BEECHWOOD, OHIO — Marcus & Millichap has brokered the $34.3 million sale of Pavilion Shopping Center, a 249,873-square-foot shopping center east of Cleveland in Beachwood. The property is located near I-271 at 24055 Chagrin Blvd. Stein Mart, Marshalls, Big Lots, Petco and Michaels co-anchor the shopping center. Two freestanding out-parcel buildings leased to Ruby Tuesdays and Huntington National Bank were included in the sale. Scott Wiles and Craig Fuller of Marcus & Millichap’s Cleveland office, along with Erin Patton of the firm’s Columbus office, represented the seller, a Cleveland-based private joint venture. Wiles, Fuller, Patton and CJ Jackson, an associate in the Columbus office, represented the buyer, Devonshire REIT of Whitehouse, Ohio.
Midwest
GRAND RAPIDS, MICH. —MidCap Financial LLC has provided an $8.6 million loan for Titan Real Estate Investment Group to acquire an independent living facility in Grand Rapids. MidCap Financial provided the first mortgage floating rate loan with a term of up to four years. The loan not only financed the acquisition, but will also enable the borrower to complete capital improvements and reposition the property within its market. The 153-unit independent living facility was built in 1984 by a local developer and operator team that operated the facility up until the sale. Los Angeles-based Titan Real Estate Investment Group is a real estate investment firm, and Titan SenQuest is its senior housing operating platform. This is Titan SenQuest’s sixth senior housing acquisition since it was formed in 2012. Jason Dopoulos of Lancaster Pollard arranged the financing.
LAWRENCE, KAN. — NorthMarq Capital has secured a $3.3 million loan for the acquisition of Natural Grocers by Vitamin Cottage, a 13,251-square-foot retail property in Lawrence. The natural foods store is located at 1301 W. 23rd St. and is adjacent to the campus of the University of Kansas. Stephen Bye and Mark Lindgren of NorthMarq Capital’s Denver office structured the loan on a seven-year term with a 30-year amortization schedule. NorthMarq arranged financing for the borrower, an affiliate of Boulder, Colorado-based Pedersen Development Co. through its relationship with a national bank.
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.
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.