Buffalo Grove shopping center lands in Bankruptcy Court
The owner of a 95,000-square-foot Buffalo Grove shopping center has filed for bankruptcy protection a second time after being hit with a $6.9 million foreclosure suit last October. The venture that owns the Strathmore Square mall lists assets of $5.2 million and liabilities of $7.7 million, according to a Chapter 11 petition filed last week. The move effectively blocks a $7-million foreclosure suit filed last October by Bridgeview Bank Group. The ownership venture, led by investor Andrew Mourikes, would like to retain ownership of the shopping center at 1206 W. Dundee Road, says its lawyer, Ariel Weissberg, principal at Weissberg & Associates Ltd. He says the venture has been in contact with prospective tenants that would increase net operating income substantially. The property is 63 percent leased, according to LoopNet, with tenants including Aldi Inc., Panera Bread Co. and Dollar Tree Stores Inc. Strathmore's reorganization plan will include a maturity extension on its loan and payment in full to Bridgeview, Mr. Weissberg added. The company first filed for bankruptcy protection in December 2011, but that case was dismissed in May. A representative of Bridgeview did not return a call and Mr. Mourikes was unavailable for comment.
Home Depot plans big new Joliet warehouse
Home Depot Inc. plans a 1.6-million-square-foot build-to-suit distribution center next to one it already has at the CenterPoint Intermodal Center in Joliet. The new facility will be on a site of about 88 acres next to the Atlanta-based home improvement chain's 657,600-square-foot warehouse at the intermodal facility. The new building is slated to be finished in summer 2013. Home Depot signed a long-term lease for the new facility, says Dan Leahy of Oakbrook Terrace-based NAI Hiffman, which represented landlord CenterPoint Properties Trust in the lease; Colliers International represented Home Depot.
Carol Stream apartments on the block
Banner Apartments LLC has put a 325-unit apartment complex in west suburban Carol Stream up for sale. The Northbrook-based apartment investor hired the Chicago office of Holliday Fenoglio Fowler L.P. to sell the Greenway at Carol Stream, a nine-building complex at 136 Greenway Trail, according to a Holliday Fenoglio news release. The release did not include an asking price. Banner paid $21 million, or $64,600 a unit, for the property in 2003, according to a report by Appraisal Research Counselors. The property was 95.7 percent occupied in the first quarter, the report says.
Inland Diversified pays $19 million for bank branches
Inland Diversified Real Estate Trust Inc. paid $18.6 million for nine retail bank branches in Ohio, North Carolina and Georgia, according to a news release from an affiliate, Inland Real Estate Acquisitions Inc., which handled the acquisitions. The properties total 42,882 square feet. KeyBank N.A. leases five of the branches, all in Ohio, while Regions Bank leases two locations in Georgia. Inland Diversified, a real estate investment trust founded by Oak Brook-based Inland Group Inc., also acquired properties in North Carolina and Florida leased to BB&T Corp.
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