Midwest

M&M Arranges $4M Sale of 24-Unit Apartment Portfolio

by Danielle Everson October 1, 2014

MINNEAPOLIS — Marcus & Millichap has arranged the $4 million sale of a 24-unit apartment portfolio located in Minneapolis. The Billman portfolio near the University of Minnesota consists four properties located at 942 15th Ave. S. Josh Talberg of Marcus & Millichap’s Minneapolis office along with Garrett Nichols, Michael DiSimone and Sean Rosenzweig, of the firm’s Los Angeles office represented the seller, a limited liability company. John Bailey and Bill Bailey of Marcus & Millichap’s Chicago downtown office represented the buyer, a limited liability company.

October 1, 2014

Illinois Midwest Office

NAI Hiffman Brokers Sale of Office Condominiums in St. Charles, Ill.

by Jaime Lackey September 30, 2014

SAINT CHARLES, ILL. — NAI Hiffman has arranged the sale of two office condominiums totaling 8,238 square feet in St. Charles. The properties are located at 3310 W. Main St. The buyer, Trustee for Landrus Realty 401K Plan & Pension Fund, purchased the suites as an investment. The property features a brick and stone veneer exterior, an atrium, signage along Route 64 and Peck Road and is less than three miles from Delnor Community Hospital. Adam Johnson of NAI Hiffman’s office services group represented PB II OREO LLC in the transaction. Jake Finley of Conlon Commercial represented the buyer.

September 30, 2014

Illinois Midwest Office

Bradford Allen Represents Epsilon in Office Relocation in Itasca, Ill.

by Jaime Lackey September 30, 2014

ITASCA, ILL. — Bradford Allen Realty Services has arranged the lease of a 42,435-square-foot office space for Epsilon in Itasca. The global marketing services firm is relocating to 1 Pierce Place from 1100 E. Woodfield Road in Schaumburg. The firm has 60 offices worldwide and more than 5,000 employees. With six offices in the Chicago area, the firm is consolidating its existing Schaumburg location with its office in West Chicago. Ben Azulay and Ryan Moen of Bradford Allen Realty Services represented Epsilon in the lease transaction. Azulay and Moen co-brokered the deal with John Boyle and Denise Orlando of Cassidy Turley’s Boston office. Scott Schroeder of Hamilton Partners represented building ownership.

September 30, 2014

Midwest Missouri Multifamily

M&M Arranges $26.8M Sale of Apartment Community in St. Louis Suburb

by Jaime Lackey September 30, 2014

MARYLAND HEIGHTS, MO. — Marcus & Millichap has arranged the $26.8 million sale of Cedar Trace Apartments, a 372-unit property in Maryland Heights, a suburb of St. Louis. The sales price equates to $72,043 per unit. The property is located at 2000 McKelvey Hill Drive. Built in 1972, the property features 50 two- and three-story buildings. The average unit size is 1,158 square feet and the average monthly rent is $854. David Gaines and Alex Blagojevich of Marcus & Millichap, along with William Holman of the firm’s Missouri office, represented the seller, TGM Associates. Monarch purchased the property.

September 30, 2014

Illinois Industrial Loans Midwest

NorthMarq Arranges $4.5M Refinancing for Flex Warehouse Property

by Jaime Lackey September 30, 2014

WILLOWBROOK, ILL. — NorthMarq Capital has arranged a $4.5 million refinancing loan for a 50,157-square-foot, flex industrial warehouse in Willowbrook. The property is located at 7100 Madison St. James Murphy of NorthMarq Capital’s Boston office structured the five-year loan with a 25-year amortization schedule for the borrower, a Boston-based equity fund. A life insurance company provided funding for the loan.

September 30, 2014

Midwest Multifamily Wisconsin

ALTUS Brokers Sale of 32-Unit Apartment Complex in Platteville, Wis.

by Jaime Lackey September 30, 2014

PLATTEVILLE, WIS. — ALTUS Commercial Real Estate Inc. has brokered the $885,000 sale of a 32-unit apartment building in Platteville. Pioneer Apartments is located at 1270 N. Second St. Dan Roseliep of ALTUS represented the buyer, Pioneer Real Estate Management LLC, and the seller, Pioneer Partnership LP.

September 30, 2014

Industrial Midwest

GRAMERCY PROPERTY TRUST BUYS THREE INDUSTRIAL PROPERTIES FOR $39.2M

by admin September 29, 2014

KENOSHA, WIS., BLOOMINGDALE, ILL., AND WORCESTER, MASS., — Gramercy Property Trust Inc. has acquired three industrial properties totaling approximately 555,000 square feet for $39.2 million. The properties, located in Kenosha, Wis., Bloomingdale, Ill., and Worcester, Mass., were acquired in separate all-cash transactions. The Kenosha property is a 160,000-square-foot manufacturing warehouse and distribution facility. The Bloomingdale property is an 110,000-square-foot fulfillment center. The Worcester property is a 285,000-square-foot warehouse and distribution facility. The properties are fully leased with a weighted average lease term of approximately 10 years. For the three properties, Year 1 net operating income is anticipated to be approximately $2.8 million (7.3 percent initial cap rate; 7.9 percent annualized straight-line cap rate) with annual rent escalations throughout each lease term.

September 29, 2014

Industrial Midwest

Opus To Design, Construct Spec Industrial Building in Minnesota

by admin September 29, 2014

SHAKOPEE, MINN. — The Opus Group has entered into a contract with Capp Industries Inc. to design and construct a 121,000-square-foot speculative warehouse and distribution facility in Shakopee. The building, located at 4551 12th Ave., will be adjacent to the first phase project built by Opus for Capp Industries in 1996. The facility will include a 32-foot clear height and 50-foot-deep structural bays. Construction will begin this fall and completion is slated for January 2015. Opus Design Build LLC is the design-builder for the project. Opus AE Group LLC is the project’s architect and engineer of record. Bloomington, Minn.-based Capp Industries is the developer for the project and will own and lease the project.

September 29, 2014

Midwest Multifamily

M&M ARRANGES $2M SALE OF 28-UNIT APARTMENT BUILDING

by admin September 29, 2014

RIVER GROVE, ILL. —Marcus & Millichap has arranged the $2 million sale of 2453 N. 1st Ave., a 28-unit apartment property in River Grove. The apartment building consists of one- and two-bedroom units and features an on-site laundry facility and parking. The property is five blocks south of the River Grove Metra station, three miles from Interstate 294 and less than five miles from O'Hare International Airport. Andrean Angelov and Ryan Engle of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, as well as the buyer, a limited liability company.

September 29, 2014

Midwest Multifamily

FORESITE REALTY ARRANGES SALE OF INDEPENDENCE VILLAGE APARTMENTS IN OHIO

by admin September 29, 2014

REYNOLDSBURG, OHIO — Foresite Realty Partners, through its local affiliate Foresite Realty OH LLC, has arranged the sale of a 124-unit apartment property in Reynoldsburg. Independence Village Apartments is located on more than six acres and includes studio, one- and two-bedroom apartments. The property is comprised of 16 buildings and was 92 percent leased at the time of sale. A Chicago-based investor, that was looking to diversify its portfolio, purchased the property for an undisclosed sales price. Jamie Hadac, Bryan Nickow and Jo Lease of Foresite Realty OH LLC represented the seller in the transaction.

September 29, 2014

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