CINCINNATI-Hertz Investment Group LLC, based in Los Angeles, recently gained a $42 million refinance loan for The Center at 600 Vine here. The 625,765-square-foot office building was formerly known as Convergys Center.
HFF arranged the 36-month, adjustable-rate loan through US Bank. Hertz bought the building in 2006 for $36 million from Prudential Life Insurance Co., and completed a $9 million renovation. The proceeds are replacing a maturing loan and providing for tenant improvements, leasing commissions and building capital costs for the 27-year-old building, according to an HFF statement.
The building is 68% leased, and includes tenants such as FirstGroup America, Scottrade, Protective Life Insurance Co. and Legg Mason. Mark Wintner with HFF represented the borrower in the loan transaction.
CHICAGO-Momentum Worldwide, a global marketing agency, has renewed its lease and expanded to 23,203 square feet at 444 N. Michigan Ave. downtown. The new lease includes an expansion of 8,276 square feet. Lenora Adds, a leasing director with Cushman & Wakefield of Illinois Inc., represented the landlord, GLL Properties, in the renewal and expansion. Robert Romano, Brian Chernett and Jock Howland with Jones Lang LaSalle represented the tenant. The tower is a 36-story, 516,797-square-foot office building located at the juncture of the Magnificent Mile and the Chicago River.
OAK BROOK, IL-Millennium Trust Co. is moving into a 72,000-square-foot space at Commerce Plaza in Oak Brook in 2012. Jones Lang LaSalle VP Karla Harmon completed the transaction on behalf of the building’s owner, Arden Realty Inc. Commerce Plaza is one of five suburban office developments totaling approximately three million square feet that are leased by JLL for Arden, a subsidiary of General Electric Co. Millennium is centralizing its operations from about 50,000 square feet that it currently leases in two other Oak Brook-area buildings. The tenant was represented by David Justh and Gary Fazzio with CB Richard Ellis. With the move, the three-building, 555,500-square-foot complex is now more than 85% leased.
ITASCA, IL-Millenia Metals LLC completed a consolidation of its Addison and South Elgin facilities at 1345 Norwood here with a long term lease of this 112,646-square-foot industrial building. Jeff Janda, principal, and Mike Plumb, VP with Lee & Associates of Illinois LLC represented building ownership, RREEF, and Jim Milten with A. Jules Milten Industrial Realtors represented the tenant in the transaction.
MOKENA, IL-A 76-acre, mixed-use development site just off I-80 in Mokena, IL is heading for the auction block. Appraised at $12 million just a year ago, this property auction will be handled by Diliberto Real Estate on Sept. 30. The auction comes with an unusual buyer incentive – up to 90% seller financing, or a minimum joint venture buy-in option at $2.5 million.
TINLEY PARK, IL-Lemont, IL-based Englewood Construction has started on the new headquarters for Local 17 International Association of Heat and Frost Insulators. Located at 18590 Spring Creek Dr. here, Local 17’s new 30,000-square-foot headquarters is a design-build project and will bring all three of the union’s disciplines under one roof. Englewood will work alongside Lemont-based architectural firm BVM Associates to retrofit the site’s existing building. The new headquarters will feature union offices and a member union hall; the union’s health and welfare department; and the apprenticeship training program, including a training facility classroom and hands-on training area and offices. The project is scheduled for completion by November 2011. The previous headquarters for Local 17 was located on S. Racine Avenue in Chicago.
NEW LENOX, IL-Reed Construction has been selected to construct 60,000 square feet of medical offices for NexCore Group LP at the Silver Cross Medical Services Building here. Reed will build-out 22 individual medical office suites encompassing 60,000 square feet on floors two through five of the building.
CHICAGO-Brad Weiner, VP with Paine/Wetzel • ONCOR International, has completed the sale of a 168,350-square-foot industrial building to Key Foods Services here. The buyer has purchased the property at 4130 S. Morgan St. within the Stockyards Industrial Park to accommodate the company’s expansion. This facility will provide needed space for the wholesale food supplier in addition to their other location at 620 W 24th Place in Chicago. Features of the 21-foot-high clear facility include 10,000 square feet office space, nine docks and parking for 250 cars. Weiner and George Maragos with CB Richard Ellis represented the seller, Morse Automotive, in the transaction and Sally Macoicz with Cushman and Wakefield worked on behalf of the buyer.
SCHAUMBURG, IL-The US Green Building Council recently awarded Leadership in Energy and Environmental Design (LEED) Silver certification to the Career Education Corp. Campus Support Center here. CEC thoroughly renovated the former data center, transforming it into a modern, 11-story office building, while adhering to LEED practices for sustainable design.
CHESTERFIELD TOWNSHIP, MI-L. Mason Capitani Corfac International arranged the sale of a 270,000-square-foot warehouse and distribution facility at 50925 Richard W. Blvd. here. Currently headquartered in Harrison Township, MI, Elite Fence will consolidate four of its locations into one central site. They also have locations in Tennessee and Florida. Joe DePonio and Jason Capitani represented both the purchaser and the seller in the transaction.
PORTAGE, IN-Austrian-based Fronius USA LLC, a developer and manufacturer of battery charging systems, welding technology and solar electronics, has purchased the industrial facility here known as "the Randolph" for an undisclosed amount. The property will become the firm’s North American headquarters. The 399,500-square-foot facility is situated on 24 acres off Interstate 94 in the AmeriPlex at the Port business park. Fronius announced it intends to take occupancy of the space in the third quarter of 2012. NAI Hiffman's Chris Gary represented the seller of the property, Lincoln National Life Insurance Co., in the transaction. Jason West with Cushman & Wakefield represented Fronius. The Indiana Economic Development Corp. offered Fronius up to $4.3 million in performance-based tax credits based on the company's job creation plans. The city of Portage will consider additional property tax abatement. The facility, which will be used to manufacture its products for the North American market, has 32-foot clear ceilings, 48 exterior dock doors with 24 future docks and parking for 70 trailers. Holladay Properties developed the site in 2008 as a speculative industrial building. Construction was completed in 2009 and the building has been vacant ever since.
MADISON HEIGHTS, MI-Signature Associates has negotiated the sale of 29,220 square feet of hi-tech space located at 31601 Research Park Dr. here from FR/CAL 31601 Research Park LLC. Paul Hoge represented the purchaser, Dipertni Ventures LLC. The building will be occupied by Intrepid Controls, which will expand in this property.
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