OAK CREEK, WIS. — Clover Technologies Group has signed a 16,047-square-foot industrial lease in Oak Creek, about 15 miles south of Milwaukee. The property is located at 305 E. Mahn Court. Nick Keys, Samuel M. Dickman Jr. and Samuel D. Dickman of the Dickman Co. Inc./CORFAC International represented the technology company in the lease transaction. Steve Sewart of Colliers International represented the landlord, FR/CAL Oak Creek LLC.
BURNSVILLE, MINN. — Valley Natural Foods has unveiled plans to expand its grocery operation in Burnsville, approximately 15 miles south of Minneapolis. The company acquired a building adjacent to its existing 15,000-square-foot property and plans to add an additional 11,000 square feet of space. Built by Loeffler Construction and designed by Wilkus Architects, the building will be remodeled to expand food service, catering service, fresh departments and shopping convenience. The store will feature a new community room for meetings and a classroom for cooking classes. Existing Valley Natural Foods employees will staff the expanded facility. Construction will begin this month and is slated for completion in spring 2018.
ANN ARBOR, MICH. — The Boulder Group has negotiated the sale of a retail property net leased to ATI Physical Therapy in Ann Arbor for $2.4 million. The 8,200-square-foot, single-tenant property is located at 4765 Jackson Road near the University of Michigan. ATI has over 11 years remaining on its lease, which expires in January 2029. The building recently underwent a complete renovation. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private partnership. The buyer was also a Midwest-based private partnership.
ST. LOUIS — McCarthy Building Cos. Inc. has completed the conversion of a former charter elementary school into an interim science building for Saint Louis University (SLU) in St. Louis. Located on SLU’s south campus, the building is now home to research, teaching and office space for the biology department while the University renovates Macelwane Hall, which experienced a fire and subsequent water damage in May of this year. The 50,000-square-foot renovation was completed in time for the fall 2017 semester. McCarthy reworked the mechanical and electrical systems to accommodate advanced research and teaching labs.
CHICAGO — Marcus & Millichap will expand its downtown Chicago office by 6,000 square feet. Located at 333 W. Wacker Drive, the downtown office will support more than 80 sales professionals, originators and staff with three managers. Previously, the downtown location had 47 agents and staff members. The firm is also expanding personnel in its Oak Brook office, located at One Mid-America Plaza. The Oak Brook office is expanding from 34 agents and staff to approximately 45 employees in order to support more rapid suburban market penetration, according to Marcus & Millichap.
GAHANNA AND WESTERVILLE, OHIO — Hunt Mortgage Group has provided $21 million in refinancing for two multifamily properties in Columbus. The financing consists of a $19.5 million Fannie Mae loan and a $1.4 million mezzanine loan. The 10-year loans feature 30-year amortization schedules. The properties include The Reserve at Walnut Creek and The Ravines at Rocky Ridge. The Reserve is located at 5930 Sunbury Road in Gahanna, a northeast suburb of Columbus. Built in 2014, the property includes seven buildings and 148 units. Amenities include a clubhouse, movie theater, fitness center and pool. The Ravines is located at 5700 Rocky Ridge Landing Drive in Westerville, also a northeast suburb. Built in 2014, the property features 136 units. Amenities include a clubhouse, fitness center, recreation room and pool. Both properties are currently owned by single-asset entities.
CHICAGO — Interra Realty has brokered the sale of a multifamily property in Chicago’s Hyde Park for $6.5 million. The 75-unit property is located at 5736 S. Stony Island Ave. The building, which borders the University of Chicago, features 43 studio apartments, 29 one-bedroom and three two-bedroom units. Craig Martin of Interra represented both the buyer and seller. The purchaser was a privately held national real estate investment firm and the seller was a private owner.
FENTON, MO. — Alkem Laboratories and Beckwood Press Co. have signed industrial leases totaling 87,966 square feet at Fenton Logistics Park in Fenton. Alkem Laboratories, a pharmaceutical company, signed a 32,086-square-foot lease in the park’s first speculative building located at 2050 Fenton Logistics Blvd. Beckwood Press Co., a hydraulic equipment supplier, signed a 55,880-square-foot lease at the park’s second speculative building, which is currently under construction. Jon Hinds and Katie Haywood of CBRE represented the landlord and developer, KP Development. JLL and NAI Desco represented Alkem and Beckwood Press, respectively.
CHICAGO AND GREENWICH, CONN. — A joint venture (JV) between Chicago-based Brennan Investment Group and Greenwich-based Arch Street Capital Advisors LLC has acquired a portfolio of 11 industrial properties totaling roughly 2.5 million square feet. The portfolio is valued at approximately $100 million. The properties are located in various markets throughout the Midwest and Southeast, including Chicago, Minneapolis and Grand Rapids, Mich., as well as Jacksonville, Fla., and Birmingham, Ala. The transaction marks the JV’s sixth acquisition since its formation in 2011. Since that time, it has acquired more than $1 billion in single-tenant, net-leased industrial properties. “This acquisition represents the breadth and depth of our net-lease platform,” says Michael Brennan, chairman and managing principal of Brennan. “We have the ability to both acquire large portfolios and to aggregate individual long-term, net-lease assets and can invest across the U.S. in both long- and short-duration net-leased properties with an emphasis on mission-critical assets.” The JV will continue to target investment opportunities involving all types of industrial properties, including assembly plants, research and development facilities and distribution centers. Specifically, it will pursue properties that are located in a top 100 market, have a remaining lease term of at least 10 years and …
WESTMONT, ILL. — CBRE has arranged the sale of Oakmont Corporate Center and One Oakmont Plaza in Westmont, located about 23 miles west of Chicago, for $18.9 million. Oakmont Corporate Center is a four-story, 74,279-square-foot office building that is currently 95 percent leased. One Oakmont Plaza is a six-story, 117,841-square-foot office building that is currently 100 percent leased. Both properties are situated on five-acre sites and feature recently renovated lobbies. Bill Novelli, Derek Fohl and Pete Adamo of CBRE represented the undisclosed seller. Valley Equity Group purchased the portfolio.
