SPRINGFIELD, ILL. — Foresite Realty Partners LLC has negotiated the sale of Bally Vaughn Apartments in Springfield in central Illinois for an undisclosed price. The 72-unit property consists of 60 two-bedroom and 12 three-bedroom units in four buildings. The property has been vacant for the past four years. Kristen Keehnast and Ryan Nelson of Foresite Realty represented the seller in the transaction. The buyer, an out-of-state investor, plans to rehab the property.
ROSEMOUNT, MINN. — CBRE has brokered the sale of Rosemount Crossing in Rosemount, about 25 miles south of Minneapolis, for $7.6 million. Aldi anchors the 44,194-square-foot shopping center. Built in 2005, the three-building property is located on a five-acre site along South Robert Trail. The property was 92 percent occupied at the time of sale. Other tenants include Starbucks, Park Dental, Snap Fitness, Sprint and Fantastic Sams. Jim Leary of CBRE represented the seller, Rosemount Crossing LLC. A Seattle-based investment entity purchased the property.
ST. LOUIS — Hilliker Corp. has arranged the sale of two industrial buildings in St. Louis for approximately $7 million. Serioplast, a plastic manufacturer based in Italy, purchased a 132,000-square-foot building located at 4400 Planned Industrial Drive. Service Metals Inc., an industrial valve distributor, purchased the property located at 4300 Planned Industrial Drive. Madison Warehouses built both properties in the 1990s. Hal Ball and Chris Taff of Hilliker Corp. represented the tenants in the transactions.
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.