Midwest

NorthMarq Secures $10.8M In Refinancing for Two Multifamily Properties in Iowa

by Danielle Everson November 25, 2014

ANKENY AND GRIMES, IOWA — NorthMarq Capital’s Omaha office has secured refinancing of two multifamily properties located in Iowa totaling a combined $10.8 million. The properties include Tradition Pointe, a 72-unit apartment property located at 1103 S.W. 28th St. in Ankeny and Reserve at Glenstone, a 54-unit apartment property located at 3300 SE Glenstone Drive in Grimes. Jason Kinnison of NorthMarq arranged the 10-year loans with a 30-year amortization schedules. NorthMarq arranged financing for the borrowers, Tradition Pointe LLC and Glenstone Apartments LLC, through its seller/servicer relationship with Freddie Mac.

November 25, 2014

Midwest Ohio Retail

Cooper Commercial Arranges $5.4M Sale of Walgreens in Cleveland

by Danielle Everson November 25, 2014

CLEVELAND — Cooper Commercial Investment Group has arranged the $5.3 million sale of a Walgreens located at 4071 Lee Road in Cleveland. Bob Havasi and Dan Cooper of Cooper Commercial Investment Group in Cleveland represented the seller, a privately owned investment group out of New York. A Florida-based private investor purchased the property. The building was sold at 94 percent of its original list price, representing a 6.9 percent capitalization rate. Walgreens is on a 20-year, corporately guaranteed, triple-net-lease with approximately seven years of original term remaining. The freestanding building was built in 2002.

November 25, 2014

Industrial Michigan Midwest

Friedman Arranges Lease of 17,925 SF Industrial Building in Livonia, Mich.  

by Danielle Everson November 25, 2014

LIVONIA, MICH. —   Friedman Integrated Real Estate Solutions has arranged the lease of a 17,925-square-foot industrial space at 12752 Stark Road in Livonia. The landlord, 12752 Stark LLC, leased the space to Elsie Inc. Phil Konopitski of Friedman represented both the tenant and the landlord in the transaction.

November 25, 2014

Midwest Ohio

M&M Brokers Sale of Ground Lease in Westlake, Ohio

by Danielle Everson November 25, 2014

WESTLAKE, OHIO — Marcus & Millichap has arranged the $450,000 sale of a ground lease of a 21,819-square-foot parcel in Westlake. Lehigh Gas Corp. is located at 25466 Detroit Road. The 21,819-square-foot parcel was under a ground lease with the gas station operator. The tenant exercised its right to match an offer from an outside investor so they could have complete ownership and control of the corner location. Dustin Javitch, Erin Patton, Craig Fuller and Scott Wiles of Marcus & Millichap’s Cleveland and Columbus offices represented the seller, a private investor.

November 25, 2014

Illinois Midwest

The Boulder Group Brokers $2.8M Sale of Dunkin’ Donuts in Metro Chicago

by Danielle Everson November 24, 2014

NAPERVILLE, ILL. — The Boulder Group has brokered the $2.8 million sale of a single-tenant, Dunkin’ Donuts property in Naperville, a suburb of Chicago. The 3,816-square-foot property is located at 1991 Brookdale Road along Illinois Route 59. There are nine years remaining on Dunkin’ Donuts original 20-year lease, which expires Sept. 30, 2023. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private partnership. An East Coast-based private investor purchased the property in a 1031 tax-deferred exchange.

November 24, 2014

Illinois Midwest Retail

The Missner Group, Baker Development Break Ground on Fitness Center in Chicago

by Danielle Everson November 24, 2014

CHICAGO — The Missner Group and joint-venture partner, Baker Development Corp. have broken ground on a new 25,000-square-foot fitness facility for First Ascent at 3516 N. Spaulding in Chicago. First Ascent is a local, community-focused climbing gym catering to climbers of all levels. The new building, constructed by The Missner Group, will feature climbing, yoga and fitness facilities. The center will also include a café, pro-shop, locker rooms and community spaces. A groundbreaking ceremony for the project was held in October.

November 24, 2014

Midwest Ohio

M&M Brokers $1.7M Sale of 36-Unit Apartment Building in Marysville, Ohio

by Danielle Everson November 24, 2014

MARYSVILLE, OHIO — Marcus & Millichap has brokered the $1.7 million sale of Coventry Place, a 36-unit apartment property in Marysville, approximately 32 miles northwest of Columbus. The property is located at 1024 Coventry Place and includes two-bedroom garden units. Michael Barron, Joshua Wintermute, Dan Burkons, Richard Lattro and Jordan Marshall of Marcus & Millichap’s Columbus office, along with the firm’s tax credit group out of Seattle, represented the seller, a partnership, and the buyer, also a partnership.

November 24, 2014

Industrial Midwest Missouri

Cushman & Wakefield Arranges 10,481 SF Industrial Lease

by Danielle Everson November 24, 2014

ST. ANN, MO. — Cushman & Wakefield | Gateway Commercial has arranged the lease of a 10,481-square-foot industrial building in St. Ann, approximately 16 miles northwest of St. Louis. Customer Direct LLC will occupy space at 500 Northwest Plaza Drive. Jim Loft of Cushman & Wakefield | Gateway Commercial represented Customer Direct LLC in the lease. Balke Brown of Transwestern represented the landlord, Gadwall LLC.

November 24, 2014

Midwest Missouri

CBRE Arranges Sale of Plaza Vista Office Tower in Kansas City

by Danielle Everson November 21, 2014

KANSAS CITY, MO. — CBRE has brokered the sale of Plaza Vista, a recently completed Class A office and retail building in Kansas City’s Country Club Plaza, for an undisclosed price. The 10-story, office tower contains 253,720 square feet, including retail space on the first two floors and a six-level parking garage. The property is 98.6 percent leased CBRE’s Gary Carr, Gina Anderson, Russell Ingrum and Robert Hill arranged the transaction on behalf of the seller, VanTrust Real Estate LLC. Denver-based EverWest Real Estate Partners LLC, along with joint venture partner Independencia Asset Management, acquired the asset. Located five miles south of Kansas City’s CBD, Country Club Plaza is a landmark commercial district amid Kansas City’s office, retail, restaurant, hotel and high-rise residential properties.

November 21, 2014

Indiana Midwest Retail

Forest Park Plaza Shopping Center in Brazil, Ind. Sells for $8.2M

by Danielle Everson November 21, 2014

BRAZIL, IND. — Cassidy Turley has arranged the $8.2 million sale of Forest Park Plaza shopping center in Brazil, approximately 60 miles southwest of Indianapolis. Forest Park Master LLC Tenants In Common (TIC) sold the property to Whitehouse, Ohio-based Devonshire REIT Inc. The 104,248-square-foot shopping center is located at 825 E. National Ave. and U.S. Highway 40. Jacque Haynes of Cassidy Turley represented the seller. Kroger anchors the shopping center. The plaza is 96 percent occupied by tenants such as Dollar General, Dollar Tree, Carquest Auto Parts, RadioShack, Family Video and Papa John’s Pizza.

November 21, 2014

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