OSWEGO, IL-Inland Western Retail Real Estate Trust Inc. and a pension fund advised by Invesco Real Estate have gained a $21 million refinance loan for Oswego Commons, a 187,656-square-foot retail center here. HFF placed the fixed-rate loan.
The 9-year-old center is on nearly 30 acres at 3020 W. Route 34 in this southwest Chicago suburb. The property is 98% leased, with tenants that include a Dominick’s grocery store, TJ Maxx, OfficeMax and Petco, as well as Panera Bread, Party City, Famous Footwear and Hallmark.
Tim Joyce and Kevin MacKenzie led the HFF team. The loan was arranged with an affiliate of Hartford Investment Management Co. Morgan Stanley purchased the property in April 2007 for $29 million, but Inland Western retained an interest in the site.
CHICAGO-Hogan Marren Ltd., a Chicago-based law firm, has moved its offices from 180 N. Wacker Dr. to 321 N. Clark St. Hogan has signed a 10-year lease for 11,704 square feet on the 13th floor of the 895,000-square-foot building, which is owned, leased and managed by Hines Interests LP. Katie Comstock, VP with the commercial real estate advisory firm Jones Lang LaSalle, represented Hogan in the transaction.
CHICAGO-Newcastle Ltd. has acquired a 7,100-square-foot retail condominium located at Six N. Michigan Ave. in an all-cash deal for $10.1 million. Newcastle purchased the property on behalf of the firm’s $500 million Chicago real estate investment platform. Doug Renner and Anthony Campagni with Baum Realty represented the seller in the transaction. The property is at the base of a 120-unit condominium building at the corner of Michigan Avenue and Madison Street, across from Chicago’s Millennium Park, which attracts more than four million visitors annually. The property is 100% leased to two national tenants: Starbucks, which opened in September and Panera Bread Co., scheduled to open in November.
CHICAGO-Summit Design + Build LLC has been selected as general contractor for the renovation of the old Esquire Theater at 58 E. Oak St. in Chicago’s Gold Coast neighborhood. The 33,000-square-foot building will undergo an extensive structural remodel and core & shell build-out changing the building’s use from a movie theater to a high-end retail center. To maintain the Oak Street streetscape, boutique retail will be included on the ground floor and floors will be raised to match the current sidewalk level. Additional retail and entertainment spaces will occupy the second and third floors inside a curved brick and glass wall with a new landscaped terrace highlighting the second floor. Completion is scheduled for second quarter 2012.
CHICAGO- The 30-unit 5001 S. Drexel in Chicago’s Hyde Park neighborhood has been sold for $2.2 million. The seller was a real estate venture fund. The buyer was a local property management and investment group looking to increase their Hyde Park portfolio. The buyer and seller were represented by David Goss and Jon Morgan with Interra Realty.
LOVES PARK, IL-Meridian Design Build recently delivered a 100,000-square-foot build to suit for developer Venture One Real Estate at Loves Park Corporate Center here. The project will serve as a warehouse/distribution facility for Danfoss Drives, a privately held global company that specializes in the manufacture, sales, and service of variable speed drives and electronic motor controls. The Danfoss project is the second building to be constructed within the 57-acre business park that fronts the Northwest Tollway, about half a mile mile north of the four way interchange at Riverside Boulevard. Activity at the park has been strong in recent months and Venture One is anticipating that more projects will be in the works within the next year.
EVANSVILLE, IN-Centerline Capital Group, a subsidiary of Centerline Holding Co., has provided a $12.2 million Fannie Mae facility to refinance the Copper Creek Apartments here. The garden-style multifamily facility comprises 16, two- and three-story buildings with a combined total of 291 units. The loan is a 10-year fixed rate facility with a 30-year amortization period. The loan proceeds will be used to pay off the combined existing debt and yield maintenance that will mature in 2012. The borrower is a single asset, Indiana limited partnership that is led by a well-established property owner in this tertiary market, and a long-time client of Centerline. The property is 96% occupied.
GURNEE, IL-Harbour Realty Partners has acquired Pembrook Club Apartments, a 280-unit community in from a unit of Northwestern Mutual Life. The sale was financed with a new loan though Fannie Mae that was originated by CW Capital. Pembrook was built in 1989 on 23 acres and features 23 two-story residential buildings containing one- and two-bedroom units averaging 855 square feet. Plans for the community include adding a fitness center, renovation of the clubhouse and upgrades to apartment interiors. The property was purchased through Harbour Apartment Opportunity Fund I, which acquires Class B multifamily properties on behalf of the fund’s private and institutional investors.
OAKBROOK TERRACE, IL-KBS Realty Advisors of Newport Beach, CA has signed three lease agreements totaling 51,243 square feet at a property here. Prairie Capital, a national fund investor, has relocated its headquarters from Oakbrook Terrace Tower to an 8,242-square-foot office space in Mid America Plaza located within the same city. In addition, BCS Financial, a tenant since 2005, has renewed and expanded its lease from 31,969 square feet to 43,001 square feet on the 10th floor. The Plaza is a two-building complex offering 407,263 square feet of office space in Chicago’s East-West Corridor. KBS has owned the twin 10-story towers located adjacent to the Oakbrook Mall since 2007. Lyle Levin and Kevin McLennan in the Chicago office of Studley represented BCS Financial and Kevin Rogers with CBRE represented Prairie Capital.
GLENDALE HEIGHTS, IL-Benjamin Kadish, president of Maverick Commercial Mortgage Inc. announces the closing of a $5.8 million construction and mini-per loan for a new Dodge Chrysler Jeep dealership to be built in here on a 5.9-acre site at on the south side of North Avenue, east of Western Avenue. The property has been vacant for the past 15 years. Chrysler Realty was the seller of the land to the project developer. The dealership is being built by Charles River Development, a general contracting firm based in Crystal Lake, IL. The project received assistance in the form of Tax Increment Financing and Sales Tax Rebates from the Village of Glendale Heights. Michael Laube, principal of Laube Cos. was the TIF consultant for the project. Kadish has secured construction and mini-perm financing for Kelly Moon Properties LLC.
DEERFIELD, IL-Lowe Enterprises Investors has acquired the Embassy Suites Chicago-North Shore/Deerfield on behalf of a pension fund client. The 237-suite Embassy Suites Chicago-North Shore/Deerfield is at 1445 Lake Cook Rd. The property will be managed by LEI affiliate Destination Hotels & Resorts and will continue to operate as an Embassy Suites branded hotel. A $6 million renovation completed in 2007 included upgrades to the guest rooms and common areas. LEI will implement a $4 million capital improvement program designed to increase the appeal and value of the property which will initially focus on redesigning the atrium, modifying the restaurant and other food and beverage spaces and additional refinements to the guest rooms. “The Embassy Suites Chicago-North Shore Deerfield has a solid performance record and is positioned to benefit from the continuing recovery of the hospitality market,” said Bleecker Seaman, CEO of LEI, in a statement. The company has made numerous investments in the Chicago area and currently operates Orrington Plaza in Evanston and 8501 West Higgins in Chicago on behalf of pension fund clients.
CLAYTON, MO-Solon Gershman Inc. Commercial Real Estate has reached an agreement to acquire Coldwell Banker Commercial’s Management Division. The companies will form the second largest commercial real estate firm in the St. Louis area. The combination will increase Gershman’s property management portfolio by 30%. Gregory Nooney Jr., principal managing member and Bruce Brophy, principal of Coldwell Banker Commercial will be joining Solon Gershman. Twenty members of Coldwell Banker’s professional staff will move into Solon Gershman’s offices in Clayton. The combined company’s management portfolio will total more than 7.5 million square feet of office, retail, and industrial space, and will include over 150 commercial properties.
ST. LOUIS-Transwestern announced today that it has formed an affiliation with Balke Brown Associates. Founded in 1979, Balke Brown is one of the largest commercial real estate firms in metro St. Louis, with a portfolio of 56 projects totaling more than 6.4 million square feet of space. The firm employs 40 people, including 10 brokers, who provide brokerage, investment, property management and development services in the office, industrial, medical and multi-family sectors.
CHESTERFIELD, MO-Job News, a division of United Metro Media LLC, renewed their lease of 2,114 square feet of office space for 63 months at 1350 Elbridge Payne Rd. in Chesterfield with Elbridge Payne LLC. Robert A. Busch with Gundaker Commercial Group Inc. represented the tenant in this transaction. Scott Savacool with Sansone Group represented the landlord.
SAGINAW, MI-Mid-America Real Estate-Michigan Inc. recently arranged the sale of the former Burger King at 2975 Bay RD. here. Adam Goodman and Tony Schmitt with represented the seller, Burger King Corp. with Miles Gatland of Miles Gatland & Associates representing the buyer O’Reilly Automotive Stores Inc. in this transaction.
ROMULUS, MI-Signature Associates has negotiated the lease of 103,994 square feet of industrial space at 36310 Eureka Rd. here. Brad Viergever and Bruce Morrison represented the landlord, Romulus Realty Ventures LLC. Viergever also represented the tenant, World Tek Industries LLC.
CLINTON TOWNSHIP, MI-L. Mason Capitani CORFAC International has arranged the sale of a 30,000-square-foot industrial facility located at 44850 Centre Ct. here. Espas Inc., an automotive stampings company that purchased the building, is moving from a smaller facility in Troy, MI. The terms of the transaction were not disclosed. Tom Jablonski and Jason Capitani represented the seller.
FENTON, MI-Marcus & Millichap Real Estate Investment Services has arranged the sale of Silver Lake Self-Storage, a 90,300-square foot, self-storage facility property here. Brett Hatcher, investment specialist, had the exclusive listing to market the property on behalf of the seller, an LLC. The buyer, also an LLC, was secured and represented by Hatcher. Jonathan Dwoskin assisted in closing this transaction.
ANN ARBOR, MI-Dan Stewart and Sperry Van Ness International, a large and fast-growing franchisor providing training, systems management and marketing support for its network of commercial real estate brokerage firms, today announced the launch of Sperry Van Ness/Stewart Commercial Group LLC, an independently owned and operated franchise of Sperry Van Ness International. This affiliation marks Sperry Van Ness International’s 10th franchise signing this year. The partnership will specialize in representing owners in the sale of multifamily properties throughout Southeast Michigan and investors interested in acquiring multifamily properties throughout the state. The firm will also represent owners in the sale and leasing of office, retail and industrial properties, as well as buyers in the acquisition of office, retail and industrial properties. Stewart was previously partner and co-owner at Michigan Commercial Realty LLC, a full-service commercial brokerage based here.
MINNEAPOLIS-CBRE Minneapolis/St. Paul recently arranged the sale of Brownstones Downtown, a 77-unit vintage apartment community at 501 E. 14th St. This property had undergone extensive renovations to open up units and restore original woodwork along with adding new windows and modernizing plumbing. The building is 100% leased. CBRE’s Ted Abramson handled the sale. “This property is well-positioned to take advantage of the strong rent growth and low vacancy levels in the downtown Minneapolis sub-market,” Abramson said in a statement.
CEDAR RAPIDS, IA-The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens property located at 3325 16th Ave. here for $4.2 million. The 13,905-square-foot Walgreens was built in 1999. The property is leased to Walgreens on a net-leased basis for eight more years of primary lease term. Randy Blankstein and Jimmy Goodman represented the seller, a Chicago trust, in the transaction. The buyer was a Miami-based high-net-worth Individual investor.
LOUISVILLE, KY-Passco Companies LLC continues its 2011 acquisition program with the purchase of The Legends at Indian Springs, a 212-unit, garden-style multifamily community located on nearly 14 acres at 11000 Indian Legends Dr. Passco now owns the only multifamily apartment complex situated on a golf course in the Louisville metropolitan area. Blake Pera with CBRE represented Passco and the seller in the transaction. Passco’s planned improvements for complex include an upgraded playground and BBQ area, a dog park, and online concierge service at tenants’ fingertips. The property is comprised of 13 two- and three-story residential buildings, a clubhouse and a maintenance building.