LANCASTER, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a 229,142-square-foot shopping center in Lancaster. River Valley Plaza sold for $15.8 million. The seller was a Columbus-based owner, and the buyer was a Canadian investment group. The property is located at 1300 River Valley Blvd. and is 97 percent occupied with 82 tenants. Target, Hobby Lobby and T.J. Maxx anchor River Valley Plaza and collectively occupy 80 percent of the center’s gross leasable area. Target has been a tenant since 1994, and Hobby Lobby recently extended its lease into 2025. T. J. Maxx just signed on for an additional five years. Subway has occupied space in the shopping center since 1990. Erin Patton, Craig Fuller and Scott Wiles represented the seller and procured the buyer.
CHICAGO — The Boulder Group has completed the sale of a single-tenant, net-leased retail property in Chicago for $9.5 million. The property, leased to LA Fitness, is located at 6107 N. Broadway St. The seller, Crossroads Development, renovated the two-story, 22,000-square-foot building in 2014. The 1031 exchange buyer in the transaction is a high-net-worth individual based on the West Coast. The property will retain its current management group and includes on-site parking. According to CoStar Group, the 5.6 percent cap rate represents the lowest cap rate ever recorded for the sale of a single-tenant LA Fitness property. The lease for LA Fitness expires in June 2029 and features 10 percent rental escalations every five years. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction.
PLAINFIELD, IND. — JLL has arranged a 176,000-square-foot industrial lease in Plainfield, approximately 18 miles southwest of Indianapolis. Best Choice Products will occupy space at Building One within the Plainfield Business Park. The lease for Best Choice Products will bring the 352,960-square-foot facility, located at 2370 Perry Road, to full occupancy. The building features a cross-dock configuration, 32-foot clear heights, 26 docks, one drive-in door, 60-foot loading bays, 21 trailer parking spaces and 130 auto parking spaces. Chip Barnes and Matt Dickerson of JLL represented the landlord, Clarion Partners, in the lease transaction. Steve Schwegman of JLL represented Best Choice Products.
INDIANAPOLIS — Colliers International has negotiated the sale of an 82,565-square-foot historic office building in downtown Indianapolis for $4.9 million. NAYA USA Investment purchased the building, One North Pennsylvania, from One North Penn LLC. The building was constructed in 1909 and is currently 69 percent leased. Tenants at the property include Centier Bank, Pita Pit and Alpha Tau Omega. Alex Cantu, John Demaree, Matt Langfeldt and Rich Forslund of Colliers International represented the seller in the transaction. Beau Ansty of Stenz Management represented the buyer.
BOLINGBROOK, ILL. — Krusinski Construction Co. has completed a 250,000-square-foot expansion for Ferrara Candy Co. in Bolingbrook, approximately 30 miles southwest of Chicago. The facility was built adjacent to Ferrara’s existing 750,000-square-foot distribution facility. Harris Architects was the designer for the project, and Pearson Brown & Associates was the civil engineer of record. The facility features 62 dock positions and two drive-in doors. Cushman & Wakefield represented the landlord, Heitman, and CBRE represented the tenant.
CHICAGO — Tucker Development and Acadia Realty Trust have acquired a portfolio of 10 buildings located on the 900 block of West Randolph Street in the Fulton Market District of Chicago. The duo plans to redevelop the space as a mixed-use area that will consist of 90,000 square feet of office and retail space. The site is located a block from the Morgan Station CTA stop, providing access to the Pink and Green lines. The project is slated for completion in the spring of 2017.
GRANDVIEW HEIGHTS, OHIO — The developer of Grandview Yard has signed eight new tenants who will collectively occupy over 24,000 square feet of space. Grandview Yard is a mixed-use development outside of Columbus that is situated on 125 acres and will encompass 1.2 million square feet of retail, restaurant, grocery, hospitality and residential space once completed. New tenants who have inked a deal at Grandview Yard include: Hilliard Lyons: 2,900 square feet at 800 Yard St. Unum Life Insurance Co.: 6,300 square feet at 800 Yard St. Seamless Logistics: 3,400 square feet at 775 Yard St. Columbus Hospitality Management: 3,400 square feet at 775 Yard St. United States Navy: 2,200 square feet at 845 Yard St. Northeast Family Dental Associates: 2,000 square feet at 845 Yard St. FKP Architects Inc.: 1,900 square feet at 845 Yard St. Executive Eye Care LLC: 2,000 square feet at 895 W. Third Ave. In addition to the eight new tenants, the project developer, Nationwide Realty Investors, has announced that the first 320,000-square-foot building on Nationwide’s own 500,000-square-foot office campus will open this spring. Nationwide also announced that the 166-unit Apartments at Grandview Yard will open this spring, and a 135-room Courtyard by Marriott, along …
ELGIN, ILL. — Marcus & Millichap has brokered the $1.9 million sale of a 32-unit multifamily property in Elgin, approximately 40 miles northwest of Chicago. Unit sizes at the property, known as 230 South State Street, range from 490 to 990 square feet. Features include ample parking, on-site laundry and storage lockers. An undisclosed limited liability company sold the building located at 230 S. State St. to a private investor. Ryan Engle and Andrean Angelov of Marcus & Millichap listed the property on behalf of the seller and secured the buyer.
NORTH AURORA, ILL. — American Realty Advisors has acquired a 604,565-square-foot industrial property in North Aurora, approximately 40 miles west of Chicago, for an undisclosed price. The I-88 Gateway Logistics Center is fully leased to a single tenant through 2022. Built in 2014, I-88 Gateway Logistics Center is situated on 33 acres and features 32-foot clear heights, 60 cross-dock truck doors, four drive-in doors, ESFR fire protection, a fully air-conditioned food grade warehousing facility, 63 trailer stalls, 46 trailer staging bays and 300 parking spaces. A joint venture between Opus and USAA Real Estate Co. sold the asset to American Realty Advisors. Jeffery Devine and Steven Disse of Colliers represented the joint venture in the transaction.
CHICAGO — Interra Realty has brokered the sale of two multifamily properties in Chicago for a total of $8.5 million. In the first deal, 606 Capital LLC acquired a 26-unit building from Fullerton Condominiums LLC for $5.9 million. The asset is located at 3045 W. Fullerton Ave. in the Logan Square neighborhood. The building has recently been fully rehabbed and consists of two-bedroom units and has 13 parking spaces. In the second deal, an eight-unit apartment building at 2053 N. Sheffield Ave. in the Lincoln Park neighborhood sold for $2.6 million. Dowdell Sheffield LLC sold the property to Lakeview Associates Inc. The building was renovated in 2007 and 2008. Brad Feldman of Interra Realty represented both parties in the two transactions.