OVERLAND PARK, KAN. — Passco Cos. LLC has sold its remaining interest in The Village at Lionsgate in Overland Park for $48 million. The 360-unit apartment community is located at 14631 Broadmoor St. The buyer was a real estate investment firm that already had a partial ownership stake in the asset. During ownership, Passco brought the average occupancy at the property up to approximately 95 percent. Mac Crowther of ARA Newmark represented both the buyer and seller in the transaction.
ANN ARBOR, MICH. — CBRE has arranged the sale of McKinley Towne Centre and The Offices at Liberty Square in Ann Arbor for an undisclosed price. McKinley Towne Centre is a 130,824-square-foot mixed-use building located at 401 E. Liberty St. The Offices at Liberty Square is a 59,381-square-foot office building located at 500 E. Washington St. The portfolio was nearly 99 percent occupied at the time of sale. Tenants include supply chain software company LLamasoft, TD Ameritrade, the University of Michigan, Bar Louie, AT&T and FedEx. Ann Arbor-based commercial real estate firm McKinley sold the assets to Hillside Investments. Anne Galbraith Kohn of CBRE represented McKinley in the transaction.
INDIANAPOLIS — Plymouth Industrial REIT Inc. (NYSE: PLYM) has acquired two Class B industrial properties in Indianapolis for $16.9 million. Located in Shadeland I-70 Business Park near I-70 and I-495, the portfolio consists of a 562,497-square-foot building and a 44,374-square-foot building. The properties are 94 percent leased to five tenants including Pratt Visual Solutions and MicroMetl. Boston-based Plymouth currently owns and manages 20 properties spanning approximately 5 million square feet of space in six states.
CHICAGO — Spaces has signed a 27,110-square-foot office lease in Chicago’s Lincoln Park. The creative workspace company will occupy the second through fourth floors of the building, located at 1500 N. Halsted St. Spaces Lincoln Park is slated to open in early 2018 and will offer tenants a contemporary loft-style design with large windows. This will be the 14th location in North America for the Amsterdam-based company. Chad Schroedl of SVN | Chicago Commercial represented the landlord, Newcastle Limited, in the lease transaction. Bill Rogers and Kerry Gilar of JLL represented Spaces.
BYRON CENTER, MICH. — Sheldon Cleaners has signed a 62-month lease for a 1,360-square-foot location in Byron Center, about 13 miles south of Grand Rapids. The property is located at 8233 Byron Center Ave. Southwest. With locations in Grand Rapids, Holland and Kalamazoo, the environmentally friendly dry cleaner has been in business since 1949. Minor renovations of the space are being made, including adding a dressing room for tailoring services. Completion is slated for September of this year. Rod Alderink of NAI Wisinski represented the landlord, Dara Realty LLC, in the lease transaction.
OVERLAND PARK, KAN. — JLL has secured $221.3 million in acquisition financing for the majority of Corporate Woods, a 2.2 million-square-foot office campus located roughly 11 miles outside Kansas City in Overland Park. The borrower was an affiliate of Group RMC Corp. The acquisition includes 22 of the 29 buildings that make up Corporate Woods. Seven buildings on the property, including the Doubletree Hotel, are under separate ownership and were not included in the sale. Adam Schwartz, Jonathan Schwartz and Mark Fisher of JLL secured the 10-year, fixed-rate loan through an institutional lender. A joint venture between CenterSquare Investment Management and Stoltz Real Estate Partners sold the property, according to reports by the Kansas City Business Journal. The office campus offers 2.17 million square feet of rentable space, and was over 90 percent leased at the time of sale to tenants including symplr, Affinis Corp., Kansas City Vision Performance Center and KBP Foods. Amenities at Corporate Woods include a wooded park with jogging trails, streams and wildlife; a PGA regulation-sized putting green; restaurants; free parking; and on-site banking facilities. Group RMC Corp. is a real estate co-investment group based in New York and Montreal. The company invests in and sponsors income-producing office properties …
OSHKOSH, WIS. — KTGY Architecture + Planning has unveiled the design for Annex 71, a 140-unit apartment property located one-quarter mile from the University of Wisconsin-Oshkosh. The site was rezoned from industrial to residential in April 2017. The property was formerly home to Lamico Inc., a manufacturer of wooden crutches. Developer Annex Student Living is targeting young professionals and students as residents. Residences at Annex 71, currently under construction, will range from 500 to 1,300 square feet. Floor plans include 60 one-bedroom units, 35 two-bedroom units and 45 four-bedroom suite-style apartments. Amenities will include a clubhouse with a kitchen for community functions and private gatherings, as well as a fitness room and study lounge. Plans also call for an outdoor patio that may be used as an event area. Completion is slated for summer 2018.
WEST BEND, WIS. — The Boulder Group has arranged the sale of a single-tenant property net leased to Pick ‘n Save in West Bend, about 40 miles north of Milwaukee, for $18.2 million. The 63,160-square-foot property is located at 2518 W. Washington St. Constructed in 2010, the building features an on-site pharmacy. Pick ‘n Save has over 13 years remaining on its lease, which expires in December 2030. The lease also features a corporate guarantee from The Kroger Co. Pick ‘n Save is owned and operated by Roundy’s Supermarkets Inc., a wholly owned subsidiary of Kroger. Randy Blankstein and John Feeney of The Boulder Group represented the seller, a Midwest-based real estate investment firm. A West Coast-based real estate investment firm purchased the property.
CHICAGO — Essex Realty Group Inc. has brokered the sale of two apartment buildings located at 1521 & 1608 W. Sherwin Ave. in Chicago for $11 million. The vintage corridor-style buildings are within one block of each other in the Rogers Park neighborhood. Vintage corridor buildings were built primarily in the 1920s or 1930s and feature layouts with one main hallway per floor. The properties total 138 units. Matt Welke of Essex represented the undisclosed buyer, while Doug Imber, Kate Varde and Clay Maxfield represented the undisclosed seller.
SCHAUMBURG, ILL. — J.C. Anderson Inc. has completed a 40,000-square-foot office expansion and renovation for Sagent Pharmaceuticals Inc. in Schaumburg. The property, used for the biopharmaceutical company’s corporate headquarters, is located at 1901 N. Roselle Road. The project included a full rehab of existing workspaces, new conference and meeting rooms, private offices, workstations and boardrooms. New office fronts, ceilings, wall and flooring upgrades/replacements were made to the renovated space. Joe Maguire and Joe Rojas of J.C. Anderson led the project team. Partners by Design provided architectural services.
