OVERLAND PARK, KAN. — Onward Investors has acquired Executive Centre in Overland Park for $13.2 million. The acquisition from Invesco Real Estate consists of three office buildings totaling 220,000 square feet. The buildings are currently 85 percent occupied. Tenants include UPS and Federated Insurance. The assets are located at 10881-10901 Lowell Ave. CBRE represented the seller.
STEUBENVILLE, OHIO — Marcus & Millichap has arranged the $1.4 million sale of a 3,482-square-foot property in Steubenville, approximately 70 miles south of Youngstown. The building is currently net leased by AT&T. Located at 2114 Sunset Blvd., the building is situated on an outparcel in front of a Kroger. The seller, a developer, sold the asset to a California-based private investor. Arthur Kaplan and Lisa Sickinger of Marcus & Millichap represented the seller.
BROADVIEW, ILL. — Darwin Realty has brokered the sale of three flex buildings in Broadview, a western Chicago suburb. Real Trucking, a subsidiary of Real Group LLC acquired the assets from an undisclosed seller. The facilities total 101,903 square feet. The first building is a 59,343-square-foot facility located at 2001 W. Cermak Road. This asset sold for $1.9 million. The second property is located at 2900 S. 21st Ave. and is 25,600 square feet. The building sold for $995,000 and features three drive-in doors and 18-foot clear heights. The third facility at 2100 W. 21st Street is 16,950 square feet. This asset also has three drive-in doors and 18-foot clear heights. Real Trucking paid $595,000 for the building. Dan Fanelli of Darwin represented both parties in the transaction.
SHOREWOOD, MINN. — Mid-America Real Estate Corp. has brokered the sale of Shorewood Village Shopping Center in Shorewood, a southwestern suburb of Minneapolis. Kraus-Anderson Realty Co. purchased the 62,308-square-foot retail center for an undisclosed amount. Tenants in the retail center include Dollar Tree, True Value, Caribou Coffee and Great Clips. Shorewood Village is shadow anchored by Cub Foods. Mark Robinson and Joe Girardi of Mid-America represented the seller, a local private investor. Kraus-Anderson Realty Co. was self-represented.
Downtown Grand Rapids is booming with commercial real estate activity, and it’s coming from many directions. The combination of new residential units, restaurants, bars and a variety of entertainment options is leading people to not only live downtown, but also work and play downtown. Activity in the downtown office market — including office leases, new mixed-use construction and new retail — has increased over the last couple of years, and there is no sign of it slowing down. The overall office vacancy rate in the central business district (CBD) decreased from 9.4 percent in the first quarter to 8.25 percent in the second quarter. While Class A office space has performed well in recent quarters, there was a slight increase in the vacancy rate during the second quarter. As for Class B space, we observed a sizable decrease in the vacancy rate, from 10.1 percent in the first quarter to 8.5 percent in the second quarter. As a whole, the CBD office market experienced positive absorption of 74,293 square feet during the second quarter. Rental rates stabilized in the second quarter after increasing for the past several quarters. Meanwhile, some new construction and planned construction is hitting the market at …
COLUMBUS, IND. AND MAPLE GROVE, MINN. — Associated Bank has provided two loans totaling $35.2 million for projects in Indiana and Minnesota. In the first project, LandMark Group Cos. took out a construction loan for a 391,355-square-foot manufacturing and distribution facility in Columbus, Ind. The second loan for $6.9 million was awarded to an affiliate of Westminster Capital to acquire and reposition a 97,368-square-foot office building located at 6820 N. Wedgewood Road in Maple Grove, Minn. The Class A building, built in 2005, was originally developed as a build-to-suit regional operations center with a commercial cafeteria for The Hartford, a Fortune 500 company. The investment and insurance giant consolidated operations at an existing office in Bloomington, Minn., and did not extend its lease. Edward Notz, senior vice president of Associated Bank, managed the transactions.
GRAYSLAKE, ILL. — Principle Construction Corp. is nearing completion on two new industrial buildings totaling 70,000 square feet in Grayslake, approximately 50 miles north of Chicago. The facilities will serve as an administrative, maintenance and shipping campus for SAIA LTL Truck Lines and will be located at 2260 S. Midlothian Road. The buildings will be ground-up construction situated on 33 acres. The first building will be a 51,000-square-foot structure that will include 100 truck docks, 16-foot clear heights and 9,560 square feet of office space. The second building will also feature 16-foot clear heights, 19,000 square feet of shop and maintenance space, a fueling facility, six trailer service bays, six tractor service bays and two wash bays. The 33-acre site will also include an automatic snow scraper, truck scale, and parking for 94 cars, 294 trailers, 34 tractors and 30 dollies. Principle broke ground earlier this year and expects construction to be completed in November. Ken Lattanzi of Principle is the project manager. Christian Architects is the project designer. Jim Kueck of Cushman & Wakefield is representing SAIA.
WEST ALLIS, WIS. — The Dickman Company Inc./CORFAC International has brokered the sale of a 20,718-square-foot industrial building in West Allis, a western Milwaukee suburb, for an undisclosed price. The property is located at 6309 W. Greenfield Ave. WFF I LLC purchased the building from Horizon Enterprises LLC. Cale Berg of The Dickman Co. represented the buyer. Nicholas Flemma of CBRE represented the seller.
CHICAGO — Quantum Real Estate Advisors Inc. has arranged the sale of an 11,500-square-foot retail building in Chicago. The single-tenant property, located at 4441 W. Diversey Ave., sold for $1 million. The property is 100 percent leased to Unique Thrift Store, a subsidiary of Savers Inc., and is situated on slightly less than one-half acre. The seller was a family office based in the greater Chicago area. The buyer was a Chicago-based private real estate investor. Chad Firsel of Quantum was the sole broker in the transaction.
COMMERCE TOWNSHIP, MICH. – Friedman Integrated Real Estate Solutions has arranged the sale of 1.2 acres of commercial land in Commerce Township for an undisclosed price. Haggerty Development Co. sold the land located on Loop Road in Commerce Township, approximately 35 miles northwest of Detroit, to T & M Investment LLC. T & M Investment plans to build a restaurant on the site. Phil Konopitski of Friedman represented the buyer in the transaction. Thomas Duke Realtors represented the seller.
