GLEN ELLYN, ILL. — SVN | Chicago Commercial has brokered the sale of a 10,300-square-foot retail building for $1.1 million. GTC Investments sold the asset, which is located at 530 Crescent Blvd. in Glen Ellyn, approximately 25 miles west of Chicago. Tenants at the building include Dunkin’ Donuts and Thipi Thai Cuisine. Craig Franzen of SVN | Chicago Commercial represented GTC Investments in the transaction. The buyer, an undisclosed individual investor, was self-represented.
NORTHBROOK, ILL. — Bradford Allen Realty Services has arranged a 7,700-square-foot lease renewal in Northbrook, approximately 25 miles northwest of Chicago. Lubin-Bergman Organization Inc. will continue occupying its headquarters in a building located at 5 Revere Drive. One Northbrook Place is a Class A office building that features food service within the building and underground parking. Laurence Elbaum of Bradford Allen represented Lubin-Bergman in the transaction. Dan Fernitz of JLL represented the building’s ownership.
AMHERST AND SHEFFIELD VILLAGE, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a two-property retail portfolio in Northeast Ohio for $27.7 million, which equates to $143 per square foot. The portfolio is comprised of Amherst Marketplace and Sheffield Crossing. Amherst Marketplace, located at 2201 Kresge Drive in Amherst, includes tenants such as Giant Eagle, Monster Tan and Best Cuts. Sheffield Crossing tenants include Giant Eagle, Cracker Barrel, SVS Vision Holding, Arby’s Verizon Wireless and BP Exploration & Oil. The property is located at 5231 Detroit Road in Sheffield Village. Craig Fuller, Scott Wiles and Erin Patton of IPA, along with Seth Richard and Laurie Ann Drinkwater of Marcus & Millichap, represented the seller and procured the buyer, who were both undisclosed.
MINNETONKA, MINN. — Marcus & Millichap has arranged the sale of a 38,096-square-foot retail property in Minnetonka, a southwestern suburb of Minneapolis, for $6.2 million. Glen Haven Center was 100 percent occupied at the time of sale and is located at 14400 Excelsior Blvd. Sean Doyle, Cory Villaume, Matthew Hazelton, AJ Prins and Brian Klancke of Marcus & Millichap worked in conjunction with two other brokerages to close the transaction. Both the buyer and the seller are undisclosed limited liability companies.
LIBERTYVILLE, ILL. — Avison Young has arranged a 51,624-square-foot long-term lease for an office and warehouse space in Libertyville, approximately 40 miles northwest of Chicago. All American Containers, a global packaging solutions company, will begin occupying space in the north portion of the building this spring. Bridge Development Partners developed the facility, located at 851 E. Park Ave. The two-building project, which totals 406,000 square feet, features 32-foot clear heights, flexible dock space and ample truck and car parking. Each building is divisible by 20,000 square feet and All American Containers’ lease includes 4,500 square feet of office space. Keith Puritz, Brett Kroner and Eric Fischer of Avison Young represented the tenant. Michael Fonda and John Hauser of Avison Young represented Bridge Development Partners.
MILWAUKEE, WIS. — The Boulder Group has brokered the sale of a 16,709-square-foot medical property in Milwaukee for $3.6 million. Aurora Health Care is the sole tenant of the property located at 5818 W. Capitol Drive. The property is positioned as an outparcel to the Midtown Center, which is anchored by Walmart and Pick ‘n Save. The Midtown Center also includes tenants such as Planet Fitness, Firestone, Foot Locker, GNC, Rue 21 and Starbucks. The property was built in 1997, and Aurora Health Care’s lease expires in 2027. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a Midwest-based real estate investment company. The buyer is an East Coast-based real estate investment fund and was self-represented.
MINNEAPOLIS — Dougherty Mortgage LLC has closed a $2.4 million HUD loan for the refinancing of a multifamily property in Minneapolis. Vantage Flats is a 37-unit affordable workforce housing property. The building is a transit-oriented project located near the METRO Blue line in South Minneapolis. The property, located at 5341-5359 Minnehaha Ave., was built in 2007 and is comprised of one-, two- and three-bedroom floorplans. Amenities include a community room with kitchen, exercise room, bike racks and underground heated parking. Dougherty arranged the 40-year term loan for MDI Limited Partnership #64.
DES PLAINES, ILL. — Associated Bank has completed a $19.3 million loan for the land acquisition and construction of a Mariano’s Fresh Market grocery store in Des Plaines, approximately 20 miles northwest of Chicago. Golf Road Ventures LLC, a joint venture of Abbott Land and Investment Corp. and WBS Equities, is the borrowing entity. When complete, the 73,317-square-foot store will be located at 10 E. Golf Road. Construction will begin this spring and completion is slated for the spring of 2017. Working with the Illinois Department of Transportation, Golf Road Ventures is funding over $1 million in improvements to the traffic intersection, including the addition of a turn lane and traffic signals. Working with the Des Plaines Park District, the developer is also contributing approximately $750,000 toward road, parking and field improvements for nearby Blackhawk Park.
WILLMAR, MINN. — Marcus & Millichap has arranged the $2 million sale of a multifamily property in Willmar, approximately 100 miles west of Minneapolis. Foot Lake Estates is a 48-unit apartment complex that was built in 1977. The property was 100 percent occupied at the time of sale and is located at 400 30th St. NW. Cole Harstad, Mox Gunderson and Dan Linnell of Marcus & Millichap listed the property on behalf of the seller and secured and represented the buyer. Both parties were undisclosed private investors.
NILES, ILL. — The Missner Group has acquired a 78,000-square-foot industrial warehouse with office space for $2.4 million in Niles, approximately 15 miles northwest of Chicago. After acquiring the building, The Missner Group signed Avery Dennison, a leader in labeling and packaging materials and solutions, to a lease of the entire building. The Missner Group purchased the two-story building located at 6565 W. Howard St. from The Feld Family LP. The property consists of 56,000 square feet of warehouse and manufacturing space and 22,000 square feet of office space. The asset is situated on 3.6 acres and features 20-foot clear heights, five exterior docks and one drive-in door. Ed Adler of The Missner Group led the acquisition for the firm. Jack Rosenberg, Fredrick Regnery and Ned Frank of Colliers International represented The Missner Group in the purchase of the property, as well as the lease to Avery Dennison, which was represented by Brendan Green of Colliers. The Colliers team also represented the building’s seller, who was undisclosed.