Closer highlights for Feb. 14 - Closer
Sale
A venture of Sears Holdings Corp. paid about $4 million last month for a Kmart store on the South Side. A venture of the trust for Santa Monica, Calif.-based investor Arthur Gilbert sold the store at 5050 S. Kedzie Ave., records show. Kmart is a wholly owned subsidiary of Hoffman Estates-based Sears. A Sears spokeswoman did not have an immediate comment. A message left with Mr. Gilbert was not returned.
Foreclosure
A venture of Miami Beach, Fla.-based loan servicer LNR Partners LLC sued last month to collect about $16.4 million from the owner of a 99,451-square-foot shopping center in northwest suburban Lake in the Hills. LNR attempted last year to auction the $15.1 million loan balance secured by the Center at Lake in the Hills, 101 N. Randall Road. The property fell on hard times after losing its second-biggest tenant, Hollywood Video. A spokesman for LNR declines to comment, and Farmington Hills, Mich.-based venture capitalist Sanford Aaron, who leads the center's ownership group, did not return a message. Related story: Shopping center's loan to be auctioned
Mortgage
A venture of Champaign-based apartment landlord Bankier Apartments borrowed $1.95 million last month to refinance a Rogers Park apartment building. Champaign-based Busey Bank issued the mortgage for 1326 W. Lunt Ave., records show. The new mortgage retires a $1 million mortgage issued in 1996 by Busey Bank. Attempts to reach Bankier founder Leon Bankier were unsuccessful, and a spokesman for Busey Bank could not immediately comment.
Construction Pipeline
Northwestern University plans a $5 million expansion of its Technological Institute at its Evanston campus, according to BidClerk.com. The university plans a six-story, 50,000-square-foot addition with an atrium, office space and laboratory space, according to BidClerk. Construction is expected to start in spring 2013. An NU spokesman could not immediately comment.
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