DAYTON, OHIO — Colliers International has brokered the sale of The Sugar Bell shopping center in Bellbrook, about 15 miles south of Dayton, for $2.4 million. The 19,904-square-foot property, constructed in 1997, is 100 percent leased. Tenants include El Toro, Cassano’s, Capital Cleaners and Crafters Lodge. Chris Prosser, Jeff Johnston and Steve Timmel of Colliers represented the seller, Belle Ventures. The Sun Moon Light Trust purchased the property.
TROY, MICH. — CBRE has arranged the sale of Wilshire Plaza North and West in Troy, a northern suburb of Detroit. The sales price was $33 million, according to CoStar Group Inc. The two office buildings, comprising 349,625 square feet, are located at 900 and 1050 Wilshire Drive. The Class A portfolio was 90 percent leased at the time of sale. Tenants include SSOE Group, Meredith Corp., Harvey Kruse PC, Tyco Electronics Corp. and MasterCard, according to CoStar. Anne Galbraith Kohn of CBRE represented the seller, an international institutional owner. Group RMC purchased the portfolio, the company’s first office acquisition in Michigan.
SPRING LAKE PARK, MINN. — Dominium has broken ground on the Legends of Spring Lake Park, a 194-unit affordable seniors housing community in Spring Lake Park, which is located 12 miles north of Minneapolis. The property will be situated on the former site of Goony Golf at 1066 County Highway 10 NE. The community will feature two- and three-bedroom units, along with amenities such as a community room, kitchen, craft room, beauty salon, library and fitness room. Completion is slated for fall 2018. Residents age 55 and older making less than 60 percent of the area median income will qualify for living at the community.
GERMANTOWN, WIS. — The Dickman Co. Inc. has negotiated the sale of a 12,208-square-foot industrial building in Germantown, about 25 miles northwest of Milwaukee. The sales price was not disclosed. The property is located on Fulton Drive. Price Properties LLC purchased the building from Moldmakers Leasing & Investments LLC. Nick Keys, Samuel M. Dickman Jr. and Samuel D. Dickman brokered the transaction.
GRAVOIS MILLS, MO. — Pinnacle Real Estate Advisors LLC has brokered the sale of a single-tenant retail property net leased to Dollar General in Gravois Mills, located in central Missouri. The sales price was not disclosed. The 9,100-square-foot property was constructed this year on a 4.4-acre site at 25568 Highway 5. The property is located on the Lake of the Ozarks, a Midwest lake resort destination. Dollar General has signed a 15-year lease, which features 10 percent rental escalations in each of the renewal option periods. Zach Wright and Jeff Johnson of Pinnacle represented the seller, a Midwest-based developer. Kevin Calame and Matt Lewallen of Pinnacle represented the purchaser, a Colorado-based 1031 exchange investor.
MINNEAPOLIS — Marcus & Millichap has arranged the sale of a 7,500-square-foot property net leased to O’Reilly Auto Parts in Minneapolis for $2.2 million. The building is located at 710 E. Lake St. Sean Doyle, Matthew Hazelton, AJ Prins and Cory Villaume of Marcus & Millichap marketed the property on behalf of the seller, an unnamed developer. The team also secured and represented the buyer, a California-based fund manager.
These are momentous times for the Cedar Rapids economy. On the jobs front, the unemployment rate for the Cedar Rapids area stood at 3.2 percent in May, even tighter than the national unemployment rate of 4.3 percent for the same period. Meanwhile, the housing market recorded its lowest inventory of housing on the market in two years with 1,482 active listings in June 2017, 540 less than June 2015. On average, the number of days that houses were on the market dropped from 87 to 62 in the last year-and-a-half, while the median house price increased to $166,646. The city has seen dramatic housing, commercial and industrial growth in the last several years. Municipal and business leaders are addressing several issues, including: • affordable housing for entry-level workers and those earning 30 to 50 percent of the area median income; • recruitment of workers to fill an abundance of job openings; • more recreational, retail and cultural opportunities to attract Millennials to the city to fill the job openings; • completion of the flood protection system to reinforce the confidence of developers in creating projects along the Cedar River. What follows is an update on the performance of the major …
WENTZVILLE, MO. — Contegra Construction Co. has completed a 1.1 million-square-foot logistics center in Wentzville, about 40 miles west of St. Louis. The multi-million dollar facility, which serves as a logistics optimization center for the nearby General Motors Corp. assembly plant, is located on a 132-acre site at 201 Wentzville Industrial Drive. TVS Supply Chain Solutions operates the center. The building features 32-foot clear heights, 168 dock doors and six drive-in doors. The project is among 14 logistic facilities in the metro St. Louis area that Contegra is currently building or has completed in 2017. NorthPoint Development was the project developer.
BARTLETT, ILL. — Meridian Design Build has completed a 421,203-square-foot speculative industrial building for developer Exeter Property Group in Bartlett, about 35 miles northwest of Chicago. The new facility, located on a 34-acre site within Brewster Creek Business Park, can accommodate up to four tenants. The building features 32-foot clear heights, 117 loading docks, four drive-in doors, 449 car parking stalls and 110 exterior trailer stalls. Harris Architects provided architectural services, while V3 Cos. completed civil engineering work.
CANTON TOWNSHIP, MICH. — RHP Properties has acquired two manufactured housing communities in Canton Township, located between Detroit and Ann Arbor, for an undisclosed price. The 416-unit portfolio includes the 365-unit Sherwood Village and the 51-unit Glen Ridge communities. Both are located approximately 12 miles from the Detroit Metropolitan Wayne County Airport. With these two acquisitions, RHP Properties now owns and operates 225 manufactured housing communities totaling more than 56,997 units.
