Midwest

Marcus & Millichap Arranges $2.1M Sale of Multifamily Property in St. Paul Suburb

by Christina Cannon November 9, 2015

COTTAGE GROVE, MINN. — Marcus & Millichap has arranged the sale of a 24-unit apartment property in Cottage Grove, a southeastern suburb of St. Paul. Cottage Grove Estates sold for $2.1 million and is located at 7505 79th St. South. The property consists entirely of three-bedroom / two-bathroom units. Each unit has an attached tuck under garage and two balconies. The complex was built in 1986 and was 100 percent occupied at the time of sale. Mox Gunderson, Dan Linnell and Annie Arneberg of Marcus & Millichap represented the seller, a private investor. Gunderson and Linnell also secured and represented the buyer, also a private investor.

November 9, 2015

Midwest Ohio Retail

CBRE Brokers Sale of Net-Leased Retail Building in Metro Cincinnati for $1.9M

by Christina Cannon November 9, 2015

NORTHGATE, OHIO — CBRE Group has arranged the sale of a long-term, net-leased Burger King restaurant in Northgate, 20 miles northwest of Cincinnati. The purchase price was $1.9 million. The 2,600-square-foot property is situated on an outparcel within the Northgate Mall development. Mall tenants include ULTA, Marshalls, Michaels, XScape Cinemas, hhgregg and Burlington Coat Factory. Hank Davis of CBRE represented the seller, Tabani Group. Barry Silver of Silver Group represented the undisclosed buyer. GPS Hospitality operates the Burger King.

November 9, 2015

Industrial Midwest Office Wisconsin

Siegel-Gallagher Arranges Sales of Two Properties in Southern Wisconsin

by Christina Cannon November 9, 2015

MILWAUKEE AND OCONOMOWOC, WIS. — Siegel-Gallagher has completed the sale of two properties in separate transactions in Wisconsin. In the first transaction, Worthington Properties LLP purchased a 52,250-square-foot industrial property from Brandt/Quirk Realty Co. for an undisclosed price. The property is located at 1880 Executive Drive in Oconomowoc, approximately 35 miles west of Milwaukee. In the second deal, Andover Portland Avenue Associates LLC acquired the Riverfront Plaza, a 108,718-square-foot office building. RFP Office LLC sold the property located at 1110 N. Old World Third St. for an undisclosed price. Patrick Gallagher, Matson Holbrook and Max Schultz of Siegel-Gallagher brokered both transactions.

November 9, 2015

Industrial Midwest Wisconsin

The Dickman Co. Arranges 19,646 SF Industrial Lease South of Milwaukee

by Christina Cannon November 9, 2015

OAK CREEK, WIS. — The Dickman Company Inc./CORFAC International has arranged a 19,646-square-foot industrial lease for LTL Service of Wisconsin Inc. in Oak Creek, about 12 miles south of Milwaukee. LTL offers nationwide shipping of climate sensitive freight. The property is located at 330 E. Mahn Court. Maggster LLC is the landlord. Samuel M. Dickman Jr., Samuel D. Dickman and Cale Berg of Dickman were the sole brokers in the transaction.

November 9, 2015

Midwest Missouri Office

Rabo Agrifinance Signs Lease to Occupy 62,500 SF of Office Space at Delmar Gardens III Near St. Louis

by Christina Cannon November 6, 2015

CHESTERFIELD, MO. — Rabo AgriFinance has signed a lease to occupy 62,500 square feet of office space at Delmar Gardens III in Chesterfield, Mo., once the building is completed in the summer of 2017. The five-story, 125,000-square-foot Class A office building is currently under construction along I-64/Highway 40 in the heart of St. Louis County. Delmar Gardens III is the first Class A, multitenant office building to be constructed in West St. Louis County since 2008. Rabo AgriFinance, a financial services provider for agricultural producers and agribusinesses, will relocate its headquarters from Creve Coeur Pointe to Delmar Gardens III. The building will include a fitness center, café and free covered garage parking. David Kelpe and Hassan Jadali of Cushman & Wakefield represented Delmar Gardens, the building owner, in the transaction. Kevin Bittmann of CBRE represented Rabo AgriFinance.

November 6, 2015

Midwest Ohio Retail

Marcus & Millichap Brokers $2.7M Sale of Net-Leased Retail Property South of Dayton

by Christina Cannon November 6, 2015

CENTERVILLE, OHIO — Marcus & Millichap has brokered the sale of a 19,722-square-foot retail property in Centerville, a southern suburb of Dayton, for $2.7 million. Cross Pointe IV is located at 199 E. Alex Bell Road and is fully occupied. Tenants include Firestone and AT&T. The property is an outparcel to a larger retail center that is anchored by Marshalls, Earth Fare, Petco and Bed Bath & Beyond. C.J. Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap represented the seller, a private investor. The team also secured and represented the buyer, an out-of-state private investor.

November 6, 2015

Illinois Midwest Retail

Boulder Group Arranges $2.1M Sale of Net Leased Property in Round Lake Beach, Illinois

by Christina Cannon November 6, 2015

ROUND LAKE BEACH, ILL. — The Boulder Group has completed the sale of a retail building in Round Lake Beach, about 50 miles northwest of Chicago, for $2.1 million. The two-tenant, net leased building is located at 418-20 E. Rollins Road. Tenants at the retail property include Heartland Dental and AT&T, each of which has a 10-year lease. The buyer was a private partnership in a 1031 exchange, and the seller was a Midwest-based real estate development company. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both undisclosed parties.

November 6, 2015

Midwest Missouri Retail

Sansone Group Breaks Ground on 4,345 SF Retail Center in St. Louis Suburb

by Christina Cannon November 6, 2015

SUNSET HILLS, MO. — Sansone Group has purchased a property formerly occupied by Sanders Automotive in Sunset Hills, a southwest suburb of St. Louis, for an undisclosed price. The seller was Gene Sanders Inc. The building on the site, located at 10775 Watson Road, is being torn down and will be redeveloped as a 4,345-square-foot retail center. Watson Plaza will feature a 1,650-sqare-foot Starbucks and a 2,695-square-foot Mattress Direct. Construction costs are estimated to be $2.5 million. Construction has already begun, and both stores are slated to open in the summer of 2016.

November 6, 2015

Industrial Midwest Wisconsin

Dickman Co./CORFAC Arranges Sale of 17,020 SF Industrial Property in Wisconsin

by Christina Cannon November 6, 2015

HUSTISFORD, WIS. — The Dickman Company Inc./CORFAC International has arranged the sale of a 17,020-square-foot industrial building in Hustisford, approximately 53 miles northwest of Milwaukee The facility is located at 424-434 E. Rubicon St. Del Oak Holdings LLC purchased the building from Lonann Investments LLC for an undisclosed price. Nick Keys and Anthony Huenerbein of The Dickman Co. represented the seller, and Christine Huber of Belman Homes LLC represented the buyer.

November 6, 2015

Indiana Loans Midwest Multifamily

Pillar Originates $36M Freddie Mac Loan for Acquisition of 632-Unit Property in Indianapolis

by Christina Cannon November 5, 2015

INDIANAPOLIS — Pillar, a Guggenheim Partners affiliate, has originated a $36 million Freddie Mac loan for the acquisition of an apartment complex in Indianapolis. Oaks of Eagle Creek Apartments, located on the north side of Indianapolis adjacent to Eagle Creek Park, is a 632-unit complex that was built in 1988. The loan features a fixed rate, 10-year term with a 30-year amortization schedule and 80 percent loan-to-value. Joe Markech and Brooke Jackson of Pillar originated the loan. The borrowing entity is an Indianapolis-based sponsor that is growing its multifamily portfolio. The sponsor is planning to invest $3,000 per unit in renovations. The property is currently 98 percent leased.

November 5, 2015

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