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Veterans-Parkway-Plaza
IndianaMidwestRetail

Friedman Arranges Sale of 39,835 SF Retail Center in Clarksville, Ind.

by Danielle Everson

CLARKSVILLE, IND. — Friedman Integrated Real Estate Solutions has arranged the sale of Veterans Parkway Plaza, a 39,835-square-foot retail center in Clarksville. The shopping center is located at the intersection of Veterans Parkway and I-65, and serves the Louisville metro area north of the Ohio River. Constructed in 2005 on a three-acre site, the asset is located across the street from a Walmart and Sam’s Club, and is adjacent to a Lowe’s. Barry Swatsenbarg and Richard Deptula of Friedman represented both the undisclosed seller and buyer.

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LoansMidwestMultifamilyOhio

RED Originates $2.3M FHA Loan for Harrisburg Station in Grove City, Ohio

by Danielle Everson

GROVE CITY, OHIO — RED Mortgage Capital LLC has provided a $2.3 million, FHA insured 221(d)(4) mortgage loan for the rehabilitation of Harrisburg Station Apartments in Grove City. RED Mortgage Capital provided the loan for Colonial American Development Corp. as part of a complex financing package. The package included 9 percent Low Income Housing Tax Credits (LIHTCs) along with Flex and Housing Development Assistance Program (HDAP) loans provided by the Ohio Housing Financing Agency (OHFA). Harrisburg Station is a 60-unit, fully occupied Section-8 apartment complex that was originally built in 1972. More than $44,000 per unit will be spent on repairs and improvements. These improvements will include replacement of windows, doors, flooring, kitchen cabinets, countertops, vanities and appliances, as well as the installation of new Energy Star split-system heat pumps.

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MidwestMinnesota

Homewood Suites by Hilton Opens Near Downtown Rochester, Minn.

by Danielle Everson

ROCHESTER, MINN. — Homewood Suites by Hilton Rochester Mayo Clinic Area/Saint Mary’s has opened in Rochester. The six-story hotel is located at 165 13th Ave. S.W., across from St. Mary’s Hospital and a short distance from the Mayo Clinic. Carpenter & Torgerson II LLC own the 108-room hotel. Guestrooms feature fully equipped kitchens and amenities at the hotel include a fitness center and an indoor swimming pool and a whirlpool Jacuzzi.

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Washington-Place-rendering
IndustrialMarket ReportsMichiganMidwestMidwest Market ReportsOfficeRestaurantRetail

Lack of Quality Inventory Spurs New Round of Development in Traverse City

by Danielle Everson

A blistering cold winter lingered into the late spring and left the commercial real estate market in the Grand Traverse region frozen. Businesses waited for the market and the temperatures to thaw, and a third-quarter surge has activity back on track. From Jan. 1 through Sept. 30, property sales totaled $10.3 million and 221,136 square feet, including 118,515 square feet of industrial/warehouse buildings, 79,463 square feet of professional/medical office space, and 23,158 square feet of retail/restaurant space. That‘s slightly ahead of last year’s pace. During the first three quarters of 2013, property sales totaled $9.9 million and 207,845 square feet, including 121,469 square feet of industrial/warehouse buildings, 44,160 square feet of professional/medical office space, and 42,216 square feet of retail/restaurant space. The office sector posted about a 9 percent increase in the average sales per square foot during the first three quarters of 2014, while the industrial warehouse market recorded an increase of approximately 5 percent. The retail/ restaurant sector saw a 9 percent drop in the average sales per square foot The reduction in the average sales price in the retail/restaurant market sector is mostly due to the lack of quality inventory. This lack of inventory in our market …

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N-Sheridan-Mariano's
IllinoisMidwestRetail

Loja Group Acquires Four Chicago Grocery Stores for $95M

by Danielle Everson

CHICAGO — Loja Real Estate has acquired a portfolio of four Chicago grocery store properties from a former unit of Safeway Inc. for $95 million. The single-tenant grocery store properties were purchased from Dominick’s Finer Foods LLC in a transaction that closed Nov. 13, according to Tom Engberg, CEO of Loja Real Estate. The acquisitions consist of a total of 238,462 square feet of leasable space on 12.4 acres. Mariano’s Fresh Market, which opened earlier this year, anchors three of the properties. A Whole Foods, which is expected to open in the spring of 2015, anchors the other property. Guy Ponticiello of JLL represented Safeway as the investment sale advisor in the transaction.

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CanfieldPlaza
MidwestNebraskaRetail

Mid-America Real Estate Arranges $10.2M Sale of Canfield Plaza in Omaha, Neb.

by Danielle Everson

OMAHA, NEB. — Mid-America Real Estate Corp. has brokered the $10.2 million sale of Canfield Plaza in Omaha. An undisclosed buyer purchased the 185,094-square-foot shopping center in a 1031 tax-deffered exchange. Canfield Plaza is located at the southwest corner of 84th Street and West Center Road. Canfield’s Sporting Goods and Westlake Ace Hardware anchor the shopping center. Joe Girardi and Carly Gallagher of Mid-America and Brian Kuehl of Investors Realty Inc. represented the seller, a private family trust.

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McShaneDO&CO
IllinoisIndustrialMidwest

McShane Completes 112,065 SF Food Preparation Facility in Des Plaines, Ill.

by Danielle Everson

DES PLAINES, ILL. — McShane Construction Co. has completed the 112,065-square-foot renovation of an industrial building transforming it into a food preparation facility for DO & CO Chicago Catering Inc. The property is located at 2150 Frontage Road in Des Plaines. McShane enhanced the overall shell of the building to support new refrigeration components, kitchen equipment and upgraded building and safety systems. The facility’s office, warehouse and production areas were modernized with contemporary features to optimize operational efficiencies. Harris Architects Inc. provided architectural services for the project. DO & CO is a catering company based in Vienna, Austria, active in airline, train and international events catering. The foodservice firm has expanded its services to O’Hare International Airport.

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ScenicValleyApartments
MidwestMultifamilyWisconsin

M&M Arranges Sale of 24-Unit Apartment Building in Osceola, Wis.

by Danielle Everson

OSCEOLA, WIS. — Marcus & Millichap has arranged the $980,000 sale of Scenic Valley Apartments, a 24-unit apartment property in Osceola, 42 miles northeast of Minneapolis. The property is located at 290 Zindaus St. The single, freestanding apartment building includes 24 one- and two-bedroom units located on 1.2 acres. Evan Miller, Dan Linnell, Mox Gunderson and Jon Ruzicka, of Marcus & Millichap’s Minneapolis office represented the seller and buyer, both limited liability companies. Matthew Fitzgerald of the firm’s Milwaukee office assisted in closing the transaction.

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CPA-18
MidwestMinnesotaOffice

CPA:18 – Global Acquires Office, Research and Development Facility for $43M

by Danielle Everson

PLYMOUTH, MINN. — CPA:18 – Global, a non-traded REIT managed by W. P. Carey Inc., has acquired a 191,000 square-foot office and research development facility in Plymouth for $43 million. The facility, purchased from Liberty Property Trust, is leased to Alliant Techsystems Inc. (ATK) for 10 years. ATK is an aerospace, defense and outdoor sports and recreation company operating in 21 states, Puerto Rico and internationally. Since moving into the building in 2001, ATK has made investments in the facility to meet its specific criteria for testing and housing specialized labs and equipment.

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LansingTowerApartments
MichiganMidwestMultifamily

Princeton Enterprises Acquires Lansing Tower Apartments for $3.6M

by Danielle Everson

LANSING, MICH. — Princeton Enterprises has purchased Lansing Tower Apartments in Lansing for $3.6 million. The apartment community, located at 610 W. Ottawa St., includes 140 studio, one-, two- and three-bedroom units. Cary Belovicz of Commercial Property Advisors brokered the deal on behalf of the private seller. The new owner plans to renovate the exterior of the building, make plumbing improvements and add a new swimming pool deck, fitness center, resident lounge and lobby with a new WiFi beverage café. The property was built in 1968.

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