE, IL-A 50,000-square-foot Gordmans has opened at Westridge Court, at the northeast corner of Route 59 and Aurora Avenue within close proximity to Interstate 88 and Interstate 355. Centro Properties Group US owns the property. Founded in 1915, Gordmans operates 72 stores in 16 Midwestern and surrounding states. Allan Murow with Omaha-based Noddle Cos. represented Gordmans.

SAUK VILLAGE, IL-Grubb & Ellis Co.’s Sale Leaseback/Net Lease Properties Group represented Cream Ridge, NJ-based Sigma International Group Inc., a portfolio company of Chicago-based private equity firm Frontenac Co., in a sale-leaseback transaction of three buildings. The buildings, located in suburban Chicago and Houston, were purchased by an undisclosed buyer. Jonathan M. Wolfe and Jordan A. Shtulman, both SVPs, facilitated the transaction. The sale-leaseback includes two industrial buildings totaling 73,025 square feet located at 21699 Torrence Ave. and 2701 Kalvelage Dr. here, and a 100,000-square-foot industrial building at 5000 Askins Ln. in Houston. Sigma will continue to occupy the buildings under a long-term lease.

CHICAGO-A 26,876-square-foot urban retail building formerly tenanted by the Museum of Contemporary Art and the Film & Tape Works Studios has signed its first three tenants while the building undergoes redevelopment for retail and restaurant use, according to Mid-America Real Estate Corp. principal Steve Frishman. The building is on 237 E. Ontario St. at the south end of the Streeterville neighborhood. Signed are Noodles & Co. for 3,307 square feet; Five Guys Burgers and Fries for 2,520 square feet and 7-Eleven for 1,861 square feet. These three tenants are located on the ground floor, which has 10,206 leasable square feet, of this three level building. Frishman and Brian Adams brokered the leases on behalf of landlords Kari Blunda and Clint Mahoney. Noodles & Co. was represented by Marc Rubin with CR&M Commercial Realty, Five Guys was represented by Frishman and 7-Eleven was represented by Adam Cody with SRS Real Estate Partners. According to Adams, there is now only 2,518 square feet of space available on the ground floor and 8,050 square feet available on the combined second and third levels for retail, restaurant, office or studio space. The new tenants are estimated to open in summer of 2012. The renovation will include new storefronts on the ground level, escalator access to the second floor, and a large patio seating area for the restaurants, whose fronts are recessed along Ontario’s wide sidewalks.

CHICAGO-Reed Construction has completed a 50,000-square-foot interior build-out within Three First National Plaza at 70 W. Madison in Chicago. The building is a 57-story, 1.4-million-square-foot office property that was constructed in 1981. Reed was selected by the property owner, Stifel Nicolaus to renovate the 24th and 25th floors of the building. The renovation included the construction of new executive offices with glass and wood crafted facades and open work areas. Bryan Kreuger was the project executive for Reed. Whitney Architects provided the architectural services.

SAUK VILLAGE, IL-Principle Construction Corp. recently broke ground for a new 267,000-square-foot build-to-suit manufacturing facility for Winpak Portion Packaging Inc. here. Situated on a 29-acre site near the corner of Mark Collins and LogistiCenter drives, Principle have been selected by DP Partners to construct the building. The new plastics manufacturing facility will include a warehouse, production area, offices, maintenance area, grinding room, chemical storage room, utilities room and printing area. Winpak Ltd., based in Winnipeg, Canada, manufactures and distributes high-quality packaging materials and related packaging machines. Mark Augustyn, COO of Principle, says the entire facility is being designed in anticipation of doubling the size of the production areas, as well as expanding the facility to 615,000 square feet. Mike Long will serve as director of project management for Principle and Harris Architects will provide architectural services, Jacob & Hefner Associates will provide the civil engineering service. Justin Fierz with Lee & Associates represented Winpak in the transaction and George Cibula with Darwin Realty and Development Corp. worked on behalf of Andy James for DP Partners.

ORLAND PARK, IL-Essex Realty Group Inc. arranged the sale of Main Street Village Shopping Center, a lifestyle center at 16065 S. LaGrange Rd. here. The property consists of a single multi-tenant building with six retail spaces. David Schwartz, Jason Fishleder, Doug Imber and Matt Welke were the brokers on the transaction. The price was approximately $1 million.

WAUKEGAN, IL-Ketchum Wolf has leased 20,000 square feet of space within a 40,000-square-foot building at 3740 Hawthorn Ct. The distributor of paper supplies is expanding and relocating its operations from Swanson Court in Gurnee, IL. Samuel Badger Jr., SVP with Paine/Wetzel * ONCOR International, represented both the tenant and the landlord, CenterPoint Properties, in the transaction.

EFFINGHAM, IL-Cambridge Realty Capital Co. has provided a $5.2-million HUD Lean loan to refinance the Lakeland Rehabilitation and Healthcare Center, a 133-bed skilled nursing facility here. Cambridge Chairman Jeffrey A. Davis says the fully amortized, 30-year-term, first mortgage loan was arranged for the property’s owner, an Illinois limited liability company, using the HUD Section 232 pursuant to Section 223(f) funding program.

SHEPHERDSVILLE, KY-An affiliate of New York City-based KTR Capital Partners has closed on the acquisition of 300 Omicron Ct. here. The 662,000-square-foot, cross-dock facility was recently built on 53 acres within the Cedar Grove Business Park. Located in Bullitt County, a primary logistics submarket of Louisville, the building is within close proximity of I-65, Downtown Louisville, and the Louisville International Airport. The facility was constructed in 2008 and is 100% leased to two tenants. Ryan Stoller, VP at KTR, says the acquisition brings the firm’s total presence in the market to more than one million square feet.

RICHMOND, KY-The 134,701-square-foot Carriage Gate Shopping Center, at 833 Eastern Bypass, recently changed hands an undisclosed sum. Cassidy Turley Capital Markets – Institutional Sales Group members Rebecca Wells and Robert Taylor Jr. represented the seller, Developers Diversified Realty Group. Steve Pewitt with Commercial Real Estate Advisors represented the buyer, the Rouse Cos. The newly renovated community shopping center is anchored by Hobby Lobby, Dunham’s Sports, Office Depot, Dollar Tree and Cato. The center is currently 92.5% leased.

OAK CREEK, WI-A-1 Services Inc., a residential and commercial heating and air-conditioning company, recently purchased the 10,000-square-foot industrial facility at 7373 S. 6th St. here. The Northbranch Industrial Park property previously housed the operations of Sandell Manufacturing, which recently consolidated its regional facilities to a Chicago location. Maximilian Yokosh, a broker with Milwaukee-based Cassidy Turley Barry, represented Sandell in the transaction, and Scott Furmanski with CB Richard Ellis represented the buyer. A-1 will renovate the building and relocate from its existing location on Southbranch Boulevard.

KENOSHA, WI-Irvine, CA-based Faris Lee Investments has completed the $6.6-million sale of a triple-net leased, single-tenant, 30,000-square-foot property occupied by Best Buy at 7021 120th Ave. here. Built in 2008 as a new, smaller, prototype store for Best Buy, the property is on four acres and is at two major thoroughfares at I-94 and Highway 50. The property is part of a regional shopping center surrounded by retail, dining and hotels. Jeff Conover, senior managing director of Faris, represented the all-cash REIT buyer, Phoenix-based Cole Capital, as well as the seller GM Investors, based in Del Mar, CA. The property closed at a 7.73% cap rate. “With just eight years remaining on the lease term, Faris Lee’s strategy for marketing the property was to focus on the successful retailer and store location that has been doing exceptional sales of approximately $1,100 per square foot annually,” says Conover. “Additionally, a planned I-94 and Highway 50 split interchange along with a new frontage road and no competition in the area, were also attractive factors to the investment for the buyer.”

EAGAN, MN-The Minneapolis office of Duke Realty Corp. has signed a long-term lease for 44,800 square feet at Silver Bell Commons, a 235,120-square-foot industrial building it owns here, to Hockenbergs Equipment and Supply. Hockenbergs is an Omaha-based restaurant supply company. Mark Evenson and Rory Johnson with UGL Equis represented Hockenbergs in their lease, while Duke Realty was represented by Scott Moe, VP of leasing, and Bryan VanHoof and Jeff Przytarski with CB Richard Ellis.

PLYMOUTH, MN-NorthMarq recently secured a lease for Freeziac frozen yogurt at 4105 Vinewood Ln., at the intersection of 494 and Rockford Road in Plymouth. The space, previously occupied by Blockbuster Video, has been renovated into five separate units for leasing by small shop tenants. Filling one of the five units and occupying 1,062 square feet, Freeziac’s new location is its third in the Twin Cities area, with stores currently located in Eden Prairie and at the Mall of America. NorthMarq VP Tom Martin represented Freeziac in this transaction. The property is owned by private investors John Trautz and Vince Driessen. Kate McCall with Mid America Real Estate Group represented the owners.

SHAKOPEE, MN-The Praedium Group, a New York City-based national real estate investment firm and CAPREIT Inc., an owner and manager of multifamily properties throughout the country, acquired Shenandoah Apartments here in suburban Minneapolis. The 202-unit multifamily property was purchased from a local investor for $19 million. The Shenandoah apartment complex is the newest residential property in the area. With construction completed in 2005, the units boast private patios and balconies, fully-equipped open kitchens, nine-foot ceilings, generous walk-in closets, central heating and air conditioning, and full-size washer/dryers. The complex features attached covered parking, an outdoor swimming pool, a clubhouse with fitness center, a billiards room, walking trails, and picnic areas.

ARDEN HILLS, MN-CB Richard Ellis’ Minneapolis Land Services group recently arranged the sale of 23.5 acres of residential land at 4500 Snelling Ave. here. The property has immediate access to Snelling Avenue, Highway 96 and proximity to I-694 and I-35W

OMAHA-John Reed, SVP with NorthMarq Capital, arranged first mortgage financing of $9.2 million for Whispering Hills Phase II, a 144-unit, 137,964-square-foot multifamily property at 2510 N. 109th Plaza. Financing was based on a seven-year term and a 30-year amortization schedule and was arranged by NorthMarq for the borrower, Whispering Hills Phase 2 LLC, through its seller-servicer relationship with Freddie Mac.

SAGINAW, MI-Mid-America Real Estate-Michigan Inc. arranged a 6,500-square-foot lease at Tittabawassee and Fashion Square Boulevard. Tony Schmitt represented the tenant, Logan’s Roadhouse, in this transaction.