SOUTH ELGIN, IL-Mosaic Properties, based in Northbrook, has purchased the 260,000-square-foot South Elgin Crossings retail center here for $24 million from Key Bank. The center consists of seven buildings and includes tenants Home Depot, Best Buy, Staples and PetSmart.
Chad Firsel, president of Quantum Real Estate Advisors Inc., represented the buyer in the transaction. He says Mosaic secured financing from Wells Fargo for 25% of the purchase price. The property, 97% leased, had 15 bidders. “It’s the largest open-air deal in the past two years,” Firsel says, and shows that sufficient capital from banks and investors is starting to pour through the system.
The property at the intersection of Randall and McDonald roads includes a pad that can hold another 25,000-square-foot building, Firsel says. The 2-year-old center was built by V-Land Corp.
BEDFORD PARK, IL-CB Richard Ellis represented ownership in the sale of a 296,147-square-foot industrial building at 7123 W. 65th. The building was purchased by GRM Information Services, a national record storage company. The new building serves as an expansion for the GRM, which will take occupancy of the new building soon and continues to operate at its current location at 2211 S. Throop St. in Chicago. The sale price was not disclosed. According to Michael Caprile of CBRE, who worked on the sale with Mitch Adams, Ted Staszak and Stephanie Park, “Despite a recent resurgence in the investment sales market, investors are still not willing to take on a lot of leasing risk and users are finding excellent opportunities to own and occupy.” Jeanne Rogers at Arthur J. Rogers & Co. represented the tenant.
SCHAUMBURG, IL-Lee & Associates has completed an investment sale in conjunction with a 10-year lease on a 40,000-square-foot industrial building at 2324 Palmer Dr. John Cassidy and Ken Franzese represented the landlord, Shorewood Properties LLC. Mas Ishida of TOBI International represented the tenant, Amada-Wasino. The building was sold to Shorewood on a pre-lease to Amada-Wasino America. The value of the lease is more than $4 million and is based upon a substantial retrofit and upgrade of the property. The facility will provide a showroom and system configuration area for Amada as well as for parts storage and distribution.
BOLINGBROOK, IL-BPG Properties Ltd., a private equity real estate fund manager, announced the completion of a 94,118-square-foot lease with Jet Lithocolor Inc. at 605 Territorial Dr., a 182,400-square-foot warehouse/manufacturing facility located within Remington Lakes Corporate Center. Jet is relocating in order to satisfy a need for increased space and to attain the ability to have full temperature control over its space. Jason West, senior director of Cushman & Wakefield of Illinois Inc., represented Jet in the lease negotiations. The landlord was represented in the negotiations by CB Richard Ellis’ Traci Buckingham, first vice president, and Grant Glattly, associate. Originally constructed as a Tellabs facility, the building features 30-foot ceiling heights, ESFR sprinkler system, full climate control and six-inch, steel-reinforced, laser-leveled concrete floors. It has 28 docks with 130-foot minimum truck court depths and 49 by 40-foot bays. BPG acquired the building in 2004 on behalf of BPG Investment Partnership VI L.P., a $384 million private equity fund sponsored by BPG.
CHICAGO-Regina Webster & Associates has signed a new 7,000 square foot long-term lease at the firm’s Interpark Corporate Center located at 8601 – 8623 W. Bryn Mawr Ave. The professional engineering services firm selected to relocate to the office complex from its prior location on Chicago’s Northwest side. Steve Chrastka, VP of leasing at JCF Real Estate, led the transaction. Acquired by JCF in 2001, Interpark is a 164,000-square-foot, single-story office park near O’Hare International Airport. The property consists of 12 buildings on approximately 8 acres.
OAK PARK, IL-Family-owned regional chain American Mattress subleased a 4,613-square-foot building from Bank of America, according to Richard Spinell, Principal of Oakbrook Terrace, IL-based Mid-America Asset Management Inc., whose firm represented the bank in the transaction. The building is at the southeast corner of North and Harlem, and American Mattress is expected to open here in June 2010. Mid-America VP Marget Graham and Senior Leasing Representative Mary Beth Menelli transacted the lease on behalf of Bank of America, while Jason Gustaveson with Stone Real Estate Corp. and Fred Feinblum with Julius M. Feinblum Real Estate Inc. represented the tenant.
WESTMONT, IL- DuPage Medical Group, a physicians practice group, has expanded its lease at 801 N. Cass Ave. to 17,000 square feet. The company signed an expansion for 5,275 square feet to accommodate a physical therapy practice. Bill Waliewski with Morgan Realty Partners represented building ownership, HTW LLC in the lease negotiations. John Moysey of V3 Realty Co. represented the tenant.
RIVERDALE, IL-McShane Construction Co. is going to redevelop a 45-year-old facility into the 52-unit Riverdale Senior Apartments. The extensive reconstruction project is located on a half-acre site at 335 West 138th St. The 52-unit, five-story multifamily project will feature a combination of public and affordable housing, including 43 one-bedroom apartments and nine two-bedroom units. The project will also feature three ADA accessible units, and eight residences will be designed as ADA adaptable to accommodate future conversion. The project will receive funding from the American Reinvestment and Recovery Act though the US Department of Housing and Urban Development, the Housing Authority of the County of Cook, and the County of Cook’s Department of Planning and Development. The project is scheduled for a December 2010 completion.
WHEELING, IL-Cabot Properties has signed a 23,184-square-foot lease in a multitenant industrial building at 1543-1547 Abbott Dr, bringing the property to 100% percent occupied. The manufacturer and custom packager has signed a 23,184-square-foot lease in the building, Jones Lang LaSalle’s North Market team, Robin Stollberg and Kurt Sarbaugh, represented the owner. At the end of the fourth quarter, leasing activity in the North Market totaled approximately 4.1 million square feet year to date. Overall asking rates in the submarket decreased from $5.74 per square foot in the fourth quarter 2008 to $5.40 per square foot in the fourth quarter 2009 as a result of decreased tenant demand and the increased competition from landlords. Even as construction activity has stopped in other submarkets, the North I-94 corridor has already delivered new properties this year, directly contributing to rising vacancy. The North I-94 Corridor construction activity for the fourth quarter was down more than 91% year-over-year. With that said, construction deliveries totaled only two projects for the whole of 2009, compared to 14 projects delivered in 2008. In 1999 this figure was more than double with 33 projects delivered.
DETROIT- Strategic Staffing Solutions has leased 10,256 square feet of office at the Penobscot Building at 645 Griswold. The Landlord, Finsilver/Friedman Management Corp., receiver of Penobscot, leased the space. Steve Eisenshtadt with Friedman Real Estate Group represented the landlord.
SOUTHFIELD-Transwestern Detroit was recently awarded the leasing of Central Business Park, situated on approximately 18 acres and consists of 24 single and multi-tenant industrial buildings. The leasing team of Bill Harvey, Casey Powell and Chuck Howard will be presenting this opportunity to the market. Tenants include Henry Ford Health System, FedEx, and Verizon. The park is owned by PRS Equities Limited, a real estate investment, development and asset management firm headquartered in Birmingham, MI.
MONROE, MI-DeMattia Group has broken ground on Ventower Industries’ new manufacturing facility. The company will build wind towers in the new 115,000 square foot building located at the Port of Monroe. The site has access to rail, water and truck routes to allow components to be delivered to all areas east of the Mississippi. The project will include the reclamation of the 35-acre brownfield site. At full production, Ventower plans to build up to 250 wind towers per year and employ an estimated 150 new workers. The facility’s design incorporates a planned expansion of 76,000 square feet. The manufacturing processes will take plate steel bend, weld, paint and assemble it into 15 foot diameter monotubes with combined sections reaching 240 feet in height. The facility has 40 ton cranes as well as process and material handling equipment to accommodate individual tower sections up to 115 feet in length. The building should be complete by January.
SARTELL, MN-Grubb & Ellis Healthcare REIT II has acquired the Center for Neurosurgery and Spine, a 36,600-square-foot, two-building medical office portfolio. Located at 162 and 166 19th St. South, the center is within one-half mile of CentraCare Clinic Health Plaza and three miles of the 393-bed St. Cloud Hospital. Built in 2006 on approximately 3.7 acres of land, the property is fully leased to five tenants, including Central Minnesota Neurosciences, the Center for Pain Management and Central Minnesota Center for Diagnostic Imaging. The property is 100% occupied. The property was acquired from unaffiliated third parties: Stingray Properties LLC, Crystal Blue Properties LLC, Sylvan Holdings LLC and Dr. Samuel Elghor. The sellers were represented by Noah Larson of Grubb & Ellis