SHOREWOOD, WIS. — Mid-America Real Estate Corp. has brokered the sale of Metro Market in Shorewood, about five miles north of Milwaukee. The sales price was not disclosed. The 90,320-square-foot store is located at 4075 N. Oakland Ave. Metro Market is a grocery chain owned by Kroger. Wes Koontz, Christian Tremblay, Ben Wineman and Dan Rosenfeld of Mid-America Real Estate represented the undisclosed seller. An institutional buyer purchased the property, which includes a parking garage.
OVERLAND PARK, KAN. — SelectQuote has signed an 85,000-square-foot office lease at Overland Park Xchange (OPx) in Overland Park. The San Francisco-based life insurance company will occupy the space beginning in September 2017. Occidental Management, the owner of the Class A office building, added a second floor in the former Expo Hall to create two 55,000-square-foot floor plates to accommodate SelectQuote’s needs. SelectQuote plans to transform the exterior area on the ground floor into a large outdoor recreational space as well as offer amenities such as a coffee bar, fitness center and video games to employees. With the SelectQuote lease, the building is now 83.5 percent leased. Other tenants include UnitedHealth Group and Black & Veatch. SelectQuote currently occupies a Midwest office in Kansas City, Mo. and will consolidate the locations.
WEST ST. PAUL, MINN. — CBRE has arranged a $3.8 million acquisition loan for Emerson Hills Apartments in West St. Paul. The 35-unit multifamily property is located at 993 Robert St. The building, which was built in 2005, was 97 percent occupied at the time of sale. The financing was obtained through Freddie Mac’s small loan balance program and includes a 10-year, fixed interest rate of 3.6 percent and a 30-year amortization schedule. Ben Bastian and Mark Roos of CBRE represented the borrower, Emerson Hills Apartments LLC. The borrower is affiliated with Blackhawk Investment Group, a private real estate investment and development firm with a portfolio of approximately 300 apartment units in the Minneapolis and Chicago metro areas. The seller was an entity related to Sherman Associates Inc.
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.
