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.
Midwest
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.
RIVER FOREST, ILL. —Mid-America Asset Management Inc. has arranged three retail leases at River Forest Town Center in River Forest, Ill., a western suburb of Chicago. Massage Envy, Accelerated Rehabilitation and Native Foods signed leases at the property located at the corner of Lake Street and Harlem Avenue. Massage Envy signed a lease for 3,946 square feet; Accelerated Rehabilitation signed a lease for 3,077 square feet; and Native Foods signed a lease for 2,500 square. All three tenants are set to open this fall. Anchors at the 145,133-square-foot retail center include Whole Foods Market, Ulta, Petco, Walgreens and DSW. Liz Krebs of Mid-America represented the landlord in the transactions. Peter Scannell of Mid-America Real Estate Corp. represented Massage Envy. Jack Siragusa of Cushman & Wakefield represented Native Foods. Accelerated Rehabilitation represented itself in the transaction.
LEBANON, IND. — NorthPoint Development and GDI Construction will build a 741,000-square-foot warehouse and distribution facility in Lebanon, a northwest suburb of Indianapolis. The 67-acre site is located at I-65 and State Road 32. The facility, which will be expandable to 1 million square feet, will include 36-foot clear heights. Site grading and infrastructure work has already begun. The building is expected to be ready for occupancy in the fourth quarter of 2014. Bob Gude is the project executive for the development. Mark Writt and Tom Cooler of CBRE Inc. will be the leasing agents for the building.
ROYAL OAK, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 3,900-square-foot office building in Royal Oak, a northern suburb of Detroit. The property is located at 116 East 7th St. ?The office building is less than a mile from Oakland Community College – Royal Oak Campus. The seller, Kayser Street Enterprises LLC, sold the space to Rabbi Eli Mayfield. The new owner plans to remove the current building and replace it with a community center for young adults. Rob Hibbert of Friedman represented the seller.
CINCINNATI — Hyde Park Commercial Group, a Cincinnati-based advisory firm, has arranged a $1.8 million refinance loan for a 60-room Quality Inn hotel in Illinois. Refinancing for the limited-service hotel was arranged through a regional bank. The hotel was facing a loan maturity. The owners wanted to improve the terms of existing financing. Hyde Park CG underwrote, packaged and shopped the loan to multiple community, regional and national banks.
LANSING, MICH. — Farmington Hills, Mich.-based Commercial Property Advisors has brokered the sale of Woodland Lakes Apartments, a 344-unit, Class A apartment community located in Lansing. Mount Auburn Capital Group, a California-based multifamily investment and management firm, purchased the property for more than $30 million. The deal marks Mount Auburn’s expansion into Michigan. Built in 2003, Woodland Lakes is situated on 60 acres. The property, which is currently 97 percent occupied, sold at a high 6 percent cap rate based on the 2013 year-end financials. Cary Belovicz of Commercial Property Advisors represented the seller, Woodland Lakes Investment Group LLC, an institutionally managed fund. K. Conly Chi of Mount Auburn says the transaction closed in less than 30 days from contract.
LAKE BLUFF, ILL. — The Boulder Group has brokered the $3.2 million sale of a two-tenant, net-leased property in Lake Bluff, Ill., a suburb of Chicago. The 7,902-square-foot retail center, originally built in 1985, is located at 305 S. Waukegan Road. Panera Bread and Noodles & Co. are tenants in the building. The property is an outparcel to a Heinen’s grocery-anchored center. Heinen’s, an upscale grocery store chain, replaced the vacant Dominick’s property. Panera has more than four years remaining on its lease that expires Aug. 31, 2018. The lease features two five-year renewal options with 10 percent rental escalations. Noodles & Co. has more than 10 years remaining on its lease, which expires Oct. 31, 2024. The lease features a 6.7 percent rental escalation in the primary term. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a foreign investor from Spain, in the transaction.
RACINE, WIS. — Mid-America Real Estate Corp.’s investment sales team has arranged the $9 million sale of Racine Centre in Racine, approximately 29 miles southeast of Milwaukee. A private buyer purchased the 135,827-square-foot Piggly Wiggly grocery-anchored center. Racine Centre is located at the southeast corner of Green Bay Road and Washington Ave. Tenants include Xperience Fitness, Party City, Dollar Tree and Get it Now! Joe Girardi of Mid-America Real Estate Corp. in cooperation with Dan Rosenfeld of Mid-America Real Estate – Wisconsin LLC represented the seller, Jacksonville, Fla.-based Regency Centers.