From Cleveland to Cincinnati, speculative Class A office development is on the rise in Ohio for the first time in at least five years. Primarily occurring in the suburbs, 3 to 4 million square feet of spec development is driven by a lack of office space as well as pent-up demand for new space with an urban feel that contains retail and multifamily components.
Most spec office development reflects the demands of both Millennials and Baby Boomers. These significant population groups seek to..
SAN CLEMENTE, CALIF. — Pillar has arranged a $172 million, fixed-rate loan for the acquisition of 11 manufactured home communities. The portfolio consists of 10 properties located in Michigan and one property located in Alabama. The 10 Michigan-based communities include a total of 5,352 sites with varying amenities and occupancy rates. All of the Michigan properties feature clubhouses/leasing offices and many offer swimming pools and fitness centers. Eight of the Michigan-based properties are..
MCCOOK AND HANOVER PARK, ILL. — Gramercy Property Trust has acquired two single-tenant industrial properties near Chicago for $60.2 million in separate transactions. In the first deal, Gramercy purchased a 147,923-square-foot, temperature-controlled facility in McCook, approximately 15 miles west of Chicago. The building, constructed in 2012, is leased to a global supplier for the food service industry. Gramercy also acquired a 238,423-square-foot distribution center in Hanover Park,..
NAPERVILLE, ILL. — Prime Property Investors Ltd. has sold a 281-unit apartment complex in Naperville, approximately 30 miles southwest of Chicago, for $60 million, or $214,000 per unit. The Arbors of Brookdale is a Class A community and was fully occupied at the time of sale. The complex, situated on 26 acres, consists of 35 buildings, a clubhouse and 138 private garages. Amenities at the property include an indoor and outdoor pool, hot tub, sauna, fitness center, business center, tennis..
KANSAS CITY, MO. — Cushman & Wakefield has brokered the $5.7 million sale of a 207,421-square-foot office building in downtown Kansas City. Stencil Group sold the Executive Plaza Office Building, more commonly known as The Flashcube, to Worcester Investments. HOK designed the facility, which was built in 1974. The buyer plans to convert the building into a 181-unit residential property, a project expected to cost $43 million. The property is located at 710-720 Main St., and the sale..
MINNETONKA, MINN. — Dougherty Mortgage LLC has closed a $32.5 million Fannie Mae loan for the acquisition of a 252-unit apartment property in Minnetonka, approximately 23 miles southwest of Minneapolis. Woodlands of Minnetonka features amenities such as a clubhouse, media room, outdoor fireplace, swimming pool and grilling pavilion. The 12-year loan includes five years of interest-only payments and a 30-year amortization schedule. Heartland Minnetonka LLC was the borrower.
LEE’S SUMMIT, MO. — A joint venture between BIG Shopping Centers USA and RED Development has acquired Summit Fair, a 516,268-square-foot shopping center, for an undisclosed price.
Located 25 miles southeast of Kansas City in Lee’s Summit, Summit Fair is anchored by Macy’s and JCPenney. Other tenants in the open-air lifestyle center include Victoria's Secret, Chico's, Francesca's and LOFT. Summit Fair boasts approximately 50 tenants.
Along with the news of the acquisition, the..
VERNON HILLS, ILL. — Inland Private Capital Corp. has sold a Mariano’s Fresh Market in Vernon Hills, approximately 35 miles northwest of Chicago, for $36.4 million. The 71,248-square-foot grocery store, which is located on seven acres at 1820 N. Milwaukee Ave., was built in 2011. Inland completed the sale on behalf of one of its 1031 exchange investment programs. The buyer in the deal was undisclosed.
MINNEAPOLIS — Doran Cos. has acquired a 90,000-square-foot retail property in Minneapolis for $24.9 million. Pfaff Calhoun LLC sold Calhoun Village Shopping Center, which is located at 3200 W. Lake St. The center is over 90 percent occupied and includes tenants such as Walgreens, Punch Pizza, Burger Jones and Barnes & Noble.
MILWAUKEE — The Boulder Group has brokered the sale of a 110,636-square-foot office building net leased to US Bank for $14 million. The property, located a 615 E. Michigan St. in Milwaukee, is connected via a sky-walk to US Bank regional headquarters building. A Midwest-based partnership in a 1031 exchange purchased the facility from Oak Street Real Estate Capital. US Bank’s lease expires in December 2026. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in..