MADISON, WIS. — Spaces, a coworking company, has leased 34,000 square feet at the Gebhardt Building at 811 E. Washington Ave. in Madison. The newly constructed building is now fully leased. The eight-story property spans nearly 170,000 square feet. Scheduled to take occupancy in early 2019, Spaces will join Google as an anchor tenant at the property. Spaces will be located on the third through fifth floors. The property also features a 45,000-square-foot music venue and a 7,300-square-foot brewpub. JLL represented Spaces in the lease transaction. Key Commercial Real Estate represented the owner, Gebhardt Development.
NORTH RIVERSIDE, ILL. — Marcus & Millichap has arranged the $2 million sale of an 18-unit apartment property in North Riverside, about 12 miles west of Chicago. The two-building property is located at 2628-2640 Desplaines Ave. Recent capital improvements included new finishes as well as updated windows, doors, roofing, hot water heaters, boilers, and air conditioners. Andrean Angelov, Ryan Engle and Samuel Antreasian of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also procured the private buyer.
LEE’S SUMMIT, MO. — JVM Realty Corp. (JVM) has acquired Summit Ridge Apartments in Lee’s Summit, a suburb of Kansas City, for an undisclosed price. The 432-unit apartment community features a pool, fitness center, dog park and resident lounge with a coffee bar, business center and conference room. JVM plans to renovate the property, built in 2001, by upgrading units, installing a package delivery facility and expanding the fitness center. The seller was not disclosed. JVM Management will manage the property. Mac Crowther of ARA Newmark brokered the transaction.
PAPILLION, NEB. — PREP Property Group has purchased Shadow Lake Towne Center in Papillion, a suburb of Omaha, for an undisclosed price. The 654,666-square-foot shopping center is located at the southwest corner of 72nd Street and Highway 370. Originally built in 2007, the property includes tenants such as Dick’s Sporting Goods, JC Penney, ULTA, Bed Bath & Beyond, Best Buy, PetSmart and Old Navy. The seller was not disclosed. PREP is focused on transforming retail real estate by repositioning lifestyle centers, power centers and enclosed malls that are undermanaged, capital starved or distressed.
CLEVELAND — DealPoint Merrill is redeveloping a former Giant Eagle store in Cleveland. The developer plans to convert the 56,500-square-foot property, which is situated on 4.3 acres at 13820 Lorain Ave., into a CubeSmart Self Storage location. Plans also call for the construction of a restaurant on an adjoining pad site. Project completion is slated for the first quarter of 2019. Overland Associates was the seller. DealPoint Merrill received a $6.6 million construction loan from an undisclosed lender for the project.
CHICAGO — Interra Realty has brokered the sale-leaseback of Monroe Pavilion, a four-story skilled nursing facility in Chicago’s West Loop, for $6 million. The property is located at 1400 W. Monroe Ave. David Goss and Lucas Fryman of Interra represented the buyer, JK Equities, which plans to repurpose the building but has not yet disclosed specific plans. Jon Morgan and Colin O’Malley of Interra represented the seller, Symphony Post Acute Network, a provider of post-acute care.
DAVENPORT, IOWA — Quantum Real Estate Advisors Inc. has brokered the sale of a gas station occupied by Hy-Vee in Davenport for $855,000. The single-tenant property is located at 3850 Elmore Ave. A Davenport, Iowa-based private investor was the buyer. A southern California-based acquisition and development company was the seller. Chad Firsel of Quantum represented both parties in the sale. Hy-Vee has approximately 1,200 fuel stations across the Midwest.
WESTLAKE, OHIO — British gas station and convenience store operator EG Group has agreed to acquire a portfolio of real estate assets, including 225 Minit Mart-branded stores, for $305 million. The seller was Westlake, Ohio-based TravelCenters of America, which operates several convenience store and gas station chains across the country, including Petro, TA and Quaker Steak & Lube. The transaction follows EG Group’s acquisition of a 762-site portfolio of convenience stores across the country earlier this year. Kroger sold those properties, which include stores under the Tom Thumb, Loaf ‘N Jug and Kwik Shop banners. “We have a firm commitment to growing our presence in the USA, the world’s largest convenience market,” says Mohsin Issa, founder and CEO of EG Group. “The Minit Mart portfolio will be a strong addition to our business.” Upon closing of the deal, EG Group will own and operate approximately 1,000 convenience retail stores and gas stations across the country. A timeline for closing was not released. Legal advisors to EG Group are Eversheds Sutherland LLP for acquisition issues and Kirkland & Ellis LLP for banking and finance issues. Barclays Bank acted as M&A advisor to EG Group and also underwrote debt financing for the deal. — Taylor Williams
ADA, MICH. — Richard DeVos, co-founder of Amway, died on Thursday, Sept. 6 at the age of 92. The cause of death was complications from an infection. The Michigan native was known as a pioneer of the Amway direct selling method, which offered individuals the opportunity to build businesses of their own. He was also an inspirational speaker and philanthropist. In 2017, Forbes estimated his wealth at $5.6 billion. DeVos and his family played an instrumental role in the redevelopment of the downtown area of Grand Rapids. The Amway Hotel Corp. is the largest hotelier in Grand Rapids encompassing the Amway Grand Plaza Hotel, the J.W. Marriott hotel and the Courtyard by Marriott hotel. The DeVos Place convention center opened in 2004 along the Grand River downtown. The Richard DeVos Center is the flagship building on the Grand Rapids campus of Grand Valley State University. DeVos was also owner of the Orlando Magic NBA franchise. His entrepreneurial spirit began in high school with his classmate, Jay Van Andel. The duo eventually founded Amway in Ada, Mich. in 1959. Over five decades, they built their business into a multi-billion dollar international corporation and the leading direct sales company. Van Andel died …
OMAHA, NEB. — NKF Capital Markets has arranged a $30 million loan for the refinancing of the Gavilon headquarters in Omaha. The five-story office building spans 130,448 square feet. Amenities include a fitness center, café and rooftop patio. Gavilon is a global grain trader. Dustin Stolly, Jordan Roeschlaub and Daniel Fromm of NKF arranged the loan on behalf of the borrower, Kawa Capital Management. Citibank provided the loan. Terms of the loan were not disclosed. The Opus Group completed development of the property in December 2013.