(Save the date: RealShare Chicago comes to the Union League Club of Chicago October 23.)
CHICAGO-It’s no secret, the government is taking no chances with its space in downtown Chicago. The US Secret Service has renewed its 76,200-square-foot lease at 525 W. Van Buren, also known as Congress Center.
The 520,000-square-foot building is owned by Daymark Realty Advisors. The General Services Administration has a number of leases at the 16-story building, and the Secret Service occupies the eight and ninth floor, and part of the seventh. Sara Spicklemire with MB Real Estate represented Daymark in the deal.
The building is about 74% occupied. Other tenants include the Internal Revenue Service and the US Department of Justice, as well as private firms AKZO Nobel and the North American Co. for Life and Health Insurance.
DEAL-WRAP
CHICAGO-Saint Anthony Hospital is completing an 18,000-square-foot medical office lease within Chicago’s Little Village neighborhood. Jones Lang LaSalle is advising Saint Anthony Hospital on site search and location identification for its expansion program, and represented the hospital in this transaction. The new clinic will be at 3057 W. 26th St., within the Pilsen Park Shopping Center in the heart of the Little Village neighborhood and less than five miles from the hospital. The 100,000-square-foot center is anchored by a drug store and a discount mall. With six clinics in the area, the hospital is embarking on a program to replace, reinvigorate and expand its presence in the community. The new clinic has been designed by Perkins + Will and is now being constructed for Saint Anthony Hospital by Pepper Construction. A July 1 opening is anticipated.
CHICAGO-The Boulder Group has completed the sale of a single-tenant Budget Rent a Car property located at 8940 S. Cicero Ave. for $1.1 million. Budget is the sole occupant of the 2,500 square foot retail building that was developed in 1985. The property is located on a 29,519 square foot parcel. The property is fully leased to Budget Rent a Car with four years of lease term remaining and has two renewal option terms remaining. Randy Blankstein and Jimmy Goodman of the Boulder Group represented the seller. The buyer was a high net worth individual located in Canada.
PITTSFIELD TOWNSHIP, MI-Friedman Integrated Real Estate Solutions arranged the sale of 525 Avis Dr., a 36,500-square-foot R&D office building. The seller, Genworth Financial, sold the building to 525 Avis LLC, an affiliate of the Hooberman Cos. Richard Deptula, Scott Barrie and Rick Tabbi represented the seller while Phil Konopitski represented the purchaser.
ANN ARBOR, MI-Colliers International arranged a 2,521-square-foot retail lease at the Zaragon West building located at 500 E. William Rd. Jim Chaconas represented both the tenant, NeoPapalis of Ann Arbor LLC and the landlord, Democritus Associates LLC, in this transaction.
PLYMOUTH, MI-Commercial real estate services firm Cushman & Wakefield/Northmarq has arranged a 203,000-square-foot lease renewal with Office Depot at Xenium Distribution Center, 1105 Xenium Ln. N. Dave Paradise and Sydney Johnson represented the landlord in the direct deal. The tenant will continue to utilize this location as a regional office and distribution center. The single-story property totals 335,000 square feet and offers 32-foot ceiling heights. “The property currently has a 59,000-square-foot availability,” said Paradise,
MILWAUKEE-Marcus & Millichap Real Estate Investment Services has brokered the sale of Harbor Pointe, a 596-unit multifamily property in Milwaukee. The sales price of $27 million represents $45,386 per unit and $51 per square foot. Scott Harris and Matthew Whiteside represented the seller, a private investment group. Harris and Whiteside also represented the Denver-based buyer. The property was 95% occupied. The building is a 42-building apartment complex situated on a scenic 83-acre site that includes a large lake. Amenities an island clubhouse, business center, indoor pool, tennis courts and exercise facilities.
MILWAUKEE- Marking Services Inc. has purchased another building in the Bradley Woods Industrial Park for business expansion. Their recent purchase is located at 8801 W. Heather Ave. and was sold by David P. and Marjorie L. Hamacher, who plan to retire. James M. Young with Cassidy Turley Barry represented the sellers in the transaction. Sam Dickman Jr. of the Dickman Co. represented Marking Services Inc., a manufacturer of pipe identification and tag systems.
CINCINNATI-The Amsdell family of companies is continuing its growth with the purchase of five self-storage properties in the greater Cincinnati area. The new facilities are operated by Compass Self Storage LLC and mark the company's entrance into the greater Cincinnati market. In total, they represent 308,635 in net rentable square feet. The company has several existing locations throughout Florida, Michigan, Ohio and Pennsylvania.
MINNEAPOLIS-Josh Floring with the Ackerberg Group has sold three commercial buildings known as the Yamamoto Moss Offices located at 244, 248, 252 First Avenue N. in the city’s Historic Warehouse District. The portfolio was valued at $1.2 million, or $43.64 per rentable square foot. The three buildings total approximately 42,000 square feet of gross building area and 27,500 square feet of rentable building area. The combined site area is 14,500 square feet. Together, there are three office users that occupy 75% of the combined properties. Floring represented the seller, Yamamoto Moss Leasing Company LLP, in the transaction. The buyer was First and First LLC.
CHESTERFIELD, MO-Jeff Chaney, senior vice president and managing director of NorthMarq’s St. Louis Regional office, arranged a first mortgage refinance in the amount of $2.2 million for Clarkson Square Executive Center, a 36,505-square-foot multi-tenant office building situated on 2.1 acres at 1795 Clarkson Rd. Non-recourse financing was provided on a 15-year fixed-rate fully amortizing basis. The loan was arranged for the borrower, Fidelity Associates LLLP, by NorthMarq through its relationship with a correspondent life insurance company.
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