CHICAGO — Marcus & Millichap has arranged the $2.7 million sale of a 19-unit apartment property in Chicago. The property is located at 900 W. Sunnyside Ave. in Chicago’s Uptown neighborhood. Steve Livaditis and Joseph Scheck of Marcus & Millichap’s Chicago O’Hare office represented the undisclosed seller and buyer, a local investor.
WOODRIDGE, ILL. — HSA Commercial Real Estate has arranged a lease for Wimmer Transportation Services. The Chicago-based trucking and freight delivery company has signed a long-term lease to occupy 17,280 square feet at the newly-completed second phase of Park 355 in Woodridge. The lease is the first at the 180,480-square-foot warehouse facility located along I-355 at 2143 Internationale Pkwy. HSA Commercial, in partnership with Denver-based Industrial Income Trust Park, developed the second phase at Park 355. The property features 30-foot clear ceiling heights, frontage on I-355, an ESFR sprinkler system, 49 exterior truck docks and four drive-in doors. The new 180,480-square-foot distribution center is divisible to 17,280-square-foot suites to accommodate smaller industrial tenants. Timothy Thompson of HSA Commercial Real Estate represented ownership in the lease transaction. Josh Hearne of Cawley Chicago represented Wimmer Transportation Services.
After a recession-induced lull, speculative construction is back in full swing in the St. Louis industrial sector. Record-setting absorption in 2014 drove vacancy rates to near record lows, and spurred speculative construction on both the Missouri and Illinois side of the Mississippi River. With activity on both fronts, it’s clear that the St. Louis industrial market is well past recovery mode and into growth mode. The St. Louis industrial market posted net absorption of 5.2 million square feet in 2014, passing the all-time record for annual absorption set back in 2005 by more than 20 percent. This is more than double the square feet absorbed in 2013, which itself was a banner year. The positive absorption figure has significantly affected the market’s overall industrial vacancy rate, dropping it to 6.3 percent — the lowest rate since 2005. The Class A vacancy dropped to an impressive 4.1 percent and modern bulk vacancy rate stands at 4.6 percent. Just as in 2006-2007 when nearly 5 million square feet of new construction was delivered, St. Louis is seeing a surge of new construction with these historic vacancy rates. The lack of available industrial space has drastically changed the landscape for tenants during the …
KANSAS CITY, MO. — KeyBank Real Estate Capital has secured $10.2 million in non-recourse, CMBS first mortgage loans for two hotel properties in Kansas City. The first loan was used to refinance a 73-room, limited-service Holiday Inn Express & Suite. The property was acquired in 2006 as a Quality Inn and subsequently redeveloped into the current Holiday Inn Express & Suites. The second loan was used to refinance an 89-room extended stay Candlewood Suites. Randy Martin of KeyBank Real Estate Capital Markets arranged financing for both properties.
AKRON, OHIO — Phillips Edison Grocery Center REIT II Inc. has acquired a 75,866 square foot grocery-anchored shopping center in Akron for $8 million. The REIT purchased the property from Garrison Central Harvest Plaza LLC, a Delaware limited liability company. Harvest Plaza is located at the intersection of Akron-Canton Road and E. Waterloo Road in the Ellet neighborhood on the southeast side of Akron. A Giant Eagle grocery store anchors the shopping center. Other tenants include Papa John’s, Subway and Super Cuts. The shopping center was fully occupied at the time of sale.
NAPERVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the $4.3 million sale of a single-tenant retail building in Naperville. The property is located at 1823 Freedom Drive. Fidelity Investments occupies the property. The site is part of the Freedom Commons mixed-use development. Tenants include Morton’s The Steakhouse, Subway, Athletico Physical Therapy, Jason’s Deli and Maggiano’s Little Italy. A real estate investor based in Scottsdale, Ariz., sold the property. A Chicago-based private real estate investor purchased the property. Chad Firsel of Quantum was the sole broker in the transaction.
GURNEE, ILL. — Millennium Properties R/E has brokered the $775,000 sale of a 61,700-square-foot industrial facility in Gurnee. The property is located at 3850 Clearview Court within the Hawthorne Industrial Center and is in close proximity to Skokie Highway and I-94. The research and development facility was a former generic drug manufacturing facility. The building includes labs and six loading docks. The bank-owned property was sold to an undisclosed investor that plans to use the facility to expand its presence in the Chicagoland area.
PLYMOUTH, MICH. — Colliers International has arranged the lease of a 4,100-square-foot retail space in Plymouth. The property is located at 44717 Five Mile Road. Kent Butler of Colliers International represented the landlord, Sheldon Place LP, in the lease transaction. The Little Gym is leasing the space and plans to open its second Michigan location in April. The franchise currently operates 300 locations throughout the country.
Commonweal Development Corp. Completes Construction on 72,500 SF Office Building in Eau Claire, Wis.
EAU CLAIRE, WIS. — Commonweal Development Corp. has completed construction on a 72,500-square-foot office building for JAMF Software in Eau Claire. The new, Class A property is located in the Phoenix Park area of downtown Eau Claire. Ayres Associates was the architect for the project. Market & Johnson served as the general contractor. The high tech facility is a combination of open office and meeting rooms featuring a fourth floor deck with a view of the Chippewa and Eau Claire rivers. JAMF software specializes in products and support for the Apple platform. The city of Eau Claire is building a parking structure adjacent to the building to serve JAMF and the neighboring Royal Credit Union headquarters.
LINCOLN, NEB. — Investors Realty Inc. has brokered the $16.8 million sale of Centro Plaza shopping center, a 115,495-square-foot retail property in Lincoln. The property is located at the intersection of 48th and Vine streets. The shopping center is currently occupied by TJ Maxx. Michaels, Designer Shoe Warehouse and Beauty Brands have executed leases and plan to occupy the space at the property. The buyer plans an extensive renovation of the property. Ember Grummons of Investors Realty represented the buyer, an affiliate of St. Louis-based Integris Ventures.