BELLEVUE, NEB. — Quantum Real Estate Advisors Inc. has brokered the $3.9 million sale of Thunderbird Plaza in Bellevue, about eight miles south of Omaha. Built in 2014, the 9,062-square-foot retail center is fully leased to tenants such as Taco Bell, Jersey Mike’s Subs, Generation V, Top Q Nails & Spa, Cricket Wireless and Pinnacle Bank. Zack Hilgendorf of Quantum represented the seller, a Salt Lake City-based private development group. A Midwest-based buyer purchased the asset.
As most that pay attention to commercial real estate know, the retail real estate market is constantly evolving. That said, with change comes opportunity, and we are both recognizing and capitalizing on that opportunity in the Kansas City market. As has been the case for the last few years, we continue to see a significant amount of “right-sizing” from big box and junior box retailers. Although e-commerce remains a prevalent means of purchasing for consumers, retail closures are not as abundant as many have predicted. Rather, many retailers are tweaking their square footage needs in search of the perfect footprint to optimize in-store sales in conjunction with e-commerce. While e-commerce continues to gain market share, it still accounts for less than 10 percent of retail sales nationwide, as of last year. The need for brick-and-mortar stores remains imperative to the success of most retailers. In the Kansas City metro area, retail vacancy rates remain low at 5.6 percent as of the second quarter. While that is a slight increase over 5.5 percent in the first quarter, it is a significant improvement over last year’s second-quarter figure of 6.3 percent. A few major 2018 transactions contributing to the positive net absorption …
ELGIN, ILL. — Conor Commercial Real Estate and Globe Corp. have sold Northwest Pointe II in Elgin for $29.8 million. Cabot Properties purchased the 385,372-square-foot industrial building. The property, which is fully leased to Box Partners, is situated on a 22-acre parcel within the Northwest Corporate Park. Construction on a third building at the park is expected to begin in spring 2019. John Huguenard and Ed Halaburt of JLL and Ken Franzese and John Cassidy of Lee & Associates represented the seller in the transaction.
CORALVILLE, IOWA — In two separate transactions, CBRE has arranged the sales of a Comfort Inn & Suites and a Quality Inn in Coralville, a suburb of Iowa City. The sales prices were not disclosed. The 62-room Comfort Inn & Suites is located at 214 W. 9th St., while the 55-room Quality Inn is located at 209 W. 9th St. Douglas Johnson of CBRE represented the undisclosed sellers. Two different investment groups purchased the assets.
CHICAGO — Hunt Real Estate Capital has provided a $6.2 million bridge loan for the refinancing of 5009 Ashland Avenue in Chicago. Built in 1918, the multifamily property consists of 31 units. The Greenwald Company was the borrower. Approximately $1 million of the loan will be allocated for future funding of capital improvements. Planned interior upgrades include refinishing and staining hardwood floors, replacing carpet in common areas and replacing appliances. Terms of the loan were not disclosed.
LAKE BARRINGTON, ILL. — Brown Commercial Group has brokered the $2.6 million sale of a 32,000-square-foot industrial property in Lake Barrington, about 40 miles northwest of Chicago. The buyer, PEGA LLC, will use 10,000 square feet of the building for its own industrial business while an existing tenant will lease the remaining 22,000 square feet. Freund Properties LLC was the seller. Jim Pietrarosso represented both the buyer and the seller in the transaction. The fully leased building features four docks and drive-in doors as well as 9,100 square feet of office space.
FREMONT, OHIO — Senior Living Investment Brokerage has negotiated the sale of Pristine Senior Living and Post-Acute Care of Fremont, an 82-bed skilled nursing facility, for $2 million. The three-story community is located in Fremont, approximately 40 miles southeast of Toledo. Constructed in 1965 and expanded in 1989, the 73,515-square-foot property sits on 6.8 acres. The seller was Sandusky County, which previously leased the community to Pristine Senior Living. The lease term ended and Pristine exited the Ohio market. The buyer was a New-Jersey based company with 11 other communities in Ohio. The transaction was positioned as a value-add play, as the community’s occupancy was below 50 percent at the time of sale. The new owner plans to make capital improvements to the building. The price equates to a price per bed of $24,390 and a capitalization rate of 7.04 percent.
ST. LOUIS — MCR has sold the 195-room Hilton St. Louis Downtown at the Arch. The hotel is located at 400 Olive St. Amenities include a business center, bar area, fitness room and meeting rooms. The buyer was not disclosed. MCR, which purchased the property in December 2016, generated a 44 percent internal rate of return on its initial investment. The sales price was not disclosed, but the property has an appraised value of nearly $7 million, according to the St. Louis Post-Dispatch. MCR’s investment strategy is to purchase well-located hotels, improve operations and sell opportunistically, according to Tyler Morse, CEO and managing partner.
BLUE SPRINGS, MO. — Pine Tree LLC has assumed operational responsibility for Adams Dairy Landing, a 552,000-square-foot regional shopping center in Blue Springs, 19 miles east of downtown Kansas City. Pine Tree will manage and lease the property. Developed by RED Development in 2007, the center is located at the southeast corner of I-70 and Adams Dairy Parkway. Target, TJ Maxx, HomeGoods, Ross Dress for Less, Petco, Michaels and Ulta anchor the property.
HAMPSHIRE, ILL. — Realty Metrix Commercial has brokered the sale of a 50-acre industrial development site in Hampshire, about 40 miles southeast of Rockford. The sales price was not disclosed. The buyer, RMC Holdings Hampshire LLC, plans to develop Metrix Industrial Park. The site is located at the northwest corner of I-90 and Route 20. The park will cater to users in the trucking and cartage industries and is adjacent to a 33-acre Love’s Travel Stop that is currently under construction. Completion of the industrial park is slated for fall 2019.
