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.
Midwest
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.
DAYTON, OHIO — Fox Architects is designing a new research and training facility for Emerson Climate Technologies at the University of Dayton. The 40,000-square-foot Emerson Climate Technologies Innovation Center will drive the future of the global heating, ventilation, air-conditioning and refrigeration (HVACR) industry. Construction of the facility, which has a total projected cost of $35 million to $40 million, is expected to be complete in late 2015 with a grand opening in spring 2016. Construction on the research and training facility will begin this October. The development marks the fifth collaboration-based, advanced-technology center that Fox Architects has designed for Emerson. The project is a partnership between Emerson Climate Technologies and the University of Dayton.
TWINSBURG, OHIO — The Cooper Commercial Investment Group has brokered the $4.1 million sale of an office building in Twinsburg, 25 miles southeast of Cleveland. The office building, located at 2500 E. Enterprise Parkway, is fully occupied by Experient, a Maritz Travel Co. The office building includes four acres of additional land that can be used for future expansion. The parent company and lease guarantor, Maritz, signed an early extension with a seven-year, absolute triple-net lease. Dan Cooper of the Cooper Commercial Investment Group represented the seller, a Cleveland-based private investor. A New York-based private investment group purchased the property. The asset traded at an 8.66 percent capitalization rate at more than $159 per square foot. Experient has eight other offices in the country. The Twinsburg office will serve as the company’s headquarters. The company employs 1,350 people with approximately 100 employees in Twinsburg.
INKSTER, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 16,145-square-foot industrial building in Inkster, approximately 20 miles southwest of Detroit. The property is located at 27016 Princeton St. Gable Properties sold the building to PLC Holdings LLC for an undisclosed sales price. Robert Frank of Friedman represented the seller in the transaction.
ROMEO, MICH. — L. Mason Capitani CORFAC International has arranged the lease of a 20,200-square-foot building in Romeo, approximately 40 miles north of Detroit. Takata Holdings Inc., an international research development corporation of safety technologies, has signed a three-year lease for the facility located at 111 Peyerk Court in the Romeo Business Park. Takata is expanding from its Armada engineering and testing facility. Joe DePonio and Jason Capitani of L. Mason Capitani represented the landlord, Kemp & Peyerk – Sterling LLC, in the transaction.
EAGAN, MINN. — Dominium has awarded Cassidy Turley the listing assignment for Thomas Lake Pointe Apartments in Eagan. The multifamily property is located at 1500 Thomas Lake Pointe Road on Thomas Lake and is adjacent to Thomas Lake Park. The community includes 216 units and is 96 percent occupied. Jim McCaffrey and Julie Lux of Cassidy Turley's Minneapolis office, will list the property on behalf of Dominium.
WEST DUNDEE, ILL. — The Opus Group has entered into a contract with King Shan LLC to build 45,000 square feet of new industrial and office space next door to King Shan’s existing facility in West Dundee, approximately 40 miles northwest of Chicago. The property is located at the intersection of Weseman Drive and Higgins Road.Opus constructed King Shan’s existing 35,000-square-foot facility in 2010. The new space will allow King Shan, a manufacturer of steel wire and metal fabrication products, to expand its production and distribution operations. The facility, which will be built directly adjacent to King Shan’s current facility, will feature approximately 41,000 square feet of warehouse space with 24-foot clear height ceilings, as well as 4,000 square feet of office space. The two facilities will be linked via a graded driveway, ensuring optimal integration and functionality. Construction will begin this fall, with completion slated for January 2015. Opus Design Build LLC is the project’s design-builder. Opus AE Group LLC is the architect and engineer of record. Noel Liston of Darwin Realty and Development represented King Shan and Opus in the transaction.