BURR RIDGE, IL-Founders Properties, a subsidiary of Opus Properties, has gained a $38.7-million senior loan to finance its note to purchase and fund the completion and leasing of Burr Ridge Village Center. The 20-acre mixed-use property launched in 2006, but was somewhat slowed by the economic downturn.
New York City-based PCCP LLC has provided the loan. Barrie Bloom, a VP with the company, said in a statement that the proceeds will recapitalize the original construction loan and provide capital for the completion costs associated with leasing of the retail portion and finishing construction of the residential condominiums. She said the asset is supported by strong retail tenants, such as Banana Republic, Victoria’s Secret, Bath and Body Works and Aeropostale, and a “healthy residential condominium sales market.”
The project now consists of 196 residential condos, though more than 60 of the units have been empty since they were completed in 2007. The site also includes 37,000 square feet of office condos and 195,441 square feet of retail. The property is one block south of Interstate 55 in an affluent western suburb of Chicago.
CHICAGO RIDGE, IL-Quantum Real Estate Advisors Inc. brokered the sale of a single-tenant net-leased retail building at 6440 W. 95th St. here, just west of the corner of Ridgeland Avenue and 95th Street. The property was sold to a local investment company. The building was renovated in 1996 and again went through substantial capital improvements this year. The space is leased to Party City. The tenant has occupied the building since 1996.
Chad M. Firsel, president, represented the seller and buyer in the transaction.
CHICAGO-JC Anderson Inc. has recently completed a 19,348-square-foot build-out of new office space for the Civic Committee of the Commercial Club of Chicago within the Chase Tower, at 21 S. Clark St. The company was selected to remodel the new office space to accommodate their relocation from the 31st and 25th floors within the Chase Tower to the 43rd floor. The project included the construction of a new conference room which featured a center divider as well as wood and glass windows. Wood and glass office fronts were also incorporated into the design.
CHICAGO-Sperry Van Ness Senior Advisor Jeff Baasch recently closed one of the largest South Loop development deals since the downturn in the Chicago real estate market. The property, located at 2100-14 S. Indiana, was a failed condominium conversation and had been tied up in the foreclosure process since 2008. The existing 54,000-square-feet timber loft building will be repositioned to a unique rental apartment building with retail on the first floor. The transaction also included an adjacent half acre parcel of land for future development. The property was sold for $3.4 million to an undisclosed buyer. Baasch represented both the bank and buyer in the transaction and believes the real estate freeze is beginning to thaw. “The significant interest in the opportunity from developers and investors reflects the improving market fundamentals in multifamily properties and the Chicago market” says Baasch.
FRANKFORT, IL-Marcus & Millichap Real Estate Investment Services arranged the sale of Mannheim Square office building here. The asset sold for $1.1 million. Tammy Saia, Ryan Engle and Sean Sharko, marketed the property. The buyer, a private investor, was also secured and represented by Saia. The property closed near list price, Saia said.
CLEVELAND-Forest City Enterprises Inc. has agreed to sell the 206-room Ritz-Carlton Cleveland hotel at Tower City Center to a subsidiary of Rock Ohio Caesars LLC, for $36.5 million, including a $2.5 million option payment by Rock pursuant to an option agreement between the two companies. David J. LaRue, Forest City president and CEO, said in a statement that with the property under new ownership, the hotel will continue to be a key amenity for Tower City Center and for the casino. “As Rock completes construction of its Horseshoe Casino Cleveland, which is expected to open in March 2012 in our nearby Higbee Building, we believe our Tower City assets will benefit, as will the city of Cleveland and the state of Ohio as a result of the increased tourism, jobs and tax revenues the casino will generate,” he said.
CINCINNATI-Phillips Edison & Co. today announced that it has successfully amended a secured credit facility held by Phillips Edison Shopping Center Fund III. The credit facility was originated in December 2010 and is secured by 54 properties throughout the United States. Bank of America is the administrative agent and sole lead arranger of the facility. The facility was amended to remove certain principal acceleration payments and reduce the interest rate. The $211.4 million facility matures on Dec. 23, 2013.
ELM GROVE, WI-Grandbridge Real Estate Capital recently originated and closed a $2.3 million first mortgage acquisition and renovation loan secured by a multi-tenant, 39,000-square-foot office building. Vice President Rob Meister arranged the financing through First Business Bank. The loan is a full-recourse, one-year financing which carries a fixed rate of approximately 5%. Meister was assisted by Dean Huber, senior analyst.
MILWAUKEE-Energy drink manufacturer Red Bull leased the 3,663-square-foot industrial building at 1020 E. Land Pl. from Sylvan Holdings. Kevin Barry with Cassidy Turley Barry represented the landlord in the transaction and Steve Sewart with Inland Cos. represented the tenant. Red Bull will use the facility as a small distribution hub.
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 property is a Class A garden-style multifamily facility that 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. Over the past year, Evansville has shown improvement, experiencing both rent growth and an overall decrease in vacancy, said Steven Cox, an SVP at Centerline. The apartment has an occupancy rate of 95.9%.
SOUTH BEND, IN-The Boulder Group, a net leased investment brokerage firm, has completed the sale of a triple net leased Dollar General property located at 4123 Western Ave. here for $1.2 million. The 9,014-square-foot store was built in 2011 and is in the northern portion of Indiana. The building is leased on a 15-year triple net basis to Dollar General. Randy Blankstein and Jimmy Goodman with Boulder represented the buyer, a Chicago-based high net worth individual investor, in the transaction. The seller was a Midwest-based developer.
ROCHESTER HILLS, MI-Signature Associates has negotiated the lease of 17,944 square feet of hi-tech space located at 2930 Technology Dr. to Pari Robotics Inc. Paul Hoge and Kris Pawlowski represented the landlord, First Industrial Realty Trust. This transaction completes a lease on this building with no vacancy period following the prior tenant’s lease conclusion.
MACOMB TOWNSHIP, MI-L. Mason Capitani CORFAC International arranged the sale of a 27,080-square-foot facility at 16730 Enterprise. The purchaser, MISC, is a manufacturer of products primarily made from narrow webbing, elastic and cord. Their products include functional seat pull straps, airbag tether straps, cargo tie-down straps, lifting harnesses, cargo nets, as well as many other custom assemblies. The buyer will move operations from neighboring Clinton Township. Joe DePonio and Jason Capitani coordinated the sale transaction. Terms of the sale were not disclosed.
ANN ARBOR, MI-Colliers International signed a six-year lease to occupy 2,408 square feet at the McKinley Towne Centre. Colliers has two other offices in Michigan, one in Southfield and another in Grand Rapids.
CRESCENT SPRINGS, KY-Mid-America Real Estate Corp.’s Investment Sales Group recently arranged the sale of Buttermilk Towne Center in this Cincinnati suburb. Visconsi Buttermilk Ltd., an affiliate of Cleveland-based Visconsi Cos., purchased the 277,533-square-foot shopping center for $18.3 million as part of a Section 363 bankruptcy sale. Ben Wineman and Rick Drogosz represented the seller in the transaction, Buttermilk Towne Center LLC. The buyer was self-represented. The grocery-anchored regional center is on the northeast quadrant of Interstate 71/75 and Buttermilk Pike (State Route 371), and is anchored by Home Depot, Remke Markets, Ashley Furniture HomeStore and LA Fitness.
CHESTERFIELD, MO-HV Real Estate Corp. purchased a 21,415-square foot Class B office building at 16100 Swingley Ridge Rd. from Olive/Forty Corp Total for $2.4 million. Rudy Stinnett and Paul Nagel with Gundaker Commercial Group Inc. represented the buyer in this transaction.