Midwest

The Boulder Group Arranges $9.7M Sale of Walmart Ground Lease in Niles, Ill.

by Danielle Everson April 7, 2015

NILES, ILL. — The Boulder Group has arranged the $9.7 million sale of a single-tenant, trophy Walmart ground lease in Niles, a suburb north of Chicago. The property is located at 5630 W. Touhy Ave. The property was sold at the lowest cap rate ever recorded for a single-tenant Walmart property transaction above $5 million, according to Real Capital Analytics. The Walmart anchors Pointe Plaza, a 330,000-square-foot development that features Ross Dress For Less, Walgreens, Fresh Farms International Market, Dress Barn and Babies R’ Us. Walmart has approximately nine years remaining on its ground lease, which expires Feb. 29, 2024. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a California-based high-net-worth investor who purchased the property in a 1031 exchange. Blankstein and Goodman also represented the seller, a Midwest-based investment company.

April 7, 2015

Illinois Midwest Office

Reed Construction Completes 35,500 SF Office Build-Out in Arlington Heights, Ill.

by Danielle Everson April 7, 2015

ARLINGTON HEIGHTS, ILL. — Reed Construction has completed a 35,500-square-foot renovation for SVM at 3727 Ventura Drive in Arlington Heights. Founded in 1997, SVM handles the sales, marketing and distribution of gift cards for most major gasoline companies. The firm relocated its headquarters to Arlington Heights from 200 E. Howard Avenue in Des Plaines, Ill. The project included an interior demolition, the addition of office space and a new secure vault. The finished office features high bay ceilings in the common areas, new interior glazing and updated locker rooms. A steel mezzanine conference room suspends from existing crane rails, which overlooks the open floor plan. Bryan Krueger was the principal and Dan Cohen was the project manager for Reed Construction. Wefing Deegan Studios provided the architectural services.

April 7, 2015

Illinois Midwest Multifamily

Interra Realty Brokers Sale of Seven-Unit Apartment Building in Chicago

by Danielle Everson April 7, 2015

CHICAGO — Interra Realty has brokered the $893,000 million sale of a seven-unit, vintage apartment building at 1509 W. Bryn Mawr in Chicago’s Andersonville neighborhood. The three-story walk up is made up of two-bedroom, one-bathroom units. Craig Martin of Interra Realty represented both the seller and buyer in the transaction. The buyers plan to make renovations to the property.

April 7, 2015

Michigan Midwest Retail

Art Van Pure Sleep Signs 4,000 SF Lease in Taylor, Mich.

by Danielle Everson April 7, 2015

TAYLOR, MICH. – Art Van Pure Sleep has signed a 4,000-square-foot lease at Eureka Plaza in Taylor. The property is located at the southeast corner of Eureka Road and Pardee Road, across from the Southland Center Mall. Tjader Gerdom and Larry Siedell of Gerdom Realty & Investment represented the landlord and tenant in the transaction. The new Pure Sleep is anticipated to open this summer.

April 7, 2015

Loans Midwest Ohio

PCCP Provides $29.5M Acquisition Loan for Apartment/Office Property in Ohio

by Danielle Everson April 6, 2015

WORTHINGTON, OHIO — PCCP has provided a $29.5 million senior loan to a private, high-net-worth investor for the acquisition and lease-up of The Heights, a newly constructed two-building, Class A apartment complex in Worthington, a suburb of Columbus. The property includes 193 units and 23,320 square feet of office space. Located at 160 W. Wilson Bridge Road, the property includes one- and two-bedroom apartments. Unit amenities include washers and dryers, granite countertops, patios and balconies. The seller was Crawford Hoying, a local developer, who began construction of The Heights in September 2013. The smaller, 59-unit building was completed in September 2014 and the larger, 134-unit apartment building, which includes commercial space, is anticipated for completion this month. PCCP is a real estate finance and investment management firm.

April 6, 2015

Loans Michigan Midwest Retail

Horizon Group Properties Refinances Three Outlet Centers

by Danielle Everson April 6, 2015

NORTON SHORES, MICH. — The Horizon Group Properties Inc. has refinanced the loan secured by outlet shopping centers located in Burlington, Wash.; Fremont, Ind. and Oshkosh, Wis., all of which are owned by an affiliated entity. Starwood Mortgage Capital LLC provided the $56.7 million loan. The Starwood loan includes a 10-year term and is non-recourse, subject to standard non-recourse carve-outs. The proceeds from the Starwood loan were used to defease the prior loan, which matures in February 2016. HGPI received $3 million of loan proceeds after transaction costs and the defeasance of the prior loan. Norton Shores, Mich.-based The Horizon Group Properties is an owner and developer of factory outlet shopping centers in the United States and Asia.

April 6, 2015

Midwest Missouri

Brennan Investment Group Completes Sale-Leaseback to Swisher Mower & Machine Co.

by Danielle Everson April 6, 2015

WARRENSBURG, MO. — Brennan Investment Group has acquired a mission critical facility of Swisher Mower & Machine Co. in Warrensburg. Swisher is a manufacturer and distributor of branded specialty lawn and garden power equipment and accessories. “This sale-leaseback transaction illustrates our ability to find solutions that allow companies to grow by concentrating on their core competencies,” says Robert Vanecko, Brennan Investment Group’s managing principal and the head of the firm’s single-tenant, net lease division. “In addition, this acquisition supports our investment objective of producing stable, long-term cash flow for our investors.” Brennan Investment Group is a private real estate investment firm that acquires and operates industrial properties on a national basis.

April 6, 2015

Midwest Multifamily Ohio Student Housing

Gilbane Breaks Ground on New Student Housing Development in Cincinnati

by Danielle Everson April 6, 2015

CINCINNATI — Gilbane Development Co. has begun development on The Verge, a student housing project near the University of Cincinnati. Located at the corner of West McMillan St. and West Clifton Ave., The Verge is located one block from the university’s main campus. The 245,000-square-foot building is expected to be completed for August 2016 occupancy, and will feature 495 beds within 178 apartment units and 380 parking spaces. Residents will have access to amenities including a clubhouse, gaming tables, cyber cafe, media room, fitness center with tanning room, seating areas, group study rooms and a private landscaped courtyard featuring a barbecue grill and fire pit with seating areas. High-speed Internet and Wi-Fi will be available throughout the building. The project is eco-friendly, and will attain LEED Silver certification. Additionally, 7,500 square feet of commercial space will be located along the prominent commercial corridor along West McMillan and Clifton.

April 6, 2015

Midwest Multifamily Ohio Student Housing

Asset Campus Buys Dorm Facility in Cleveland for $4.5M

by Danielle Everson April 6, 2015

CLEVELAND — Asset Campus Housing has purchased the 140-dorm facility and YMCA in Cleveland’s downtown campus district for $4.5 million. Euclid Avenue Development Corp. sold the facility, built in 1912, after purchasing it in 2009 to eliminate a troubled loan. Asset Campus will convert the facility into private student housing. Newmark Grubb Knight Frank represented the seller in the transaction. The 152,390-square-foot, nine-story building is situated on three acres, includes 175 parking spaces and has been the longtime home of the Downtown Cleveland YMCA, which will relocate in March 2016. Asset has renamed Heritage Hall as The Domain at Cleveland and plans to revamp the property with a clubhouse featuring group fitness classes, a computer lab with dedicated study rooms and a resident lounge with free coffee. The studio, one-bedroom and two-bedroom units will be renovated with new appliances, cabinets and countertops in the kitchenettes, upgraded bathrooms and new A/C and heating systems. The company is leasing apartments for the fall 2015 academic year.

April 6, 2015

Midwest Ohio Retail

JV Inland Real Estate Corp., PGGM Acquire Shopping Center in Ohio for $15.4M

by Danielle Everson April 3, 2015

SOUTH EUCLID, OHIO — Inland Real Estate Corp., in a joint venture with Dutch pension fund administrator PGGM, has acquired Cedar Center North, a 61,400-square-foot shopping center located in the east Cleveland suburb of South Euclid. The joint venture purchased the property for $15.4 million. Built in 2012, the center is 90 percent leased and features retailers such as Panera, Starbucks, Five Guys, Chipotle, Jimmy Johns, Wing Stop, Sport Clips, Sprint and Huntington Learning Center. PetSmart anchors the shopping center. Cedar Center North is within walking distance of John Carroll University. The center is shadow anchored by Whole Foods, located across the street in the Cedar Center South shopping center that was acquired by the IRC-PGGM venture in 2013.

April 3, 2015

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