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.
COLUMBUS, OHIO — EFL Expo Freight has signed a 70,955-square-foot industrial lease at Creekside Industrial Center in Columbus. The company will occupy the space in the 155,866-square-foot CreekSide XVI building, one of two speculative facilities nearing completion at the center. The building features 32-foot clear heights. Mike Spencer of Lee & Associates represented EFL Expo Freight in the lease transaction. Phil Rasey of The Pizzuti Cos. represented ownership, a partnership between Pizzuti and USAA Real Estate.
DOWNERS GROVE, ILL. — NEC Display Solutions of America has signed a 47,714-square-foot office lease in Downers Grove, a western suburb of Chicago. The property is located at 3250 Lacey Road. Included in the new headquarters will be a 6,000-square-foot technology showcase and demo facility for client engagement, as well as a 5,000-square-foot research and development lab. The designer and provider of LCD displays is moving from a 40,000-square-foot office in Itasca, Ill. Chad Freese, Paul Diederich, Matthew Frazee and Jon Springer of CBRE represented NEC in the lease transaction. Phil Sheridan of CBRE represented the owner, Hamilton Partners.
SCHAUMBURG, ILL. — Baum Realty Group LLC has arranged the sale of a 4.8-acre property net leased to a Hyundai car dealership in Schaumburg for $6.3 million. The property is located at 1020 E. Golf Road near Woodfield Mall. Patrick Forkin represented the seller, a local investor who had owned the property for over 30 years.
MINNEAPOLIS — Westmount Realty Capital has acquired a five-building, 845,622-square-foot industrial portfolio in Minneapolis. The purchase price was not disclosed. Located near the Minneapolis-St. Paul International Airport, the portfolio is fully occupied. With this acquisition, Westmount now maintains more than 8 million square feet of industrial space in the Midwest region. Colliers International brokered the transaction. The seller was not disclosed.
CHICAGO — Peapod has unveiled plans to move its headquarters from suburban Skokie to 300 South Riverside Plaza in Chicago. Founded in 1989, Peapod is an online grocery delivery store that operates out of 23 markets. All 220 employees will move to the 53,000-square-foot office by April 2018. Currently occupying a 33,000-square-foot space, Peapod is moving to downtown in order to access a deeper talent pool of data analytics and tech employees. Owned by Third Millennium Group, 300 South Riverside Plaza is a 23-story Class A office tower in Chicago’s West Loop. Matt Pistorio and Joy Jordan of The Telos Group represented ownership in the lease transaction. David Burden and Tom Berarducci of Colliers International represented Peapod.
ALSIP, ILL. — Marcus & Millichap has brokered the sale of Orchard Estates in Alsip, a southern suburb of Chicago, for $11.1 million. The 156-unit apartment property is located at 4600 W. 122nd St. Built in 1973, the property comprises six three-story buildings on a 6.2-acre lot. The 72 one-bedroom units and 84 two-bedroom units were 96 percent occupied at the time of sale. Ryan Engle of Marcus & Millichap represented the seller and procured the buyer. Both were undisclosed.
ST. CLOUD, MINN. — Cohen Financial has arranged a $6.5 million loan for the acquisition of a 71,000-square-foot retail property in St. Cloud in central Minnesota. Cash Wise Foods anchors the property. Dan Rosenberg and Matt Terpstra of Cohen Financial arranged the fixed-rate loan with Goldman Sachs Commercial Mortgage Capital. Midland Atlantic Properties was the borrower.
