Midwest

Marcus & Millichap Brokers $1.8M Sale of Net Leased Retail Property in Grand Forks, North Dakota

by Kristin Harlow November 21, 2016

GRAND FORKS, N.D. — Marcus & Millichap has brokered the sale of a property net leased to Caribou Coffee and Einstein Bros. Bagels in Grand Forks for $1.8 million. The 2,558-square-foot space is located at 1225 S. Columbia St. Sean Doyle, Matthew Hazelton, Adam “AJ” Prins and Cory Villaume of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a developer. Mark Ruble and Jamie Medress of Marcus & Millichap secured and represented the buyer, a partnership. Regional Manager Craig Patterson assisted in closing the transaction.

November 21, 2016

Midwest Missouri Office

CBRE Arranges Sale of 520,431 SF Office Building in Kansas City

by Kristin Harlow November 18, 2016

KANSAS CITY, MO. — CBRE has arranged the sale of Two Pershing Square, a 520,431-square-foot office building in Kansas City. The sales price was not disclosed. The Class A office building, located at 2300 Main St., is 11 stories and anchored by GSA’s Heartland Region office. VanTrust Real Estate LLC purchased the asset from TA Associates. Gina Anderson and Gary Carr of CBRE arranged the transaction on behalf of TA Associates.

November 18, 2016

Industrial Midwest Wisconsin

Avison Young Arranges Sale of 249,000 SF Industrial Facility in Milwaukee

by Kristin Harlow November 18, 2016

MILWAUKEE — Avison Young has arranged the sale of a 249,753-square-foot industrial facility located at 2300 S. 51st St. in Milwaukee. The sales price was not disclosed. Oilgear, a producer of hydraulic pumps, valves and related equipment, sold the facility to relocate production to existing facilities in Fremont, Neb. and Traverse City, Mich. Tom Curtis and Mike McKiernan of Avison Young represented Oilgear in the transaction. Global Power Components was the buyer.

November 18, 2016

Illinois Midwest Retail

Quantum Brokers $4.5M Sale of 42,588 SF Retail Center in Palatine, Illinois

by Kristin Harlow November 18, 2016

PALATINE, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 42,588-square-foot retail center in Palatine, a northwestern suburb of Chicago, for $4.5 million. The multi-tenant center is located at 801-861 N. Quentin Road., and includes tenants such as Anytime Fitness, Papa John’s Pizza and H&R Block. A commercial real estate fund based in Denver was the buyer. Chad Firsel of Quantum Real Estate Advisors represented the seller, a Chicago-based investment group.

November 18, 2016

Illinois Midwest Restaurant Retail

Novak Construction Completes 9,000 SF Portillo’s Restaurant in Deerfield, Illinois

by Kristin Harlow November 18, 2016

DEERFIELD, ILL. — Novak Construction has completed the construction of a 9,000-square-foot Portillo’s restaurant in Deerfield, approximately 25 miles north of Chicago. The building is located at 700 Lake Cook Road. Novak’s work on the development included the demolition of an existing building, new site utilities, curbs and asphalt paving. The restaurant opened on Tuesday, Nov. 15.

November 18, 2016

Michigan Midwest Office

Gerdom Realty Arranges Sale of 19,798 SF Office Building in Walled Lake, Michigan

by Kristin Harlow November 18, 2016

WALLED LAKE, MICH. — Gerdom Realty & Investment has arranged the sale of a 19,798-square-foot office building in Walled Lake, a northern suburb of Detroit. The sales price was not disclosed. The office building is situated on 4.1 acres at Ladd Road, just south of Maple Road. A Detroit-based church was the buyer. Michael Murphy and Tjader Gerdom of Gerdom Realty represented the seller in the transaction.

November 18, 2016

Kansas Midwest Multifamily

L5 Investments Partnership Acquires 289-Unit Apartment Community in Lenexa, Kansas for $17.7M

by Kristin Harlow November 17, 2016

LENEXA, KAN. — A partnership between L5 Investments and BH Equities has acquired Lenexa Pointe Apartments, a 289-unit apartment community, for $17.7 million. The property is situated on 20.5 acres at 12000 W. 77th Terrace in Lenexa, approximately 12 miles south of Kansas City, Mo. The community features 145 one-bedroom units and 144 two-bedroom units. The building was originally built in 1972 and renovated in 1992. The partnership is planning a major renovation of the property estimated at more than $6 million, including construction of a new leasing center, business and fitness center, landscaping enhancements and new lighting. BH Equities will manage the property through its property management arm, BH Management Services. Dustin Dulin of JLL arranged the debt on behalf of the partnership. Brandon Grisham of CBRE brokered the deal with both the buyer and the seller, a private investor.

November 17, 2016

Iowa Midwest Multifamily Seniors Housing

MorningStar, Confluent Development Break Ground on Senior Living Community in West Des Moines, Iowa

by Kristin Harlow November 17, 2016

WEST DES MOINES, IOWA — Co-developers MorningStar Senior Living and Confluent Development have broken ground on MorningStar Senior Living at Jordan Creek in West Des Moines. Construction is expected to be complete in November 2017. Located at 60th Street and Village View, the 71,643-square-foot property will feature 85 suites for assisted living and memory care. The community will offer studio, one- and two-bedroom suites ranging from 340 to more than 1,200 square feet. Rosemann & Associates is the architect for the new development. Thoma-Holec Design is the interior designer.

November 17, 2016

Indiana Midwest Retail

Adler Realty Acquires 87,083 SF Shopping Center in Muncie, Indiana for $9.9M

by Kristin Harlow November 17, 2016

MUNCIE, IND. — Adler Realty Investments Inc. has purchased Marsh Plaza in Muncie, about 50 miles northeast of Indianapolis, for $9.9 million. The 87,083-square-foot retail center is located at the intersection of McGalliard Road and Wheeling Avenue near Ball State University. The center is 100 percent occupied and is anchored by a Marsh Supermarket. Michael Adler represented Adler Realty in the transaction. McWheel Properties LLC was the seller.

November 17, 2016

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Arranges $21.7M Fannie Mae Loan for Multifamily Property in Burnsville, Minnesota

by Kristin Harlow November 17, 2016

BURNSVILLE, MINN. — Dougherty Mortgage LLC has arranged a $21.7 million Fannie Mae loan for the refinancing of Berkshire of Burnsville, a 205-unit multifamily property in Burnsville, 15 miles south of Minneapolis. Located at 13901 Echo Park Circle, the apartment building features one-, two- and three-bedroom townhomes. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for borrower Echo Park Limited Partnership.

November 17, 2016

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