NILES, OHIO — Cooper Commercial Investment Group has brokered the sale of a single-tenant property net leased to Vitamin Shoppe in Niles, near the border of Pennsylvania, for $1.8 million. The Vitamin Shoppe has approximately six years remaining on its lease. Dan Cooper of Cooper Commercial represented the seller, an Ohio-based private investor. A Minnesota-based fund was the buyer.
PALATINE, ILL. — Origin Investments, in partnership with Draper and Kramer Inc. and LEM Capital, has acquired Village Park of Palatine in the Chicago suburb of Palatine for $48 million. The 448-unit apartment complex features 15 two- and three-story buildings on a 28-acre site. The unit mix includes 154 studio and one-bedroom units averaging 706 square feet, 195 two-bedroom units averaging 994 square feet and 99 three-bedroom units averaging 1,225 square feet. At the time of acquisition, the property was 92 percent occupied. Over the next 30 months, Origin and its partners plan to upgrade all units in the complex, which was originally developed in 1977 and renovated in 1997. New appliances, cabinets, countertops and hardware will be installed. The partnership will oversee extensive common area upgrades as well.
EDWARDSVILLE, ILL. — Deka Immobilien Investment GMBH, a real estate investment company based in Germany, has acquired the Amazon Gateway Distribution Center in Edwardsville near St. Louis for $42.3 million. The 717,000-square-foot building was developed by a joint venture between Tristar Cos. and Pacific Coast Capital Partners (PCCP). Robert Stamm of Colliers International led the negotiation of the transaction. In addition, Brian Corrigan, Brandon McMenomy, Andres Roldan and Steven Ward of Colliers represented Deka. Steve Disse and Jeff Devine of Colliers Chicago represented Tristar and PCCP.
DEFOREST, WIS. — Ryan Cos. U.S. Inc. has completed construction of a new 132,730-square-foot processing facility for The Little Potato Company in DeForest, a northeast suburb of Madison. The company is in the process of installing specialized food processing equipment within the facility and expects to be fully operational in the first quarter of this year. The facility includes 11,730 square feet of office space and 121,000 square feet of cooler, dry warehouse and processing space. The cooler space is expandable to serve the company’s projected growth. Additional features include 30-foot clear heights, 12 dock doors, two overhead drive-in doors and 130 stalls for employee parking. The project team from Ryan Cos. included Ryan Marks, Nick Kaminski and Steve Hough. Eppstein Uhen Architects provided architectural services.
BROOKFIELD, WIS. — CBRE has brokered the sale of Corporate Woods in Brookfield, a suburb of Milwaukee, for $4.5 million. The 55,456-square-foot office building is located at 375 Bishops Way on a 4.1-acre site along Bluemound Road. The building, completed in 1987, features 19 underground climate-controlled parking spaces, a 164-stall surface lot and a two-story lobby. The building was 98 percent occupied at the time of sale. Eric Rapp, Patrick Gallagher and Judd Welliver of CBRE arranged the sale on behalf of the owner, Somerset Properties. Corporate Woods LLC, a Milwaukee-based investor, was the buyer. Somerset Properties will retain management of the building.
EDINA, MINN. — Marcus & Millichap has arranged the sale of Interlachen Manor and Oaklawn Estates, a 31-unit apartment portfolio located in the Minneapolis suburb of Edina, for $4.4 million. Interlachen Manor includes 17 units and is located at 5220 Interlachen Blvd. Oaklawn Estates includes 14 units and is located at 4401 Valley View Road. Josh Talberg, Mox Gunderson and Dan Linnell of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The Marcus & Millichap team also secured and represented the buyer, a private investor.
CHICAGO — Mission Capital Advisors has arranged a $170 million loan for the construction of Essex on the Park in Chicago. The 56-story, 479-unit luxury apartment building will be located at 808 S. Michigan Ave. As part of the project, the adjacent Essex Inn will be expanded to 271 rooms and repositioned as the Hotel Essex. Opening of the entire project is slated for 2019. The apartments will include a mix of studios, convertibles, and one-, two- and three-bedroom units. The top two residential floors of the building will include four penthouse duplexes. Jordan Ray, Ari Hirt, Steven Buchwald and Jamie Matheny of Mission Capital advised ownership and sourced the financing from a global investment bank. Oxford Capital Group LLC and Quadrum Global are co-developing the project.
CHICAGO — Crescent Heights has broken ground on One Grant Park in Chicago’s South Loop. The 76-story apartment building, located at 1200 S. Indiana Ave., will include 792 luxury apartments. Completion is slated for early 2019. Rafael Viñoly designed the tower, and Rockwell Group will design the interiors of the units. The building will include a mix of studio, one-, two- and three-bedroom apartments. S. Loop Chicago Development LLC purchased the three-acre site in 2012.
MERRIAM, KAN. — Block & Co. Inc. Realtors has acquired the former Kmart shopping center in Merriam, located about 10 miles southwest of Kansas City. The center sits on 11.8 acres at 8703 Shawnee Mission Parkway. Block & Co. plans to redevelop the property as a mixed-use development with restaurants, retail, entertainment and hotel sites. Block & Co. will handle all phases of the development including the leasing, property management and construction management. David M. Block of Block & Co. negotiated the sale on behalf of Block & Co. Bob Johnson of RH Johnson Co. negotiated the transaction on behalf of the undisclosed seller.
MILWAUKEE — Marcus & Millichap has arranged the sale of a retail building net leased to Whole Foods on Milwaukee’s east side for $22.2 million. The 53,875-square-foot store is located at 2305 N. Prospect Ave. Adam Connor of Marcus & Millichap represented the seller, Irgens. The buyer was a Seattle-based private investor. Irgens is a Milwaukee-based real estate developer.
