CLEVELAND, OHIO — The Cooper Commercial Investment Group has arranged the sale of a three-building office portfolio located in Cleveland’s eastern suburbs. The properties sold for $8.5 million, or 95 percent of the listing price. Dan Cooper of Cooper Group represented the seller, a private investment group, and procured the buyer, an East Coast-based private equity group, in the transaction.
LOCKLAND, OHIO — Irvine Wood Recovery has acquired an industrial building located at 531 N. Wayne Ave. in Lockland, a suburb of Cincinnati. T&R Janszen sold the 97,000-square-foot property for $850,000. Situated on nearly nine acres, the property features heavy electrical services, nine docks and one drive-in door. Jeff Bender of DTZ represented the buyer in the transaction.
CHICAGO — Associated Bank has completed a $1.45 million construction loan for the conversion of an existing office building into an apartment property. City Pads LLC is developing the property, which will feature 10 apartments at 5701 N. Ashland Ave. in Chicago’s Andersonville neighborhood. The completed project will offer eight two-bedroom and two one-bedroom units, with one affordable apartment that will be rented at 60 percent of the rental rate. All units will feature condo-quality finishes including granite countertops, stainless steel appliances, hardwood floors, individual HVAC, updated bathrooms and on-site parking. Michael McGovern of Associated Bank originated and managed the loan.
PLAINFIELD, IND. — WPT Industrial REIT has renewed its lease with Fullbeauty Brands Inc. for the single-tenant property located at 3003 Reeves Road in Plainfield. The online retailer has renewed its 741,092-square-foot lease for five years at a renewal rate that exceeds in-place rental rates. The lease expires on August 31, 2021, and extends the REIT’s overall weighted average lease term to just over four years. Built in 2003, the property features 36-foot clear ceiling heights, an ESFR sprinkler system, and metal halide and T-5 lighting, as well as ample dock doors and trailer/auto parking.
STERLING HEIGHTS, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of The Forum at Gateways, located at 44575-44833 Mound Road in Sterling Heights. The property sold on Auction.com for more than $20 million. The 258,105-square-foot property is ideally located in a highly developed and densely populated residential and commercial area along M-59. Barry Swatsenbarg and Rich Deptula of Friedman represented the undisclosed seller in the transaction.
NOVI, SOUTHFIELD AND FERNDALE, MICH. — Cushman & Wakefield|Signature Associates has brokered three industrial transactions, totaling 111,020 square feet, in Michigan. In Novi, Jim Montgomery of Cushman & Wakefield|Signature Associates represented Radius in the purchase of 26,390 square feet of high-tech space located at 40230 Grand River Ave. from an undisclosed seller. In Southfield, 25900 W 8 Mile LLC acquired 35,000 square feet of industrial space at 25900 Eight Mile Road. Montgomery Associates represented the seller, Volvo, in the transaction. In Ferndale, Joe Hamway of Signature Associates represented E&J Properties LLC in the sale of a 49,630-square-foot industrial space, located at 1551 Academy St. John Boyd, also of Signature, represented the buyer, J&J 1551 LLC, in the transaction. The transaction prices were not released for the deals.
Family-owned grocers Schnucks and Dierbergs solidified their position as the primary grocers across the St. Louis metro area when Schnucks acquired 57 stores from National Supermarkets in 1995. But after several years of these two chains dominating the grocery sector, an influx of fresh-format grocery stores is shaking up the market by offering shoppers fresh, local, organic — and in some cases more affordable — whole food choices. These new chains — typically half the size of traditional grocers — appeal to a younger customer, as well as those looking to supplement their grocery shopping or find items for special occasions. Consumers interested in the offerings of fresh-format grocers are willing to drive farther to shop at their stores. New Entrants Abound Fields Foods, a “homegrown” fresh-format grocer, opened its first location in the Lafayette Square neighborhood in January 2014. The newly constructed 37,000-square-foot, stand-alone building is just south of downtown’s central business district. The grocer markets produce provided by farmers within 100 miles of the store, and also features a wine bar and personal shoppers. This unique, full-service grocer is locally owned and was the first fresh-format store to enter the metro area. Fields Foods has plans to expand …
CHICAGO — HFF has brokered the $135 million purchase of 525 West Van Buren in Chicago by AEW Capital Management Inc. The 522,809-square-foot, 16-story, Class A office tower is situated at the southwest corner of Van Buren and Canal streets in the West Loop. 525 West Van Buren features an on-site café, 40 indoor executive parking spaces, a mezzanine floor with a Wi-Fi lounge, conference center, fitness center with lockers and showers and a 56-bike storage room. Tenants of the office tower include Akzo Nobel Chemicals LLC, Griffin American Healthcare and The Bureau of Alcohol, Tobacco, Firearms & Explosives. Jaime Fink, Jeffrey Bramson and Mark Kantz of HFF represented the seller, Northwood Investors.
CHICAGO — The Habit Company has been awarded the property management contract for 1000 South Clark, a 469-unit luxury apartment tower currently under construction in Chicago’s South Loop neighborhood. The 29-story apartment tower will offer studio, one, two, and three-bedroom residences, with individual units ranging from 505 to 2,112 square feet. Units will feature luxury finishes including high ceilings, panoramic lake and city views, custom kitchen cabinetry and Quartz countertops, stainless steel Whirlpool appliances, custom bathroom vanities with tile bath and shower surrounds, plank flooring, elegant interior lighting and full-size washers and dryers. 1000 South Clark will offer more than 43,000 square feet of amenity space including a 20,000-square-foot outdoor terrace with grilling stations, an enclosed indoor pool and rooftop running track, a 10,000-square-foot fitness center, basketball and racquetball courts, virtual golf simulator and putting area. Designed by Hartshorne & Plunkard, 1000 South Clark is a joint venture project between JDL Development LLC and New York-based iStar. The building is slated for delivery in early 2016.
BOLINGBROOK, ILL. — Cushman & Wakefield has arranged a 361,000-square-foot industrial lease for online retailer Swap.com in Bolingbrook. The property, owned by Prologis Inc., is located at 850 Veterans Parkway in Bolingbrook. The long-term lease marks the second major expansion for Swap.com since its founding in 2013. Swap.com previously occupied a smaller footprint in a separate ProLogis building. Situated on the north side of I-55 between Route 53 and Weber Road, the asset provides 30-foot clear height ceilings, ESFR sprinklers, heavy power, 37 exterior loading docks, four drive-in doors, and parking for 224 cars and 321 trailers. Swap.com offers a selection of pre-owned baby, kid’s, maternity and women’s apparel and accessories. Jason West of Cushman & Wakefield represented Swap.com. in the transaction. Jim Estus of Colliers International represented Prologis.