COON RAPIDS, MINN. — Title Boxing Club has signed a lease for 4,168 square feet at Shoppes at Riverdale Commons II located in Coon Rapids. The 32,451-square-foot center is located on Riverdale Boulevard and features a FedEx Kinko’s, Five Guys, Potbelly, AT&T and Cherry Berry. Mid-America’s project leasing team represented the landlord in the transaction.
CHICAGO — Chicago Real Estate Resources has arranged the sale of a retail property in Chicago. The three storefronts totaled 3,828 square feet, two of which were leased at the time of sale to Snippet’s Mini-Cuts and Edible Arrangements. The property is located at 3722-26 N. Southport Ave., in Lakeview’s Southport Retail Corridor Nate Gautsche of Chicago Real Estate Resources’ commercial office represented the local buyer in the acquisition of the value-add retail property.
BROOKLYN, MINN. — Robert Bhat of NorthMarq Capital’s Miami-based regional office has arranged a $13 million loan for the refinancing of Shingle Creek Crossing Phase III, a 20-acre site consisting of eight super pads, five outparcels and a 75,000-square-foot building located at 1341 Brookdale Center in Brooklyn. NorthMarq arranged financing for the borrower, Gatlin Development, through its relationship with a national bank. The development is part of the 60-plus acre redevelopment of the former Brookdale Mall, a regional mall originally built in 1962. Since acquiring the property in 2010, Gatlin Development, along with Mid-America Real Estate, transformed the site into a retail development. Michaels, TJ Maxx and several other tenants plan to open soon at the development.
GRAND CHUTE, WIS. — Mid-America Real Estate Corp. has brokered the $12.2 million sale of Fox River Commons located in Grand Chute. Bloomfield Hills, Mich.-based Agree Realty Corp. purchased the 78,977-square-foot asset, which is located at the northwest corner of Casaloma Drive and College Avenue. Bed, Bath & Beyond, Barnes & Noble, Old Navy and DressBarn anchor the shopping center. Carly Gallagher of Mid-America Real Estate Corp., in cooperation with Dan Rosenfeld of Mid-America Real Estate – Wisconsin LLC brokered the transaction on behalf of the seller, a private investor group represented by Oak Brook, Ill.-based Inland Private Capital.
HOWELL TOWNSHIP, MICH. — Capital One Multifamily Finance has provided a $9.5 million Freddie Mac fixed-rate loan to refinance Burkhart Ridge Mobile Estates, a 306-space Class A manufactured home community (MHC) in Howell Township near Detroit. Damon Reed of Capital One Multifamily originated the transaction. The 10-year, fixed-rate loan has one year of interest-only payments and a 30-year amortization schedule. Proceeds from the loan will be used to retire higher-rate debt and to return cash to the partnership in order to acquire additional homes and enhance amenities for residents. Burkhart Ridge was developed in three phases between 1999 and 2005. All sites can accommodate a doublewide home, attached garage and parking area. Amenities at the community include a clubhouse, pool, fitness center and facilities for volleyball, basketball, soccer and hockey.
CHICAGO — Paine/Wetzel TCN Worldwide has brokered the sale of a 21,750-square-foot industrial building located in the southwest side of Chicago. Vogue Cleaners, a commercial laundry company, is expanding its business and has purchased the property located at 2643 W. 19th St. for an undisclosed sales price. The building includes 17-foot ceiling heights and ample truck loading and vehicle parking spaces. The building has three-phase electrical power and a land site of 40,000 square feet for building expansion and parking. Ed Wabick and Al Schulman of Paine/Wetzel TCN Worldwide represented the seller, B& J Wire Inc., in the transaction. The buyer was self-represented.
Industrial real estate market fundamentals in the Toledo, Ohio, area remained quite sound at the end of 2014. Most key indices showed stability or improvement. The most noteworthy statistic is the 2.3 million square feet of positive net absorption recorded in the second half of the year — the highest amount in recent memory. The lion’s share of the absorbed space can be attributed to the delivery of the 1.6 million-square-foot Home Depot warehouse in Troy Township. Even if the Home Depot deal is excluded from the data, the total absorption notched in the third and fourth quarters was impressive. Absorption would have been higher had the nearly 400,000-square-foot former Ace Hardware distribution center in Perrysburg Township not become vacant. In 2014, Ace announced that it would relocate its warehouse in the Columbus, Ohio area. Dearth of Suitable Space Despite the generally strong performance of the industrial real estate sector this past year, one senses that many of the players in the market are feeling some level of frustration. The frustration stems from the sentiment that things could be better — a result of the generally tight supply of buildings and the even tighter supply of the right types of …
LINCOLN, NEB. — Cohen Financial has arranged a $13.3 million acquisition loan for Centro Plaza, a 111,978 square-foot retail shopping center located at 400 N 48th Street in Lincoln. TJ Maxx anchors the property, which will also soon include a DSW and Michaels. Dan Rosenberg of Cohen Financial’s Chicago office secured the loan with a regional bank. The borrower is an entity controlled by Integris Ventures.
ELYRIA, OHIO — Namdar Realty Group has purchased a 266,000-square-foot shopping center in Elyria. The River Street Square Shopping Center is located at 285 Midway Blvd. Tenants at the shopping center include Petsmart, Dollar Tree, Dots, Radio Shack and Gamestop. Joel J. Gorjian and Namdar Realty Group specialize on special situation acquisition opportunities throughout the country.
CHICAGO — @properties Commercial recently brokered the $3.6 million sale of a 22,500-square-foot mixed-use property in Chicago’s Lincoln Park neighborhood. The property is located at 2477-2501 N. Clybourn Ave. The property, which was owned by C. Maxwell LLC, occupies six city lots and currently includes four residential buildings, a commercial storefront and a vacant lot. Rebecca Lundstrom of @properties Commercial represented the buyer, a private investor who intends to redevelop the property.
