CHICAGO — Foresite Realty Partners LLC has arranged the lease of a 7,196-square-foot office space in Chicago. Alliance of Chicago Community Health Service, L3C has signed a 10-year, seven-month lease renewal at the space located at 215 West Ohio. The Alliance provides health information technology to support more than 40 non-profit health centers nationally. Foresite Reality Partners represented the landlord. Trevor Marticke of Cushman & Wakefield represented the tenant.
CLEVELAND — Westcore Proprieties has sold a historic, Class C office building in downtown Cleveland for $6 million to Millennia Cos., an apartment developer and property manager. The 11-story, 160,000-square-foot Garfield Building, a masonry and steel-frame building, is located at 1965 E. Sixth St., on the corner of Euclid Avenue and East Sixth Street. Originally built in 1893, the building is the former home of National City/ PNC Bank. Westcore Properties purchased the property in 2008. Millennia Cos. plans to develop the building into multifamily rental housing. Eliot Kijewski and Rico Pietro with CRESCO Real Estate, a member of the Cushman & Wakefield Alliance, represented Westcore Proprieties in the transaction. Allegro Reality represented Millennia Cos.
WARRENVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the $5.7 million sale of a dual-tenant retail building and a freestanding building in Warrenville, 12 miles northeast of Aurora. The property is located at 28231-28251 Diehl Road. Chipotle and Specialty’s Café have long-term leases at the dual-tenant retail building and a McDonald’s occupies the freestanding building. The seller was a local real estate investor based in Lake Bluff, Ill. An Eau Claire, Wis.-based private real estate investor purchased the property. Chad Firsel and Conor Bossy of Quantum were the sole brokers in the transaction.
FORT WAYNE, IND. — Nadmar Realty Group has sold a 190,000-square-foot shopping center in Huntington, 25 miles southwest of Fort Wayne. Huntington Plaza is located at 2000 N. Jefferson St. Tenants at the property include Aaron’s, Hibbett Sports, JC Penney, Dollar General, Big Lots, Peebles and several other national and regional retailers. Joel Gorjian led Namdar in the disposition. A New York-based private investor purchased the property for an undisclosed sales price.
FRIDLEY, MINN. — Marcus & Millichap has brokered the $1.9 million sale of Oak Hills Apartments, a 34-unit apartment property in Fridley. Oak Hills Apartments is located at 5460 7th St. NE. The property was built in 1962 and includes 10 one-bedroom units and 24 two-bedroom units. Josh Talberg, Mox Gunderson and Dan Linnell of Marcus & Millichap’s Minneapolis office marketed the property on behalf of the seller, a private investor. Chris Collins, Gunderson and Linnell of the Marcus & Millichap represented the buyer, another private investor.
CHICAGO — Mid-America Real Estate Corp. has arranged a retail lease on behalf of Millennium Dance Complex in the West Loop neighborhood of Chicago. Millennium Dance Complex signed a lease for 7,790 square feet at 1000 W. Washington Blvd. The Millennium Dance Complex is known worldwide as a studio of the commercial dance world. This is Millennium’s first location in Chicago.The dance studio is expected to open this spring. Andrew Becker and Michael Wexler of Mid-America represented the tenant in the transaction. Doug Renner and Trevor Jack of Chicago-based Baum Realty Group represented the landlord.
Here’s the Chicago commercial real estate market’s big secret: the suburbs never went away. While it’s true that office vacancy rates hit the high 20s in 2008, the truth is that suburban absorption never faltered. In early 2014, Savills Studley reviewed all office leasing transactions from 2010 to 2013, a recessionary period for the sector. The analysis revealed that of the nearly 7.4 million square feet of deals tracked, nearly three-quarters of the moves (5 million square feet) involved tenants moving from one suburb to another. Compare that trend to the relocations from the suburbs to the city, which totaled approximately 1.8 million square feet during the same period. The exodus of companies like Hillshire Brands and Motorola Mobility from the suburbs made it seem like the city was the only place to be for high-growth firms. The analysis also showed that firms moving from out of town to the area went to the suburbs rather than the city by a factor of more than 2 to 1: 385,000 square feet versus 160,000 square feet. So, it’s no surprise that the suburban Chicago office market ended 2014 with the lowest vacancy rate since 2008. The 22.6 percent vacancy rate in …
WESTERVILLE, OHIO — Marcus & Millichap has brokered the $10.75 million sale of a 99,380-square-foot Kohl’s department store in Westerville. The triple-net-leased asset is located off I-270 in a shopping plaza with an Office Max, a Marc’s discount drugstore and a grocery store. Other nearby retailers include Walmart, Kroger and Tuesday Morning. SPMC Urban Properties purchased the property in a 1031-tax-deferred exchange. Dean Zang of Marcus & Millichap’s Washington D.C. office and Craig Fuller of the firm’s Cleveland office represented the buyer. Zang, Fuller and Scott Wiles, of the firm’s Cleveland office, along with Erin Patton of the firm’s Columbus office, represented the seller, Garrison Central II LLC.
OAK PARK, ILL. — Interra Realty has arranged the sale of two multifamily properties in Oak Park for a total of $2.1 million. An 11-unit apartment building at 426 S. Wesley Ave. sold for $1.2 million. Patrick Kennelly, James Clough and Joe Smazal of Interra Realty represented both the undisclosed seller and buyer in the transaction. The property features an elevator and a 12-car parking lot in the rear of the property. The unit mix includes one and two bedroom apartments with most featuring granite countertops, stainless steel appliances and cherry cabinets. The other mixed-use property at 113 N. Oak Park Ave. sold for $865,000. Smazal, Clough and Kennelly also represented the undisclosed seller and buyer in this transaction. The property features four apartments above a first floor retail space occupied by a restaurant tenant.
FLORISSANT, MO. — Mid-America Real Estate Corp. has brokered the sale of Shackelford Center located in Florissant, a suburb of St. Louis. Fair Oaks, Calif.-based The Carrington Co. purchased the 49,635-square-foot grocery-anchored shopping center. Shackelford Center is located at the southeast corner of Shackelford Road and Mullanphy Lane. Schnucks anchors the shopping center. Ben Wineman and Carly Gallagher of Mid-America Real Estate Corp. were the exclusive brokers in the transaction on behalf of a joint venture between San Antonio, Texas-based USAA Real Estate Co. and Clayton, Mo.-based The DESCO Group.