Midwest

The Boulder Group Brokers $1M Sale of Net Leased Qdoba Property

by Kristin Harlow November 23, 2016

GRAND RAPIDS, MICH. — The Boulder Group has brokered the sale of a single-tenant property net leased to Qdoba Mexican Eats in Grand Rapids for $1 million. The building is located at 3225 Alpine Ave. NW across from Green Ridge Square shopping mall. There are over five years remaining on the Qdoba lease, which expires in September 2021. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate investment company, in the transaction. A high-net-worth individual from the West Coast was the buyer.

November 23, 2016

Midwest Retail Wisconsin

Marcus Theatres Acquires All 14 Wehrenberg Theatres Locations in Four Midwestern States

by Kristin Harlow November 22, 2016

MILWAUKEE — Marcus Theatres, a division of The Marcus Corp. (NYSE: MCS) has acquired the assets of St. Louis-based Wehrenberg Theatres in four Midwestern states. Terms of the transaction were not disclosed. Wehrenberg Theatres is the oldest family-owned and operated theater circuit in the United States with 197 screens at 14 locations in Missouri, Iowa, Illinois and Minnesota. Upon completion of the transaction, Marcus Theatres will increase its number of screens by 29 percent, operating 885 screens at 68 locations in eight states. In conjunction with the acquisition, Marcus Theatres will also acquire the underlying real estate for six of the theater locations, as well as Ronnie’s Plaza, an 84,000-square-foot retail center located at 5320 S. Lindbergh Blvd. in St. Louis. Peter J. Solomon Co. assisted Marcus Theatres in the transaction. The Fortune Group served as advisor for Wehrenberg Theatres.

November 22, 2016

Illinois Midwest Retail

Thor Equities Closes $44.2M Sale of 12,000 SF Retail Building in Chicago

by Kristin Harlow November 22, 2016

CHICAGO — Thor Equities has closed on the sale of 26-34 S. State St. in Chicago for $44.2 million. The retail space is home to the first dedicated Jordan Brand store, which opened in October 2015. Thor leased approximately 12,000 square feet of retail space to the athletic apparel store in 2014. The two-level location sells sneakers and apparel, and features a basketball gym and consumer lounge. The buyer was not disclosed. Michael Marks of Cushman & Wakefield brokered the transaction.

November 22, 2016

Midwest Retail Wisconsin

HSA Commercial, Innovative Capital Advisors Acquire 217,346 SF Shopping Center in Brookfield, Wisconsin

by Kristin Harlow November 22, 2016

BROOKFIELD, WIS. — A partnership between HSA Commercial Real Estate and Innovative Capital Advisors has acquired the 217,346-square-foot Brookfield Fashion Center in Brookfield, a western suburb of Milwaukee. The sales price was not disclosed. Stein Mart, Jo-Ann Fabrics, Pier 1 Imports and Ulta Beauty anchor the regional shopping center located on Bluemound Road near Brookfield Square Mall. The center is currently 97 percent leased.

November 22, 2016

Michigan Midwest

Ford Motor Co., UAW-Ford Invest $6M in Motown Museum Expansion

by Kristin Harlow November 22, 2016

DETROIT — Ford and UAW-Ford have invested $6 million as lead donor in a $50 million expansion of Motown Museum in Detroit, according to the museum’s website. The museum is home to the famous Hitsville USA and Studio A. The expansion will increase the size of the museum to 50,00 square feet. The project team includes Perkins + Will, Hamilton Anderson Associates, Brinker Group and Gallagher & Associates. As part of the investment, the expanded museum will include: Ford Motor Company Theater, a state-of-the-art performance venue. Educational, music and other programming tied to Ford’s ongoing student and community outreach initiatives. CARaoke Experience, an interactive Ford-branded activity that incorporates music with Ford vehicles. Ford will be official vehicle of Motown Museum. The commitment is part of the $10 million that the Ford Fund is contributing to Detroit over the next five years.

November 22, 2016

Michigan Midwest Office

Colliers International Arranges 1,728 SF Office Lease in Detroit

by Kristin Harlow November 22, 2016

DETROIT — Colliers International has arranged a 1,728-square-foot office lease in the Grand Park Centre building, a 20-story office tower, in Detroit. Nowak & Fraus Engineers, an engineering, surveying and planning company, will occupy the space at 28 W. Adams St. The company headquarters will remain in Pontiac, Mich. Nowak & Fraus expect its move into the Grand Park Centre building to be complete in January 2017. Peter McGrath of Colliers International Detroit represented Nowak & Fraus in the lease transaction.

November 22, 2016

Industrial Michigan Midwest

Colliers International Brokers Sale of 219,225 SF Bakery in Livonia, Michigan

by Kristin Harlow November 21, 2016

LIVONIA, MICH. — Colliers International has brokered the sale of the Awrey’s Bakery building in Livonia, a western suburb of Detroit. The sales price was not disclosed. The 219,225-square-foot building sits on 20 acres and is located at 12301 Farmington Road. Raffi Derbabian of Colliers International represented the seller, NJ Ventures LLC. The buyer was undisclosed. Awrey’s bakery production will continue to operate out of the building. Originally founded in 1910, the bakery remains one of the largest, privately owned bakeries in the country.

November 21, 2016

Loans Michigan Midwest Multifamily

Hunt Mortgage Group Provides $18M Fannie Mae Loan for Multifamily Property in Ann Arbor, Michigan

by Kristin Harlow November 21, 2016

ANN ARBOR, MICH. — Hunt Mortgage Group has provided an $18 million Fannie Mae loan to refinance Hidden Valley Apartments in Ann Arbor. The 324-unit apartment community is located at the northeast corner of State Street and Eisenhower Parkway. Constructed in 1973, the complex consists of seven two-story buildings with 36 studio units, 198 one-bedroom units and 90 two-bedroom units. The 30-year loan includes a 30-year amortization schedule. Cardinal HVC LLC was the borrower. Matt Shane of Q10/Lutz Financial Services was the mortgage broker in the transaction.

November 21, 2016

Hospitality Midwest Wisconsin

HREC Arranges Sale of GrandStay Hotel in Appleton, Wisconsin

by Kristin Harlow November 21, 2016

APPLETON, WIS. — HREC Investment Advisors has arranged the sale of an 80-guestroom GrandStay Hotel & Suites, a regional hotel chain, in Appleton. The sales price was not disclosed. The hotel is located at 300 N. Mall Drive near the Fox River Mall and Outagamie Regional Airport. Features include an indoor pool, lobby bar and exercise room. Regal Hospitality Inc. was the buyer. Scott Kaniewski of HREC Chicago exclusively represented the seller, Pearlshire Capital.

November 21, 2016

Illinois Midwest Retail

The Boulder Group Arranges $2.1M Sale of Property Net Leased to US Bank in Lockport, Illinois

by Kristin Harlow November 21, 2016

LOCKPORT, ILL. — The Boulder Group has arranged the sale of a single-tenant property net leased to US Bank in Lockport, 30 miles southwest of Chicago, for $2.1 million. The building is located at 1103 East 9th St. near Lewis University. The triple net lease entered into by US Bank expires in July 2026 and features annual rental escalations of 2.5 percent and three five-year renewal option periods. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, an institutional investment firm. A high net worth individual was the buyer.

November 21, 2016

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