MILWAUKEE — Sellars Absorbent Materials Inc. has signed a 134,000-square-foot lease at the former Lowe’s Home Improvement store located at 5800 W. Hope Ave. in Milwaukee. Built in 2004, the property has been vacant since Lowe’s closed the store in 2009. Phoenix Investors, which purchased the building in July 2016, plans to make structural and cosmetic upgrades to the property for Sellars’ distribution operations. Sellars is a Milwaukee-based manufacturer of paper towels, wipes and other absorbent materials. Samuel Dickman Jr., Samuel Dickman Sr. and Zach Noble of the Dickman Co. Inc. brokered the lease transaction.
ROSEVILLE, MICH. — Encore Real Estate Investment Services has arranged the $3.4 million sale of a building leased to Applebee’s in Roseville, about 20 miles north of Detroit. The 5,689-square-foot property, located at 31653 Gratiot Ave., traded for $597.64 per square foot. Applebee’s has 10 years remaining on its lease. The sales price represents a 7.1 percent cap rate and $597.64 per square foot. Logan McAnallen of Encore represented the seller, a Flushing, Mich.-based private investment group. Encore also represented the buyer, a private investor from Eldersburg, Md.
CHICAGO — Jameson Commercial has arranged the sale of a six-unit multifamily building in Chicago’s Lakeview neighborhood for $1.2 million. The property is located at 1644 W. Addison St. Mark Kishtow of Jameson represented the undisclosed buyer.
The most exciting story in Michigan’s overall recovery from the Great Recession has been the revitalization of downtown Detroit. For locals and out-of-towners, Detroit’s development boom is surprising, exciting, refreshing, and at times, hard to believe. This real estate cycle may go down as the most important and consequential in 50 years. Indeed, the numbers and the anecdotal evidence demonstrate that we are not just witnessing a hot market — we are witnessing a once-in-a-generation shift in Detroit’s office market. Where we were What makes Detroit’s renaissance so amazing is how far the city has come in just eight years. For decades, downtown Detroit’s office market was effectively in the Detroit River. The central business district (CBD) continuously bled tenants to suburban markets, and heavy concessions along with incentives were required to lure office users to the city. Office tenants tended to be law firms, city, county and federal government agencies, non-profits, and city contractors — generally users that had to be downtown for proximity to the courts and City Hall. While the real estate statistics were not strong, the larger issue was the overall look and feel of the setting. Many buildings sat ominously vacant, the restaurant scene was …
MAPLE GROVE, MINN. — Doran Cos. has opened The Reserve at Arbor Lakes, a 257-unit apartment development in Maple Grove, a northwestern suburb of Minneapolis. The luxury apartment community features more than 80,000 square feet of amenity space, including a 25,000-square-foot clubhouse and two terraces with an outdoor pool, spa, grilling stations, lounge areas, bocce ball courts and a putting green. In addition to 243 apartments, the four-story property features 12 townhomes and two guest suites. Monthly rents for one-bedroom units start at $1,525.
DETROIT — Bernard Financial Group has arranged a $17 million CMBS loan for the refinancing of River Place Apartments in Detroit. The 301-unit apartment complex, originally built from 1891 to 1908, features lofts and townhomes. River Place GP LLC was the borrower. Dennis Bernard of Bernard Financial originated the loan.
CINCINNATI — Wilson Investment Properties has acquired a five-building industrial property spanning 100,656 square feet in metro Cincinnati. The fully occupied property is located eight miles from downtown Cincinnati and three miles from the Cincinnati/Northern Kentucky International Airport. The property was acquired at a 9.1 percent cap rate. Wilson Investment is a Silicon Valley-based real estate investment firm. Neither the purchase price nor the seller was disclosed.
ROCHELLE AND HAMPSHIRE, ILL. — Love’s Travel Stops has purchased two development sites in Illinois. The first site is a 17-acre parcel near I-88 in Rochelle, about 30 miles south of Rockford. Dave Schmidt and Linda Kost of Realty Metrix Commercial represented Love’s in the sale. Intermodal Capital Holdings LP was the seller. Love’s also purchased a 99-acre farm in Hampshire, about 40 miles east of Rockford. Schmidt represented the seller, the Henning family. The site, located near I-90, will also include an Arby’s restaurant. Construction of both travel stops is expected to begin this month. Love’s provides truck drivers and motorists with 24-hour access to places to purchase gasoline, diesel fuel, travel items and snacks. The company plans to open more than 40 new locations this year, according to Realty Metrix.
SAVAGE, MINN. — Marcus & Millichap has arranged the $4.5 million sale of Lynn Court Apartments in Savage, about 15 miles south of Minneapolis. The 45-unit apartment building is located at 4350 W. 124th St. All of the units are one-bedroom units. Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller. Neither the name of the buyer nor the seller was disclosed.
DOWNERS GROVE, ILL. — PREMIER Design + Build Group LLC has broken ground on Bridge Point Downers Grove, a three-building, 678,858-square-foot speculative industrial development in suburban Chicago. Bridge Development Partners LLC is the developer. The 57-acre infill site is located at the intersection of I-88 and I-355. Buildings 1 and 2 will feature a clear height of 32 feet, 33 exterior truck docks and four drive-in doors. Building 3, totaling 291,345 square feet, will feature a clear height of 36 feet, 40 exterior truck docks and two drive-in doors. Cornerstone Architects Ltd. is providing architectural services and McCallum Associates is providing landscaping services. Swift Structural Design is the structural engineer while SPACECO is the civil engineer. Jason West, David Friedland, Sean Henrick, Michael Magliano and Doug Pilcher of Cushman & Wakefield will represent Bridge in lease-up of the property. The construction is scheduled to be completed in early 2019.