TOLEDO, OHIO — The Cooper Commercial Investment Group has negotiated the sale of the Jesse James Plaza, a 35,850-square-foot retail center in Toledo, for $2.9 million. Examples of tenants include Safelite Autoglass, Wings & Grill and Reynolds Laundromat. The Kansas-based buyer purchased the property for 96 percent of the list price. Bob Havasi and Dan Cooper of Cooper Commercial represented the seller, a private investment group out of Ohio.
DEERFIELD, ILL. — The merger between Walgreens Boots Alliance Inc. (NASDAQ: WBA) and Rite Aid Corp. (NYSE: RAD) has been terminated. Instead, Walgreens will purchase 2,186 stores and three distribution centers from Rite Aid for $5.2 billion. The previous merger agreement was unveiled in October 2015. In December 2016, Fred’s Pharmacy signed an agreement with Walgreens and Rite Aid to purchase 865 stores. Both of these agreements have been terminated, and Walgreens will pay Rite Aid the $325 million termination fee. Deerfield-based Walgreens will begin acquiring stores and related assets on a phased basis over a period of approximately six months, and intends to convert acquired stores to the Walgreens brand over time. Walgreens expects synergies from the new transaction to be in excess of $400 million.
MICHIGAN — Greystone has provided 13 HUD-insured loans totaling $79 million for the refinancing of The Altman Cos.’ multifamily portfolio in Michigan. The loans feature long-term, fixed-rate financing. The 13 properties are a blend of market rate and Section 8 housing units. The buildings are located throughout the state, from the Upper Peninsula to Roseville, about 18 miles north of Detroit. In addition to The Altman Cos.-owned properties, the refinanced portfolio includes one property owned by a private real estate group and two affordable housing communities, Charter Square and Green Hill apartments, which are owned by The Boys & Girls Club Non-Profit Housing Corp., with the proceeds going to The Boys & Girls Club of Lansing.
DETROIT — Marcus & Millichap has arranged the sale of Orchestra Place in Detroit for an undisclosed price. The five-story, 153,2790-square-foot office building is located at 3663 Woodward Ave. next to the Detroit Symphony Orchestra building. Built in 1997, the property is within walking distance of Wayne State University and the Detroit Medical Center. John Godwin of Marcus & Millichap represented the seller, a Detroit-area non-profit. He also procured the buyer, a regional investment group.
WOODRIDGE, ILL. — Conor Commercial Real Estate has completed development of a 145,200-square-foot industrial building in Woodridge, a suburb of Chicago. The building, located in the Union Pointe industrial business park, was developed as a build-to-suit for AMS Mechanical Systems Inc. (AMS). The new corporate headquarters features a 31,000-square-foot, two-story office component with a lobby, conference rooms and an employee break room. The remainder of the building supports the firm’s warehouse and manufacturing requirements with 32-foot clear heights, five dock doors, seven drive-in doors and an ESFR sprinkler system. AMS is a full-service mechanical contracting firm serving the chemical, food, process, manufacturing and power industries. McShane Construction Co. and Ware Malcomb served as the design/build construction team for the project. Chris Gary of NAI Hiffman represented AMS in the pre-sale agreement. Brian Carroll and Jim Cummings of Newmark Knight Frank represented Conor Commercial.
CHICAGO — Kiser Group has brokered the sale of a multifamily portfolio in Chicago’s Chatham neighborhood for $4.7 million. The portfolio consists of five buildings located at 8016 S. Evans Ave.; 7942 S. Champlain Ave.; 7953 S. Saint Lawrence Ave.; 7851 S. Indiana Ave.; and 8157 S. Martin Luther King Drive. The buildings feature a unit mix of 13 studios, 59 one-bedroom and 21 two-bedroom units, as well as four retail spaces. Noah Birk and Aaron Sklar of Kiser Group brokered the transaction. An out-of-state investor purchased the portfolio from a local owner that managed the properties over the last 15 years.
While recently visiting a local Starbucks, I noticed an employee behind the counter with a tattoo in the shape of California. I decided to ask the barista if she was from the Golden State, and indeed she was. I asked what brought her to Des Moines, thinking she would say family or a love interest, but I was wrong. She had read and heard so much positive press about the Des Moines area that she decided to give it a shot. She started applying for jobs online and landed one with Wells Fargo, the largest employer in Des Moines. Working at Starbucks was her second gig. I asked if she lived in the suburbs. She replied, “Nope, I live downtown and work in the suburbs.” Population surge This anecdotal story is pretty common these days. Young people are flocking to Des Moines like never before. I have lived in Des Moines nearly 40 years, and never have I seen the growth we are currently experiencing. Much of it has to do with the quality of life. We don’t yet have a rush hour — we call it rush minutes. The cost of living is reasonable, and young people stand a …
TROY, MICH. — Hayman Co. has acquired the Troy Officentre in Troy for $55 million. The 732,000-square-foot, five-building office property is located along East Big Beaver Road about 22 miles north of Detroit. Hayman Co. will manage and lease the building, as well as serve as construction manager for the nearly $10 million building enhancements, signage improvements and exterior property upgrades. Planned improvements to the property include new elevators, roof replacements, upgrades to the parking deck and landscaping enhancements. The company is also planning additional amenities, including a dog day care and food and beverage options. The complex is 83 percent occupied and home to tenants such as J.D. Power & Associates, St. John Providence, Urban Fulfillment Services, General Physics Corp. and Dialog Direct. A subsidiary of Osprey S.A. Ltd. was the seller.
LAKEVILLE, MINN. — Launch Properties has broken ground on Launch Park Lakeville I, a 286,000-square-foot warehouse in Lakeville, a suburb of Minneapolis. The building is 53 percent pre-leased to an undisclosed tenant, while 136,000 square feet remains available for lease. Construction is slated for completion in November. Launch Park Lakeville I will feature 32-foot clear heights, 50-foot interior bays, 60-foot dock bays, 23 dock doors and two drive-in doors. This is the first building in the master-planned park located at County Road 70 and Cedar Avenue, which can support up to 1.5 million square feet of new development. Jack Matasosky of Lakeville-based APPRO Development is providing design-build services for the project. Doug Fulton and Patrick McCaffrey of Avison Young represented the tenant in the lease transaction. Brian Van Hoof and Jeff Przytarski of CBRE represented Launch Properties.
INDIANAPOLIS — Colliers International has brokered the sale of Corporate Center North Buildings 4 and 6 in Indianapolis for an undisclosed price. Totaling 101,727 square feet, the two office buildings are located at 6026–6036 Lakeside Blvd. and 5915–5935 Lakeside Blvd. The buildings are 100 percent leased to four tenants, including Stericycle. Alex Cantu of Colliers marketed the property on behalf of the sellers, Building 4 LLC and Building 6 LLC. Tower Investments, an investment manager based out of Woodland, California, purchased the asset.
