Midwest

Demand for High-Quality Industrial Space in Toledo Greatly Exceeds Supply

by Danielle Everson March 12, 2015

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 …

March 12, 2015

Midwest Nebraska Retail

Cohen Financial Arranges $13.3M Acquisition Loan for Retail Property in Lincoln, Neb.

by Danielle Everson March 11, 2015

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.

March 11, 2015

Midwest Mixed-Use Ohio

Namdar Realty Group Buys 266,000 SF Shopping Center in Elyria, Ohio

by Danielle Everson March 11, 2015

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.

March 11, 2015

Illinois Midwest Mixed-Use

@properties Commercial Brokers $3.6M Sale of a 22,500 SF Mixed-Use Property in Chicago

by Danielle Everson March 11, 2015

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.

March 11, 2015

Illinois Industrial Midwest

Bridge Development Partners to Redevelop Industrial Park in Waukegan, Ill.

by Danielle Everson March 11, 2015

WAUKEGAN, ILL. — Bridge Development Partners LLC is redeveloping the former 225-acre Cardinal Health Inc. campus in Waukegan. The industrial park is located at Waukegan Road. The site can accommodate up to 2.8 million square feet of industrial facilities. The campus lies between Route 137/Buckley Road and Route 120/Belvidere Road, immediately off I-94. The project is a joint venture of Bridge Development Partners, Hunt Realty Investments, Wanxiang America Real Estate Group and Globe Corp. Bridge will begin demolition of existing structures and commence park infrastructure work immediately. Phase I will consist of two speculative facilities totaling 625,600 square feet and 400,500 square feet, which will be available for delivery by the fourth quarter of this year. In addition to the first phase of development, the park will feature approximately 100 acres of land, with sites that can accommodate industrial facilities ranging from 40,000 to 1 million square feet. Dublin, Ohio-based Cardinal Health sold the property. The park was founded by American Hospital Supply in the late 1960s and was previously home to Baxter Healthcare and Allegiance Healthcare prior to Cardinal’s acquisition. CBRE’s Keith Puritz, Brett Kroner, Zach Graham and Ryan Bain were the sole brokers in the transaction.

March 11, 2015

Midwest Missouri

Intelica CRE Arranges 1,444 SF Office Lease in St. Charles, Mo.

by Danielle Everson March 11, 2015

ST. CHARLES, MO.— Intelica CRE has arranged the lease of a 1,444-square-foot office space in St. Charles. HealthCare Risk Services Group LLC will occupy the space within The Streets of St. Charles shopping center located at 1520 S. Fifth St. Intelica CRE’s Joel Meyer represented the tenant in this lease.

March 11, 2015

Michigan Midwest Retail

Agree Realty Acquires 15 Properties for $42.1M

by Danielle Everson March 10, 2015

BLOOMFIELD HILLS, MICH. — Agree Realty Corp. has acquired 15 retail and restaurant properties for $42.1 million. The properties are net leased to 12 different tenants located in 10 states. The properties include a Bed Bath & Beyond, Old Navy, DressBarn, a Wendy’s restaurant, Sherwin Williams, Family Dollar, Academy Sports + Outdoors and Jo-Ann Fabric and Crafts. The transactions were completed at a weighted-average cap rate of 8 percent and have a weighted-average lease term of approximately 11 years. Bloomfield Hills, Mich.-based Agree Realty currently owns and operates a portfolio of 224 properties, located in 38 states and containing approximately 4.6 million square feet of gross leasable space.

March 10, 2015

Industrial Midwest Missouri

Investors Purchase Seven Industrial Buildings from Prologis for $13M

by Danielle Everson March 10, 2015

ST. LOUIS – An investor group led by Nelson Grumney of Neland Investment Management and Mark Nelson of Nelson McBride Development has purchased a portfolio of seven industrial buildings in the St. Louis area for approximately $13 million. The portfolio totals 541,000 square feet and is 91 percent occupied. The investors intend to retain the portfolio as a long-term investment. Prologis, an international industrial real estate firm based in San Francisco, Calif., sold the portfolio. Ranging in size from 41,000 to 126,000 square feet and totaling 541,000 square feet, the office/warehouse, distribution and light manufacturing buildings are located in the Earth City, Westport and Brown Campus industrial submarkets of St. Louis County. Nelson McBride will manage the buildings. Central Bank of St. Louis provided acquisition financing.

March 10, 2015

Hospitality Iowa Midwest

Lightstone Value Plus REIT III Acquires Hampton Inn in Des Moines, Iowa

by Danielle Everson March 10, 2015

DES MOINES, IOWA — Lightstone Value Plus REIT III Inc. has acquired a 120-room Hampton Inn located at Des Moines International Airport for $10.9 million. The Hampton Inn is in close proximity to downtown Des Moines. The property will be placed under new management, which will be overseen by Lightstone’s hospitality division. This is the first acquisition for the public, non-traded REIT. The purchase further increases Lightstone’s footprint in Des Moines, adding to its 2013 purchase of SpringHill Suites by Marriott and Fairfield Inn & Suites by Marriott.

March 10, 2015

Midwest Retail Wisconsin

Old Navy Signs 17,025 SF Retail Lease at Bayshore Town Center in Glendale, Wis.

by Danielle Everson March 10, 2015

GLENDALE, WIS. — Olshan Properties has arranged a retail lease for Old Navy at Bayshore Town Center in Glendale, a suburb of Milwaukee. The clothing retailer will occupy a 17,025-square-foot space that formerly housed an Applebee’s restaurant, which has relocated to a larger location within the center. Old Navy’s new store will anchor the west entrance opposite the food court on the north end of Bayshore Town Center. Renovation of the space is currently underway and the Old Navy store is expected to open to the public late this summer. Old Navy currently occupies spaces in five other Olshan Properties retail locations.

March 10, 2015

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