Midwest

UK-based EG Group to Buy Kroger’s Convenience Store Business for $2.1B

by Nellie Day February 7, 2018

CINCINNATI — United Kingdom-based EG Group has agreed to acquire Kroger’s (NYSE: KR) convenience store business for $2.1 billion. Kroger’s convenience store arm employs 11,000 workers in 18 states across 66 franchise operations. The stores operate under the brands Turkey Hill, Loaf ‘N Jug, Kwik Shop, Tom Thumb and Quik Stop. Kroger’s convenience store business generated $4 billion in revenue, including the sale of 1.2 billion gallons of fuel, in 2016. EG Group will establish its North American headquarters in Cincinnati and continue to operate the stores under their established brand names. It is the company’s first venture in the United States. Kroger’s supermarket fuel centers and its Turkey Hill Dairy are not included in the sale. Kroger plans to use net proceeds from the sale to repurchase shares and to lower its ratio of net total debt to adjusted EBITDA. Goldman Sachs & Co. LLC is acting as exclusive financial advisor to Kroger, with Weil, Gotshal & Manges LLP acting as legal advisor. Morgan Stanley, Bank of America Merrill Lynch and Barclays are acting as financial advisors to EG Group, while Allen & Overy is acting as legal advisor. EG Group was founded in 2001 by brothers Zuber and …

February 7, 2018

Illinois Midwest Office

GlenStar to Undertake $28M Redevelopment of 1 MSF Office Property in Schaumburg, Illinois

by Kristin Harlow February 6, 2018

SCHAUMBURG, ILL. — GlenStar Properties will undertake a $28 million redevelopment of Schaumburg Corporate Center in Illinois. Plans call for the construction of a new parking deck that can accommodate 500 autos and a temperature-controlled skybridge; nine modern speculative suites ranging in size from 1,700 square feet to 33,000 square feet; a 10,000-square-foot conferencing center; a club room with ping pong, pool and foosball tables; a new spiral staircase; and a new entry. GlenStar will also update the lobbies, elevators, deli and signage. The centerpiece of the complex, the 17,000-square-foot glass atrium, will be outfitted with new finishes, furniture and fixtures. The developer will also add a large video screen and update the ceilings and lighting. The project is slated for completion by the end of this year. GlenStar acquired Schaumburg Corporate Center in March 2017. Developed in the early 1980s, the property consists of three separate buildings for a combined 1 million square feet. The property is 74 percent leased by tenants such as Pepsi, Verizon Wireless, Motorola Employees Credit Union, American Agricultural Insurance Co. and Roanoke Insurance Group.

February 6, 2018

Loans Michigan Midwest Student Housing

KeyBank Provides $27.7M Acquisition Loan for Student Housing Property in Ann Arbor, Michigan

by Kristin Harlow February 6, 2018

ANN ARBOR, MICH. — KeyBank Real Estate Capital has provided a $27.7 million Fannie Mae loan for the acquisition of 411 Lofts in Ann Arbor. The student housing property is located less than a quarter-mile from the University of Michigan campus. Built in 2009, the 97-unit property features 4,264 square feet of ground-floor retail space. Caleb Marten and Chris Black of KeyBank arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.

February 6, 2018

Loans Midwest Minnesota Seniors Housing

Rosemount Senior Living Receives $13.7M Loan to Refinance 92-Unit Property in Rosemount, Minnesota

by Kristin Harlow February 6, 2018

ROSEMOUNT, MINN. — Dougherty Mortgage LLC has provided a $13.7 million Fannie Mae loan for the refinancing of The Rosemount Senior Living at Steeple Center in Rosemount, about 25 miles south of Minneapolis. The 92-unit seniors housing property offers a variety of living options, including independent and assisted living, and memory care. Residents have access to a range of amenities including a fitness room, beauty salon, lounge area, memory care garden, children’s play area, multipurpose event room and on-site library. Dougherty’s Minneapolis office originated the 12-year loan, which features a 30-year amortization schedule. Rosemount Senior Living Associates I LLC was the borrower.

February 6, 2018

Illinois Industrial Midwest

Entre Commercial Realty Brokers Sale of 41,803 SF Industrial Building in Lincolnshire, Illinois

by Kristin Harlow February 6, 2018

LINCOLNSHIRE, ILL. — Entre Commercial Realty LLC has brokered the sale of a 41,803-square-foot industrial building in Lincolnshire. The sales price was not disclosed. Security Lock Distributors, an electrical and mechanical door hardware company, purchased the facility. The distributor’s current facility in Buffalo Grove is available for lease. The Lincolnshire property, located at 640 Heathrow Drive within the Lincolnshire Business Park, features four interior docks, 4,280 square feet of office space and a clear height of 21 feet. Brian Bocci of Entre represented Security Lock Distributors. Jason Talanian of Glenwood Commercial Real Estate represented the undisclosed seller.

February 6, 2018

Midwest Net Lease Retail South Dakota

Boulder Group Negotiates $1.1M Sale of Net Leased Dollar General in Howard, South Dakota

by Kristin Harlow February 6, 2018

HOWARD, S.D. — The Boulder Group has negotiated the sale of a 9,026-square-foot property net leased to Dollar General in Howard, approximately 70 miles northwest of Sioux Falls, S.D., for $1.1 million. The newly constructed property is located at 23300 435th Ave. along Highway 34. Randy Blankstein and Asher Wenig of The Boulder Group represented both parties in the transaction. A Northeast-based private investor purchased the property from a Midwest-based developer. Dollar General has over 14 years remaining on its lease.

February 6, 2018

Industrial Kansas Midwest

Joint Venture Acquires 589,391 SF Industrial Portfolio in Lenexa, Kansas

by Kristin Harlow February 5, 2018

LENEXA, KAN. — A joint venture between Prism Real Estate Services LLC and Ameritas Life Insurance Corp. has acquired the Lenexa Industrial Park portfolio in Kansas. The purchase price was not disclosed. The portfolio consists of 17 industrial and flex buildings totaling 589,391 square feet. Hugh Zimmer developed the properties, which are located at the interchange of I-35 and I-435. Michael VanBuskirk, David Zimmer and Chris Robertson of Newmark Grubb Zimmer (NGZ) represented the buyer in the transaction. NGZ will handle leasing and management of the properties. Joe Platt and Alex Hilton of Grandbridge Real Estate Capital will arrange debt placement on behalf of the buyer.

February 5, 2018

Illinois Industrial Midwest

Brown Commercial Negotiates Sale of 126,537 SF Industrial Facility in Elk Grove Village, Illinois

by Kristin Harlow February 5, 2018

ELK GROVE VILLAGE, ILL. — Brown Commercial Group has negotiated the sale of a 126,537-square-foot industrial facility in Elk Grove Village for an undisclosed price. The 4.2-acre property is located at 2001 Arthur Ave. The buyer, Seefried Industrial Properties Inc., plans to build an 80,000-square-foot warehouse to replace the existing building. Mike Antonelli and Mason Hezner of Brown Commercial represented the seller, Spirit Realty Capital, in the transaction. Jonathan Kohn of Colliers International represented Seefried.

February 5, 2018

Indiana Loans Midwest Student Housing

Pillar Provides $14.1M Loan to Refinance Student Housing Property in Bloomington, Indiana

by Kristin Harlow February 5, 2018

BLOOMINGTON, IND. — Pillar Financial has provided a $14.1 million Fannie Mae loan for the refinancing of Urban Station in Bloomington. The permanent financing will replace a construction loan. The 53-unit student housing property opened in August 2017. The four-story property was developed on the original site of The Chocolate Moose, an ice cream parlor dating back to 1933. The Chocolate Moose now occupies all of the property’s first-floor retail space. Joe Markech of Pillar originated the 12-year loan, which features a 30-year amortization schedule. Mike Dury of PR Mortgage & Investments arranged the loan. The borrower is a Bloomington-based developer and manger of student housing and multifamily properties throughout Indiana.

February 5, 2018

Midwest Ohio Retail

Marcus & Millichap Arranges $3.2M Sale of Retail Center in Kent, Ohio

by Kristin Harlow February 5, 2018

KENT, OHIO — Marcus & Millichap has arranged the sale of the Discount Drug Mart Center in Kent, about 40 miles south of Cleveland, for $3.2 million. The 31,762-square-foot retail center is located at 1763 E. Main St. The property is 100 percent occupied by tenants such as Discount Drug Mart and NAPA Auto Parts. Three of the four tenants have resided at the center since its construction in 1999. Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company based in northeast Ohio. Russ Panowicz, also of Marcus & Millichap, secured and represented the buyer, an Indiana-based private investor.

February 5, 2018

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