BOARDMAN TOWNSHIP, OHIO — Marcus & Millichap has arranged the sale of a net-leased medical office building in northeastern Ohio for $1.1 million. U.S. Oncology Inc. is located at 835 Southwestern Run. The 10,140-sqaure-foot building was upgraded in 2007. Ryan E. Moore, Paul Kerber and Christopher Mitchel marketed the property on behalf of the seller, a developer. The buyer was not disclosed.
Without a doubt, 2016 was a year to remember for the Kansas City apartment market. Employers, builders, operators and investors all had an eye on the flourishing metropolitan area and contributed to its ongoing strength, leading to a 20-year high for apartment occupancy. But in order to assess if 2017 will be as fruitful, a review of how each of these groups fared in 2016 and an analysis of the current economic climate should be taken into account. Employers A healthy economy underscored by an active employment market generates a cyclical effect whereby employers seek talent, talent seeks housing, and developers seek residents. According to Moody’s Analytics, total nonfarm payroll employment in the Kansas City metropolitan area in 2016 expanded by 1.5 percent following a 1.3 percent increase in 2015. Virgin Mobile USA, to name one active area employer, relocated its corporate headquarters from Warren, N.J., to downtown Kansas City as part of the company’s re-launch of its new brand under Sprint. The long-term location for the new headquarters is undetermined, but temporarily at least 50 new employees now work out of the One Kansas City Place building at 12th and Main streets. By year-end 2017, Berkadia Research projects total …
EVANSTON, ILL. — Marcus & Millichap has arranged the sale of The Chandler’s Building in Evanston, 12 miles north of Chicago, for $5.7 million. The building is located at 630 Davis St. near Northwestern University. The mixed-use property features office space and 23,929 square feet of ground-floor retail space. The property was built in 1910 with renovations completed in 2010. The building was 70 percent occupied at the time of sale. The buyer was a private real estate investor satisfying a 1031 exchange. The seller was 630 Davis Street LLC. Stephen Lieberman and Kyle Stengle of Marcus & Millichap represented the sale on behalf of ownership.
EAGAN, MINN. — CBRE has brokered the sale of Southeast Corporate Center in Eagan, 15 miles south of St. Paul. The 58,645-square-foot office building is located at 3020 Denmark Ave. The building was constructed in 1998. The property is currently 100 percent leased to CHS Inc., an agricultural company. Spectrum Development Group LLC purchased the building. Ryan Watts, Judd Welliver, Sonja Dusil and Tom Holtz of CBRE represented the seller, a private equity firm.
MOORHEAD, MINN. — Grandbridge Real Estate Capital has negotiated a $10 million first mortgage loan for the refinancing of a 133-unit apartment property in Moorhead, near the border of North Dakota. A life insurance company funded the 15-year loan, which features a 30-year amortization schedule. Tony Carlson and Jeff Witt of Grandbridge originated the loan.
ST. LOUIS — Bridgetown Trucking has moved its St. Louis warehouse to the Union Seventy Center Business Park. Bridgetown will occupy 22,000 square feet at 3901 Union Blvd. Bridgetown previously occupied 4,000 square feet in Chesterfield. The Union Seventy Center Business Park totals approximately 161 acres. The business park is located between downtown St. Louis and Lambert-St. Louis International Airport. Brendan O’Brien of Hilliker Corp. represented the tenant and the landlord, Union Seventy Center Business Park. Bridgetown focuses on airfreight, flat bed and full truckloads, warehouse storage with pick and pack services, and order fulfillment.
GRANDVIEW, MO. — Colliers International has arranged the sale of an industrial building in Grandview, about 17 miles south of Kansas City. The sales price was not disclosed. The 8,000-square-foot building is located at 12410 S. 71 Highway. John Stafford of Colliers represented the buyer, Vala Properties LLC. The R.H. Johnson Co. represented the seller, TM Grandview LLC.
CHICAGO — Mid-America Real Estate Corp. has arranged the sale of 3030 North Broadway in Chicago for $81 million. The 137,618-square-foot shopping center is located between Barry and Wellington avenues. Ohio-based DDR Corp. purchased the center, which is anchored by grocer Mariano’s. Other tenants include XSport Fitness, Starbucks and PNC Bank. Ben Wineman and Joe Girardi of Mid-America represented the sellers, a joint venture between Barrett & Porto Real Estate, The Taxman Corp. and Newport Capital Partners.
PARK RIDGE, ILL. — McShane Construction Co. has completed construction of the latest Fitness Formula Clubs (FFC) location in Park Ridge. The 67,000-square-foot fitness facility is located at 826 W. Touhy Ave. FFC Park Ridge features two stories as well as a mezzanine level. The facility includes cardio and strength training spaces, group exercise rooms, studios, an indoor basketball court, six-lane lap pool and three-story indoor climbing wall. McShane completed the facility two months ahead of schedule. McShane has provided construction services for several other FFC locations in the Chicago area, including the signature facility at the former Chicago Mercantile Exchange building at Union Station.
MILWAUKEE — The Dickman Co. Inc./CORFAC International has negotiated the sale of a 28,050-square-foot industrial building in Milwaukee. The facility is located at 7528 N. Teutonia Ave. Olympic Supply Co., a distributor of bicycle parts and accessories, purchased the building from Delores Kramer Trust. Nick Keys, Roger Siegel and Zach Hansen of the Dickman Co. brokered the transaction.
