SOUTH BEND, IN—RD Management just completed the sale of a former Sears Essentials building at 4640 S. Michigan St. in South Bend, IN to a national retailer. This was the company's second disposition this year as part of a greater strategy to reposition its portfolio into a more diversified group of properties. The currently unoccupied freestanding building is situated on approximately 16 acres and has ample parking. A Ford dealership and Aldi supermarket are adjacent to the property, and the popular Erskine Commons and Erskine Plaza are nearby. “Location and asset class are key for us,” Richard Birdoff, principal and president of RD Management. “With the sales proceeds of this disposition and others, we will be investing in property types beyond our core retail assets located in more, densely-populated areas where we can deploy our more than 40 years of expertise and ultimately strengthen our real estate portfolio.”

GRAND RAPIDS, MI—Earlier this week, Capital One announced that it served as the administrative agent for a $30.5 million loan for the acquisition of a 107,000-square-foot, medical office building in Grand Rapids, MI. The principal is Carter Validus Mission Critical REIT II, which was formed in 2013 to invest in high-quality data centers and healthcare properties. The REIT's advisor, Carter Validus REIT Investment Management Co. is a privately held commercial real estate company formed in 2009 and headquartered in Tampa, FL. “We were able to provide a flexible financing solution that aligned closely with their strategic objectives for this property,” said Erik Tellefson, managing director for Capital One Healthcare. Constructed in 2008, the four-story building is located in Grand Rapid's Medical Mile, a world-class healthcare destination that includes more than ten hospitals and healthcare facilities.

BUFFALO GROVE, IL—ANGUS Chemical Co. has just purchased 1500 E. Lake Cook Rd. in Buffalo Grove. The international company was represented by Savills Studley in a lease renewal and restructure at this facility in 2004, and has been a client with the firm's Chicago office since 1990. The 62,201-square-foot headquarters supports both lab and office space that ANGUS has significantly invested in throughout its term as a tenant. “This transaction marks the culmination of an 18-month process that explored relocation, lease renewal and redevelopment of alternative properties,” said Savills Studley executive vice president John Goodman, who led the team for this project. The Fritz Duda Co. was the seller.

BUILDING BLOCKS

SKOKIE, IL—The Missner Group has just completed a $13 million redevelopment at 5500-5520 E. Touhy in Skokie, IL. Home to Missner's offices from 1972 through 2015, the new Touhy Town Center now features four fully-leased retail buildings. “We called this site home for many years,” said Barry Missner, the company's chief executive officer. “However, as the area's demographics have changed, we are proud to have successfully redeveloped the property into something that will provide greater economic value to the community.” The redevelopment included the demolition of two single-story, mixed-use buildings and the construction of new retail facilities on the 4.27-acre site. The new center also features a large parking area, fresh landscaping, as well as outdoor seating space for customers and visitors. Robert Papineau, senior project manager and Bill Uchyn, project superintendent, led the construction efforts on behalf of the firm with OKW Architects serving as the architect of record.

NEWS & NOTABLES

CHICAGO—Evergreen Real Estate Group, a developer and manager of both affordable and market-rate multifamily housing, has just hired Andre A. Pintauro as its new vice president of construction. In his new role, Pintauro will expand Evergreen's scope of construction services within the multifamily industry as well as the commercial sector, including mixed-use, retail and hospitality. “With close to 20 years of experience,” said Steve Rappin, president of Evergreen, “Andre will oversee projects from concept to completion, increasing efficiency without comprising the quality and standards of excellence that have made Evergreen a leader in multifamily construction and development.” Pintauro most recently worked as a project executive and commercial business unit leader at a Chicago-based general contracting firm, overseeing more than 750,000 square feet of development.

DEALTRACKER

SOUTH BEND, IN—RD Management just completed the sale of a former Sears Essentials building at 4640 S. Michigan St. in South Bend, IN to a national retailer. This was the company's second disposition this year as part of a greater strategy to reposition its portfolio into a more diversified group of properties. The currently unoccupied freestanding building is situated on approximately 16 acres and has ample parking. A Ford dealership and Aldi supermarket are adjacent to the property, and the popular Erskine Commons and Erskine Plaza are nearby. “Location and asset class are key for us,” Richard Birdoff, principal and president of RD Management. “With the sales proceeds of this disposition and others, we will be investing in property types beyond our core retail assets located in more, densely-populated areas where we can deploy our more than 40 years of expertise and ultimately strengthen our real estate portfolio.”

GRAND RAPIDS, MI—Earlier this week, Capital One announced that it served as the administrative agent for a $30.5 million loan for the acquisition of a 107,000-square-foot, medical office building in Grand Rapids, MI. The principal is Carter Validus Mission Critical REIT II, which was formed in 2013 to invest in high-quality data centers and healthcare properties. The REIT's advisor, Carter Validus REIT Investment Management Co. is a privately held commercial real estate company formed in 2009 and headquartered in Tampa, FL. “We were able to provide a flexible financing solution that aligned closely with their strategic objectives for this property,” said Erik Tellefson, managing director for Capital One Healthcare. Constructed in 2008, the four-story building is located in Grand Rapid's Medical Mile, a world-class healthcare destination that includes more than ten hospitals and healthcare facilities.

BUFFALO GROVE, IL—ANGUS Chemical Co. has just purchased 1500 E. Lake Cook Rd. in Buffalo Grove. The international company was represented by Savills Studley in a lease renewal and restructure at this facility in 2004, and has been a client with the firm's Chicago office since 1990. The 62,201-square-foot headquarters supports both lab and office space that ANGUS has significantly invested in throughout its term as a tenant. “This transaction marks the culmination of an 18-month process that explored relocation, lease renewal and redevelopment of alternative properties,” said Savills Studley executive vice president John Goodman, who led the team for this project. The Fritz Duda Co. was the seller.

BUILDING BLOCKS

SKOKIE, IL—The Missner Group has just completed a $13 million redevelopment at 5500-5520 E. Touhy in Skokie, IL. Home to Missner's offices from 1972 through 2015, the new Touhy Town Center now features four fully-leased retail buildings. “We called this site home for many years,” said Barry Missner, the company's chief executive officer. “However, as the area's demographics have changed, we are proud to have successfully redeveloped the property into something that will provide greater economic value to the community.” The redevelopment included the demolition of two single-story, mixed-use buildings and the construction of new retail facilities on the 4.27-acre site. The new center also features a large parking area, fresh landscaping, as well as outdoor seating space for customers and visitors. Robert Papineau, senior project manager and Bill Uchyn, project superintendent, led the construction efforts on behalf of the firm with OKW Architects serving as the architect of record.