WARRENSBURG, MO. — Brennan Investment Group has acquired a mission critical facility of Swisher Mower & Machine Co. in Warrensburg. Swisher is a manufacturer and distributor of branded specialty lawn and garden power equipment and accessories. “This sale-leaseback transaction illustrates our ability to find solutions that allow companies to grow by concentrating on their core competencies,” says Robert Vanecko, Brennan Investment Group’s managing principal and the head of the firm’s single-tenant, net lease division. “In addition, this acquisition supports our investment objective of producing stable, long-term cash flow for our investors.” Brennan Investment Group is a private real estate investment firm that acquires and operates industrial properties on a national basis.
CINCINNATI — Gilbane Development Co. has begun development on The Verge, a student housing project near the University of Cincinnati. Located at the corner of West McMillan St. and West Clifton Ave., The Verge is located one block from the university’s main campus. The 245,000-square-foot building is expected to be completed for August 2016 occupancy, and will feature 495 beds within 178 apartment units and 380 parking spaces. Residents will have access to amenities including a clubhouse, gaming tables, cyber cafe, media room, fitness center with tanning room, seating areas, group study rooms and a private landscaped courtyard featuring a barbecue grill and fire pit with seating areas. High-speed Internet and Wi-Fi will be available throughout the building. The project is eco-friendly, and will attain LEED Silver certification. Additionally, 7,500 square feet of commercial space will be located along the prominent commercial corridor along West McMillan and Clifton.
CLEVELAND — Asset Campus Housing has purchased the 140-dorm facility and YMCA in Cleveland’s downtown campus district for $4.5 million. Euclid Avenue Development Corp. sold the facility, built in 1912, after purchasing it in 2009 to eliminate a troubled loan. Asset Campus will convert the facility into private student housing. Newmark Grubb Knight Frank represented the seller in the transaction. The 152,390-square-foot, nine-story building is situated on three acres, includes 175 parking spaces and has been the longtime home of the Downtown Cleveland YMCA, which will relocate in March 2016. Asset has renamed Heritage Hall as The Domain at Cleveland and plans to revamp the property with a clubhouse featuring group fitness classes, a computer lab with dedicated study rooms and a resident lounge with free coffee. The studio, one-bedroom and two-bedroom units will be renovated with new appliances, cabinets and countertops in the kitchenettes, upgraded bathrooms and new A/C and heating systems. The company is leasing apartments for the fall 2015 academic year.
SOUTH EUCLID, OHIO — Inland Real Estate Corp., in a joint venture with Dutch pension fund administrator PGGM, has acquired Cedar Center North, a 61,400-square-foot shopping center located in the east Cleveland suburb of South Euclid. The joint venture purchased the property for $15.4 million. Built in 2012, the center is 90 percent leased and features retailers such as Panera, Starbucks, Five Guys, Chipotle, Jimmy Johns, Wing Stop, Sport Clips, Sprint and Huntington Learning Center. PetSmart anchors the shopping center. Cedar Center North is within walking distance of John Carroll University. The center is shadow anchored by Whole Foods, located across the street in the Cedar Center South shopping center that was acquired by the IRC-PGGM venture in 2013.
OVERLAND PARK, KAN. — Block & Co. Inc. Realtors has arranged the $2 million sale of a 2.6-acre pad site at the Corbin Park Shopping Center in Overland Park. The property is located on the southeast corner of 135th and Metcalf Avenue. The land will consist of a new 16,500-square-foot, multitenant building that will include a 6,916-square-foot 810 Zone restaurant, a proposed mattress store and 6,000 square feet of space for lease. Block & Co. Construction Management will begin work on the building next month. David Block and Max Kosoglad of Block & Co. arranged the sale and will handle the leasing of the pad building, which has 6,000 square feet remaining to lease.
OMAHA, NEB. — Metonic Real Estate Solutions has acquired Heritage Heights Apartments, a 60-unit apartment community in Omaha. Built in 1973, Heritage Heights Apartments offers one- and two-bedroom apartments ranging in size between 700 and 1,000 square feet. The property is located within one mile of I-80, Westwood Shopping Plaza and Montclair Shopping Center. Omaha-based Seldin Co. will manage the property. Seldin Co. plans to make renovations at the property, which will include the addition of new appliances, upgraded flooring and interior painting. Exterior renovations include the addition of new siding, windows and landscaping.
CROWN POINT, IND. — Mid-America Real Estate Corp. has brokered the sale of Summit Crossing, an 11,859-square-foot shopping center Crown Point. A California-based private investor purchased the shopping center for $3.2 million. Summit Crossing is located at the southeast corner of Route 55 and East Summit Street. Tenants at the fully leased center include ATI Physical Therapy, Advance Auto Parts, Supercuts and Starbucks. Carly Gallagher and Ben Wineman of Mid-America Real Estate Corp. brokered the transaction on behalf of the seller, Chicago-based Origin Capital Partners.
SCHAUMBURG, ILL. — Summit Design + Build LLC will complete a 20,588-square-foot office build-out for Sparton Corp. at Woodfield Corporate Center in Schaumburg. The property is located at 425 N. Martingale Road. The firm, which is currently located in the same building, will be expanding to the entire 10th floor. Construction plans include the demolition of the existing space and build-out of a new reception area, multiple conference rooms, private offices, executive suite, boardroom and a new large training area with state-of-the-art technology. Lincoln Property Co. is the property manager of Woodfield Corporate Center. EWP Architects will provide architectural services. Completion is scheduled for this spring. Sparton Corp. is a provider of electromechanical devices with capabilities that include concept development, industrial design, design and manufacturing engineering, production, distribution, field service and refurbishment. The primary markets served are medical and biotechnology, military and aerospace, and industrial and commercial.
KENOSHA, PEWAUKEE AND MENOMONEE FALLS, WIS. — Zilber Property Group will break ground on three industrial spec buildings located throughout southeast Wisconsin this spring. The properties include Zilber Industrial I at Business Park in Kenosha; Zilber Industrial I at RidgeView Corporate Park in Pewaukee; and Zilber Industrial I at Lilly Creek Business Park in Menomonee Falls. The Kenosha property includes 30-foot ceiling heights and will accommodate industrial users ranging from 27,000 to 173,000 square feet. The Pewaukee facility includes 28-foot ceiling heights and will accommodate tenants from 20,000 to 113,000 square feet. Zilber Industrial I at Lilly Creek Business Park in Menomonee Falls will be the first of two industrial facilities to be built at the site. The first facility will include 30-foot ceiling heights and can accommodate users ranging from 22,000 to 146,000 square feet. The second facility will include 30-foot ceiling heights and will be able to accommodate up to 180,000 square feet.
SOUTH BEND, IND. — Metonic Real Estate Solutions has purchased Castle Point Apartments, a 740-unit apartment complex in South Bend, for an undisclosed sales price. Originally built in three phases between 1974 and 1980, Castle Point Apartments includes one- and two-bedroom apartments ranging in size between 737 and 1,340 square feet. The 20,000-square-foot clubhouse offers residents premier amenities including indoor basketball and tennis courts along with a yoga/aerobics room, tanning room and game room. The property is located within two miles of the University of Notre Dame, St. Mary’s College and Holy Cross College. Metonic plans to make renovations at the property which will include the addition of new appliances and washers and dryers, upgraded kitchen cabinets and counter tops, and new parking garages. The clubhouse will also be renovated with additional amenities for residents. Omaha-based Seldin Co. was selected as the property manager.