BOONVILLE, MO. — Binswanger has brokered the sale of a 250,000-square-foot industrial building in Boonville, about 25 miles west of Columbia. The sales price was not disclosed. The property is located at 2501 Boonslick Drive. Constructed in 1979 with renovations in 1988, the facility features 30-foot clear heights, 14,050 square feet of office space, 22 dock doors, two drive-in doors and parking for 310 vehicles. An individual buyer, Daniel E. Smith, purchased the property with plans to use it for speculative leasing of manufacturing or warehousing uses. Jim Medbery of Binswanger represented the undisclosed seller.
EAST LANSING, MICH. — Costco Wholesale Corp. has opened a 165,000-square-foot membership warehouse in East Lansing. The property is situated on a 64-acre parcel near I-69 that is the site of a former golf course. Shawn O’Brien of CBRE|Martin began working with Costco in 2012 for site selection in the Lansing market. This is Costco’s 15th store in the state of Michigan. A grand opening took place on Friday, Oct. 27.
HIGHLAND PARK, ILL. — Interra Realty has negotiated the sale of a CVS ground lease in Highland Park for $4.8 million. The 13,225-square-foot building is located at 2000 Skokie Valley Road, approximately 25 miles north of Chicago. Craig Martin and Colin O’Malley of Interra represented both parties in the transaction. The seller, a local real estate development firm, developed the property in 2011. The buyer, a local family, was completing a 1031 exchange. CVS has approximately 20 years remaining on its lease.
CHICAGO — Walker & Dunlop Inc. has arranged a $9.7 million loan for the refinancing of Portage Park in Chicago. Formerly a bank building, the mixed-use property now incorporates office and retail space. Situated on seven acres, the property features 60,500 square feet of rentable space and a 180-space parking lot. Tenants include Binny’s Beverage Depot, Retro Fitness and Immigration Lawyers PC. A portion of the vacant space is a historic theater that was formerly home to the Northwest Chicago Film Society, and will be preserved as a performing arts facility. Luke Erlandson, Jeff Robbins and Matt Ewig arranged the 10-year loan, which features a 30-year amortization schedule. Loan proceeds will be used to pay off an existing construction loan. Cui Properties was the borrower.
DETROIT — Liberty Property & Asset Management has been awarded the property management contract for a portfolio of seven office buildings located in metro Detroit. The properties, owned by California-based LSTC Michigan/LSTC California LLC, include: Berkshire Office Building in Beverly Hills; Haverhill Office Building in Troy; Butterfield Park Place in Troy, Hampton Professional Park in Rochester Hills; and Westridge Office Center in West Bloomfield. Liberty will be responsible for all aspects of the management and operation of the properties, while sister company L. Mason Capitani CORFAC International will continue to oversee leasing.
CHICAGO — Skender Construction has completed a 21,000-square-foot office build-out for The Climate Corp., a subsidiary of Monsanto Co. The company creates digital tools to help farmers sustainably increase their productivity. The new office, located at 1330 W. Fulton Market, incorporates rustic wood walls, oversized barn doors and an antique tractor on display. Two workshops house the company’s equipment and ongoing projects. A large break room offers ping pong and foosball for employees. Skender collaborated with architect Shive-Hattery and COR Consulting for the project.
MILFORD, OHIO — The Cooper Commercial Investment Group has brokered the sale of a single-tenant property net leased to Starbucks in Milford, about 15 miles northeast of Cincinnati, for $1.8 million. The 2,107-square-foot retail property was newly constructed this year and features 10 years of initial lease term. Dan Cooper represented the undisclosed seller. A California-based buyer purchased the property.
OWATONNA, MINN. — Upland Real Estate Group Inc. has arranged the sale of Three Corners Marketplace in Owatonna, located in southern Minnesota, for $1 million. The 7,666-square-foot retail property is fully leased to four tenants including Caribou Coffee, Subway, Re-Bath and Midnight Sun Spas. Keith Sturm, Deborah Vannelli and Amanda Leathers of Upland represented the undisclosed seller. The private buyer was completing a 1031 exchange.
ELK GROVE VILLAGE, ILL. — Avison Young has negotiated the sale of a three-building, 538,236-square-foot industrial portfolio in Elk Grove Village for an undisclosed price. The buildings are located near the Chicago O’Hare International Airport in the O’Hare submarket. The properties include: 1900 Pratt Blvd., a 111,338-square-foot building; 1950 Pratt Blvd., a 165,212-square-foot building; and 2000-2020 Pratt Blvd., a 261,686-square-foot building. The portfolio is 100 percent leased to Clear Lam and D&W Fine Pak, both of which are packaging manufacturers for the food industry. Erik Foster and Mike Wilson of Avison Young represented the seller, Australia-based Mirvac. LBA Realty purchased the portfolio.
MILWAUKEE — CBRE has arranged the sale of Sunset Ridge in Milwaukee for an undisclosed price. The 144-unit apartment property is located at 8183 N. 107th St. Constructed between 1981 and 1992, the property features a mix of one- and two-bedroom units across seven buildings. The property was 98 percent occupied at the time of sale. Patrick Gallagher, Benjamin Schmitt, Peter Langhoff and Max Schultz of CBRE represented the seller, Mandel Group. Weidner Apartment Homes purchased the property.