NEWS & NOTABLES

COLUMBUS—Trent Brooks has been named president of RED Mortgage Capital, LLC, the mortgage banking arm of capital provider RED Capital Group LLC. With more than 30 years of executive leadership experience in the multifamily housing industry, he has long-term relationships with Fannie Mae, Freddie Mac and FHA and has helped finance affordable, workforce, conventional, green and small balance housing. Brooks will have offices in both Newport Beach, CA, and Columbus. “With his combination of vast industry experience and creative thinking, he is the perfect fit to help grow RED's market share, enhance customer service and lead our agency relationships,” says Ted Meylor, chairman and chief executive officer of RED. Prior to joining the firm, Brooks was a co-founder of Sierra Capital Partners and GlenBrook Capital Advisors. Most recently he served as executive vice president – director, western region at Bellwether Enterprise Real Estate Capital, LLC.

DEALTRACKER

MOLINE, IL—Institutional Property Advisors, a division of Marcus & Millichap, has just helped complete the sale of Heartland Clinic and Ambulatory Surgery Center, a 34,020-square-foot medical office building located in Moline, IL. The asset traded for $11.6 million, or $341 per square foot. Scott Niedergang and Gino Lollio, senior directors of IPA's healthcare division, represented the physician partnership, which built the building and has been providing care to patients there since 1995. “Upon our team's initial meeting with the physician partnership that developed and owned this facility, it was voiced that there would be a significant tax liability if the building were sold,” says Niedergang. However, adds Lollio, “upon completing the sale as an UPREIT transaction, our clients deferred paying capital gains taxes and diversified their portfolio by receiving ownership in a healthcare REIT portfolio that consists of more than 40 assets.”

ELK GROVE VILLAGE, IL—The Village of Elk Grove, in planning for a new public works facility and a new fire station, recently purchased the Berthold Garden Center, Elk Grove TV and Audio, and Continental Bindery properties. The first was located on an 8.6-acre site at 434 E. Devon Ave., west of Tonne Rd. The second was on a 1.3-acre site adjacent to Berthold. The buildings have already been razed to make way for the new 90,000-square-foot public works facility on nearly 10 acres that will replace the current, outdated one at 600 Landmeier Rd. Brian Carroll, executive managing director of Newmark Knight Frank, represented Berthold in the sale, who have closed their doors after 70 years. The village was represented by its Economic Development Office. Marketed by Carroll and Tom Gath, NKF managing director, Continental Bindery, located at 700 Fargo Ave., is a 51,400-square-foot office/warehouse facility on 3.1 acres which the village will use as a fire station and training center. Chris Nelson of Lee Associates represented the village. Overall value of these transactions was pegged at nearly $13 million.

CHICAGO—Officials from Irvine Company Office Properties say that Ziegler, a privately held, national boutique investment bank, capital markets and proprietary investments firm, has signed a lease to occupy 32,000 square feet at One North Wacker, UBS Tower, a 50-story building in Chicago's Loop. The company will occupy the entire 20th floor of the tower and plans to move in mid-2018. Irvine owns and operates more than 500 office properties. Its Chicago portfolio now includes three trophy buildings. It entered the Chicago market in 2010, when it acquired the 48-story, 1.5-million square foot 71 South Wacker. And the 60-story 300 North LaSalle overlooking the Chicago River was acquired by Irvine Co. in 2014. The company's 4.2 million square foot Chicago portfolio includes its signature amenities, The Commons and KINETIC. The Commons provides comfortable, WiFi enabled spaces for employees to work, meet, innovate or simply take a break; KINETIC, a fitness and wellness movement, offers a state-of-the-art fitness center and workplace wellness programming. Lisa Konieczka and Bill Sheehy of CBRE represented Ziegler. Brad Despot and Annie Nicolau of JLL represented Irvine.

DETROIT—Newmark Knight Frank officials say that Tom Oldham, senior managing director in the company's Detroit office, recently completed several industrial sales that total more than 350,000 square feet. All were completed during the third quarter. In the first transaction, Oldham arranged the purchase of 11800 Sears in Livonia, MI, a 99,937-square-foot industrial warehouse. Oldham represented the buyer, Sears Drive Properties, LLC, in the off-market, $4.6 million deal. FR Sears Drive, LLC was the seller. Oldham also successfully arranged the off-market sale of 35901 Veronica, a 92,000-square-foot warehouse facility in Livonia. He represented the buyer, CMS Michigan, LLC, in the nearly $4.8 million transaction. The seller, Twin Kids, LLC, represented itself. Oldham also arranged the sale of 12841 Stark, along with Dan Labes., NFK executive managing director. They represented the seller, DTE, LLC. The 85,000-square-foot facility was sold to 12841 Stark Road, LLC for about $3.2 million. Lastly, Oldham represented the seller, Brammmco, LLC, in the disposition of two warehouses, 12190 and 12200 Sears in Livonia. The facilities, 31,500 square feet and 42,000 square feet respectively, were sold to Detroit Rising, LP for about $2.8 million.

BUILDING BLOCKS

BARRINGTON, IL—Mortenson Construction has just completed a four-year modernization of Advocate Good Shepherd Hospital in Barrington, IL, which added 230,000 square feet and renovated 150,000 square feet. Among the major improvements are four new inpatient units, including an expanded 18-bed medical intensive care unit and three medical/surgical units. All of the hospital's 176 inpatient rooms are now private, and all new inpatient rooms are equipped with smart room technology. Mortenson phased the work into stages that required building temporary locations for some departments while their permanent spaces were created so that the hospital could continue all of its operations and medical services. The work included 14 new and renovated operating rooms and expanded amenities for family waiting.