Midwest

Apartment Complex in Hobart, Ind. Sells for $11.3M

by John Nelson December 4, 2014

HOBART, IND. — Marcus & Millichap has arranged the $11.3 million sale of Hampshire Park Apartments, a 186-unit apartment community in Hobart, approximately 45 minutes southeast of the Chicago Loop. Built in 1972 on less than 20 acres, the property is located at 400 N. Lake Park Ave. and includes a mix of one- and two-bedroom units. The apartment community is adjacent to open prairie and near parks, lakes and outdoor recreational areas. The historic Hobart lakefront district, located in downtown Hobart on Lake George, is less than one mile from the property. Scott Harris of Marcus & Millichap’s Oak Brook office in suburban Chicago represented the seller, a private investment company in Merrillville, Ind. The buyer is Chicago-based Tricap Residential Group.

December 4, 2014

Illinois Midwest Office

Brennan Investment Group Acquires 12-Building Complex Near O’Hare Airport

by John Nelson December 4, 2014

CHICAGO — Brennan Investment Group LLC has acquired the Cumberland Metro Office Park, a portfolio of 12 multi-tenant, single-story office/flex buildings totaling approximately 164,448 square feet in Chicago’s O’Hare submarket. The purchase price and seller were undisclosed. The office park is located on nearly 15 acres, less than two miles from O’Hare International Airport. The O’Hare submarket has demonstrated strong real estate fundamentals, evidenced by 12 consecutive quarters of positive net absorption, according to Kevin Brennan, vice president of acquisitions at Rosemont, Ill.-based Brennan Investment Group. The private real estate firm, which acquires, develops and operates industrial properties nationally, currently owns and manages nearly 20 million square feet of industrial properties in 22 states.

December 4, 2014

Illinois Industrial Midwest

Lee & Associates Arranges Lease of 69,715 SF Industrial Property in Elgin

by John Nelson December 4, 2014

ELGIN, ILL. — Lee & Associates of Illinois has arranged the lease of a 69,175-square-foot warehouse/distribution space for Communication Test Design Inc. in Elgin. The property is located at 2380 Galvin Drive. John Sharpe and Steve Bass of Lee & Associates of Illinois represented the landlord, Stockbridge. David Mackey of Jackson Cross Partners represented the tenant in the transaction.

December 4, 2014

Industrial Michigan Midwest

Friedman Brokers Sale of 25,377 SF Industrial Building in Madison Heights, Mich.  

by John Nelson December 4, 2014

MADISON HEIGHTS, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of 32333 Mally Lane, a 25,377-square-foot industrial building in Madison Heights, a Detroit suburb. The property is located at 32333 Mally Lane. The seller, Mally Corp., sold the building to Michigan Motorz, which provides marine engines and marine engine parts. Ryan Cavanagh of Friedman represented both the buyer and seller in the transaction.

December 4, 2014

Illinois Midwest Multifamily Seniors Housing

IMPACT Strategies Begins Construction on Seniors Housing Project in Belleville, Ill.

by Danielle Everson December 3, 2014

BELLEVILLE, ILL. —IMPACT Strategies has begun construction on a senior living community in Belleville. The $6 million Cottages at Cathedral Square will include 32 units across five buildings totaling more than 31,000 square feet. EWR Associates of Fairview Heights designed the community and Cottages Limited Partnership of Chicago is the developer. Construction on the Cottages at Cathedral Square is expected to be complete by September 2015. The project is one of several multi-housing and senior living projects built by IMPACT Strategies throughout the St. Louis Metropolitan area.

December 3, 2014

Illinois Midwest Retail

Ross Dress for Less Leases 28,000 SF at Alton Square Mall in Alton, Ill.

by Danielle Everson December 3, 2014

ALTON, ILL. — Cassidy Turley has arranged a retail lease in Alton, 15 miles north of St. Louis. Ross Dress for Less has leased 28,000 square feet at Alton Square Mall. The store will open in the first half of 2015 and will serve as one of the anchors for the 639,172-square-foot regional mall, which currently includes JC Penney, Macy’s and Illinois Wholesale Furniture. More than 85,000 square feet has been leased within the mall in the last year. Chase Young and Nick Cascella of Cassidy Turley represented the mall owner, Bloomington, Minn.-based NorthMarq Capital, in the transaction.

December 3, 2014

Illinois Midwest Retail

Millennium Properties Sells Five Former Dominick’s Gas Stations And Outlots 

by Danielle Everson December 3, 2014

CHICAGO — Millennium Properties R/E has brokered the $3.4 million sale of five former Dominick’s Finer Foods outlots throughout the suburbs of Chicago. The five outlots were sold as a portfolio to GMX Real Estate Group, a regional retail developer and real estate service company. Three of the properties – located in Fox Lake, Oswego and Shorewood – were developed as gas stations with small convenience stores. The stations have been decommissioned and are ready for redevelopment. Two outlots, in Aurora and Frankfort, are both zoned for retail or future gas station development. Chicago-based Millennium Properties is working with Safeway on the sale and lease assignment of several former Dominick’s properties throughout Chicagoland.

December 3, 2014

Illinois Midwest Retail

Yoga Six Signs Retail Lease in Chicago

by Danielle Everson December 3, 2014

CHICAGO — Mid-America Real Estate Corp. has arranged a new retail lease on behalf of Yoga Six in the River North neighborhood of Chicago. Yoga Six signed a lease for 5,600 square feet at 9 W. Erie St. The studio is a new construction project expected to open in early 2016. Paul Bryant and Michael Wexler of Mid-America represented the tenant in the transaction. New York-based Jenel Management Corp. is the landlord.

December 3, 2014

Loans Midwest Minnesota

Dougherty Closes $22.9M New Construction Loan for Grain Belt Terraces

by Danielle Everson December 2, 2014

MINNEAPOLIS — Dougherty Mortgage LLC has closed on a $22.9 million new construction/rehabilitation loan for Grain Belt Terraces, a 150-unit apartment property in Minneapolis. Dougherty arranged the 40-year loan for Orth-Grain Belt LLC. Grain Belt Terraces is part of the redevelopment of the Grain Belt brewery site in the historic Sheridan neighborhood of northeast Minneapolis. Unit amenities at the rental property will include oversized windows and black appliances with granite countertops. The penthouse units will have stainless steel appliances, upgraded flooring and 10-foot ceilings. Property amenities include three elevators, a lounge, an outdoor plaza and underground garage.

December 2, 2014

Industrial Midwest Missouri

Monmouth Acquires Industrial Building in Kansas City for $9.6M

by Danielle Everson December 2, 2014

KANSAS CITY — Monmouth Real Estate Investment Corp. has acquired a new 158,417-square-foot industrial building in Kansas City for $9.6 million. The property is located at Skyport Industrial Park, 7503 N.W. 106th Terrace. The building is situated on 13 acres. The property is net-leased for seven years to Bunzl Distribution Midcentral Inc. The new built-to-suit, Class A industrial building is situated off of I-29 and is across from the Kansas City International Airport. The space is expandable to accommodate future growth.

December 2, 2014

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