BLOOMFIELD HILLS, MICH. — Agree Realty Corp. has acquired 15 retail and restaurant properties for $42.1 million. The properties are net leased to 12 different tenants located in 10 states. The properties include a Bed Bath & Beyond, Old Navy, DressBarn, a Wendy’s restaurant, Sherwin Williams, Family Dollar, Academy Sports + Outdoors and Jo-Ann Fabric and Crafts. The transactions were completed at a weighted-average cap rate of 8 percent and have a weighted-average lease term of approximately 11 years. Bloomfield Hills, Mich.-based Agree Realty currently owns and operates a portfolio of 224 properties, located in 38 states and containing approximately 4.6 million square feet of gross leasable space.
ST. LOUIS – An investor group led by Nelson Grumney of Neland Investment Management and Mark Nelson of Nelson McBride Development has purchased a portfolio of seven industrial buildings in the St. Louis area for approximately $13 million. The portfolio totals 541,000 square feet and is 91 percent occupied. The investors intend to retain the portfolio as a long-term investment. Prologis, an international industrial real estate firm based in San Francisco, Calif., sold the portfolio. Ranging in size from 41,000 to 126,000 square feet and totaling 541,000 square feet, the office/warehouse, distribution and light manufacturing buildings are located in the Earth City, Westport and Brown Campus industrial submarkets of St. Louis County. Nelson McBride will manage the buildings. Central Bank of St. Louis provided acquisition financing.
DES MOINES, IOWA — Lightstone Value Plus REIT III Inc. has acquired a 120-room Hampton Inn located at Des Moines International Airport for $10.9 million. The Hampton Inn is in close proximity to downtown Des Moines. The property will be placed under new management, which will be overseen by Lightstone’s hospitality division. This is the first acquisition for the public, non-traded REIT. The purchase further increases Lightstone’s footprint in Des Moines, adding to its 2013 purchase of SpringHill Suites by Marriott and Fairfield Inn & Suites by Marriott.
GLENDALE, WIS. — Olshan Properties has arranged a retail lease for Old Navy at Bayshore Town Center in Glendale, a suburb of Milwaukee. The clothing retailer will occupy a 17,025-square-foot space that formerly housed an Applebee’s restaurant, which has relocated to a larger location within the center. Old Navy’s new store will anchor the west entrance opposite the food court on the north end of Bayshore Town Center. Renovation of the space is currently underway and the Old Navy store is expected to open to the public late this summer. Old Navy currently occupies spaces in five other Olshan Properties retail locations.
MILWAUKEE — The Dickman Co. Inc./CORFAC International has brokered the sale of a 3,900-square-foot retail building in Milwaukee. The property is located at 3706 W. Wisconsin Ave. MTL 1245 R Street LLC purchased the building for an undisclosed sales price from Houser Properties 3706 LLC. Anthony Huenerbein was the broker involved in the transaction.
DYER, IND. — Holladay Properties has arranged a 16,280-square-foot lease of a medical office building in Dyer. Franciscan Alliance will occupy space within the Medical Pavilion South building located on the campus of Franciscan Saint Margaret Hospital. Holladay Properties provides leasing and property management services for Medical Pavilion South, a 63,486-square-foot, three-story medical office building. The Franciscan Alliance will open the Program of All-inclusive Care for the Elderly (PACE) Senior Health and Wellness facility on the third floor of the building. The facility provides primary care, diagnostics, physical therapy, occupational therapy, dietician, social worker, CNA, home health support, recreational services as well as access to specialists in cardiology, ophthalmology, dermatology, orthopaedics and geriatrics. The Franciscan Alliance currently operates a similar Senior Health and Wellness Center in Indianapolis. Michael O’Connor of Holladay Properties represented the building owner in the transaction. Holladay Properties also provides property management services for the project.
CHICAGO — Interra Realty has arranged the $2.2 million sale of three multifamily properties in Chicago. The properties include an eight-unit, walk-up property located at 5417-19 S. Drexel in Hyde Park, which sold for $1.06 million; a four-unit apartment building located at 1900 W. Oakdale in the Lake View neighborhood, which sold for $750,000; and a vacant 12-unit building located at 4034-42 W. Palmer in the Hermosa neighborhood, which sold for $430,000. Brad Feldman of Interra Realty represented the undisclosed buyers and sellers in all three deals.
ST. CHARLES, ILL. — The Boulder Group has brokered the $2 million sale of a single-tenant, net lease On The Border restaurant property in St. Charles. The property is located at 3050 E. Main St. The 6,488-square-foot building is adjacent to The Quad St. Charles Mall. Von Maur, Carson Pirie Scott and Kohl’s anchor the 775,000-square-foot mall. On The Border has fifteen years remaining on its recently signed absolute-net-lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer and seller. The buyer was a private high net-worth investor based in the Midwest. A Southeast-based private investment firm sold the property. On The Border is a privately owned Tex-Mex casual dining restaurant that operates more than 160 locations.
CHICAGO — I.M. Construction Group will complete a 10,000-square-foot office renovation on behalf of the Belgravia Group Ltd. at 1101 W. Monroe in Chicago. IMCG was selected to complete the demolition and build-out of two complete floors at the property for Belgravia’s new offices. Belgravia Group develops residential, mixed-use and retail properties. The firm owns and manages 1101 W. Monroe and is relocating its offices from River North to this new location. Construction includes the addition of private offices, conference rooms, break rooms and open work areas. The new space will feature traditional loft styling including high ceilings with exposed timber and brick walls. Belgravia is expected to take occupancy of the new space in spring 2015. Bob Nomellini, president of IMCG, is the project executive leading the construction team. Len Corso is serving as the project superintendent. Hirsch Associates is providing architectural services for the project.
TERRE HAUTE, IND. — Mainstreet and Trilogy Health Services is opening Harrison’s Crossing Health Campus, a 102-bed, 68,000-square-foot transitional care (short-stay rehabilitation and therapy) and assisted living facility, this month. The property is located at 395 8th Ave. in Terre Haute. Construction on Harrison’s Crossing Health Campus began in November 2013. Mainstreet developed the facility and Trilogy operates the property. Harrison’s Crossing Health Campus will offer amenities including a large therapy gym, outdoor rehabilitation courtyard, movie theater, game room, spa and an on-site chef. The project, which represents a total investment of $15 million in the community, created 317 construction jobs and 100 permanent jobs.