KANSAS CITY — Block & Co. Inc. Realtors has arranged the $2.6 million sale of two buildings near Kansas City's Westport entertainment district. The first property, located at 3947 Broadway St., is home to DaVita Dialysis. 5265 Vance LLC purchased the 7,672-square-foot building for $2.2 million. Max Kosoglad of Block & Co. represented the seller, UC1 LLC, in the transaction. The second property is located at 1913-1915 W. 43rd Ave. Manica Real Estate LLC purchased the two buildings, which total 8,500 square feet, for $400,000. The property will now serve as the new headquarters for Manica Architechture. Max Kosoglad and David Block of Block & Co. represented the seller, 43rd Avenue LLC, in the transaction.
Midwest
INDIANAPOLIS — Hamilton Point Investments has sold Woodbrook Apartments, a 196-unit community located directly on Georgetown Road in Indianapolis, to CAPREIT for $6.7 million. Hamilton Point purchased Woodbrook as a distressed asset in March 2011 from a lender. The property was repositioned, stabilized and brought to market in early 2013.The Philadelphia-based owner and management company plans to further reposition the property by updating the clubhouse, adding new landscape and renovating the interiors of select units. Tikijian Associates represented the seller, Hamilton Point Investments, a Connecticut-based owner and management company, in the transaction. Oak Grove Capital arranged the acquisition financing through Freddie Mac.
SOUTH BEND, IND. — Triad Real Estate Partners has arranged the $5.3 million sale of Darby Row and The Belfry, a two-property, 71-bed student housing portfolio serving the University of Notre Dame in South Bend. The sale price represents a 7.74 percent capitalization rate. Locally based Holladay Properties developed the property in 2012 and 2013. The buyer is a relatively new student housing investment company based in Southern California that is looking to expand its Midwest footprint. Both properties are located within walking distance to campus and were fully leased for the 2013-14 school year.
WEST CHESTER, OHIO — Octal, a provider of polyethylene terephthalate (PET) resin and integrated PET sheet manufacturing, will occupy its first North American plant at 5399 East Provident Drive in West Chester. Cushman & Wakefield and Cincinnati Commercial Realtors represented Octal in the 130,720-square-foot office and warehouse lease negotiations. The site is located in an industrial park 20 miles north of Cincinnati, off interstate 75. Tenants in the park include Totes Isotoner and TradeGlobal. Dugan Financing LLC (Duke Realty) is the landlord. Mark Collins and Dean Collins of Cushman & Wakefield's Dallas-based tenant advisory group joined Josh Young and Si Pitstick of Cincinnati Commercial Realtors to broker the transaction for Octal. OCTAL’s products are used to package fresh food, beverages, pharmaceuticals, electrical goods and other consumer goods.
NORTH KANSAS CITY, MO. — Pizza Blends Inc. has leased 81,500 square feet of industrial space located at 1541 Vernon St. in North Kansas City. Ed Elder and Cameron Duff of Colliers International represented the tenant in the transaction. Joe and David LaMothe of Industrial Park Realty Co. Inc. represented the landlord, Mid-West Terminal Warehouse Co. Inc.
INDIANAPOLIS — The Indianapolis office of CBRE has arranged the sale of an 11,340-square-foot warehouse and office facility located at 1801 S. Lawndale in Indianapolis. The facility is situated on a 1.7 acres. Mark Writt of CBRE represented the seller in this transaction. The facility was formerly owned by OFP Family Partners Ltd. Chip Barnes of Jones Lang LaSalle represented the buyer, The John M. Sikich Jr. Trust, which plans to expand its operations into Indiana.
After years of trailing cities such as Dallas, Memphis and Indianapolis as major bulk distribution centers, Kansas City has emerged as a significant and large hub for the development of Class A industrial logistics centers whose development is backed by institutional money. The trend is transformational for our market and here to stay for three primary reasons: (1) Institutional money — namely life insurance companies — has always allocated a portion of its funds for real estate. That money has found Kansas City. (2) Local Kansas City developers, brokers and property managers are well-suited and eager to accommodate non-operating entities like life insurance companies to buy land, build projects on a speculative basis, lease up and manage the new developments, and sell them when the financial backers decide to cash in on their investments. Kansas City has traditionally been a family-owned real estate development community comprised of five or six major players. None of these families has sold its portfolios to industrial REITs. Thus, there is a niche for institutional-backed, Class A development that is financed with deep pockets and brought to market by local developers. (3) The biggest reason for large-scale Class A industrial development in Kansas City is …
ELKHORN, NEB. — NorthMarq Capital’s Omaha based regional office has arranged a $16.2 million loan for the refinancing of Elk Ridge Independent Living, a 118-unit seniors housing facility in Elkhorn, a western suburb of Omaha. Jason Kinnison of NorthMarq arranged the 18-year loan, which is self-amortizing, through a life company. The property is located at 19303 Seward St.
CHICAGO — MB Real Estate has completed a 182,000-square-foot office lease to the Board Of Education of The City of Chicago (BECC) within the former Sears department store space at 1 N. Dearborn in Chicago. BECC will relocate its headquarter offices to the property from 125 S. Clark with an occupancy date set for November. MB Real Estate provides management and leasing services at the 17-floor, 940,000-square-foot property and represented ownership in the transaction. BECC will take a portion of the ground floor and the entirety of the lower level, second and third floors for its new offices. Gary Denenberg and Jesse Slack of MB Real Estate represented ownership, while Jeff Samaras and Chad Galayda of Cushman & Wakefield represented BECC in the lease negotiations.
CHICAGO — Marcus & Millichap has arranged the $1.3 million sale of 6217-6223 S. Kenwood Ave., a 24-unit apartment property located in Chicago. Greg Gonzalez in Marcus & Millichap’s Chicago office, marketed the property on behalf of the seller, a private investor, and represented the buyer, a limited liability company. The property includes two conjoined 12-unit properties and a gated parking lot that accommodates 10 cars. The unit mix features 16 one-bedroom and eight two-bedroom units.