M&M Lists Apartment, The Deal Sheet
|Marcus & Millichap retained the exclusive listing for Willow Creek Estates, a 342-unit,335k SF apartment complex in Portage, Ind. The listing price of $26M represents $76k/unit, or $78/SF.|
|M&M's Scott Harris and Kyle Shoemaker are representing the seller. Phase one of the property at 5990 Wonderland Dr. has 130 units and was constructed in the mid-1970s and remodeled in 2001. The second phase, Sundance, features 72 units, which underwent substantial exterior renovation in 2009 and 2010. The final phase, the 140-unit The Reserve at Willowcreek, was completed in 2008.|
Paine/Wetzel Â· ONCOR International has completed four industrial lease transactions totaling 101k SF:
CB Richard Ellis represented Pappas Development in an 8.4 acre, long-term ground lease to retailer Hy-Vee. It is located on a former K-Mart site in the Sycamore Plaza shopping center at Illinois Highway 23 and Oakland Drive in Sycamore. Hy-Vee will build a new 93k SF supermarket and adjacent gas station/convenience store, with opening scheduled for spring of 2011. CBRE's Wendell Hollan,Mario Melone and Joel Erickson represented Pappas Development and will lease the 26k SF space adjacent to the new Hy-Vee.
Grubb & Ellis Co.'s Chris Lydon and Sam Durkin repped Dwyer Products Corp. in the execution of a long-term lease agreement for about 79k SF at Bridge Point Woodridge One, located at 1000 Davey Rd. in Woodridge from Bridgepoint Woodridge. Lee & Associates'Jeff Galante repped the landlord.
Lake Forest Graduate School of Management has signed a 14k SF lease on the sixth floor at 1300 E. Woodfield Rd. in Schaumburg. The new space is four times larger than its previous home of 22 years at 1295 East Algonquin Rd. Studley's Robert Sevim and Jonathan Metzl repped the school. CB Richard Ellis'Mark Smith repped landlord Crossroads Development Partners.
Marcus & Millichap's Alex Blagojevich and David Gaines marketed and sold Granite Ridge Apartments, a 101-unit apartment property at 620 Ashton Place in Cedar Rapids, Iowa for $5.2M. The buyer, Minneapolis-based Timberland Partners, was also secured and represented by Alex and David. Marcus & Millichap's Matt Fitzgerald assisted in closing this transaction.
Fred Heichman has joined Inland Real Estate Corp. as VP and director of leasing. He brings more than 20 years of leasing experience to the company. Prior to joining IRC Fred served as VP of leasing for Centro Properties Group. He has also worked at Mid-America Development Partner s and Tucker Development. He has a bachelor's degree from Bradley.
Matthew Andelman has joined Sperry Van Ness as a senior advisor. Prior to joining SVN, Matthew was the director of developmen t and commercial leasing for Mega Properties, where he completed over 150 lease transactions totaling over 300k SF.
Summit Design + Build completed a 10k SF build-out for Thompson Flanagan & Co. at 626 W. Jackson Blvd. The new loft-style office suite features private offices, open offices, conference rooms, an open meeting room, break room, and reception area. Summit Design + Build's Dave Mooney and Phil Larsen were responsible for the on-site construction. Eastlake Studios provided architectural services for the project.
ARCO/Murray National Construction Co. \ completed the build-out of a 3k SF expansion for Veolia Transportation at 720 E. Butterfield Road in Lombard. ARCO/Murray's Pat Aylward was the project manager and Whitney Design Group provided architectural services.