WHEELING, ILL. — Marcus & Millichap has negotiated the $2.4 million sale of Pete Miller’s Steak House and 227,685 square feet of land in Wheeling, Ill. Richard Kozarits and Joseph Sigal of Marcus & Millichap’s Chicago Oak Brook office marketed the property on behalf of the seller, a limited liability company. Kozarits also secured and represented the buyer, a private investor. Pete Miller’s Seafood and Prime Steak is located at 412 N. Milwaukee Ave. The property includes 150 dedicated parking spaces and 383 feet of frontage on Milwaukee Avenue.
CINCINNATI — The Global Operations Center has opened at The Banks mixed-use development in Cincinnati. More than 2,000 employees will work in the 12-story, 338,000-square-foot tower. The main entrance will be at the corner of Second and Rosa Parks streets. The new building is located in Phase II of The Banks, and includes 19,000 square feet of street-level retail space. Taste of Belgium and Pies & Pints are under construction and will open in the coming weeks. Next door, the Radius at The Banks apartment community is also now open. GE has signed a 15-year lease with Carter and Nicol Investment Co., co-owners of the building. PNC Financial Services led the construction financing for the project, and Brasfield & Gorrie oversaw construction along with Cincinnati-based Jostin Construction. RJTR is the architect and CBRE will manage the property.
PAUL, MINN. — Stahl Construction has completed construction of a Hyatt Place hotel located in St. Paul’s historic Custom House building. The rededication of the Custom House building and grand opening of the Hyatt Place was held Sept. 21. The Custom House served as a post office and federal customs port in the early 1900s. It also served as the main postal facility for St. Paul from 1934 through 2010. The riverfront building has been converted into a mixed-use property including a 149-room hotel, 202 apartments and space for a future restaurant. The $125 million renovation of the 748,000-square-foot building has been ongoing over the last 17 months.
SWANSEA, ILL. — Southwestern Illinois Development Authority (SWIDA), in partnership with Bywater Development Group and Bi-State Development (BSD), is developing a $10.5 million seniors housing project adjacent to the Swansea MetroLink station in Swansea, Ill. The Illinois Housing Development Authority (IHDA) in Chicago approved the transit-oriented development project on Sept. 16. The new development, Metro Landing of Swansea, will feature a three-story building with 62 one- and two-bedroom apartments for older adults. Located adjacent to the Swansea MetroLink Station, residents can reach restaurants, retail and entertainment via mass transit. Construction will begin next summer and is scheduled for completion in late summer 2018.
ROSEVILLE, MICH. — Mid-America Real Estate Corp.’s Investment Sales team has brokered the sale of the Macomb Mall Shops in Roseville, Mich. A private investor purchased the 8,074-square-foot center for $3.6 million. Macomb Mall Shops is located at the northwest corner of Gratiot Avenue and Masonic Boulevard in Roseville. The center’s tenant list includes Potbelly’s, AT&T and Chipotle. Mid-America’s Carly Gallagher, Ben Wineman and Richard Kerwin represented the seller, Bloomfield Hills-based Lormax Stern Development Co., in the transaction.
CANTON AND SAGINAW, MICH. — Tjader Gerdom and Larry Siedell of Gerdom Realty and Investment represented both the buyer and seller in the sale of two net leased restaurants, Hayden’s Grill and Bar in Canton and Harvey’s Grill and Bar in Saginaw. Both locations are freestanding casual dining restaurants spanning 7,000 square feet. A private investor from the Detroit area bought the restaurants as a package deal.
Retail development in the St. Louis metro area continues to gain momentum. Rental rates are strong, with triple-net asking rents averaging $12.30 per square foot, and are expected to trend upward as the retail market continues to grow. Absorption of existing product along with multiple new developments has created a positive forecast for the St. Louis retail market. In the second quarter of 2016, the St. Louis retail vacancy rate dropped to 5.9 percent from 6.1 percent the previous quarter with positive net absorption of 449,056 square feet. Leasing ramps up Contributing to the healthy retail market are several tenants moving into large blocks of space including two 41,921-square-foot Walmart Neighborhood Market stores now open in St. Peters. Among other store openings: • At Home has announced two 100,000-square-foot locations on the site of a former Walmart in Town & Country and a former K-Mart in O’Fallon, Mo. • Academy Sports will open two 62,000-square-foot locations in Manchester and O’Fallon, Ill. • Camping World will move into 34,710 square feet in Wentzville. • Stein Mart will occupy 31,000 square feet in Town & Country. • Bob’s Discount Furniture has signed a 28,035-square-foot lease in Manchester and a 30,000-square-foot lease at …
CHICAGO — Chicago-based Stream Capital Partners has executed the sale-leaseback of an industrial lumberyard portfolio. The tenant, Consolidated Lumber, is leasing back 13 properties in Wisconsin and Minnesota. The portfolio is comprised of over 300,000 square feet of building area, situated on nearly 3 million square feet of land. A REIT was the buyer. The purchase price was $14.5 million. The lease is structured as a long-term triple net lease with periodic rent increases and multiple options for renewal. Jonathan Wolfe and Jordan Shtulman of Stream Capital Partners represented the seller on the transaction.
COLUMBUS, WILLOUGHBY OHIO — Hunt Mortgage Group has provided two Fannie Mae loans totaling $18.8 million to refinance two multifamily properties located in Ohio. The properties include: The Ridge at Taylor Station in Columbus — Hunt Mortgage Group provided a $6 million Fannie Mae loan facility to refinance the property. Perry-Sycamore LP sponsors the borrower. The borrower acquired Ridge at Taylor Station in 2000 and the loan features a 10-year term, 30-year amortization period and a 9.5-year yield maintenance period. Built in 1974, the property was renovated by the current owners in 2004 and 2015. The property is a 192-unit garden-style multifamily facility comprised of eight three-story residential buildings, plus a standalone leasing office. Property amenities include an outdoor picnic area, pool, playground and a basketball court. Fox Run Apartments in Willoughby — Hunt Mortgage Group provided a $12.8 million Fannie Mae loan to refinance the property, a 192-unit garden-style apartment complex. The property is comprised of 12 two-story apartment buildings. Friedman Properties Ltd., an Ohio limited liability company, is the borrower. The transaction is structured with a 10-year term with 9.5 years of yield maintenance and a 30-year amortization schedule. Fox Run Apartments was constructed between 1986 and 1997 …
CHICAGO — The Missner Group has acquired the Oxxford Building, located at 1220 W. Van Buren St. in Chicago. The firm plans to redevelop the 115,000-square-foot office/showroom and manufacturing building into a Class A loft office building. The seven-story property includes a basement and an 8,000-square-foot adjacent vacant lot, which serves as parking. Located in Chicago’s West Loop, 1220 West Van Buren is surrounded by new residential and commercial developments and offers frontage off the Eisenhower Expressway (I-290). The Missner Group’s redevelopment plans for 1220 West Van Buren include building out the space to include open floor plans, exposed ductwork, concrete and brick features as well as a tenant lounge with rooftop deck, fitness center, conference center, locker rooms and bike parking facilities. Oxxford Clothing, a manufacturer of men’s clothing, currently occupies the property. The firm has occupied the building for the past 67 years and at one time manufactured 35,000 suits per year. After a short-term lease, Oxxford will complete its transition to a new facility near Midway Airport. Ed Adler of The Missner Group led the acquisition for the firm. Ari Klein, Larry Goldwasser and Colin Green of Cushman and Wakefield represented Oxxford in the transaction.