NEOGA, ILL. — Marcus & Millichap has brokered the $1 million sale of a 9,014-square-foot Dollar General store in Neoga, a city in central Illinois. The net-leased property is located at 1050 U.S. Route 45. The building is a 2011 construction, build-to-suit for Dollar General. Gino Lollio of Marcus & Millichap’s Chicago Downtown office represented the seller, a private investor. The buyer was undisclosed.
Midwest
MILWAUKEE — The Dickman Company, Inc./CORFAC International has arranged the sale of an 8,186-square-foot industrial building in Milwaukee. The property is located at 1036-1038 W. National Ave. Palko Energies LLC purchased the building from the city of Milwaukee. Zach Noble of the Dickman Co. represented the seller and the buyer in the transaction.
CHICAGO — Marcus & Millichap has arranged the $16.5 million sale of a 16,047-square-foot Walgreens drugstore in Chicago’s Andersonville neighborhood. The sales price equates to $1,033 per square foot. The drugstore is located across the street from grocer Jewel-Osco at 5440 N. Clark St. The property underwent an extensive rebuild and retrofit to maintain its historic look. Walgreens signed an absolute-net, 75-year lease on the property in 2011. Sean Sharko and Austin Weisenbeck of Marcus & Millichap’s Chicago Oak Brook office represented the seller, an overseas partnership. Jamie Medress and Mark Ruble of the firm’s Phoenix office represented the undisclosed buyer.
MINNEAPOLIS — Grandbridge Real Estate Capital has secured an $8.4 million first mortgage loan to refinance an apartment portfolio in Minnesota. The properties are located in the Twin Cities metro area and include seven buildings totaling 220 units. Tony Carlson of Grandbridge’s Minneapolis office originated the 10-year, fixed-rate loan that features a 20-year amortization schedule. A life insurance company provided funding for the loan for the undisclosed borrower. The loan required no personal guaranty and loan proceeds were used to retire existing debt. The properties were fully occupied at closing.
MUNSTER, IND. — Paine/Wetzel TCN Worldwide has arranged the lease of a 56,800-square-foot space at 9200 Calumet Ave. in Munster. AM Manufacturing Co. will occupy space in the Munster Lake Business Center. AM Manufacturing makes equipment for the pizza, tortilla, bagel and baking industries. The company is expanding its facilities and relocating from Dolton, Ill. Ed Wabick of Paine/Wetzel TCN Worldwide arranged the lease for the landlord, Munster Development LLC.
INDIANAPOLIS — Brennan Investment Group LLC has acquired Jackson Industrial Park in Indianapolis. The portfolio consists of four multi-tenant, light-industrial facilities totaling approximately 260,400 square feet. Brennan Investment Group successfully utilized crowdfunding with Realty Mogul to complete the purchase. The property is 77 percent occupied.
It’s a trend that’s happening across the country. Millennials are fleeing the suburbs of their childhood and choosing to work and live in the urban areas of every major American city. But there’s a unique twist to this story in Kansas City. While Millennials are moving downtown in droves, many have a reverse commute. Most Fortune 500 companies have remained in the suburbs after their flight from downtown beginning in the 1970s. In addition, several large companies have jumped the state line due to favorable tax incentives. In the second quarter, the downtown office vacancy rate stood at an unhealthy 29.9 percent. Only one office submarket posted a higher vacancy rate. Meanwhile, the leading submarket, South Johnson County, recorded a 12.8 percent vacancy rate. It’s been difficult for older office buildings with smaller floor plates of 10,000 to 15,000 square feet to compete as companies look for larger floor plates of 25,000 to 30,000 square feet. Companies are also finding that surface parking in the suburbs is more economical. Building Conversion Wave The good news is that a slow reversal in both the multifamily and office markets is occurring as older and historic office buildings are adapting to the demands …
KENWOOD, OHIO — Faris Lee Investments has arranged the $32 million sale of two fully occupied retail centers in Kenwood, an affluent suburb of Cincinnati. The properties, which are located across the street from each other, include Kenwood Pavilion and Kenwood City Place. Donald MacLellan, Richard Chichester, Chris DePierro and Tom Chichester of Faris Lee Investments represented the seller, a joint venture between Cincinnati-based Jeffrey R Anderson Real Estate and Kentucky-based P&P RE LLC. The team also represented the buyer, Colorado-based GDA Real Estate Services LLC, who purchased the portfolio in a 1031 tax-deferred exchange.
EDEN PRAIRIE, BLOOMINGTON, ORONO AND MOUND, MINN. — MJ Partners Real Estate Services has brokered the $22 million sale of a four-property Metro RV & Mini Storage Portfolio in Minneapolis. Metro Storage HHF Venture LLC, a joint venture between Lake Forest, Illinois-based Metro Storage and Chicago-based Heitman, purchased the properties. The portfolio consists of 208,184 rentable square feet with 1,501 storage units and 448 RV/parking spaces. The properties are located in Eden Prairie, Bloomington, Orono and Mound, Minn. The portfolio features overall occupancy of 82.2 percent for three stabilized properties, and 53 percent for the recently opened Orono property. The properties will all be rebranded as Metro Self Storage.
POWELL, OHIO — Marcus & Millichap has arranged the $2.5 million sale of Children of America, a 10,482-square-foot net-leased property located in Powell, a northern suburb of Columbus. The school, which is located at 7560 Sawmill Parkway, is licensed to serve 186 children. The property was sold at 95 percent of its original list price. Tammy Saia of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a developer. Michael Glass, also of Marcus & Millichap, assisted in closing the transaction. Children of America operates 60 schools in 12 states.