ST. LOUIS — U-Haul Corp. has purchased the old Globe Drug buildings, two historic buildings located at 418 S. Tucker Blvd. in St. Louis, for $3.1 million. Constructed by shoe manufacturer Endicott Johnson Co. in 1915 and 1923, the three-story and five-story buildings total 272,000 square feet. The Globe Drug buildings are listed on the National Historic Registry. The opening of this St. Louis facility will be the 27th U-Haul center in Missouri. U-Haul plans to continue operations of the parking garage, which holds 100 cars. The five-story building will be used as a storage facility, and the three-story building will house the retail showroom for selling boxes and packaging, as well as a vehicle rental service. The company plans to move into the building in late April, after renovations are complete. Patrick McKay, Meade Summers and Frank Yocum of Hilliker Corp. represented the seller, R & G Investment Co., which is the parent company of Globe Drug. McKay also represented the buyer, Amerco Real Estate Co., which is the parent company for U-Haul Corp.
Midwest
CHICAGO — Sperry Van Ness Chicago Commercial has completed the $1 million sale of a 12-unit, 10,250-square-foot multifamily building located at 5300 W. Addison Street in the Portage Park neighborhood of Chicago. The sale marks the first time this property has been sold since it was constructed in 1966 by the seller's family, who remained operators throughout the years. Jack Edgar Jr., Jim Sears and Reid Bennett of Sperry Van Ness LLC represented the seller in the transaction.
CHICAGO — Sperry Van Ness Chicago Commercial has completed the $3.5 million off-market sale of a 16-unit multifamily building located at 3505-07 N. Pine Grove in the Lakeview neighborhood of Chicago. Dawn Overstreet and Reid Bennett of Sperry Van Ness LLC represented the buyer as well as the seller, the landlord of nearly 50 years, in the transaction. The 18,150-square-foot apartment complex is located less than one block from Lake Michigan.
GROVEPORT, OHIO — Seattle-based SK Food Group has signed a lease for the remaining 180,000 square feet of space at Opus Business Center, located at Rickenbacker 7 in Groveport, a southern suburb of Columbus, Ohio. Planned improvements to the facility include building out 16,000 square feet of office space, as well as adding multiple freezers, coolers and ancillary space to support the assembly area. The modifications to the space will allow 250 employees to work in the facility during each shift. Building features include a clear ceiling height of 36 feet and an ESFR sprinkler system. Jeff Lyons of CBRE represented SK Food Group, and Michael Linder from Colliers International was the listing broker. Founders Properties LLC owns Opus Business Center at Rickenbacker 7. Opus Development Co. LLC assisted with the lease agreement. Opus Design Build is the general contractor and Opus AE Group LLC provided design services for the facility improvements. Construction is slated for a June completion.
DEERFIELD, ILL. — The Boulder Group has completed the $7.3 million sale of a single-tenant, net-leased Northwestern Memorial Hospital property located at 350 South Waukegan Road in Deerfield, a northern suburb of Chicago. Northwestern Memorial Hospital is the sole occupant of the 16,737-square-foot medical office building, which was developed in 2013. The hospital has 14 years remaining on its lease with 2.5 percent annual rental escalations. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based real estate firm, in the transaction. The buyer was a high net-worth individual located in California.
MINNEAPOLIS — Ackerberg has entered into an agreement to purchase Calhoun Square, a 170,521-square-foot shopping center located at 3001 Hennepin Ave. in Minneapolis. The center was built in 1984 and renovated in 2008. Major tenants include LA Fitness, Kitchen Window, H & M, Famous Dave’s, BayStreet Shoes, Timberland and CB2. Ackerberg plans to overhaul the interiors of Calhoun Square and has engaged the services of David Shea of Shea Architects. The expected closing date is early April.
ST. LOUIS — Landmark Properties has begun construction on The Standard at St. Louis, a 465-bed multifamily property adjacent to St. Louis University. The units will be offered in one- to five-bedroom floor plans. All unit types will be equipped with luxury finishes such as granite counters, stainless appliances, hardwood-style floors and high-end features that Landmark says are unusual in traditional student housing near St. Louis University. Additionally, each unit will have a balcony and private bathrooms for each bedroom. The amenity package includes a resort-style swimming pool, extensive fitness facilities, and a study lounge with private and group study rooms. It is scheduled to open in 2015. The project is another joint venture with Harrison Street Real Estate Capital. Sangita, a local real estate firm, will also participate in the development of the property. Compass Bank is providing the construction financing.
MIDDLEBURG HEIGHTS, OHIO — Marcus & Millichap has arranged the sale of a 33,387-square-foot building occupied by U.S. Customs and Border Protection in Middleburg Heights, a southwest suburb of Cleveland. The terms of the sale were not released. Geoff Ficke in Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, an individual/personal trust. Michael Glass, also of Marcus & Millichap, assisted in closing the transaction. U.S. Customs and Border Protection property is located at 6747 Engle Road.
MORTON GROVE, ILL. — The Bon-Ton Stores Inc. has signed a 20,000-square-foot lease in Village Plaza, located at 7250 Dempster St. in Morton Grove, a northwest suburb of Chicago. The Bon-Ton Stores plans to open a Carson’s Clearance Center in early April 2014 in the space, which was previously occupied by Loehmann’s. With the new store in place, the center will be 98 percent leased. The retailers in this center include T.J. Maxx, Home Goods, Planet Fitness, Produce World and Pet Supplies Plus. Village Plaza is a 136,000-square-foot community center at the intersection of Dempster Street and Harlem Avenue. Joe Parrott and Matt Ramsey of CBRE arranged the lease.
OLYMPIA FIELDS, ILL. — JCF Real Estate has completed the sale of a Fresenius Dialysis building in Olympia Fields, a southern suburb of Chicago. Located at 2609 W. Lincoln Highway, the 12,000-square-foot property is occupied by the Fresenius Dialysis Center. Chrastka teamed up with Bruce Harris and James Walsh of Marcus & Millichap in representing ownership in the sale of the property. A West Coast-based investment firm purchased the building. JCF Real Estate developed the Fresenius building as a build-to-suit in 2004 on behalf of the ownership and tenant.