BLOOMINGTON, MINN. — KBS Realty Advisors of Newport Beach, California, has acquired Northland Center, a 465,168-square-foot office complex in Bloomington, for $51 million. The property was 89 percent leased at closing; United Properties sold the property. Northland Center is a LEED-EB Silver-rated property located at 3500 and 3600 American Blvd. West. Renovated in 2010, the two-building asset is seven stories high and covers 12.9 acres. Amenities include an onsite, full-service cafeteria, fitness facility with locker rooms and showers, conference rooms, sundry shop, hair salon, dry cleaning service and a car wash/detailing service. Tom O'Brien and Scott Pollock of Cushman & Wakefield/NorthMarq, Minneapolis, represented United Properties in the sale.
Midwest
LOCKPORT, ILL. — FORESITE Realty Partners has brokered the sale of Lockport Square, a 41,913-square-foot shopping center in Lockport, a suburb of Chicago. Lockport Square, built in 2007, is located at 159th Street and I-355.Tenants at Lockport Square include Deals, Sherwin-Williams, Play-It-Again Sports, GameStop and Great Clips. Deals anchors the property, which is shadow-anchored by Walmart. Court appointed receiver, Donald A. Shapiro, sold the property. A Midwest-based private investor purchased the property for an undisclosed sales price. Ryan Nelson and Greg Nieder of FORSITE Realty represented the seller in the transaction.
WESTERVILLE, OHIO — The Cooper Commercial Investment Group has arranged the $6.5 million sale of the TPUSA Inc. office building in Westerville, a suburb of Columbus. TPUSA, a subsidiary of the internationally recognized and publicly traded French company Teleperformance, signed a new seven-year lease, with yearly rental increases through 2020 and reimbursments for all operating expenses and also management expense of the property. Dan Cooper of Cooper Commercial Investment Group’s Cleveland office represented the seller, a Cleveland-based private investment group, and the buyer, a New York-based private investment group. The property was sold representing an 8.17 percent capitalization rate and just over $149 per square foot.
ST. LOUIS — Hilliker Corp. has arranged the $237,500 sale of an 80,000-square-foot manufacturing property in St. Louis. The building, located at 3227 N. Ninth St., housed the Crescent Planing Mill Co., a custom architectural woodworking business, which operated at the location since 1890. The 124-year-old property closed its doors in April 2012. Will Aschinger of the Hilliker Corp. represented the buyer, Active Acquisitions LLC, and the seller, Crescent Planing Mill Co.
WEST BEND, WIS. — Inland Real Estate Income Trust Inc. has acquired an 86,800-square-foot Pick ‘n Save-anchored shopping center in West Bend, approximately 40 miles north of Milwaukee, for $24 million. Inland REIT purchased the property from South Main Center Inc. The property is located at the intersection of South Main Street and Paradise Drive. Pick ‘n Save Shopping Center is 92.9 percent leased to five tenants, which include PNC Bank, Aspen Dental, Sport Clips and Cherry Berry Yogurt Bar. The property was built in 2011. Lou Quilici of IREIT Business Manager & Advisor Inc. assisted Matthew Tice of Inland Real Estate Acquisitions Inc. in the purchase of the property.
LAKE COUNTY, ILL. — Peak Construction Corp. has team up with IDI Gazeley — along with Colliers International, Heitman Architects and Jacob & Hefner Associates — to construct a 454,276 square foot industrial facility at the Antioch Corporate Center, a 100-acre master-planned business park in Lake County. The team will kick off the park’s re-ignited development with construction of Building A later this month. The LEED accredited building will feature a 36-foot clear height and 48-by-60 bays. As part of the multi-phased development located near I-94 and Route 45, Building A will cover 23 acres of approximately 100 acres available at the site. Peak Construction Corp. is a design-build general contractor that provides industrial, office, healthcare, hospitality and construction management services. IDI, based in Atlanta, and Gazeley, a London-based industrial real estate company, have formed a new $3.5 billion logistics property platform — IDI Gazeley, which co-brands two full-service industrial property companies under a single corporate umbrella, Brookfield Logistics Properties. Brookfield is an owner, operator and investor in real estate.
DETROIT — Banner Supermarket will soon expand its store in northwest Detroit. The $5.8 million project will bring the independent grocery store located at 14424 Schaefer Highway to 40,000 square feet. The expansion is a part of the Detroit Economic Growth Corp.’s Green Grocer Project (GGP).GGP aims to improve the quality of the grocery sector by assisting grocers in addressing operational and store development needs to ensure the highest-quality fresh affordable food in Detroit stores. Detroit Economic Growth Corp. is the primary economic development agency in the city of Detroit. Upon completion, the expansion project will add a pharmacy, a bakery, a hot food deli, and a seafood counter. The renovation includes a new entrance and parking lot and landscaping improvements. The store is staying open during both phases of construction. The first phase is expected to be completed in November and the second phase early next year. The store is expected to add 25 new jobs after the expansion. GGP provided a technical assistance grant and facilitated financing through Invest Detroit, Chase Bank and a New Market Tax Credit set up by Capital Impact Partners for the project.
DOWNERS GROVE, ILL. — Marcus & Millichap has brokered the $360,000 sale of a 4,329 square-foot, net-leased property in Downers Grove, a western suburb of Chicago. Accelerated Rehabilitation Centers will occupy space located at 1624 -1626 Ogden Ave. The property sold in 31 days at 90 percent of its original list price. Accelerated Rehabilitation Center has leased the property since 2003. Accelerated’ s lease includes annual rent increases of 4 percent. The property has been 100 percent occupied since 1975. Tammy Saia of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, in the transaction.
MILFORD, OHIO — Cooper Commercial Investment Group has arranged the $2.7 million sale of Milford Shoppes, a 12,000-square-foot retail center in Milford, a suburb of Cincinnati. The property, built in 2008, is shadow-anchored by Meijer, Kohl’s and Home Depot, and is fully occupied with triple-net leases in place. Dan Cooper of Cooper Commercial Investment Group’s Cleveland office represented the seller, an Ohio-based private investment firm. A Connecticut-based private investor purchased the property at full price, representing a 7.4 percent capitalization rate.
TOLEDO, OHIO — Marcus & Millichap has arranged the $8 million sale of Willow Crest at Metro Park, a 136-unit apartment community in Toledo. The property is located at 1220 Four Seasons Drive. Built in 2003, the community includes two- and three-bedroom units. The apartment homes feature modern finishes, large kitchens and dining areas, washer/dryer connections and private entries. Amenities include a recently remodeled clubhouse with fitness center, business center and leasing offices, a swimming pool, playground, and picnic areas. Michael Barron, Dan Burkons and Josh Wintermute of Marcus & Millichap’s Cleveland office represented the seller, an out-of-state limited liability company, and the undisclosed buyer.