WASHINGTON, ILL. — The Boulder Group has arranged the $1.2 million sale of a single tenant PNC Bank ground lease in Washington, a suburb of Peoria. The property is located at 1996 Freedom Pkwy. PNC Bank is the sole occupant of the 3,501-square-foot building, which is situated on a 1.3-acre outparcel. There are more than 14 years remaining on the ground lease, which expires in December 2028. The lease includes 14 percent rental escalations every five years throughout the primary term. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based individual. A private investor from the West Coast purchased the property.
Midwest
LINCOLN, NEB. — Q10 | Daisley Ruff Financial Corp. has arranged a $13 million loan to refinance The Villas at Wilderness Ridge, a 145-unit luxury apartment project in Lincoln. Bob Chalupa of Q10 | Daisley Ruff Financial arranged the 25-year, fixed-rate, non-recourse loan with a correspondent lender.
KENOSHA, WIS. — Faris Lee Investments has arranged the $3 million sale of Williams Corner, a 10,100-square-foot multi-tenant retail center in Kenosha. The property is located at 7410 118th Ave. and is 100 percent triple-net leased to five tenants including Starbucks Coffee, Supercuts and Sparti’s Gyros. Jeff Conover of Faris Lee Investments represented the seller, San Diego-based Williams Corner Investors LLC. Suheil Sahouia of the Trafton Group represented the buyer, Forest Hills, N.Y.-based DJ Commercial Properties. The property sold at a 7.5 percent cap rate.
CHICAGO — Essex Realty Group has arranged the $620,000 sale of a mixed-use property in Chicago’s Lincoln Park neighborhood to an undisclosed buyer. The property is located at 2744 N. Lincoln Ave. The 4,200-square-foot building has 2,100 square feet of retail space on the first floor and a 2,100-square-foot loft style apartment on the second floor. The loft apartment features floor-to-ceiling windows, exposed brick and washer and dryer connections. Jim Darrow and Jordan Gottlieb of Essex Realty Group were the brokers in the transaction.
SUN PRAIRIE, WIS. — Sperry Van Ness arranged the lease of a 2,650-square-foot office space in Sun Prairie, a suburb of Madison. Avery Pipeline Services Inc. will occupy space at 1460 W. Main St. Dan Roseliep of Sperry Van Ness represented the tenant.
INDIANAPOLIS — S. L. Nusbaum Realty Co. has been named the exclusive management representative for Raceway Market Shoppes, a 26,088-square-foot retail center in Indianapolis. The property is located at 9210 Rockville Road. Tenants include Outback Steakhouse, McAlister’s Deli, AT&T Mobile, Sport Clips, Subway, Five Guys Burgers and Fries and Davita Total Renal Care. S.L. Nusbaum Realty manages, develops and provides brokerage services to shopping center projects, apartment communities, office and industrial properties. The company is based in Norfolk, Va.
CLEVELAND, OHIO — Cooper Commercial Investment Group has arranged the $2 million sale of a grocery-anchored shopping center in Cleveland. The sale also included a buildable outparcel. Village Green Shopping Center is located near the main intersection of Euclid Avenue and Green Road. The 46,301-square-foot retail center is 95 percent occupied and is anchored by a Save-a-Lot grocery store. The sale represented 90 percent of the list price and a 9.89 percent capitalization rate. Dan Cooper of the Cooper Commercial Investment Group and Kyle Hartung of Goodman Real Estate Services Group LLC represented the seller, a Cleveland-based private investment group. A Florida-based private investment group purchased the property.
MALVERN, PA. — Malvern-based Liberty Property Trust has selected Cassidy Turley to manage its 6.2 million-square-foot industrial portfolio. The portfolio consists of 34 single- and multi-tenant buildings ranging in size from 30,000 to 500,000 square feet in Indianapolis, Cincinnati, Columbus, Ohio and Atlanta. The properties were part of a larger 23 million-square-foot, 177 property portfolio that Liberty acquired from Cabot Industrial in 2013. This is Cassidy Turley’s first property management assignment with Liberty. The management team includes Tim Michel, Jeff Wojciechowski and Melissa Day. Local property management will be provided by Rosalind Rainge in Atlanta, Erin Gibstine in Indianapolis, Doug Lance in Cincinnati and Michael Bloch in Columbus.
ST. PAUL, MINN. — The Opus Group will complete a 41,500-square-foot expansion and renovation project for St. Catherine University in St. Paul. Opus will expand the university’s existing 59,000-square-foot Butler Center, which houses student wellness and athletic facilities. The addition will feature separate varsity locker rooms and lounge space for athletic teams at the school, a cardio room with fitness equipment, a dance studio, as well as a one-story, multi-purpose training center. Opus will also redesign the front entry to include a controlled access point for added security and access to events in the arena. In addition, 10,000 square feet of previous gymnasium space in the neighboring Fontbonne Hall will be renovated to include university classroom space, which will connect to the Butler Center. Opus will also install a new elevator to improve the building’s accessibility. Construction is scheduled to begin this month. Renovation of Fontbonne Hall is slated for completion before the fall semester. The full project is set for completion in February 2015. Opus Design Build LLC will serve as the design-builder and Opus AE Group LLC will serve as the design-architect.
LAKEVILLE, MINN. — Dougherty Mortgage has arranged a $21.6 million loan for the refinancing of Southfork Village Townhomes. The 272-unit market rate townhome property is located in Lakeville approximately 26 miles south of Minneapolis. Dougherty arranged the 35-year term HUD loan for Southfork Apartments LLC with a 35-year amortization schedule. The property features one-, two- and three-bedroom units with fully equipped kitchens, walk-in closets and carpeting. The community also features a clubhouse, picnic grilling areas and a pool. The townhomes were built in two phases in 1988 and 1990.