EVANSVILLE, IND. — Marcus & Millichap has brokered the $530,000 sale of Duncan Mini Storage, a 14,400-square-foot self-storage facility located in Evansville. The property is located 415 Shamrock Drive. The self-storage facility consists of three single-story buildings with 166 storage units. Built in 1994, Duncan Mini Storage is situated on approximately 1.4 acres, which includes half an acre for possible expansion. This facility is 99 percent occupied. Amenities at the property include an automated gate, asphalt drives, and visible signage. Sean Delaney and Matthew Duda of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, and the buyer, a developer. Josh Caruana of Marcus & Millichap assisted in closing the transaction.
Midwest
ST. LOUIS — The Metropolitan St. Louis Sewer District (MSD) has purchased a 60,000-square-foot manufacturing building in St. Louis for an undisclosed price. The property was purchased for MSD Project Clear, MSD’s long-term initiative designed to improve water quality and alleviate wastewater concerns. The facility is located at 1600 Macklind Ave. on three acres. Part of the 60-year-old building situated near River Des Peres will be torn down to create access for MSD Project Clear, the project involves creating underground tunnels to store rain runoff during heavy storms, and then conveying it to wastewater treatment plants for treatment when storms pass. Hal Ball of Hilliker Corp. represented the seller, DFD Industries LLC in the transaction. MSD had internal representation in the transaction.
CANTON, OHIO — Marcus & Millichap has brokered the $2.7 million sale of a newly constructed Mattress Firm in Canton. The 5,000-square-foot, net-leased property was sold at a 6.5 percent capitalization rate. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a private investor.
CHICAGO — Mid-America Real Estate Corp. has arranged two leases for Yoga Six, and will also represent the yoga studio during its multiple store rollout in the Chicago area. The retailer signed on for 6,626 square feet at 1150 N. State in Gold Coast and 6,028 square feet at Roosevelt Collection in South Loop. The yoga studio currently has one location in Lincoln Park and plans to open five stores in the Chicago area by 2015. Paul Bryant and Michael Wexler of Mid-America will represent the yoga studio in the transactions. Justin Collins of Jameson Commercial represented the landlord in the Gold Coast transaction. McCaffery Interests represented the landlord in the South Loop transaction. Yoga Six has eight locations throughout California, Illinois and Missouri.
COMMERCE TOWNSHIP, MICH. — Bernard Financial Group has arranged a $1.2 million refinance loan for Bogie Commerce, a 9,848-square-foot retail center in Commerce Township, approximately seven miles north of Novi. Dave Dismondy of Bernard Financial Group originated the loan for the borrower, Bogie Commerce Associates LLC. Stancorp Mortgage Investors LLC, a correspondent of Bernard Financial Group, was the lender in the transaction.
BIRMINGHAM, MICH. — Friedman Integrated Real Estate Solutions has arranged the lease of a 3,353-square-foot office space located at 970 S. Old Woodward Ave. in Birmingham, approximately 19 miles northwest of Detroit. Robert Hibbert and Todd Hawley of Friedman Integrated Real Estate Solutions represented the undisclosed landlord and the tenant, Clarity Advanced Eye Care, in the transaction. Clarity Advanced Eye Care, headed by Dr. Jared Most and Dr. Phillip Elston, is a full-scope eye care center. The business is set to open this November.
SPRINGFIELD, ILL., TERRE HAUTE AND EVANSVILLE, IND. — Carrols Restaurant Group Inc. has signed definitive agreements to purchase 64 Burger King restaurants from certain subsidiaries of Heartland Food LLC for approximately $18 million excluding inventory. The restaurants include 11 restaurants in Springfield, Ill., 15 restaurants in Terre Haute, Ind., seven restaurants in Evansville, Ind., 27 restaurants in Nashville, Tenn. and four restaurants in other markets. The transaction is subject to certain closing conditions. In conjunction with the transaction, Burger King Corp. has also agreed to make a cash payment to Heartland at closing based on Carrols’ commitment to remodel 46 of the restaurants. Closing is expected to occur in late September or early October.
GURNEE, ILL. — The Boulder Group has completed the $2.2 million sale of a single-tenant IHOP property in Gurnee, approximately 40 miles north of Chicago. The property is located at 5670 Northridge Drive. The IHOP is an outparcel to Six Flags Great America, a 304-acre theme park. The restaurant is also near Gurnee Mills, a 1.8-million-square-foot indoor mall featuring Bass Pro Shops, Macy’s, Kohl’s, T.J. Maxx, Burlington Coat Factory and Sears. IHOP has approximately two years remaining its lease, which expires February 29, 2016. The lease is triple-net and features no landlord responsibilities. IHOP is a subsidiary of DineEquity. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Florida-based private individual. A Chicago-based real estate investor purchased the property in a 1031 tax-deferred exchange.
MANKATO, MINN. — Dougherty Funding LLC has secured a $6.4 million first mortgage acquisition/term loan for the Park Place Townhomes in Mankato. The existing 72-unit townhome property is fully leased. The property includes free on-site parking and an outdoor fire pit and grilling area. Unit amenities include fully equipped kitchens, washers and dryers, Wi-Fi Internet, ceiling fans, granite countertops and decks or patios. Dougherty Funding arranged the loan for the borrower, PPT Mankato LLC. Dougherty Funding served as lead lender and servicer for the loan.
NORTHWOOD, OHIO — The Cooper Commercial Investment Group has brokered the $450,000 sale of an Arby’s located in Northwood, approximately eight miles southeast of Toledo. Bob Havasi of the Cooper Commercial Investment Group in Cleveland represented the seller, a New York partnership. A California-based private investor purchased the property in an all-cash transaction.