Midwest

Armada Real Estate Arranges 21,209 SF Retail Lease at Marysville Plaza in Michigan

by Jonathan Mehall August 18, 2015

MARYSVILLE, MICH. — Armada Real Estate Services has negotiated a 21,209-square-foot retail lease in Marysville Plaza in Marysville, about five miles south of Port Huron. Tractor Supply Co. plans to open a new store in the retail center, located at 3200 Gratiot Ave., in September. The lease is for 10 years. Harry Barash of Armada Real Estate Services represented the landlord, Marysville Plaza LCC, in the transaction. Derek Marine and Chris Kettler of Kettler Real Estate in Norton Shores represented Tractor Supply Co.

August 18, 2015

Midwest Minnesota Office

Cushman & Wakefield | NorthMarq Brokers Sale of Office Portfolio in Minnesota

by Jonathan Mehall August 17, 2015

MENDOTA HEIGHTS, MINN. — Cushman & Wakefield | NorthMarq has brokered the sale of a six-building office portfolio to an entity related to MSP Real Estate. The 420,000-square-foot portfolio is located on Northland Drive in Mendota Heights, approximately 10 miles southeast of Minneapolis. Terms of the transaction were not disclosed. The six Class A office buildings offer competitive lease rates and are all located with convenient access to the Minneapolis-St. Paul International Airport, I-35E, I-494 and State Highway 55. The first building in the park was constructed in 1988, with the remainder of the properties built throughout the 1990s and early 2000s. The sale is the first office acquisition by MSP Real Estate, which in recent years has primarily focused on apartment and seniors housing assets. Cushman & Wakefield | NorthMarq will continue to manage the property. Cushman & Wakefield | NorthMarq represented the seller, United Properties.

August 17, 2015

Affordable Housing Kansas Michigan Midwest Multifamily

Berkadia Closes on Two Sales of Affordable Housing Properties in Mich. & Mo.

by Jonathan Mehall August 17, 2015

KANSAS CITY, MO. — Berkadia has brokered the sale of Northeast View Apartments located at 222 Garfield Ave. in Kansas City. Built in 1972, the 137-unit property features one-, two- and three-bedroom floor plans. Trinity-Northeast View LLC of Chicago sold the property to California-based Kci-Northeast View. The property is less than three miles from LEGOLAND Discovery Center and two miles from downtown Kansas City. Additionally, Berkadia brokered the sale of Arbor Crossings located at 834 Sheridan Road in Muskegon Township, Mich., approximately 46 miles north of Grand Rapids. Built in 1995, the 18-unit property sold for $4.25 million and offers one-, two- and three-bedroom floor plans. Arbor Crossings is less than four miles from downtown Muskegon and less than two miles from Muskegon Community College. Read Property Group of New York bought the property from Sterling Group Inc. of Mishawaka, Indiana.

August 17, 2015

Midwest Office Ohio

Brennan Acquires Landmark Plastic Headquarters in Akron, Ohio

by Jonathan Mehall August 17, 2015

AKRON, OHIO — Brennan Investment Group LLC has acquired Landmark Plastic Corp.’s headquarters building located at 1331 Kelly Ave. in Akron. The acquisition of the Landmark Plastic facility was funded through Brennan’s $300 million joint venture with one of Arch Street Capital Advisors’ institutional clients. Full transaction terms were not disclosed. The building is 100 percent leased to Landmark Plastic, which specializes in the manufacturing of thermoformed and injection molded products for the horticultural industry.

August 17, 2015

Industrial Michigan Midwest

Signature Associates Brokers Sale of a 38,000 SF Industrial Building in Troy, Mich.

by Jonathan Mehall August 17, 2015

TROY, MICH. — Signature Associates has brokered the sale of a 38,000-square-foot industrial building located at 1731 Thorncroft Drive in Troy, a northern Detroit suburb. Terms of the transaction were not disclosed. The building is located off West Maple Road with several automotive tenants nearby, including Midas, Belle Tire and Troy Auto Glass. Joe Banyai of Signature Associates represented the buyer, Troy Industrial Properties LLC, and the seller, First Industrial LP.

August 17, 2015

Industrial Michigan Midwest

NAI Brokers 14,400 SF Industrial Lease for Tool and Die Manufacturer in Grand Rapids, Mich.

by Jonathan Mehall August 17, 2015

GRAND RAPIDS — NAI Wisinski of West Michigan has brokered a 14,400-square-foot industrial lease for MBL Tool & Die LLC in Grand Rapids. The property is located at 3650 Broadmoor Ave in a very industrialized area of Southeast Grand Rapids and is part of a 43,200-square-foot flex building. The lease is for a term of five years. The property features seven dock doors and 10 overhead doors. Jeremy Veenstra represented the tenant in the transaction.

August 17, 2015

Illinois Midwest Multifamily

U.S. Bank Provides $73.5M Construction Loan to Onni Group in Chicago

by Jeff Shaw August 14, 2015

CHICAGO — U.S. Bank has provided a $73.5 million construction loan to the Onni Group, a Canadian-based firm that is developing The Hudson, a 25-story, 240-unit luxury apartment project located at 750 N. Hudson St. in downtown Chicago’s River North district. U.S. Bank served as lead left and administrative agent for the loan, with PNC Bank, N.A. as a participant. The Hudson will feature a mix of one-, two- and three-bedroom units, each of which will include a balcony or terrace, granite countertops, designer cabinets, a washer/dryer and more. Common amenities include a pool and hot tub, fitness business centers, resident lounges, an outdoor terrace and more. The Hudson will also include ground-floor retail space. Onni broke ground on the project this summer. The target date for completion is mid-2017.

August 14, 2015

Illinois Midwest Retail

The Boulder Group Arranges Sale of Net-Leased OfficeMax in East Peoria, Ill. for $2.8M

by Jeff Shaw August 14, 2015

EAST PEORIA, ILL. — The Boulder Group has arranged the sale of a net-leased OfficeMax for $2.8 million located at 200 Riverside Drive in East Peoria. The 1.86-acre OfficeMax store is centrally located within Peoria’s primary retail area that is anchored by Bass Pro Shops, Walmart Supercenter, Lowe’s, Costco, Target, Kohl’s and Gordmans. There are over eight years remaining on the recently extended OfficeMax lease, which expires in October 2023. The lease features two five-year renewal option periods with rental escalations in each. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a Midwest-based family partnership. The buyer was a high-net-worth individual based in the Northeast.

August 14, 2015

Industrial Michigan Midwest

Friedman Brokers Sale of 11,940 SF Industrial Building in Marine City, Mich.

by Jeff Shaw August 14, 2015

MARINE CITY, MICH. — Friedman Integrated Real Estate Solutions has negotiated the sale of an 11,940-square-foot industrial building located at 827 Degurse Ave. in Marine City, approximately 50 miles northeast of Detroit. Terms of the transaction were not disclosed. VJ Industries Inc., a computer numeric controlled (CNC) machining company based in Port Huron, Mich., acquired the property from Degurse LLC. VJ Industries specializes in the aerospace, automotive and heavy equipment industries. Bob Dabrowsk of Friedman Integrated Real Estate Solutions represented both the buyer and seller in this transaction.

August 14, 2015

the John E. and Adaline Simon Athletic Center at Maryville University in St. Louis.

Midwest Missouri

KWAME to Manage $1.1M Expansion and Renovation at Maryville University in St. Louis

by Jeff Shaw August 14, 2015

ST. LOUIS — Maryville University has selected KWAME Building Group Inc. to serve as construction project manager on a $1.1 million expansion and athletic office renovation at the university’s John E. and Adaline Simon Athletic Center in St. Louis. The 3,100-square-foot student fitness center will feature new exercise equipment and a new workout room. The 4,260-square-foot athletic staff offices will be relocated to a completely renovated space in the John E. and Adaline Simon Athletic Center and include a conference room for video viewing. The project is scheduled for completion in January 2016. ACI Boland is the project architect.

August 14, 2015

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