GREENWOOD, IND. — Monmouth Real Estate Investment Corp. has acquired a new 671,354-square-foot industrial building in Greenwood for $37.4 million from an undisclosed seller. The property is situated on a little more than 43 acres located at 482 Chaney Ave. and is net leased for 10.25 years to beauty retailer ULTA Inc., a subsidiary of Ulta Salon, Cosmetics & Fragrance Inc. The new Omni-channel fulfillment center will serve both business-to-business and direct-to-consumer e-commerce sales.
ST. LOUIS — Tim Balk of Gershman Commercial represented CUNA Mutual Investment Corp. in the sale of two St. Louis area properties. The multi-tenant retail strip center located at 98 The Legends Parkway in Eureka was purchased by The Legends Plaza LLC, represented by Roger Zigler and Steve Symsack, also with Gershman Commercial. The retail center features 15,859 rentable square feet and is located on 1.57 acres. The property is 92 percent leased. Gamma Enterprises LLC, represented by Lee & Associates, purchased 2055 Craigshire Road. The four-story, 35,701-square-foot office building is located on 2.39 acres in the Westport area of Maryland Heights. The property is 97 percent occupied.
BENSENVILLE, ILL. — Zilber Property Group has arranged the lease of an 18,000-square-foot industrial property in Bensenville. Creeden & Associates Inc. will occupy space within the Cornerstone Business Park. Arthur J. Rogers of Zilber represented the landlord. Korman/Lederer & Associates represented Creeden & Associates.
CHICAGO — Pillar has arranged a $9.4 million loan with Freddie Mac for the Hidden Lakes of Hinsdale Apartments, a 105-unit multifamily property located in the Western suburbs of Chicago. The fixed rate, 10-year loan includes a 30-year amortization schedule. Joe Markech and Brooke Jackson of Pillar’s Chicago origination team arranged the loan. Hidden Lakes of Hinsdale Apartments was built in 1971 and purchased by Pillar’s client in 2007. Upon acquiring the property, the sponsor invested $1.3 million to upgrade all units and the exterior of the property, which is 100 percent leased at market rates. The borrower is a local owner/operator of multifamily properties.
BROADVIEW, ILL. — Darwin Realty & Development Corp. has arranged a long-term lease renewal for 43,175 square feet located at 2109-2111 21st St. in Broadview. Dan Fanelli and George Cibula of Darwin represented Arrow Pneumatics Inc. The manufacturer of parts and products for the compressed air industry will occupy the space. The team also represented the landlord, a private investor. The property features a 22-foot ceiling height, four interior docks and 4,500 square feet of finished office area.
GARY, IND. — Paine/Wetzel TCN Worldwide has arranged the sale of a 196,000-square-foot industrial building situated on 14 acres located at 4000 E. 7th Ave. in Gary. T&B Tube Co. purchased the property for an undisclosed sales price. The company provides cut-to-length steel tubing for manufacturers and fabricators and is expanding and relocating from another location in South Holland, Ill. Ed Wabick of Paine/Wetzel represented T&B Tube Co. Walter Murphy of Lee & Associates represented the seller, Sterling Lumber Co.
ANKENY, IOWA — The Opus Group plans to develop a 208,252-square-foot speculative industrial office and warehouse facility in Ankeny. The building will be the first built in the master plan for Corporate Woods Industrial Center, a 50-acre site that will accommodate up to three buildings totaling 600,000 square feet. The warehouse will offer 32-foot ceiling heights, ESFR sprinkler systems, LED lighting, up to 50 dock doors and 115 parking spaces with room for expansion. The building will be able to accommodate single- or multi-tenant occupancy. Construction will begin this month with completion scheduled for fall 2015. A joint venture partnership between Opus Development Co. LLC and Founders Properties LLC will own the property. Opus Development Co. will be the developer, Opus Design Build will be the design-builder and Opus AE Group will serve as the architect and engineer of record. Marcus Pitts and Justin Lossner with JLL will market the property for lease.
One of the biggest stories in the hotel industry today is the growth of the boutique segment. Independent groups such as Ace Hotels, 21C, Grupo Habita and citizenM registered record growth in the last few years. Meanwhile, all the major brands have incorporated a boutique component. That trend was reinforced last December when IHG purchased Kimpton Hotels & Restaurants. For its part, Hyatt launched Andaz several years ago, and Marriott has rolled out the Autograph Collection, Moxy, EDITION and AC Hotels in the past few years. Even Best Western has unveiled its new urban boutique concept — Vib. I get the following question a lot: “Why should we invest in boutique hotels?” The conventional wisdom among investment funds tasked with finding hotel assets is to look for branded assets in the top five markets that are deemed less risky by pundits. However, some hotel investors don’t realize the substantial RevPAR (revenue per available room) premiums you can get with boutique properties over standard branded hotels. Among boutique properties, we’re seeing RevPAR premiums of 10 to 20 percent — sometimes 50 percent — over traditional hotels (see chart). Boutique hotels have less rigorous brand standards, if any at all, and offer …
ALGONQUIN, ILL. — Quantum Real Estate Advisors Inc. has brokered the $9.5 million sale of a 26,864-square-foot retail complex divided in three buildings in Algonquin. Woods Creek Commons is located at 750-790 S. Randall Road. The multitenant retail center includes three buildings with tenants such as ATI Physical Therapy, Supercuts, GameStop, Pie Five Pizza, Mattress Firm, Starbucks Coffee, Massage Envy and Soma Medi Spa. The properties are an outlot to the Woodscreek Shopping Center, a 400,000-square-foot shopping center. The seller was a local development group based in Illinois. The buyer was a private real estate investor based in Wisconsin. Chad Firsel of Quantum was the sole broker in this transaction.
MASSILLON, OHIO — Marcus & Millichap has brokered the $5.8 million sale of Massillon City Center, a 50,266-square-foot retail property located on Lincoln Way West in Massillon. The center is 91 percent occupied. Tenants at the property include Buffalo Wild Wings, Verizon Wireless and Rockne’s. A Bob Evans restaurant is an outparcel at the property. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap’s Cleveland and Columbus offices represented the seller, a private fund, and the buyer, an individual New York-based investor.