AURORA, ILL. — Marcus & Millichap has brokered the $16 million sale of a 63,740-square-foot FedEx freight terminal located in Aurora. The single-tenant, industrial asset is part of a two-property portfolio. The freight terminal is situated on 14.5 acres located at 3883 Butterfield Road. The Aurora FedEx freight terminal features a 55,120-square-foot main building with 6,800 square feet of office space. There is also 48,320 square feet of cross-dock working space, which serves as the customer center. The property contains a 6,550-square-foot, three-bay repair/wash building; a 1,600-square-foot fueling facility; and a concrete scale pit with an axle scale. The freight terminal has 104 loading/unloading doors with custom dock levelers and custom door seals. There are 269 tractor/trailer parking spaces and a separate employee parking lot that can hold up to 91 cars. Nick Manganais of Marcus & Millichap represented the seller, an Illinois-based family partnership. Howard Wiese of Marcus & Millichap represented the buyer, Welbic Investments, a private real estate investment fund.
Midwest
ELMWOOD PARK, ILL. — Mid-America Asset Management Inc. has arranged the lease of a 6,630-square-foot retail space for Fruitful Yield in Elmwood Park, a northwest suburb of Chicago. The health food store will occupy space at North Tower Plaza, located at the northwest corner of Harlem and North avenues. Tenants at the 26,088-square-foot shopping center include Super Cuts, Great American Bagel and Subway. Liz Krebs and Samantha Spinell of Mid-America represented the undisclosed landlord. Jason Trombley of JLL represented the tenant.
FARMINGTON HILLS, MICH. — Gabriel Ride Control, which designs, engineers, and produces shock absorbers, has acquired a 49,065-square-foot industrial building from CIII Capital for an undisclosed price. NAI Farbman brokered the sale of the property located at 39300 Country Club Drive in Farmington Hills, approximately 23 miles northwest of Detroit. The Class B, flex research and development building is situated on five acres and has access to I-696, I-275 and the M-5 freeways. Doug Fura and Devin Kling of NAI Farbman represented the seller. Lee & Associates represented the buyer.
DEKALB, ILL. — CBRE has arranged a 7,017-square-foot retail lease in DeKalb, about 65 miles west of Chicago. Sleepy’s, a mattress retailer, will occupy space at 2350 Sycamore Road. Founded in 1957, Sleepy’s has more than 800 showrooms and seven distribution centers. The new location is part of the company’s expansion in Illinois. Lynne Brackett and Karen Walsh of CBRE represented the landlord, Arthur Goldner & Associates Inc., in the transaction. Willy Hoag of Mid-America Asset Management Inc. represented the tenant.
DETROIT — Bernard Financial Group has arranged a $40 million CMBS loan to refinance Pointe Plaza, a mixed-use development at the border of Gross Pointe Woods and Detroit. The property, located at the intersection of Mack Avenue and Moross Road, consists of approximately 273,000 square feet of gross leasable space, which includes a medical office building, a retail building and a parking structure containing 1,800 parking spaces. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan for the borrower, Pointe Plaza Development LLC.
FORT WAYNE, IND. — Steadfast Income REIT Inc. has acquired Oak Crossing, a 222-unit apartment community in Fort Wayne, Ind., for $24.2 million. The Class A apartment community, built in 2013, consists of garden-style buildings with one-, two- and three-bedroom units. The average monthly in-place rent is $952. Apartment units include private balconies/patios, washer and dryers, walk-in closets and kitchen appliances. Select floor plans come with attached garages, and detached garages are available for rent. Oak Crossing is currently 94 percent occupied. Amenities at the complex include a fitness center, swimming pool, clubhouse with a stone fireplace, business center and grilling area. Oak Crossing is Steadfast Income REIT’s third property in Indiana. The REIT also owns the 268-unit Lodge at Trails Edge in Indianapolis and the 250-unit Sycamore Terrace in Terre Haute.
INDIANAPOLIS, IND. — Tikijian Associates has brokered the sale of Suncrest Apartments, a 140-unit community in western Indianapolis, to a Geneva, Ill.-based investment group. The sales price was undisclosed, but the property was listed for $4.5 million. The apartment community, built in 1986, is located near I-465 and the Indianapolis International Airport. The buyer plans to upgrade the kitchens and bathrooms to include granite counter and vanity tops, new flooring and appliances. Tikijian Associates represented the seller, JVM Realty Corp., an Oak Brook, Ill.-based privately held real estate investment and management firm.
HILLSIDE, ILL. — Marcus & Millichap has brokered the $670,000 sale of 25 & 29 North Hillside Ave., a 14-unit apartment property located in Hillside, a western suburb of Chicago. The property consists of one and two-bedroom units and features an on-site laundry room and off-street parking. Ryan Engle and Andrean Angelov of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, and the buyer, another private investor.
Dotted with construction cranes, Minneapolis’ skyline tells the story of economic growth the likes of which hasn’t been seen in almost a decade. Record-shattering investments in office space and in employee satisfaction speak to the confidence companies have in the accelerating Twin Cities market. This renewed corporate confidence is buoyed by the lowest unemployment rate of any U.S. metro area with a population greater than 700,000, and is evident by the increasing number of long-term lease commitments (seven-plus years) to the Twin Cities market. The office sector began picking up — first with local investors and now with national investors — soon after the opening of a new baseball stadium for the Minnesota Twins in 2010, which kick-started a rash of high-end, urban multifamily developments. The current multifamily boom in the Twin Cities is expected to bring nearly 10,000 units to the residential market in the coming years. Increasingly, people want to live, work and play downtown. Multifamily, retail and office developers are ramping up the quantity and quality of supply. An additional sign of growth is the $1 billion currently being invested in a new football stadium for the Minnesota Vikings. Renovation Ramps Up Class C office buildings accounted …
BEACHWOOD, OHIO — Devonshire REIT Inc. has acquired Pavilion Shopping Center in Beachwood, a suburb of Cleveland, for $35 million. The shopping center is located on Chagrin Boulevard near I-271. Sub-anchors at the 249,873-square-foot power center anchored by Giant Eagle include Big Lots, Marshalls, Michaels and Stein Mart. Other national tenants include Petco, Lane Bryant, Quiznos, Bruegger’s Bagels, Sally Beauty Supply, GNC, Verizon Wireless, Ruby Tuesday and Huntington Bank. The property is 97 percent occupied with one remaining vacant space currently under negotiation. Huntington Bank provided financing for the transaction.