REBusinessOnline

The Boulder Group Arranges $6M Sale of Walgreens in Indiana

HOBART, IND. — The Boulder Group has completed the sale of a single-tenant, net-leased Walgreens property in Hobart, Ind. The 15,120-square-foot property is located at 732 W. Old Ridge Road. Walgreens has 16 years remaining on its lease that expires in December 2031. Walgreens has operated at this property since 2001. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer and seller in the transaction. The seller was a Midwest-based institution and the buyer was an …

M&M Arranges $2.9M TGI Friday’s Property in Springfield, Mo.

SPRINGFIELD, MO. — Marcus & Millichap has arranged the $2.9 million sale of TGI Friday's, an 8,000-square-foot net-leased property located in Springfield. The property is located at 3242 S. Stewart Ave. Chad Lieber and Dominic Sulo of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor. Brett Chetek, a broker in Marcus & Millichap’s St. Louis office, assisted in closing the

Friedman Brokers Sale of 11,558 SF Office Building in Southfield, Mich.

SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of an 11,558-square-foot office building in Southfield. The property is located at 18860 W. 10 Mile Road. The seller, Beeson Commercial, sold the building to Dr. Noah Levi, Dr. Oleg Krivichkin and Dr. Randall Shaw, who are expanding their adjacent Dental Practice into a full-service Dental Clinic. Dan Verderbar and Robert Moon of Brokerage Friedman represented both the seller and the buyer in the transaction.

Transwestern Arranges 25,573 SF Lease in Des Plaines, Ill.

DES PLAINES, ILL. — Transwestern has arranged the lease of a 25,573-square-foot industrial space in Des Plaines. Deco Salon Furniture Inc. has leased the space located at 1757 Marshall Drive. John Joyce and Ryan Phillips of Transwestern represented Deco Salon Furniture in the transaction. Rick Daly and Adam Haefner of Darwin Realty represented the building owner, TA

Construction Begins on $75M Mixed-Use Project in Chicago

CHICAGO — Construction has begun on the $75 million Vue53, a mixed-use project that will serve the Hyde Park and Kenwood neighborhoods in Chicago. The development team, which includes Avison Young, Peak Campus Development and financial partner Blue Vista Capital Management, was awarded the assignment by the University of Chicago to develop, finance and manage the project. Vue53 is located near the intersection of 53rd Street and Kenwood Avenue, directly north of Nichols Park, and will include …

Grandbridge Finances $6M Debt and Equity for Property in Fridley, Minn.

FRIDLEY, MINN. — Grandbridge Real Estate Capital has provided a $4.1 million first mortgage and raised additional equity funds from a regional equity fund secured by a 150,000-square-foot office/tech/warehouse property in Fridley. Minneapolis-based Dave Rasmusen of Grandbridge originated the debt and equity. Grandbridge worked with the borrower, an affiliate of Hoyt Properties, and lender to structure the transaction to meet the borrower’s objectives. The client sought to purchase the …

NAI Hiffman Arranges Office Lease in Lisle, Ill.

LISLE, ILL. — NAI Hiffman has represented Metrasens in its office expansion with Pritchett Realty Corp. at 2150 Western Court in Lisle. Metrasens, a technology business that specializes in metal detection products for the healthcare and security markets, expanded its lease by 3,249 square feet and now occupies a total of 6,850 square feet in the 51,244-square-foot office building. The expansion will accommodate its need for additional administrative offices, service and testing lab space. …

The Boulder Group Arranges Sale of Orscheln Farm & Home Property in Iowa

CENTERVILLE, IOWA — The Boulder Group has brokered the $2 million sale of a single-tenant Orscheln Farm & Home property in Centerville. The 26,710-square-foot property is located at 23680 Highway 5 Orscheln. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private real estate company,. The buyer was a Midwest-based private investor that purchased the property in a 1031 exchange. Orscheln Farm & Home has approximately 18 years remaining on its …

Shopping Center Developers are Increasingly Active in Metro St. Louis

[caption id="attachment_131548" align="alignright" width="100"] John Shuff, Gershman Commercial Real Estate[/caption]Statistically speaking, retail real estate market conditions have remained relatively stable in St. Louis throughout 2014 and early 2015. Close to 88,000 square feet of new retail space was delivered in the first quarter of this year, resulting in a slight uptick in vacancies. At the end of the first quarter, the overall vacancy rate stood at 7.3 percent, up 10 basis points …

Cronheim Mortgage Secures $140M Refinance for Palm Springs Mile in Metro Miami

HIALEAH, FLA. — Cronheim Mortgage has arranged a $140 million loan for the refinance of Palm Springs Mile, a 1.3 million-square-foot retail portfolio located in the Miami suburb of Hialeah. Palm Springs Mile includes a group of contiguous shopping and strip centers on Hialeah’s primary commercial corridor along both sides of the street. Anchor tenants include Kohl's, LA Fitness, Walmart Neighborhood Market, Burlington Coat Factory, Michael’s, Toys ‘R’ Us, Winn-Dixie and Ross Dress …

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