Midwest

Agree Realty Corp. Acquires Four Net Lease Retail Properties for $16.4M

by Danielle Everson October 1, 2014

FARMINGTON HILLS, MICH. — Agree Realty Corp. has acquired four net lease retail properties with an aggregate purchase price of approximately $16.4 million. The properties include a Firestone Auto Care store in Columbus, Ohio; a 24 Hour Fitness gym in Littleton, Colo.; a Golden Corral restaurant in Rockford, Ill.; and a Giant Gas station in Limerick, Penn. Agree Realty Corp. funded the acquisition and development activity with cash on hand, draws on its revolving credit facility and the assumption of a $5.7 million mortgage note due September 2023 that is secured by the 24 Hour Fitness property. The properties were acquired at a weighted-average cap rate of 8.14 percent and have a weighted-average remaining lease term of approximately 15.9 years.

October 1, 2014

Loans Midwest Nebraska Retail

NorthMarq Arranges $16.4M Refinancing of Self Storage Properties in Lincoln, Neb.

by Danielle Everson October 1, 2014

LINCOLN, NEB. — NorthMarq Capital has arranged the $16.4 million refinancing of six Big Red Self Storage properties in Lincoln. The properties include a combined 2,750 units. John Reed of NorthMarq Capital structured the 20-year, fixed-rate loan with a 20-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.

October 1, 2014

Illinois Industrial Midwest

Meridian Starts Construction on Romeoville Freezer Project

by Danielle Everson October 1, 2014

ROMEOVILLE, ILL. — Meridian Design Build has begun construction on a new 188,166-square-foot cold storage facility in Romeoville. The build-to-suit facility is situated on a 35-acre site located at Airport Road just west of Southcreek Parkway. The property will include office space, dry storage, a refrigerated palletizing area and a -10°F freezer sized to accommodate 21,000 pallet positions. The new building will also include 36 loading docks, 75 exterior trailer stalls and 177 auto parking positions. A refrigerated elevated building link will be constructed to accommodate conveyance of product from an adjacent production facility. WBS Equities LLC and Abbott Land & Investment are providing development services for the project. Meridian has retained Ware Malcomb to provide architectural and structural design services for the project. Jacob & Hefner Associates will provide civil engineering services.

October 1, 2014

Midwest Minnesota Multifamily

M&M Arranges $4M Sale of 24-Unit Apartment Portfolio

by Danielle Everson October 1, 2014

MINNEAPOLIS — Marcus & Millichap has arranged the $4 million sale of a 24-unit apartment portfolio located in Minneapolis. The Billman portfolio near the University of Minnesota consists four properties located at 942 15th Ave. S. Josh Talberg of Marcus & Millichap’s Minneapolis office along with Garrett Nichols, Michael DiSimone and Sean Rosenzweig, of the firm’s Los Angeles office represented the seller, a limited liability company. John Bailey and Bill Bailey of Marcus & Millichap’s Chicago downtown office represented the buyer, a limited liability company.

October 1, 2014

Illinois Midwest Office

NAI Hiffman Brokers Sale of Office Condominiums in St. Charles, Ill.

by Jaime Lackey September 30, 2014

SAINT CHARLES, ILL. — NAI Hiffman has arranged the sale of two office condominiums totaling 8,238 square feet in St. Charles. The properties are located at 3310 W. Main St. The buyer, Trustee for Landrus Realty 401K Plan & Pension Fund, purchased the suites as an investment. The property features a brick and stone veneer exterior, an atrium, signage along Route 64 and Peck Road and is less than three miles from Delnor Community Hospital. Adam Johnson of NAI Hiffman’s office services group represented PB II OREO LLC in the transaction. Jake Finley of Conlon Commercial represented the buyer.

September 30, 2014

Illinois Midwest Office

Bradford Allen Represents Epsilon in Office Relocation in Itasca, Ill.

by Jaime Lackey September 30, 2014

ITASCA, ILL. — Bradford Allen Realty Services has arranged the lease of a 42,435-square-foot office space for Epsilon in Itasca. The global marketing services firm is relocating to 1 Pierce Place from 1100 E. Woodfield Road in Schaumburg. The firm has 60 offices worldwide and more than 5,000 employees. With six offices in the Chicago area, the firm is consolidating its existing Schaumburg location with its office in West Chicago. Ben Azulay and Ryan Moen of Bradford Allen Realty Services represented Epsilon in the lease transaction. Azulay and Moen co-brokered the deal with John Boyle and Denise Orlando of Cassidy Turley’s Boston office. Scott Schroeder of Hamilton Partners represented building ownership.

September 30, 2014

Midwest Missouri Multifamily

M&M Arranges $26.8M Sale of Apartment Community in St. Louis Suburb

by Jaime Lackey September 30, 2014

MARYLAND HEIGHTS, MO. — Marcus & Millichap has arranged the $26.8 million sale of Cedar Trace Apartments, a 372-unit property in Maryland Heights, a suburb of St. Louis. The sales price equates to $72,043 per unit. The property is located at 2000 McKelvey Hill Drive. Built in 1972, the property features 50 two- and three-story buildings. The average unit size is 1,158 square feet and the average monthly rent is $854. David Gaines and Alex Blagojevich of Marcus & Millichap, along with William Holman of the firm’s Missouri office, represented the seller, TGM Associates. Monarch purchased the property.

September 30, 2014

Illinois Industrial Loans Midwest

NorthMarq Arranges $4.5M Refinancing for Flex Warehouse Property

by Jaime Lackey September 30, 2014

WILLOWBROOK, ILL. — NorthMarq Capital has arranged a $4.5 million refinancing loan for a 50,157-square-foot, flex industrial warehouse in Willowbrook. The property is located at 7100 Madison St. James Murphy of NorthMarq Capital’s Boston office structured the five-year loan with a 25-year amortization schedule for the borrower, a Boston-based equity fund. A life insurance company provided funding for the loan.

September 30, 2014

Midwest Multifamily Wisconsin

ALTUS Brokers Sale of 32-Unit Apartment Complex in Platteville, Wis.

by Jaime Lackey September 30, 2014

PLATTEVILLE, WIS. — ALTUS Commercial Real Estate Inc. has brokered the $885,000 sale of a 32-unit apartment building in Platteville. Pioneer Apartments is located at 1270 N. Second St. Dan Roseliep of ALTUS represented the buyer, Pioneer Real Estate Management LLC, and the seller, Pioneer Partnership LP.

September 30, 2014

Industrial Midwest

GRAMERCY PROPERTY TRUST BUYS THREE INDUSTRIAL PROPERTIES FOR $39.2M

by admin September 29, 2014

KENOSHA, WIS., BLOOMINGDALE, ILL., AND WORCESTER, MASS., — Gramercy Property Trust Inc. has acquired three industrial properties totaling approximately 555,000 square feet for $39.2 million. The properties, located in Kenosha, Wis., Bloomingdale, Ill., and Worcester, Mass., were acquired in separate all-cash transactions. The Kenosha property is a 160,000-square-foot manufacturing warehouse and distribution facility. The Bloomingdale property is an 110,000-square-foot fulfillment center. The Worcester property is a 285,000-square-foot warehouse and distribution facility. The properties are fully leased with a weighted average lease term of approximately 10 years. For the three properties, Year 1 net operating income is anticipated to be approximately $2.8 million (7.3 percent initial cap rate; 7.9 percent annualized straight-line cap rate) with annual rent escalations throughout each lease term.

September 29, 2014

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