ST. CHARLES AND INDEPENDENCE, MO. — Cassidy Turley has arranged the $53 million sale of a 619,161-square-foot retail portfolio across five states. The seven-property portfolio is 84.7 percent leased to 76 tenants. The portfolio includes Regency Square, a 49,155-square-foot retail center in St. Charles, Mo.; Independence Corners, a 72,956 square foot shopping Center in Independence, Mo.; and five more shopping center properties in Pennsylvania, South Carolina Georgia and Arizona. More than 19 percent of the portfolio is occupied by grocery stores, and other tenants include Rite Aid, Tractor Supply and Stein Mart. Cassidy Turley represented the seller, PDSI. TriGate Capital purchased the portfolio.
BURNSVILLE, MINN. — Marcus & Millichap has brokered the $7 million sale of Whispering Oaks, a 72-unit apartment property in Burnsville. The property is located at 1600 W. 143rd St. and was originally constructed as condominiums. Units include fireplaces, in-unit washers and dryers, and multiple in-unit balconies. The building itself is equipped with underground parking, a swimming pool, community rooms and an elevator. Mox Gunderson and Dan Linnell of Marcus & Millichap’s Minneapolis office represented the seller, a private investor, and the buyer, a limited liability company.
PORT HURON, MICH. — Mid-America Real Estate Corp. has brokered the $5.5 million sale of Stadium Center in Port Huron. The 92,365-square-foot shopping center is located at 24th Street between Griswold Street and Lapeer Avenue. Kroger anchors the shopping center. Toronto-based Slate Retail REIT purchased the property. Ben Wineman of Mid-America Real Estate Corp. in cooperation with Daniel Stern of Mid-America Real Estate – Michigan, Inc. represented the seller, Cincinnati-based Phillips Edison.
The nickname for Indianapolis, “Naptown,” is quickly fading in the rearview mirror as the city receives an increasing amount of recognition as one of the best places to live and work in America. Thanks to a unique combination of Hoosier hospitality, pro-business environment and amenities such as the Cultural Trail, Indianapolis has been named “One of the best new boom towns in the U.S.” by Forbes magazine and the “No. 3 Downtown in the U.S.” by Livability.com. With $1 billion in new projects on the horizon, it’s no surprise that downtown Indianapolis is making headlines. Indygo’s $37 million Downtown Transit Center, in close proximity to the Cultural Trail and Bike Hub, will serve pedestrians, cyclists and bus riders. A $26 million investment in a new Science and Engineering Lab at Indiana University-Purdue University Indianapolis will continue to encourage life sciences and technology careers. Plans also are in the works to revamp downtown’s iconic Monument Circle with space for events, an ice skating rink, sidewalk cafes and more. On the residential front, investments in excess of $400 million over the past five years have resulted in new housing for 4,000 additional residents. Downtown Residential Boom According to public/private partnership Downtown Indy, …
FARIBAULT, MINN. — The Opus Group has completed an 18,500-square-foot renovation at The Inn at Shattuck-St. Mary’s, and the expansion of the historic Phelps Infirmary, built in 1867. The on-campus inn and event space was repurposed for the Shattuck-St. Mary’s School in Faribault, located approximately 50 miles south of Minneapolis. Opus remodeled the 147-year-old building, adding approximately 10,000 square feet of new space to the two-story complex. Shattuck-St. Mary’s School is an Episcopal boarding and day school serving students from around the world. The completed Inn at Shattuck-St. Mary’s will serve as the Diocesan retreat and meeting center for the Episcopal Church in Minnesota. Opus Design Build LLC served as general contractor on the project. Construction began in June 2014 and the Inn’s doors opened for use in October.
MILWAUKEE — Marcus Theatres, a division of The Marcus Corp., plans to make multi-million dollar renovations at several Marcus Cinemas in Wisconsin, Illinois, Ohio and Nebraska. The renovations will add recliner seating to all of the auditoriums at the South Shore and Menomonee Falls Cinemas in the Milwaukee market and the Elgin Cinema in Elgin, Illinois. Existing UltraScreen auditoriums at the Elgin Cinema and the Pickerington Cinema in Ohio, and an additional auditorium at the Twin Creek Cinema in Nebraska, will be upgraded to the UltraScreen DLX concept. A Take FiveSM Lounge will also be added at the Pickerington and South Shore Cinemas, and Zaffiro’s Express outlets will be added at the South Shore, Elgin and Pickerington locations. Additional renovations are planned for the Southgate Cinema in Milwaukee and the Majestic Cinema of Brookfield, Wisconsin.
NEENAH, WIS. — The Morgan Partners LLC has arranged the $760,000 sale of an 8,000-square-foot bank property in Neenah. CitizensFirst Credit Union of Oshkosh purchased the property located at 640 S. Green Bay Road. The buyer intends on renovating the building and opening to the public in spring 2015. Ed Bowen and Nicholas Lang of The Morgan Partners represented the buyer. Joe Kleiman and Dan Rosenfeld of Mid-America Real Estate-Wisconsin represented the seller, a regional bank.
CUDAHY, WIS. — The Dickman Co. Inc./CORFAC International has arranged the lease of 6,600 square feet of industrial space located at 5801 S. Pennsylvania Ave. in Cudahy, Wis. Inesa LLC leased the space from Hansen Storage Co. Samuel D. Dickman, Samuel M. Dickman Jr. and Anthony Huenerbein of The Dickman Co. represented the landlord. Steve Sewart of Colliers International represented the tenant.
GRAND RAPIDS, MICH. — Marcus & Millichap has arranged the $102 million sale of a six-property apartment portfolio in Michigan. The portfolio includes 1,651 units across six multifamily properties located in and around Grand Rapids. The apartment properties include Woodland Creek Apartments and Woodbridge Apartments in Kentwood, Wyndham Hill Apartments and Autumn Ridge Apartments in Grand Rapids; and Oak Valley Apartments and Pinery Woods Apartments in Wyoming. The sale is the largest commercial real estate transaction recorded in Michigan so far this year, according to Marcus & Millichap. Earl Elliott, Gordon Navarre and Christopher Futo of Marcus & Millichap represented the undisclosed seller and the buyer, a New York-based private investment firm.
HAMMOND, IND. — Holladay Properties will develop a 60,000-square-foot commercial office building in Hammond. The site for the new property is located at the southeast quadrant of I-94 and Kennedy Avenue within the Ox Bow Landing development. The project includes the construction of a four-story, Class A office building. The property is located three miles from the Illinois border.