MILWAUKEE, WIS. — The Dickman Company Inc./CORFAC International has arranged the sale of a 34,370-square-foot industrial building located at 2737 S. 31st St. in Milwaukee. The purchase price was not disclosed. K3 Cos. LLC purchased the building from the Tri-Capital Investment Group. Anthony Huenerbein of The Dickman Company brokered the transaction.
CARMEL, IND. — The Boulder Group has brokered the sale of a 55,757-square-foot, single-tenant property formerly occupied by Macaroni Grill in Carmel, a northern suburb of Indianapolis, for $1.4 million. The Macaroni Grill closed within the last year as part of a larger company-wide closure of numerous locations. There are approximately two years remaining on the Macaroni Grill lease, which expires in April 2017. The property is located at the corner of the Keystone Parkway and E. 116th St. interchange, which experiences traffic counts in excess of 62,000 vehicles per day. Keystone Parkway is the primary north-south thoroughfare in the area connecting Carmel to Indianapolis. There is more than 360,000 square feet of retail space located across the street from the property that features Marsh Supermarket, Petco, World Market, PNC Bank, O’Reilly Auto Parts, and many others. There are approximately 60,000 people living within a three-mile radius of the property earning average annual household incomes in excess of $101,000. Randy Blankstein and Jimmy Goodman of Northbrook, Ill.-based The Boulder Group represented the seller, a Midwest-based commercial real estate development and investment firm, in the transaction. The purchaser was a high-net-worth individual from the West Coast.
CHICAGO — NorthMarq Capital has secured a $13.3 million refinancing loan for the Kingsbury Center, a mixed-used property in Chicago’s River North neighborhood. The 10-year loan includes a 25-year amortization schedule. Sue Blumberg and Eric Kanz of NorthMarq Capital’s Chicago office arranged the financing for the borrower, which includes the Hochberg family, through its correspondent relationship with a life insurance company. The 135,256-square-foot property, located at 344 W. Hubbard St., was 100 percent occupied at the time of sale. Tenants in the Kingsbury Center include Petco, Ace Hardware and CVS as retailers. Related Companies and The Habitat Company hold office space.
MILWAUKEE — Madison-based Noble Chef Hospitality will open its first Milwaukee restaurant, Rare Steakhouse, in Milwaukee’s newest downtown office building, located at 833 E. Michigan St. The white tablecloth steak and seafood restaurant will feature dry-aged Allen Brothers steaks along with more than 400 different wines. Noble Chef Hospitality also operates Rare Steakhouse On the Square in Madison, in addition to four other restaurants and bars in Madison. The 18-floor, 833 East building is expected to be completed by February 2016. Rare is expected to open in early 2016 and will feature seasonal outdoor seating. Josh Minkin of Alpine Commercial Real Estate is serving as procuring broker on the project.
PERRYSBURG, OHIO — Marcus & Millichap has brokered the sale of a 22,089-square-foot medical office building in Perrysburg, approximately 10 miles south of Toledo. The Starbright Professional Center at 28555 Starbright Blvd. sold for $4.7 million. The office is part of the ProMedica St. Luke’s Hospital Health System. Ryan Moore and Christopher Mitchel of Marcus & Millichap’s Cleveland office represented the seller, a private investor. A limited liability company represented itself as the buyer.
CHICAGO — Essex Realty Group has brokered the $1.2 million sale of an eight-unit multifamily property located at 7410 N. Winchester Ave. in Chicago’s Rogers Park neighborhood. The property is situated one-half mile west of the Chicago Transit Authority’s Howard station and roughly three-quarters of a mile west of the Jarvis station. The multifamily building is less than one mile west of Jarvis Beach and Lake Michigan. Doug Imber & Kate Varde represented the seller and Jim Darrow & Jordan Gottlieb represented the buyer in the transaction.
NORTH AURORA, ILL. — Quantum Real Estate Advisors has brokered the $1.08 million sale of a 10,650-square-foot retail building located at 451-459 Randall Crossings Lane in North Aurora, about 40 miles west of Chicago. The multi-tenant building is 74 percent occupied by regional tenants Bulldog Ale House and Lover’s Lane. Chad Firsel of Quantum Real Estate Advisors brokered the transaction on behalf of the seller, a pension fund from Dallas, and the buyer, a private real estate investor based in Chicago.
ORANGE VILLAGE, OHIO — Fairmount Properties, lead developer on the $225 million mixed-use Pinecrest development in affluent Orange Village southeast of Cleveland, has teamed up with Lennar Commercial to make an initial $17 million investment in the project. The investment is being made through an advance to the partnership by Lennar Commercial’s sister company, Rialto Capital. The 58-acre development will feature 400,000 square feet of retail and restaurants, including a gourmet grocer; 150,000 square feet of office space linked to a 120-room hotel and parking garage; and 90 new apartments. Retailers that have committed to the project include REI, Pinstripes, Old Town Pourhouse and Silverspot Cinema. Pinecrest is set to open in 2017.
CLEVELAND — Love Funding has closed on a $15.3 million loan to renovate a large, historic city block in downtown Cleveland into a loft apartment community. West 25th Street Lofts will offer 83 market-rate loft apartments in four adjacent buildings in Cleveland’s Ohio City neighborhood, including one that was originally constructed in 1866 to house the Jacob Beahr Brewery. In short, the apartments will replace a vacant group of buildings on West 25th Street. The developers of the $27.4 million project are Rick Foran of Foran Group Development LLC and Chris Smythe of Smythe Property Advisors LLC. Love Funding Midwest Regional Director Bruce Gerhart secured the financing through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The HUD program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term. The loan was originally slated to be finalized in 2014, but the closing of a charter school in one of the newer buildings enabled the development team to add another 22 units to the project, according to Love Funding. Since then, the immediate area has benefited from further development, leadingUSA Today to name the area one of the 10 “up and coming” neighborhoods in the United States. …
COLUMBUS, OHIO — Duke Realty Corp. has broken ground on a 421,000-square-foot bulk warehouse for BASF Corp. The build-to-suit facility is being constructed on a 33-acre site in Rickenbacker Global Logistics Park, a 1,576-acre, multi-modal industrial site being developed through a partnership between Duke Realty, the Columbus Regional Airport Authority and Capitol Square Ltd. The facility will be adjacent to Rickenbacker Parkway and in close proximity to Norfolk Southern’s intermodal terminal and Rickenbacker International Airport. The cross-docked building will feature 32-foot clear ceiling heights; 28 dock doors with levelers, bumpers, seals and lights, staging for 50 trailers next to the building and a 135-foot truck court. Completion of the warehouse is set for 2016.
