CHICAGO — The Boulder Group has brokered the sale of a single-tenant property net leased to Walgreens in Chicago for $6.9 million. The 18,340-square-foot property is located at 4745 W. Belmont Ave. Walgreens has more than 10 years remaining on its lease, which features eight five-year renewal options. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Southeast-based real estate investment firm. A West Coast-based real estate investment firm purchased the asset.
COPLEY TOWNSHIP, OHIO — Anchor Cleveland has arranged the sale of 16,000-square-foot property formerly occupied by Gordon Food Service in Copley Township, 10 miles west of Akron. The sales price was not disclosed. The property is situated on two acres at 120 Rothrock Road. Christopher McFarland of Anchor Cleveland represented the seller, Gordon Food Service. Stephen Taylor of CBRE procured the buyer, Marathon Fitness Ohio Properties LLC.
ST. PAUL, MINN. — RD Management LLC has unveiled plans for the Midway/Allianz Field mixed-use project in St. Paul. With 20 acres zoned for multi-use, the company intends to add retail, office, residential, entertainment and hospitality options to its property following the completion of the adjacent Allianz Field, home of the Minnesota United. Construction of the $200 million soccer stadium is slated for completion in spring 2019. The future expansion of the Midway/Allianz Field mixed-use project will include the construction of new buildings and is part of a master plan to be built along the western edge of the property on Snelling Avenue. The current L-shaped space on the eastern side of the property with 20 active businesses will remain intact following the demolition of Rainbow grocery store, Walgreens, Home Choice and Big Top Liquor to make way for the new stadium. Located at 1460 University Avenue West and Snelling Avenue North, the 293,732-square-foot Midway is halfway between Minneapolis and St. Paul.
MINNEAPOLIS — Dougherty Mortgage LLC has provided a $34.1 million HUD loan for the construction of 1500 Nicollet in Minneapolis. Construction of the 183-unit affordable housing property will involve the redevelopment of the southwest corner of 15th Street and Nicollet Avenue. All units will be restricted to families earning 60 percent or less of the area median income. Property amenities will include a community room, fitness center, yoga studio, rooftop decks, dog park and first-floor retail space. Dougherty originated the 40-year loan on behalf of the borrower, Minneapolis Leased Housing Associates IX LLLP. The project will also receive equity from the sale of low-income housing tax credits and funds from the Metropolitan Council and Hennepin County for environmental cleanup costs. Construction has begun and completion is slated for spring 2019.
CHICAGO — American Street Capital (ASC) has arranged $4.9 million in acquisition financing for a three-building multifamily portfolio in Chicago. The properties, located in the Grand Boulevard neighborhood, total 88 units and feature a mix of one-, two- and three-bedroom floor plans. The portfolio was more than 95 percent occupied at the time of acquisition. Igor Zhizhin and Alexander F. Rek of ASC arranged the three loans, which feature 20-year terms and 30-year amortization schedules. A correspondent agency lender provided the loans.
NEW ALBANY, IND. — Everhealth Properties LP, a subsidiary of Everest Healthcare Properties LLC, has acquired New Albany Medical Center, a 60,000-square-foot medical office building in New Albany, roughly six miles west of Louisville. The Scottsdale, Ariz.-based company acquired the asset through its tax-deferred IRS Section 721 program. Other terms of the transaction were not disclosed. At the time of sale, New Albany Medical Center was 95 percent occupied, with a weighted average lease term of almost five-and-a-half years. The seller was not disclosed. The 721 program is designed to offer investors access to high-quality medical office real estate that has the potential for long-term capital appreciation.
MOUNT PROSPECT, ILL. — Marcus & Millichap has negotiated the sale of a 38,793-square-foot flex office building in Mount Prospect, 22 miles northwest of Chicago, for $4.2 million. The property is located at 585 Slawin Court and is fully leased to Siemens Real Estate, a division of Siemens Corp. The building was constructed in 1987. John Abuja and Michael Lawrence of Marcus & Millichap represented the undisclosed seller. The buyer was also not disclosed.
MADISON, WIS. — Reich Brothers Holdings LLC and Rabin Worldwide have partnered to redevelop the former Oscar Mayer plant in Madison. The partnership will sell the equipment within the facility at a live and online public auction onsite on Dec. 6-8. Oscar Mayer, a producer of hot dogs, bacon and cold cuts, had occupied the property since 1919, with the site serving as its headquarters from 1957 to 2016. Kraft Heinz announced the closure in 2015 and officially ceased production this summer. The campus features 1.7 million square feet on a 72-acre site. The plan is to redevelop the campus, including repurposing several existing buildings, with a balanced mix of light manufacturing, warehouse, distribution and office space.
TROY, MICH. — Hayman Co. has unveiled plans for a $10 million upgrade of a 732,000-square-foot office complex in Troy. The company purchased the five-building property earlier this year for $55 million. Along with external updates to the complex, renovations will be made to the lobbies and bathrooms. A conferencing center will also be added. The name change to PentaCentre is part of the rebranding process for the property, which is located along East Big Beaver Road and was originally built in the mid 1980s. Hayman Co. will handle management and leasing of the property.
ROSEVILLE, MINN. — Meritex is developing two 144,000-square-foot industrial buildings in Roseville, 10 miles northeast of St. Paul. Highcrest II and III will replace the former 360,000-square-foot Minnesota Technology Exchange building upon its demolition this month. The property is located at 2470 Highcrest Road. Meritex developed the building currently on the site in 1964, and owned and managed the property for four decades. The company sold the building in 2004, and then repurchased the asset in 2016. Completion of Highcrest II and III is slated for fall 2018. David Stokes, Todd Hanson, Jason Sell, Chris Weirens and Ian Thompson of Cushman & Wakefield will market the property for lease.
