ADRIAN, MICH. — Reichle Klein Group has brokered the $3.95 million sale of a multi-tenant retail building in Adrian. Reichle Klein Group’s Duke Wheeler represented the seller, Blitz Hutton One LLC. The 13,000-square-foot retail center, which is 100 percent occupied, is located at 1515 E. U.S. Route 223. Wheeler has been involved with the leasing of this asset since 2008.
CLEVELAND — Forest City Realty Trust Inc. has sold Terminal Tower, a 597,000-square-foot office building in downtown Cleveland, to an affiliate of K&D Group for $38.5 million. The sale corresponds with Forest City’s decision earlier this year to explore new options for the location of its corporate offices, which have been housed at the Terminal Tower since 1997. The company is engaged in a search process, though no change is expected before the end of 2017. Opened as Cleveland Union Terminal in 1930, the Terminal Tower was the tallest building outside of New York City until 1964. Forest City acquired the building in 1983. In 2010, the company completed a four-year interior and exterior renovation of the tower. Included in the project were a restoration of the building’s observation deck and the installation of an exterior LED lighting system.
ORLAND PARK, ILL. — Caddis and Pathway Senior Living have begun construction on Heartis Village Orland Park, a seniors housing community in Orland Park, 26 miles southwest of Chicago. The 94-unit, 89,950-square-foot assisted living and memory care community will be located at 159th Street and Harlem Avenue. A Caddis affiliate will own the community, and Pathway Senior Living LLC will be the operator. Amenities will include fitness classes, excursions, games, movies, fishing, boating and horseback riding. The community will feature a salon and spa, two interior courtyards, a private dining room, arts and crafts room, media room, 24-hour emergency call system, laundry services and personal transportation. Heartis Village Orland Park will be complete in fall 2017. Austin, Texas-based Katus LLC is the architect for the project, and McShane Construction Co. is the general contractor.
COLUMBUS, IND. — Namdar Realty Group has acquired the State and Mapleton Plaza shopping center located at 2150 State St. in Columbus. The seller was a private investor. The 19,425-square-foot property is 100 percent occupied. CVS/Pharmacy and Dollar General serve as anchor tenants. The acquisition was an all-cash, off-market transaction. Joel Gorjian, vice president of acquisitions and dispositions at Namdar, completed the transaction.
GROSSE ILE, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of Elbamar Apartments, a 24-unit multifamily building located at 10033-45 Groh Road in Grosse Ile, Mich., a suburb of Detroit. I & L Properties LLC acquired the property from seller Phillip Byers. Greg Hornby of Friedman represented both the seller and the purchaser in the transaction.
CHARLES, MO. — Orangetheory Fitness has opened at Streets of St. Charles in St. Charles. The 3,000-square-foot studio on Beale Street is owned and operated by St. Charles Studio LLC and is the fourth location in the St. Louis metropolitan area for the fitness franchise. Other tenants at Streets of St. Charles include Firebirds Wood Fired Grill, Think Pink Nail Salon, PF Chang’s and Sole & Blues.
CHICAGO — The University of Chicago Medicine has broken ground on a $43 million emergency department on Chicago’s South Side. Expected to open in early 2018, the new department will house four trauma bays, according to the Chicago Tribune. The Illinois Health Facilities and Services Review Board unanimously approved UChicago Medicine’s plans for the project in May. The new emergency department is part of a $269 million program to provide the South Side with access to emergency, adult trauma and specialty care. The expansion will add 188 inpatient beds and create more than 1,000 permanent jobs.
CLEVELAND — Forest City Realty Trust Inc. has closed on the sale of Terminal Tower, a nearly 600,000-square-foot office building in downtown Cleveland. After owning the building for more than 30 years, Forest City sold the asset to an affiliate of K&D Group for $38.5 million. Cleveland-based Forest City has housed its corporate offices at Terminal Tower since 1997, and the company is currently undergoing site selection for its new headquarters. Opened in 1930 as the Cleveland Union Terminal, the tower was the tallest building outside of New York until 1964. The office tower is now the centerpiece of the Tower City Center mixed-use development. Rico Pietro of Cushman & Wakefield | CRESCO Real Estate represented the buyer in the transaction.
ZIONSVILLE, IND. — Inland Private Capital Corp. (IPCC) has sold a FedEx Ground facility located at 10301 Bennett Parkway in Zionsville, a suburban town located approximately 17 miles northwest of downtown Indianapolis, for $37.1 million. Situated on two land parcels totaling more than 49 acres, the approximately 303,000-square-foot building solely serves as the FedEx distribution center. IPCC purchased the asset in September 2014, a few months after completion. IPCC sold the property on behalf of one of its 1031 investment programs through its subsidiary, which serves as asset manager.
JACKSON, MISS. — Newk’s Eatery, the Jackson-based fast casual restaurant chain, has signed a development agreement with Indy Eatery LLC to open 15 locations in metro Indianapolis and southern Indiana over the next several years. Co-owned by Stephen Mabe and Mitas Garrett Investments LLC, Indy Eatery is the fourth multi-unit franchisee to sign a development agreement with Newk’s Eatery this year. Combined, the new franchisees will open almost 40 new restaurants in the next five years, consistent with Newk’s goal to reach 200 locations by 2019. Indy Eatery plans to open Indiana’s first Newk’s restaurant in 2017.
