ALMA, MICH. — Lamb Net Lease LLC has brokered the sale of a net leased Walgreens pharmacy in Alma in central Michigan for $5.8 million. The 14,820-square-foot property is located at 1420 Wright Ave. The buyer, Riverlawn Properties LLC, completed the deal as part of a 1031 exchange. Joe Patti of Roaring Fork Holdings LLC represented the buyer. Mike Lamb of Lamb Net Lease represented the seller, Retail Development Inc.
Many of the national trends unfolding in the multifamily sector are playing out in Grand Rapids, the second largest city in Michigan, with a population estimated at 195,000 and slightly more than 1 million metrowide. A combination of demographic, economic and lifestyle trends are leading to the creation of more renter households. This includes Baby Boomers, Millennials and renters by choice across all income levels. In addition, Grand Rapids is experiencing an urban renaissance that is bringing new commerce, housing and amenities into the downtown area. During the 2016 National Multifamily Housing Council conference in Orlando, Grand Rapids was recognized as one of the top three small to mid-sized markets in the country for multifamily investment. Annualized apartment rent growth in Grand Rapids has been running at a robust 7 to 8 percent for the past two years, but some momentum has been lost in the wake of a large number of units that have come on line. The annual rent growth slipped to 4.6 percent during the four-quarter period that ended Sept. 30. The average occupancy rate remains above 97 percent, but is gradually coming off a peak of 98.6 percent in the third and fourth quarters of 2013. …
NEW ALBANY, IND. — General Mills has sold a 455,000-square-foot manufacturing plant in New Albany, just across the state border from Louisville, Ky., to a joint venture of New Mill Capital Holdings and Tiger Capital Group. The sales price was not disclosed. The new owners intend to auction the remaining equipment in early 2017, and remarket the real estate for manufacturing uses. Located at 707 Pillsbury Lane, the plant sits on approximately 34.5 acres. The building has numerous loading docks and access points and can be adapted for a single occupant or multiple tenants. Jeff Counsell of Global Food Properties represented General Mills in the transaction and will continue to represent the new owners.
OMAHA, NEB. — Cushman & Wakefield/The Lund Co. has negotiated the sale of West Grayhawk shopping center in Omaha for $20.8 million. The 100,000-square-foot center is located at 150th Street and West Maple Road. West Grayhawk is 100 percent leased to tenants including Fresh Thyme, Ulta, Gordmans Department Store, Shoe Carnival and Husker Hounds. Richard Secor Jr. of Cushman & Wakefield/The Lund Co. represented the buyer, Lumax Realty Corp. and Tomlin Development Corp. Bob Begley of Lockwood Development represented the seller, Royce Grayhawk LLC.
MARYLAND HEIGHTS, MO. — Midas Hospitality will manage the new $16 million Staybridge Suites hotel located at 25 Progress Parkway in Maryland Heights, a suburb of St. Louis. The 122-room hotel features one- and two-bedroom suites. MC Hotel Construction, a sister company of Midas Hospitality, built the hotel.
Pillar Originates $8.2M Fannie Mae Loan for Multifamily Property Portfolio in Grand Rapids, Michigan
GRAND RAPIDS, MICH. — Pillar has originated an $8.2 million Fannnie Mae loan for the refinancing of The Heritage Collection, a portfolio of eight multifamily properties in the historic district of Grand Rapids. The 10-year, fixed-rate loan includes a 30-year amortization schedule. The collection includes 131 units, ranging from studios to three-bedroom apartments, and is fully leased. Many of the properties are 19th- and 20th- century mansions that have been converted into apartments. David Wilkins of Pillar originated the loan for Maplegrove Property Management.
CINCINNATI — BestDrive, a commercial tire dealer and retreader, has opened an 18,500-square-foot retail location in Cincinnati in the Cincinnati Enquirer building. Located at 10801 Millington Ct., the building is off I-75 near the I-275 interchange. BestDrive’s new shop and service center will continue to increase expansion of the Continental tire and ContiLifeCycle (CLC) retread service network throughout the Midwest and the United States. Robert Bunton of CBRE represented BestDrive in the transaction.
LOMBARD, ILL. — Berkadia has brokered the sale of Westmore Apartments, a multifamily property in the Chicago suburb of Lombard, for $29.2 million. Built in 1968, the property is located at 1049 S. Westmore Ave. The 230-unit apartment building features one-, two- and three-bedroom units. Ralph DePasquale of Berkadia arranged the sale. A Chicago-based private seller sold the property. Axiom Westmore LLC was the buyer.
EAST ST. LOUIS, ILL. — St. Clair County has started construction on the $8.1 million River Bridge District project. The project is focused on transforming a key section of the East St. Louis Riverfront to draw industry and jobs. This is the final piece of highway infrastructure improvements already made by state and federal partners, including the relocation of Illinois Route 3. A comprehensive overhaul of Front Street from Trendley Avenue in East St. Louis to where the road ends in Fairmont City is planned, as well as improvements to connecting roadways.
WOODBRIDGE, ILL. — Venture One Real Estate has acquired a 51,773-square-foot industrial building in Woodridge, a suburb of Chicago. The sales price was not disclosed. The building, located at 10321 Werch Dr., is 75 percent occupied. Venture One acquired the building through its acquisition fund, VK Industrial III LP, a partnership between Venture One and Kovitz Investment Group. Jim Estus of Colliers International represented the seller in the transaction.