OAKDALE, MN-LaSalle Investment Management has hired NorthMarq to provide property management to the 165,000-square-foot Oakdale Village retail center. Located on the northwest corner of Interstate 94 and Radio Drive, the center is 98% leased with tenants such as Best Buy, Sports Authority and Homegoods. Eric Bjelland with NorthMarq had managed the sale of the property to LaSalle.
DEARBORN, MI-Paul's TV, a California-based electronics retailer, has leased a 112,500-square-foot industrial building here in Fairlane Commerce Center. The five-year lease is valued at about $3 million, according to Hager Pacific Properties, the building owner. Randall Allman with CB Richard Ellis represented Hager and Marty Setzer with Core Real Estate Services LLC represented the tenant.
CEDAR RAPIDS, IA-Opus Northwest LLC and Opus Architects & Engineers have been given a contract to build a new 170,335 square foot Armed Forces Complex here. The $37.7 million project will include a one-story center and a field maintenance shop. Construction will begin in April, with a completion date of August 2011.
GLENVIEW, IL-Total Hockey has signed a lease for 8,031 square feet at Plaza Del Prado in this North Shore suburb of Chicago. The hockey equipment retailer is expected to open in summer 2010 in the 129,112-square-foot retail center, which is anchored by Jewel/Osco. Total Hockey is headquartered in St. Louis, with a total of seven locations in Missouri and Illinois. Mid-America VP Marget Graham and Senior Leasing Representative Kitsy Ritter represented the landlord in the transaction, while Brent Wayburn with Metro Commercial Real Estate represented the tenant.
WILLOWBROOK, IL-Centerpoint Properties purchased a 50,157-square-foot flex building here from Prime Group Realty Trust for $4.3 million. The facility, at 7100 Madison, was completed in 1998 as a build-to-suit for the Trane Co., which is leasing the property through 2015. The building is 60% office and 40% warehouse. Jaime Fink, Jeffrey Bramson and Kenneth Glomb with Holliday Fenoglio Fowler LP led the investment sales team on behalf of the seller.
EVANSTON, IL-An affiliate of Greenfield Partners LLC has recapitalized its loan on the Orrington Hotel, which is being converted to a full-service Hilton. Mesa West Capital has provided $14.5 million in first mortgage financing, with the loan proceeds including capital necessary to convert the hotel. The property has 269 guest rooms. Jay Marshall with Holliday Fenoglio Fowler LP arranged the financing.
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