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IllinoisMidwestRetail

Boulder Group Arranges $2.1M Sale of Net Leased Property in Round Lake Beach, Illinois

by Christina Cannon

ROUND LAKE BEACH, ILL. — The Boulder Group has completed the sale of a retail building in Round Lake Beach, about 50 miles northwest of Chicago, for $2.1 million. The two-tenant, net leased building is located at 418-20 E. Rollins Road. Tenants at the retail property include Heartland Dental and AT&T, each of which has a 10-year lease. The buyer was a private partnership in a 1031 exchange, and the seller was a Midwest-based real estate development company. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both undisclosed parties.

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MidwestMissouriRetail

Sansone Group Breaks Ground on 4,345 SF Retail Center in St. Louis Suburb

by Christina Cannon

SUNSET HILLS, MO. — Sansone Group has purchased a property formerly occupied by Sanders Automotive in Sunset Hills, a southwest suburb of St. Louis, for an undisclosed price. The seller was Gene Sanders Inc. The building on the site, located at 10775 Watson Road, is being torn down and will be redeveloped as a 4,345-square-foot retail center. Watson Plaza will feature a 1,650-sqare-foot Starbucks and a 2,695-square-foot Mattress Direct. Construction costs are estimated to be $2.5 million. Construction has already begun, and both stores are slated to open in the summer of 2016.

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IndustrialMidwestWisconsin

Dickman Co./CORFAC Arranges Sale of 17,020 SF Industrial Property in Wisconsin

by Christina Cannon

HUSTISFORD, WIS. — The Dickman Company Inc./CORFAC International has arranged the sale of a 17,020-square-foot industrial building in Hustisford, approximately 53 miles northwest of Milwaukee The facility is located at 424-434 E. Rubicon St. Del Oak Holdings LLC purchased the building from Lonann Investments LLC for an undisclosed price. Nick Keys and Anthony Huenerbein of The Dickman Co. represented the seller, and Christine Huber of Belman Homes LLC represented the buyer.

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IndianaLoansMidwestMultifamily

Pillar Originates $36M Freddie Mac Loan for Acquisition of 632-Unit Property in Indianapolis

by Christina Cannon

INDIANAPOLIS — Pillar, a Guggenheim Partners affiliate, has originated a $36 million Freddie Mac loan for the acquisition of an apartment complex in Indianapolis. Oaks of Eagle Creek Apartments, located on the north side of Indianapolis adjacent to Eagle Creek Park, is a 632-unit complex that was built in 1988. The loan features a fixed rate, 10-year term with a 30-year amortization schedule and 80 percent loan-to-value. Joe Markech and Brooke Jackson of Pillar originated the loan. The borrowing entity is an Indianapolis-based sponsor that is growing its multifamily portfolio. The sponsor is planning to invest $3,000 per unit in renovations. The property is currently 98 percent leased.

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IndustrialMidwestMinnesotaOffice

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

by Christina Cannon

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.

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MidwestWisconsin

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

by Christina Cannon

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.

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IllinoisMidwestRetail

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

by Christina Cannon

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.

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IllinoisIndustrialMidwest

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

by Christina Cannon

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.

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IowaLoansMidwestRetail

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

by Christina Cannon

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.

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MidwestOhioRetail

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

by Christina Cannon

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.

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