OVERLAND PARK, KAN. — Viking Partners Fund III LLC has acquired an 80,047-square-foot shopping center for $8.5 million. Overland Pointe Marketplace is located in Overland Park, an affluent southwestern suburb of Kansas City. The shopping center is anchored by Babies “R” Us and Golf Galaxy. Shadow anchor tenants include Sam’s Club, Home Depot and ALDI. The shopping center was 94 percent occupied at the time of sale. The seller in the transaction was undisclosed.
STRONGSVILLE, OHIO — The Cooper Commercial Investment Group has arranged the sale of a 41,184-square-foot office and warehouse building for $3.6 million. A private investor from Ohio sold the property located in the Strongsville Business & Technology Park along Foltz Parkway in Strongsville, approximately 20 miles southwest of Cleveland. The building can accommodate four tenants and is 98 percent occupied. Tyco SimplexGrinnell, a provider of emergency communication systems and services, is the most recent tenant to sign a lease at the property. The building sold for 92 percent of the list price and featured an 8.67 percent cap rate. Dan Cooper of Cooper Commercial Investment Group represented the seller in the transaction.
LIBERTY TOWNSHIP, OHIO — Hoar Construction has completed the $146 million construction of Liberty Center, a mixed-use development in Liberty Township, approximately 30 miles north of Cincinnati. The 1.1-million-square-foot development consists of 600,000 square feet of retail space, 100,000 square feet of Class A office space, a 130-room AC Hotel by Marriott, 220 luxury apartment units and a 60,000-square-foot, 14-screen movie theater. Liberty Center was co-developed by Steiner + Associates and Bucksbaum Retail Properties. Retail tenants at Liberty Center include Dillard’s, Forever 21, Kona Grill and Dick’s Sporting Goods.
WEST CHICAGO, ILL. — CBRE has brokered the purchase of a 174,400-square-foot industrial facility in West Chicago, approximately 35 miles west of downtown, for an undisclosed price. Simpson Manufacturing purchased the new facility from CenterPoint Properties. Simpson Manufacturing will relocate to the facility at 2505 Enterprise Drive from its current 50,000-square-foot space in Addison. David Prell, Tyson Vallenari and Cal Payne of CBRE represented the buyer in the transaction. Britt Casey of Cushman & Wakefield represented CenterPoint Properties.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan represented Applied Imaging in the acquisition of a 60,000-square-foot office building in Grand Rapids. Applied Imaging will move its headquarters to the facility located at 5555 Glenwood Hills Parkway SE. Applied Imaging sells and services copiers, printers, document storage and retrieval products and provides network services and software solutions. The company currently occupies 25,000 square feet at 5282 E. Paris Ave. SE. Applied Imaging has occupied its current facility since 1999 and expects to move to the new location this summer. Stu Kingma and Jim Badaluco of NAI Wisinski of West Michigan represented Applied Imaging in the transaction. The new location will include a customer loyalty center, showrooms and service dispatch.
ROCKFORD, ILL. — Marcus & Millichap has brokered the sale of a property net leased to OSF Healthcare | Cardiovascular Institute in Rockford. The 48,225-square-foot asset sold for an undisclosed price. A joint venture fund managed by MBRE Healthcare purchased the facility located at 444 Roxbury Road. The building, which was constructed in 2007, is fully leased to OSF HealthCare System. Gino Lollio and Scott Niedergang of Marcus & Millichap listed the property on behalf of the seller. The duo also procured the buyer.
LISLE, ILL. — Baceline Investments LLC has acquired a 15,464-square-foot retail property in Lisle, approximately 20 miles west of Chicago, for an undisclosed price. Century Plaza was built in 2002 and is located at 2801 Ogden Ave. The shopping center consists of 10 stores including Dunkin’ Donuts, Jimmy John’s and Domino’s. The seller in the transaction was undisclosed. Denver-based Baceline Investments is a privately held boutique real estate investment and management company that specializes in the acquisition, management and sale of necessity-based shopping centers in the Midwest.
OAK BROOK, ILL. Mid-America Real Estate Corp. has brokered the sale of a 67,143-square-foot retail property in Oak Brook, approximately 20 miles west of Chicago. Newport Capital Partners acquired The Oaks of Oak Brook on behalf of Newport Fund II for $18.2 million. The retail property is located at the intersection of Kingery Highway and 16th Street and features tenants such as Panera Bread, Atheltico, Wells Fargo and Sleepy’s. Joe Girardi and Ben Wineman of Mid-America represented the seller in the transaction, a joint venture between DLC Management and Hutensky Capital Partners.
ROLLING MEADOWS, ILL. — RealtyMogul.com has arranged a $16.8 million bridge loan and $1.5 million preferred equity investment for the acquisition of an office building in Rolling Meadows, approximately 30 miles northwest of Chicago. The facility is a non-recourse loan with proceeds being used to purchase the property and provide a facility for leasing costs. The combined terms of the debt and preferred equity offered the sponsor 81 percent of project costs. The sponsor is Schaumburg-based Helios Properties. 1600 Corporate Center is a 255,440-sqaure-foot, Class A facility that houses multiple tenants. The 12-story building is located close to Woodfield Mall. The sponsor plans to add a conference room and a gym. The building is currently 91 percent occupied with tenants suck as Bank of America, Alliant Credit Union, Fleetmatics and Regus.
CHICAGO — Baum Realty Group LLC has brokered the sale of The Armitage Collection in Chicago for $14.6 million. The Armitage Collection is a 32,604-square-foot retail portfolio that is located at 1123 – 1133 W. Armitage Ave. The portfolio is 100 percent leased to five tenants and consists of four, two-story buildings. Greg Dietz and Danny Spitz of Baum Realty represented the private seller in the transaction. The buyer was undisclosed.