RICHFIELD, MINN. — Marcus & Millichap has brokered the sale of a 28,208-square-foot retail property in Richfield, a southern Minneapolis suburb. Kensington Park was sold to an undisclosed buyer for $7 million. The asset is located at 7610 Lyndale Ave. S. Brian Klancke, Sean Doyle, Cory Villaume, Matthew Hazelton and Adam Prins of Marcus & Millichap had the rights to market the property on behalf of the seller. Marcus & Millichap also secured and represented the buyer.
LIVONIA, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 19,346-square-foot medical office building in Livonia, a northwest Detroit suburb. PAK Real Estate Properties LLC sold the building to Premiere Offices LLC for an undisclosed amount. Premiere Offices is the existing tenant and will continue to use the space as psychiatric offices. Dan Verderbar of Friedman represented the seller in the transaction.
CHICAGO AND DEKALB, ILL. — Mid-America Asset Management Inc. has arranged two retail leases in separate transactions in Illinois. Jimmy Jazz has signed a 4,811-square-foot lease at Ford City Mall in Chicago. The 661,644-square-foot shopping mall is anchored by AMC Theatres, JCPenney, Carson’s, Marshalls, Ross Dress for Less and hhgregg. Marget Graham, Maria Rossobillo and Sarah Drumgould of Mid-America represented the landlord. The tenant was self-represented. In the second transaction, Athletico inked a deal for 3,964 square feet at Oakland Place in DeKalb. Other tenants in the 155,730-square-foot facility include Michaels, T.J. Maxx, Super Target, DSW Shoe Warehouse and Pier 1 Imports. Katie Hennegan and Paige Schisser of Mid-America represented the landlord. Hyatt Thompson of Swearingen Realty Group LLC represented the tenant.
DETROIT — Detroit’s Ilitch family plans to donate money and land totaling $40 million for a new business school building for Wayne State University, according to Crain’s Detroit Business and the Detroit Free Press. It would be the largest donation in the school’s history. The donation reportedly includes $35 million to build the school and a $5 million endowment. The plan calls for construction of a single 120,000-square-foot, multi-story building of classrooms, offices and other spaces for the business school at the southwest corner of Woodward Avenue and Temple Street. The business school will be built on land the Ilitches have acquired for their District Detroit mixed-use development around the $532.5 million arena being built for the Detroit Red Wings, according to Crain’s. The arena is slated to open in time for the 2017 hockey season. The Ilitches are expected to retain ownership of the land and lease it to the business school for a nominal fee. Mike Ilitch is the owner of the Detroit Red Wings and Detroit Tigers. He and his wife, Marian, co-founded Little Caesars Pizza in 1959.
KANSAS CITY, KAN. — Indiana-based skilled nursing developer Mainstreet and California-based operator The Ensign Group Inc. have opened The Healthcare Resort of Kansas City, a brand new 100-bed skilled nursing facility in Kansas City. Construction started on The Healthcare Resort of Kansas City in April 2014 and was completed in September 2015. The 71,626-square-foot community cost $11.2 million to develop.
ROSELLE, ILL. — Colliers International has arranged three leases totaling 290,925 square feet in Roselle, a northwest Chicago suburb, on behalf of a joint venture between Panattoni Development Co. and LaSalle Investment Management. Aquion Inc. signed a 91,049-square-foot, long-term lease for a property located at 101 Gary Ave. in Turnberry Lakes Business Park. Aquion will be relocating its world headquarters from 2080 Lunt in Elk Grove Village to the new facility. Todd Heine and Tom Curtis of Avison Young represented Aquion, a manufacturer and marketer of water treatment equipment and water quality solutions. RBI Bearing Inc. signed a 45,750-square-foot, long-term lease in the same building. Jonathan Kohn and John D’Orazio of Colliers International represented the tenant, a manufacturer of ball bearings, castings, mounted units and custom machine parts. Affordable Office Interiors leased a 154,126-square-foot building located at 501 Gary Ave. Mike Sedjo and Dan Bessey of CBRE represented the tenants. All three tenants are expected to move into their spaces during the first quarter of 2016. These completed deals will bring the five-building Turnberry Lakes Business Park to full occupancy.
LAKE GENEVA, WIS. — Quantum Real Estate Advisors Inc. has brokered the $1.3 million sale of a 14,091-square-foot retail center in Lake Geneva. The property, located at 800 N. Edwards Blvd., was 70 percent leased at the time of sale. Tenants include Maurice’s, Sally Beauty Supply and Mattress Firm. The undisclosed seller is a Minnesota-based owner, and the undisclosed buyer is a New York-based fund. Chad Firsel and Daniel Waszak of Quantum were the sole brokers in the transaction.
BLOOMINGTON AND LOMBARD, ILL. — Mid-America Asset Management Inc. has arranged two retail leases in separate transactions in Illinois. Dick’s Sporting Goods has signed a 49,957-square-foot lease at Colonial Plaza in Bloomington. The 241,340-square-foot shopping center also includes Ashley Furniture and Cato Fashions. Katie Hennegan and Samantha Spinell Schnell of Mid-America represented the landlord. Tim Miller and Jon Reese of Great Street Realty represented Dick’s. In the second transaction, Anytime Fitness has inked a deal for 5,926 square feet at Highlands of Lombard in Lombard. Other tenants in the 21,071-square-foot facility include Potbelly Sandwich Shop and Performance Bike. The shopping center is shadow anchored by The Dump. Paige Schiesser, Samantha Spinell Schnell and Angela Gasbarro of Mid-America represented the landlord. Jim Runyon of Franchise Real Estate represented the tenant.
CHICAGO — Fifield Cos. has broken ground on The Sinclair in Chicago’s Gold Coast neighborhood. The 390-unit, transit-oriented luxury apartment tower — which will also include a grocery store — is slated for completion in the summer of 2017. The 35-story building will offer studio, one-, two-, three- and four-bedroom residences, with individual units ranging from 550 to 2,500 square feet. Unit amenities include plank flooring, quartz countertops, glass tile backsplashes, Grohe faucets, GE stainless steel appliances, Nest programmable thermostats and in-unit washers and dryers. Community amenities include a pool and spa, cabanas and grilling areas, a fitness club with yoga studio, a screening room, a demonstration kitchen and party room, a Starbucks coffee bar, business center, conference room and children’s playroom stocked with toys and games. The building will also include a 55,000-square-foot retail space leased by Jewel-Osco. The Sinclair will be located adjacent to the Chicago Transit Authority’s Red Line station at Clark and Division streets and serviced by several CTA buses. Solomon Cordwell Buenz is the building’s principal architect and interior designer. McHugh Construction will serve as the general contractor for the project.
DES PERES, MO. — Sansone Group has reacquired Olympic Oaks Village in Des Peres, a western suburb of St. Louis, for $22 million. Olympic Oaks Village was originally a 7.7-acre, $5.5 million retail development completed by Sansone Group in 1988. The 91,000-square-foot retail center, located a half-mile east of I-270 on Manchester Road, originally included Walgreens, T.J. Maxx, Michaels and the Sansone Group headquarters. In 1998, Sansone sold the building to DDR Corp. for $11.1 million but continued to lease and manage the property before reacquiring it from DDR. The shopping center has gone through several renovations and expansions and now spans 92,372 square feet. Current tenants include European Wax Center, Jersey Mike’s, Rally House, Sally Beauty Supply, Great Clips, Massage Envy, Salon Genesis, Lane Bryant, Edible Arrangements, Nail Pro and Thompson Price Kitchen & Bath.
