ST. LOUIS — Phillips Edison-ARC Grocery Center REIT II Inc. has acquired Southfield Center, a 109,397-square-foot shopping center in St. Louis, for $18.9 million. The REIT acquired the property from Fortune Southfield Co., a Missouri-based limited liability company. Southfield Shopping Center is fully leased to 19 tenants. A Schnucks grocery store anchors the shopping center. Other tenants at the center include Edward Jones, Jefferson Bank and Trust, Great Clips and FedEx Office.
CHICAGO — Baum Realty Group LLC has arranged a 3,000-square-foot lease for DryHop Brewers in Chicago. The property is located at 3446 N. Southport Ave., between Newport Ave. and Cornelia Ave. The new brewery will be called Corridor Brewery & Provisions and is scheduled to open summer 2015. Will Crowden and Allen Joffe of Baum Realty Group arranged the lease on behalf of DryHop.
TOLEDO, OHIO — Reichle Klein Group has arranged the $3.4 million sale of a 695-unit, self-storage facility in Toledo. Around Town Storage is situated on nearly eight acres. The property is located at 1011 and 1028 S. Holland Sylvania Road. Joe Belinske of Reichel Klein Group represented the seller, Around Town Storage. Farmington Hills, Mich.-based Pogoda Cos. represented the buyer, BF Self Storage.
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.
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.
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.
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.
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.
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.
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.