The Cary Company leased 50,000 square feet in Addison at 1005 Republic Drive. The firm plans to utilize the building as a satellite warehouse, which is located in close proximity to their corporate headquarters in Addison.
The Cary Company was represented by Tim Gallagher, SIOR, of Cawley Chicago and the landlord, Cabot Properties, was represented by Dominic Carbonari of JLL.
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Scott Latter
Scott Latter recently joined Chicago’s EnTrust Realty Advisors as a real estate analyst.
Latter provides EnTrust Realty Advisors and its EnTrust Healthcare Properties division with property underwriting; valuations; market analyses; and in-depth research to advance the acquisitions and the dispositions process.
Prior to joining EnTrust, Latter launched a new State Farm Insurance Agency office in Aurora, Ill. As sales and office manager, Latter established accounting and sales metrics systems to efficiently manage agency activities; developed and implemented marketing strategies to generate sales and relationships; and achieved challenging sales goals.
He also served as an accounting clerk at TTX Company in Chicago, as well as a staff accountant at Singlewire Software in Fitchburg, Wis.
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Summit Realty Group/Cushman & Wakefield recently took over property management services for M&I Plaza, a 673,000-square-foot Class-A building in downtown Indianapolis.
True Management Group LLC awarded Summit these duties.
The 28-story multi-tenant property includes on-site banking, dining and underground parking. The owners of the building are in the process of changing the name of the building from M&I Plaza to BMO Plaza.
Nicole Langdon has been hired as the on-site property manager for M&I Plaza. Joining her are Audrey Wykes as assistant property manager and Bob Latta as senior engineer.
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Interra Realty has announced the sale of 809 Seward St. in Evanston. The property is a 25-unit courtyard apartment building.
The property was sold on May 1 for $2.6 million and consists of 19 one-bedroom apartments and six two-bedroom apartments. The buyer is a local family investment group completing the second leg of a 1031 tax-free exchange.
The seller was a long-time property owner. David Goss and Jon Morgan of Interra Realty represented the buyer in the transaction. Brad Feldman of Interra Realty represented the seller in the transaction.
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Lowe Enterprises Investors, on behalf of an investment client, has acquired the 28-story, 213-room Affinia Chicago Hotel located at 166 E. Superior St. in downtown Chicago from Denihan Hospitality Group. Concurrent with the sale, LEI affiliate Destination Hotels & Resorts, will take over the hotel management and implement the property’s rebranding as MileNorth, a Chicago Hotel, a name inspired by its premier location one block from North Michigan Avenue – the Magnificent Mile.
MileNorth is comprised of 213 guestrooms, 69 of which are suites, approximately 3,000 square feet of meeting space, a ground floor restaurant and rooftop bar offering expansive city views. The previous owner completed a top-to-bottom renovation upgrading all guest rooms including furniture and fixtures, the corridors, common areas and building systems and transforming several floors of office space into guest rooms.
LEI has made numerous investments in the Chicago area and currently operates Orrington Office Plaza in Evanston, 8501 W. Higgins in Chicago and the Embassy Suites Chicago-North Shore Deerfield on behalf of pension fund clients. Previous Illinois hotel properties the firm has acquired and sold on behalf of its clients include the Doubletree Rosemont O’Hare, the Rosemont Suites Hotel, the Oakbrook Hills Hotel and the Crowne Plaza Springfield.
The seller was represented by Eastdil Secured. Lowe Enterprises Investors represented itself in the transaction.
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Marcus & Millichap Real Estate Investment Services recently closed the sale of Charleston Square Apartments, a 88-unit apartment property located in Columbus, Ind.
The asset commanded a sales price of $3.2 million.
Brent Silcox, an investment specialist in Marcus & Millichap’s Indianapolis office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a limited liability company, was also secured by Silcox.
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Judson & Associates recently sold a 65,000-square-foot industrial building in Pewaukee, Wis.
Mike Judson, with Judson & Associates, brokered the transaction. The seller was Nor-Van Partnership, while the buyer was MP Miller Enterprises, LLC.
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David Garfinkel, senior vice president/managing director of NorthMarq’s St. Louis regional office, arranged $7.9 million in joint venture financing for Corporate Hill, a 289,245-square-foot office building in St. Louis.
Charter Communications and Bethesda Health Group are major tenants at the site. Financing was based on a 5-year term and was arranged for the borrower by NorthMarq through its relationship with a correspondent life company as a joint venture partner.
“This was a joint venture between the borrower and an institutional life insurance company. The borrower and the partner had a previous relationship on the lending side, and the acquisition was a smooth process due to this relationship,” said Garfinkel.
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Enterprise Community Investment, Inc. and Bellwether Real Estate Capital, LLC recently announced a merger between Enterprise’s Multi-family Mortgage Finance business and Bellwether.
The expansion expands Bellwether’s geographic reach, product offerings and ability to serve multi-family and commercial real estate borrowers across the country. The new company, Bellwether Enterprise Real Estate Capital LLC, is expected to top $1.5 billion in combined mortgage production volume in 2012.
Lamar Seats will serve as chief executive officer of Bellwether Enterprise. Ned Huffman will serve as president. Debbie Rogan is the company’s executive vice president.
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RJM Construction, a St. Louis Park, Minn.-based construction firm, recently began renovations at Mercy Health Care Center, a 100,000-square-foot medical office building on Allina’s Mercy Hospital Campus in Coon Rapids, Minn.
The medical building houses 10 medical groups that specialize in such varied services as women’s health, kidney dialysis and oncology. The renovations are expected to be complete in October of 2012.
Mercy Health Care Center is owned by Mercy Medical Office, LLC. The renovation will provide an enhanced and updated clinic experience for patients and physicians.
The building exterior will be completely refurbished with new metal panels, upgraded lighting, new monument signage, sidewalks and landscaping. The public corridors, west entry, elevator lobbies and restrooms will be renovated. A south building entry will be added, featuring an expanded waiting lounge and patient drop-off area. Building system improvements include HVAC system upgrades, modernized elevator mechanicals and energy efficient lighting fixtures.
In addition to RJM Construction and Mercy Medical Office, LLC, the project team includes architect Edward Farr Architects, Inc., designer bdh + young and property manager Cushman & Wakefield/NorthMarq. Prior to being awarded the contract in December 2011, RJM provided preconstruction services including construction feasibility, scheduling, budgeting and value engineering.
Leased by Cushman & Wakefield/NorthMarq, the building’s anchor tenants include Allina, DaVita and Physician Reliance.
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