OWOSSO, MICH. — Marcus & Millichap has arranged the $635,000 sale of a 45,150-square-foot self storage facility in Owosso, an eastern suburb of Flint. Owosso Mini Storage is located at 1003 W. Main St. Brett Hatcher of Marcus & Millichap’s Columbus office represented the seller, a limited liability company, and the buyer, another limited liability company. Steven Chaben of Marcus & Millichap’s Michigan office assisted in closing this transaction.
Midwest
COLUMBUS, OHIO AND SAGINAW, MICH. — DealPoint Merrill has purchased three properties in Columbus, Ohio; Saginaw, Mich.; and Tucson, Ariz., for an undisclosed price. The properties include National Road Plaza, a 120,700-square-foot shopping center in Columbus; the 151,396-square-foot Bay View Plaza shopping center in Saginaw; and American Mini Self-Storage, a 53,400-square-foot building in Tucson. David Frank of DealPoint Merrill negotiated the transaction. Sterling McGregor of DealPoint Merrill handled the due diligence for the purchases. Mike Gustafson of Sperry Van Ness/DealPoint Merrill Equities, an affiliate of DealPoint Merrill, assisted with the investment capital. Mark Mimms and Mark Yadisernia of Sperry Van Ness/DealPoint Merrill Properties Corp., were the brokers. Greg Corlyn of First American Title Co. handled the title and escrow for the transactions.
SHELBY TOWNSHIP, MICH. — Colliers International has arranged the lease of a 10,000-square-foot industrial building in Shelby Township, a suburb of Troy. The property is located at 14125 Industrial Center Drive. Dun Right/Quality Control Production Coatings Inc. will use the space for its day-to-day operation of metal refinishing and treatment of powder coat. Barry Landau of Colliers International represented the tenant in the transaction. The landlord was undisclosed.
LAWRENCE, KAN. — LANE4 Property Group has entered into a venture with the owners of the Mercato property to develop a new regional shopping center in Lawrence, approximately 39 miles west of Kansas City, Mo. LANE4 will join forces with land owners and developers Duane and Steve Schwada, and members of the Gene Fritzel family, to develop a 600,000-square-foot retail, restaurant, and entertainment center, which will be located at the corner of K-10 and W. 6th St. The Schwada and Fritzel families have been involved in developing industrial, residential, retail, hotels and office buildings in Douglas County. They continue to have substantial ownership interests in downtown Lawrence. The regional shopping center is planned as a part of a larger, mixed-use development known as The Mercato. Plans for the retail center include approximately 250,000 square feet of anchor and entertainment space, and 350,000 square feet of additional anchor stores, junior boxes, restaurants and shops. The project will be completed in phases. Tenants for the project and a date for completion have not been announced.
COUNTRYSIDE, ILL. — HREC Investment Advisors has arranged the sale of the 174-room Holiday Inn Chicago Southwest Countryside Conference Center in Countryside, approximately 17 miles southwest of Chicago. Schaumburg, Ill.-based Pearlshire Capital Group, which specializes in distressed investments, purchased the property for an undisclosed price. The hotel is situated near the intersection of I-294 and I-55 and is approximately 10 miles from Midway International Airport. Pearlshire Capital Group will invest $8 million in capital improvements to reposition the property. Scott Kaniewski and Scott Stephens of HREC Investment Advisors represented the seller in the transaction.
MILWAUKEE — Marcus & Millichap has arranged the $5.9 million sale of a 25,466-square-foot medical office building in Milwaukee. The Lakeshore 20th Medical Building is located at 3305 S. 20th St. The property is fully occupied by healthcare tenants. The building is anchored by Lakeshore Medical Clinics, a multi-specialty medical group offering primary care and 20 different sub-specialties. Lakeshore Medical Clinics is a wholly owned subsidiary of Aurora Health Care. Scott Niedergang and Gino Lollio of Marcus & Millichap represented the undisclosed seller and undisclosed buyer. Matthew Fitzgerald of Marcus & Millichap assisted in the transaction.
CRYSTAL LAKE, ILL. — Chicago-based Baum Realty Group LLC has brokered the sale of two adjacent properties in Crystal Lake, a northern suburb of Chicago. Baum brokered the $3.1 million sale of a 28,506-square-foot retail center located at 435 Angela Lane. Danny Spitz and Greg Dietz of Baum represented a private partnership in the transaction. Spitz and Dietz also represented the same ownership group in the sale of an adjacent development parcel located at Randall Road and Alexandra Boulevard. The six-acre site sold for $900,000.
Development in urban Cincinnati is rejuvenating the economy, increasing employment opportunities and creating new demand for apartments. The Banks, an 18-acre, mixed use-development project along the Ohio River between the Great American Ball Park, home of the Cincinnati Reds and new Paul Brown Stadium, home of the Cincinnati Bengals, is transforming downtown Cincinnati and supporting economic growth. Atlanta-based Carter and the Harold A. Dawson Co. are developers of The Banks. Phase I, which opened in 2011, created 3,600 permanent jobs and included the Current at The Banks project, a 300-unit apartment building with 96,000 square feet of street-level retail space. The apartments are currently fully leased, and the retail space is approximately 92 percent occupied. The popularity of Current at The Banks has been so great that there is a waiting list for apartments. Work recently began on Phase II of The Banks, which will add more apartments on the western half of the site. Infrastructure is Key Constuction continues on Cincinnati’s new multi-faceted transportation system that will cover nearly four miles around downtown and connect major employment centers. Upon completion, The Banks will be the southern terminus of the light rail system linking Uptown, Over-the-Rhine and Downtown to the …
SPRINGFIELD, MO. — The Springfield Area Chamber of Commerce hosted a groundbreaking ceremony Friday, June 20 for the $16 million historic redevelopment of the Heer’s building in Springfield. The new Heer’s Luxury Living development will consist of 80 loft-style apartment units. Amenities at the community will include a fitness center, theater and game room and a rooftop clubhouse. The development will also feature a police substation and approximately 15,000 square feet of commercial space for office, restaurant, and retail use. Lee’s Summit, Mo.-based Dalmark Development Group is developing the mixed-use project. Shawnee, Kan.-based Straub Construction Co. Inc. is the general contractor for the project. St. Louis-based Rosemann & Associates will design the new facility. The building is slated to open by its centennial in September 2015.
BLOOMINGDALE, ILL. — NewMark Merrill Co. has arranged the lease of 42,000 square feet of retail space for Hobby Lobby at the Stratford Crossing shopping center in Bloomingdale, approximately 27 miles west of Chicago. The 378,000-square-foot shopping center is located at Gary Avenue between Army Trail Road and Schick Road. Hobby Lobby will occupy space next to PetSmart on the southern end of the center. The new store in Bloomingdale opened in May. The arts and crafts retailer maintains 558 stores across the nation. In addition to Hobby Lobby and PetSmart, tenants at Stratford Crossing also include Kmart, Buffalo Wild Wings, Outback Steakhouse, Starbucks and Dunkin’ Donuts.