Midwest

Fairbridge Properties Sells Industrial, Research Facility in Minneapolis Suburb for $14M

by Christina Cannon November 5, 2015

COON RAPIDS, MINN. — Fairbridge Properties has sold a 261,805-square-foot flex facility in Coon Rapids, a northern suburb of Minneapolis, for $14 million. The industrial and research facility is located at 8840-8880 Evergreen Blvd. and is occupied by Honeywell Aerospace and MEDRAD. Shopoff Realty Investments purchased the property. Fairbridge realized an internal rate of return of 75 percent. After obtaining ownership of the building in 2013, Fairbridge made renovations including repainting the building’s exterior, replacing windows, resurfacing a portion of the parking lot and retrofitting the parking lot lighting. Fairbridge sold the property as part of a 1031 exchange, and the company is in the process of identifying a new investment to complete the exchange.

November 5, 2015

Midwest Wisconsin

Winthrop & Weinstine Provides Legal Services in Sale of Eight Convenience Stores in Western Wisconsin

by Christina Cannon November 5, 2015

WESTERN WISCONSIN — Winthrop & Weinstine PA served as legal counsel in the sale of eight stores owned by Stop-a-Sec Inc. and Seck Enterprises Inc. TravelCenters of America LLC purchased the eight fuel and convenience stores. All of the buildings are located in western Wisconsin and serve the communities of Balsam Lake, Cushing, Grantsburg, Luck, Osceola, Minong, Webster and Woodville. The stores have operated as Holiday franchised stores. Mark Johnson, Tammera Diehm and Noreen Johnson Sedgeman of Winthrop & Weinstine provided legal services to the sellers. Spencer Cavalier, John Underwood and Andrew LoPresti of Matrix brokered the transactions.

November 5, 2015

Illinois Midwest Retail

Tremont Realty Capital Arranges $4.8M in Equity Financing for Construction of Mariano’s Store In Illinois

by Christina Cannon November 5, 2015

DES PLAINES, ILL. — Tremont Realty Capital has arranged $4.8 million in equity financing for a Mariano’s grocery store that will be built in Des Plaines, a northwest suburb of Chicago. The 73,317-square-foot building will be constructed at the corner of Golf Road and Mt. Prospect Road. Abbott Land & Investment Corp. is the developer. Tom Lorenzini of Tremont arranged the equity investment. The equity investment and construction loan make up roughly 97 percent of the project cost.

November 5, 2015

Illinois Industrial Midwest

NelsonHill Brokers $2.6M Sale of 40,000 SF Building in Chicago

by Christina Cannon November 5, 2015

CHICAGO — NelsonHill has brokered the sale of a 40,000-square-foot industrial building in Chicago for $2.6 million. Jeron Electronic Systems Inc. sold the property located at 1743 W. Rosehill Drive. Alan and Armand Candea of Candea Development purchased the building and entered into a sale-leaseback agreement with Jeron Electronics. Frank Melchert of NelsonHill represented the seller.

November 5, 2015

Iowa Loans Midwest Retail

Cohen Financial Arranges $17M Refinancing for Retail Property in Cedar Falls, Iowa

by Christina Cannon November 4, 2015

CEDAR FALLS, IOWA — Cohen Financial has closed a $17 million refinancing loan for a 136,956-square-foot retail center located in Cedar Falls for a subsidiary of Midland Atlantic. East Viking Plaza is anchored by Scheels, a sporting goods store, and is shadow anchored by Target. Dan Rosenberg of Cohen Financial arranged the 10-year CMBS loan with Goldman Sachs Commercial Mortgage Capital.

November 4, 2015

Midwest Ohio Retail

Cooper Commercial Brokers $5.5M Sale of Shopping Center in Suburban Cleveland

by Christina Cannon November 4, 2015

ELYRIA, OHIO — The Cooper Commercial Investment Group has brokered the sale of a 179,646-square-foot retail center in Elyria, a southwest suburb of Cleveland, for $5.5 million. Midway Crossing is anchored by Olive Garden, Chipotle, Verizon and Planet Fitness. Bob Havasi and Dan Cooper of Cooper Commercial represented the seller, a New York-based institutional seller. The buyer was an Arizona-based private investment group.

November 4, 2015

Midwest Ohio Retail

Marcus & Millichap Arranges $7.5M Sale of Retail Property in Dayton

by Christina Cannon November 4, 2015

DAYTON, OHIO — Marcus & Millichap has arranged the sale of a 36,756-square-foot retail center for $7.5 million. Sugarcreek Crossing I is comprised of three separate buildings and located at 5800 Wilmington Pike in Dayton. Tenants of the inline strip center include Mattress Firm, The UPS Store, Eagle Loan and Godfather’s Pizza. Tenants in the freestanding buildings include Cracker Barrel and Tire Discounters. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, an Ohio-based developer. They also secured and represented the buyer, a Washington-based private fund.

November 4, 2015

Illinois Midwest

Telos Group Arranges Two Office Leases Totaling 85,907 SF at 111 South Wacker in Chicago

by Christina Cannon November 4, 2015

CHICAGO — The Telos Group has arranged two new leases for 111 South Wacker, a Class A office building in Chicago’s West Loop. Union Investment Real Estate GmbH owns the 51-story office tower, which spans 1.1 million square feet. The Telos Group is the exclusive leasing agent for 111 South Wacker. AXIS Reinsurance, a global insurer, signed an 11-year lease for the entire 35th floor, which is 28,609 rentable square feet. Tom Volini of Colliers International represented AXIS Reinsurance in the transaction. Houlihan Lokey, a global investment banking firm, signed a 15-year lease for floors 37 and 38, which totals 57,298 square feet. Chris Wood, Steve Schneider and Andy Heymann of Cushman & Wakefield represented Houlihan Lokey, and Bill Truszkowski, Jamey Dix and Brian Whiting of Telos Group represented the building’s ownership. The office tower opened in 2005 and was designed by Lohan Caprile Goettsch Architects. Union Investment Real Estate GmbH is investing in building improvements that include an auditorium expansion accommodating 400 people, a fitness center expansion and upgraded elevators.

November 4, 2015

Illinois Industrial Midwest

Lee & Associates Brokers Sale of 45,000 SF Industrial Facility in Romeoville, Illinois

by Christina Cannon November 4, 2015

ROMEOVILLE, Ill. — Lee & Associates has brokered the sale of a 45,000-square-foot industrial building in Romeoville, a southwestern suburb of Chicago. Molto Properties acquired the asset from First American Properties for an undisclosed price. The property, located at 49 N. Paragon Drive, is part of the Paragon Business Park. The building was recently constructed and features 28-foot clear heights, four exterior docks with levelers and two drive-in doors. Terry Grapenthin and Jeff Galante of Lee & Associates represented Molto in the transaction.

November 4, 2015

Iowa Michigan Midwest Missouri Multifamily Student Housing

Opus Group Completes Three Luxury Off-Campus Student Housing Projects

by Christina Cannon November 3, 2015

ANN ARBOR, MICH. , COLUMBIA, MO., AND AMES, IOWA — The Opus Group has completed the development of three luxury, off-campus student housing projects. The projects are ArborBLU near the University of Michigan in Ann Arbor; District Flats near the University of Missouri in Columbia; and The Foundry near Iowa State University in Ames. Opus Development Co. was the developer, Opus Design Build was the design builder, and Opus AE Group was the architect and structural engineer of record for all three projects. Minneapolis-based Elness Swenson Graham Architects Inc. was the design architect for The Foundry and District Flats, and J. Bradley Moore & Associates was the design architect for ArborBLU. All three of the luxury apartments feature a variety of amenities including fitness centers, study lounges, clubrooms, garage parking, tanning and other shared community spaces. Residents of the new buildings will also have access to in-unit washers and dryers, granite countertops, stainless steel appliances and flat-screen televisions in the fully furnished apartments. ArborBLU was built on top of an existing Pizza House restaurant, which stayed open throughout construction. The 13-story student housing complex features 242 beds. In addition to the amenities described, the building also has a rooftop terrace …

November 3, 2015

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