SCHAUMBURG, IL-Benefit Express Services LLC has leased 21,295 square feet at Two Century Centre in a relocation from Arlington Heights, IL. Transwestern represented the building owner, Pearlmark Real Estate Partners, in the deal.

The benefit administration solutions company will occupy the entire 10th floor of the 25-year-old building. With the new lease, the 219,718-square-foot building is now 97% occupied.

“Two Century Centre’s efficient floor plate and numerous amenities were key factors in securing this tenant,” said Joe Stevens, senior vice president of Transwestern’s suburban agency leasing group. “The deal resulted in a nearly fully-leased building as well as positive net absorption for the office market surrounding Woodfield Mall.”

Joe Stevens, Fred Ishler and Zach Fox with Transwestern’s suburban agency leasing group represented the landlord in the transaction. Rich Schulz with the J. Rich Company LLC represented the tenant.

ELGIN, IL-Cushman & Wakefield of Illinois Inc. has been awarded the exclusive agency leasing assignment for 2500 Westfield Dr., a 545,848-square foot-office property here, by Adventus Realty Trust, a Vancouver-based REIT. Dan Svachula, agency leasing director in C&W’s Corporate Occupier and Investor Services (CIS) Group, will be the leasing manager for the property.

ADDISON, IL-Domtar Paper Co. LLC has signed a long-term lease extension for their entire 453,361-square-foot industrial distribution location at 350 S. Rohlwing Rd. in an early lease renewal. Brian Colson and Mark Moran, EVPs, and Eric Fischer, senior associate, represented the landlord, Boston-based High Street Real Estate Fund III, in the transaction. NAI Hiffman also manages the property on behalf of the landlord.

CHICAGO-Kudan Group’s Marcus Sullivan recently negotiated the lease of 308 W. Erie in River North. Sullivan represented the tenant, NAS Restaurant Group. Keith Weinstein of Winston Management represented the Erie West LLC-owned property. NAS Restaurant Group plans to open Mixed Greens, a lunch spot specializing in custom salads.

ORONO, MN-Kraus-Anderson has completed construction of Trails of Orono, a $10 million, two-story senior housing development here. The development at 875 Wayzata Blvd. houses 19 memory care and 43 assisted living apartments in a serene woodland setting just off the Luce Line Trail. The project is a long-term partnership between Kraus-Anderson and Minneapolis-based senior housing provider Ebenezer Management Services, which will manage the site.

BLOOMINGDALE, IL-Marquette Management has been selected by KCK Properties Inc. as property manager of Stratford Green Apartment Homes, a community of 171 apartments and 21 townhomes at 492 Vinings Dr. Built in 1997, the community was originally developed as Avalon at Stratford Green by Trammell Crow Residential. The complex comprises 22 buildings on a 12.7-acre site with 424 parking spaces. Apartments measure 854 to 1,554 square feet, with an impressive average size of 1,234 square feet.

ROGERS, MN-Liberty Property Trust will soon break ground on a 227,000-square-foot multi-tenant industrial building at Liberty Industrial Park at Diamond Lake here for $14 million. The speculative building will be located on 13 acres at 13320 Wilfred L. N. on a section of the 55-acre parcel the company bought in 2011. Liberty plans to break ground in June and have the project completed by the end of the year. “Absorption in the Northwest market has created a shortage of larger blocks of quality space,” said Dave Jellison, senior vice president and city manager for Liberty in the Minnesota region. The architect for the project is Edward Farr of Edward Farr Architects Inc., and the general contractor is Anderson K.M Builders.

BLAINE, MN-The CBRE Minneapolis Debt & Equity Finance group arranged $12 million in permanent mortgage financing with a national life insurance company for the recapitalization of phase I of the North Bay at the Lakes, a 115-unit townhome development here. The financing was originated by CBRE’s SVPs Doug Seylar and Murray Kornberg on behalf of North Bay LLC, the borrower. North Bay began developing the project in 2010, and originally financed the construction costs through a construction loan with a local bank. Phase I of North Bay at the Lakes features 115 townhome-style apartment units situated within the Lakes development. The Lakes is a 1,080-acre, planned residential community.

ST. PETER, MN-Centerline Capital Group has provided a $2.2 million Fannie Mae small balance loan to refinance Aspen Court Townhomes here. The garden-style facility was built in 1999 and comprises eight two-story buildings with a total of 41 units. All of the units have two bedrooms and 1.5 bathrooms; 16 of the units also have a den. The loan is a 10-year fixed rate facility with a 30-year amortization period. The borrower is Aspen Court Townhomes LLC. The proceeds of the loan will be used to pay off existing indebtedness and recoup expenses recently incurred for capital improvements. The property is full. The borrower developed the property in 1999 and has owned and operated it since. The broker was Mike Polencheck from Towle Financial.

ST. PAUL, MN-Cushman & Wakefield/NorthMarq has represented Zimmerman Realty in securing the sale of a 24,000-square-foot building at 1954 University Ave. W. to Habitat for Humanity. The building is on a section of University Avenue under major construction for the Minneapolis-St. Paul Central Corridor Light Rail project. The existing building will be demolished and replaced with a new facility; construction beginning in 2013. Tom Stella, senior director, Rob Davis, senior associate, and Avery Ticer, associate director represented Zimmerman. Habitat for Humanity was represented in the sale by Chuck Caturia, senior vice president, Tom Driscoll, senior vice president and Ashley Moen, sales assistant, from CBRE.

PLAINFIELD, IN-VanTrust Real Estate LLC, announces the groundbreaking of Project One, a speculative distribution project at the intersection of Stanley and Perry roads. The 450,000-square-foot cross-docked, 32-foot facility will be available for occupancy in the fourth quarter. Andy Weeks, general manager of the VanTrust Columbus office, said in a statement that the modern bulk industrial market has tightened considerably over the past several quarters. Pepper Construction Group is the design-build contractor and the facility was designed by JRA Architects.

OMAHA, NE-Farmington Hills, MI-based Agree Realty Corp. has sold a 30,000-square-foot single-tenant property formerly leased to Borders Inc. here. The property was sold for approximately $2.7 million. Additionally, the company has two additional transactions pending on former Borders locations. These assets are located in Monroeville, PA and Columbus. The company has executed a letter of intent to lease the property formerly occupied by Borders in Monroeville to an industry-leading home fashion retailer. The property in Columbus is currently under contract for sale. The company continues to market its Lawrence, KS property for sale or lease.

OMAHA, NE-Cushman & Wakefield/NorthMarq has been awarded the property management assignment for the 30-story Woodmen Tower at 1700 Farnam St. and the World Building at 203 S. 18th St. The 600,000-square-foot multi-tenant buildings are owned by their largest tenant, Woodmen of the World. The management team will consist of Kim Cohen, vice president/area manager, and Ron Nieman, general manager, and a team of nine employees focusing on operations and engineering. This is the second assignment for Cushman & Wakefield/NorthMarq in Omaha.

TROY, MI-L. Mason Capitani CORFAC International recently arranged a deal in which Davis Enterprise Group LLC has purchased a 67,695-square-foot industrial facility at 1400 Axtell in Troy, MI. The sale price was not disclosed. The buyer specializes in recycling of scrap metal and machinery sales. Garry Rogers and Jason Capitani represented both the purchaser and the seller in the transaction.

KANSAS CITY, MO-Caymus Real Estate LLC has changed its name to VanTrust Real Estate LLC. David Harrison will remain president of the company. VanTrust is owned by a Van Tuyl Group-affiliated entity, a firm that manages the largest group of privately held automotive dealerships in the United States.

Instant Insights /

Benefit Express Relocates to Two Century Centre

Related Stories

Recommended For You