Midwest

M&M Brokers $1.6M Sale of Ground-Lease in Cuyahoga Falls, Ohio

by Danielle Everson December 18, 2014

CUYAHOGA FALLS, OHIO — Marcus & Millichap has brokered the $1.6 million sale of a Huntington Bank triple-net ground-lease in Cuyahoga Falls, located approximately 39 miles south of Cleveland. The property is an out-parcel to the recently constructed Portage Crossing development, which is anchored by Giant Eagle Market District, LA Fitness and Cinemark. Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap’s Cleveland and Columbus offices represented the seller, an Ohio-based limited liability company. Colliers Phoenix represented the California-based buyer who purchased the property in a 1031 tax-deferred exchange.

December 18, 2014

Industrial Midwest Minnesota

Upland Real Estate Group Arranges 48,000 SF Industrial Lease in Plymouth, Minn.

by Danielle Everson December 18, 2014

PLYMOUTH, MINN. — Upland Real Estate Group Inc. has arranged a 48,000-square-foot industrial lease for MVP Logistics LLC at the Medicine Lake Industrial Center (MLIC) located in Plymouth. Duke Realty owns and operates the 221,579-square-foot distribution center, which is located a half mile west of U.S. Highway 169. MVP is expanding from 12,000 square feet at its current facility in Golden Valley located one mile east of MLIC. Joshua Huempfner of Upland Real Estate Group represented MVP in the transaction.

December 18, 2014

Industrial Market Reports Midwest Midwest Market Reports Minnesota

Increasing User Demand Spurs New Round of Industrial Development in Twin Cities

by Danielle Everson December 17, 2014

Buoyed by a healthy economy, the Twin Cities industrial market has experienced strong demand for functional, 24- to 32-foot clear height space, with more companies expanding during the first three quarters of the year, according to Cushman & Wakefield | NorthMarq. The market posted nearly 1.3 million square feet of absorption in the first three quarters of 2014, a solid number. The overall vacancy rate for multi-tenant properties 20,000 square feet and above stood at 10.1 percent at the end of the third quarter, down from a high of 16.4 percent in 2010. The bulk/warehouse segment has posted the most leasing activity with 451,097 square feet of net absorption year-to-date, including 140,514 square feet in the third quarter, and a tight 9.2 percent vacancy rate. Office/warehouse absorption totaled 476,032 square feet year-to-date through the third quarter, and 391,676 square feet in the third quarter alone, lowering the vacancy rate in that segment to 9.6 percent. Office/showroom absorption totaled 359,687 square feet during the first three quarters of 2014, lowering the vacancy rate in that segment to 12.8 percent, the lowest since 2006 when it stood at 11.7 percent. The Northeast submarket posted 222,267 square feet of net absorption in the …

December 17, 2014

Loans Michigan Midwest

Bernard Financial Group Arranges $18.5M Loan for Aspen Creek Apartments

by Danielle Everson December 17, 2014

CHESTERFIELD TOWNSHIP, MICH. — Bernard Financial Group has arranged an $18.5 million CMBS loan for Aspen Creek Apartments. The apartment property includes 46 two- and three-story garden-style buildings, which are situated on 60 acres in Chesterfield Township. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan for the borrower, Aspen Creek Apartments LP.

December 17, 2014

Midwest Minnesota Multifamily

M&M Brokers $1.4M Sale of Hampshire Apartments in Minnesota

by Danielle Everson December 17, 2014

SAINT LOUIS PARK, MINN. — Marcus & Millichap has brokered the $1.4 million sale of Hampshire Apartments, a 16-unit apartment property in Saint Louis Park. The property is located at 2407 Hampshire Ave. S. Josh Talberg, Mox Gunderson, Dan Linnell and Chris Collins of Marcus & Millichap’s Minneapolis office represented the seller, an individual/personal trust, and the buyer, a limited liability company.

December 17, 2014

Illinois Midwest

IMPACT to Oversee Construction of $1.1M Manufacturing Facility Expansion

by Danielle Everson December 17, 2014

BELLEVILLE, ILL. — IMPACT Strategies will oversee the construction of a new $1.1 million addition to an existing manufacturing facility in Belleville. Chelar Tool & Die Inc. is expanding its headquarters with a 12,000-square-foot addition to its existing manufacturing shop. Construction began in mid-October and is scheduled for completion in February 2015. IMPACT Strategies is building a single-story, pre-engineered metal building with equipment used for making progressive and non-progressive metal stamping dies, metal stampings, specialty precision machinery and Blanchard grinding. Fairview Heights, Ill.-based EWR Associates Inc. is providing architectural services for the project.

December 17, 2014

Midwest Ohio Retail

Reichle Klein Group Arranges 30,000 SF Lease for Planet Fitness in Ohio

by Danielle Everson December 17, 2014

PERRYSBURG, OHIO — Reichle Klein Group has arranged the lease of a 30,000-square-foot retail building for Planet Fitness in Perrysburg, approximately 11 miles southwest of Toledo. The building is located within the Shoppes at South Boundary shopping center at 100 E. South Boundary St. The new fitness facility will open in the first quarter of 2015. Duke Wheeler and Kurt Pollex of Reichle Klein Group represented the tenant in the transaction.

December 17, 2014

Illinois Midwest Restaurant Retail

The Boulder Group Arranges $7.1M Sale of Gino’s East Restaurant in Chicago

by Danielle Everson December 16, 2014

CHICAGO — The Boulder Group has arranged the $7.1 million sale of a Gino’s East restaurant property in Chicago. The asset is located at 500 N. LaSalle St. in Chicago’s River North neighborhood. The three-story, 17,400-square-foot building is constructed of brick, wood and masonry. Gino’s East recently invested $1 million for tenant improvements to the building. The property is a relocation of the restaurant’s former flagship location in the area. There are nine years remaining on the Gino’s East lease, which expires in July 2023. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, Frontline Real Estate Partners. Matthew Berres of JLL represented the buyer, an affiliate of a Midwest-based real estate investment fund.

December 16, 2014

Indiana Midwest Retail

Marcus & Millichap Brokers $5.8M Sale of Ground Lease in Lafayette, Ind.

by Danielle Everson December 16, 2014

LAFAYETTE, IND. — Marcus & Millichap has brokered the $5.8 million sale of a Home Depot ground lease in Lafayette. The 133,868-square-foot, net-leased property is located at 311 Sagamore Parkway N. Home Depot has approximately 12 years of term left on its lease, which is corporately guaranteed. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap’s Cleveland and Columbus office represented the seller, a developer, and the buyer, a limited liability company. Josh Caruana, an Indiana broker of record, assisted in closing the transaction.

December 16, 2014

Illinois Midwest Office

J.C. Anderson Completes Office Expansion and Renovation in Chicago

by Danielle Everson December 16, 2014

CHICAGO — J.C. Anderson Inc. has completed an office expansion and renovation in Chicago for Mosaic, a sales and marketing agency. The property is located at 750 N. Orleans St. in Chicago. J.C. Anderson completed a 4,000-square-foot expansion and renovation at its office space in the River North neighborhood. The first phase of the project included expanding the sixth floor space into the adjacent office space. The second phase of the project included renovating the existing space to create an open floor plan with collaboration spaces, an exercise room and private offices. William Burfeind of J.C. Anderson was the project executive, Jason Hawkins was the senior project manager and Jose Verduzco was the superintendent for the project. IHL provided architectural services and CRESA was the project manager. Mosaic is headquartered in Dallas with offices in Chicago and Bentonville, Ark.

December 16, 2014

Newer Posts

Older Posts