CINCINNATI — Cassidy Turley has arranged the sale of the former Red Lobster property at 6186 Glenway Road in Cincinnati. The buyer, franchisee owner John Clancy of Palm Beach Gardens, Fla., plans to locate a new Planet Fitness health club at the property. The former Red Lobster location was demolished, and construction has begun on the 1.7-acre site. The new Planet Fitness will span approximately 28,000 square feet and is slated to open in fall 2014. Clancy currently owns a Planet Fitness in Lexington, Ky., and plans to open another Planet Fitness in the Lexington area in 2014. He also has plans to open three of the health clubs in the St. Louis area in 2015.
MENOMONEE FALLS, WIS. — Irgens has sold the Actuant Corp. headquarters building, an 81,503 square foot, single-tenant office building located in Menomonee Falls for $15.4 million. Actuant Menomone LLC, a real estate investment group, purchased the Class A building. Daniel Herrold of the Stan Johnson Co. represented Irgens in the transaction. Bradley Feller, also of the Stan Johnson Co., represented the buyer.
INDIANAPOLIS — Johnson Capital has arranged a $4.7 million loan secured by a 62-unit multifamily property in Indianapolis. The property, called Richelieu Apartments, is located on E. North Street and consists of three four-story buildings. Scott Graber, senior vice president in the Johnson Capital’s Denver office, arranged the financing on behalf of the borrower, a local investor and operator. Huntoon Hastings provided the 35-year, self-amortizing Section 223(f) FHA loan, which includes a 4 percent interest rate. The loan was used to retire existing debt.
NOVI, MICH. — Gladstone Commercial Corp. has purchased a 156,200-square-foot industrial building in Novi, located about 30 miles northwest of Detroit, for $7.3 million. The property is fully leased to Eberspaecher North America Inc. through April 2024. Eberspaecher is a manufacturer of exhaust systems for automotive and commercial vehicles. Gladstone Commercial's real estate portfolio now consists of 87 properties located in 22 states, totaling approximately 9.3 million square feet.
DES MOINES, IOWA — Global commercial real estate services firm Jones Lang LaSalle is expanding to the state of Iowa with the opening of a new brokerage services office in Des Moines. Des Moines-based commercial real estate executive Heath Bullock will lead the new office and specialize in representing office, industrial and retail real estate tenants and owners in lease and sales transactions in the Iowa markets. The company also plans to add additional brokers to the office during the coming months. Chicago-based Jones Lang LaSalle — which has corporate offices in more than 50 U.S. cities and 70 countries around the globe — has had a presence in central Iowa since 2011 when Principal Financial Group hired the firm as facility management and real estate services provider.
COLUMBUS, OHIO — The Connor Group, a Centerville, Ohio-based real estate investment firm, has purchased Lennox Flats from Kinnear Road Redevelopment LLC for $17 million. The 194-unit community is located within walking distance of Ohio State University and features five different floor plans, as well as a resort-style swimming pool, 24-hour fitness center and private theater. The Connor Group, which specializes in Class A apartment communities in Class A locations, owns nine communities in the Columbus market.
MONTICELLO, MINN. — The Hampshire Cos., in a joint venture with The Lipsitz Cos., have sold an 86,479-square-foot retail building located at 300 Seventh St. W. in Monticello, about 38 miles northwest of Minneapolis. The property was sold to JR&RII LLC. The retail building was under lease with Kmart until November 2015, but was vacated in the first quarter of 2012 as part of parent company Sears Holding Corp.’s efforts to close a number of its underperforming retail stores. The recent sale allows Kmart to exit its lease on the building before its scheduled expiration, according to The Hampshire Cos. Wayne Elam of Commercial Realty Solutions represented the buyer in the transaction.
ELK GROVE VILLAGE, ILL. — Morgan/Harbour Construction has completed an 87,975-square-foot industrial facility for Weiss Rohlig Logistics. CenterPoint Properties is the developer of the new ground-up facility located at 1601 Estes Ave. in Elk Grove Village, a northwest suburb of Chicago. CenterPoint selected Morgan/Harbour as the general contractor for the project that began with the demolition of an existing building. The industrial building is divisible for two tenants and features a glass curtain wall at each entry. Weiss Rohlig will use 57 percent of the space. The property includes 16,000 square feet of office, 15 loading docks and two drive-in doors. Weiss Rohlig Logistics is the partnership of Gebruder Weiss and Rohlig Logistics and its core business is overland transport, air and sea freight and complex logistics solutions. Ben Warriner, vice president of construction, and Noah Warriner, project manager, led Morgan/Harbour’s construction team. Cornerstone Architects provided the architectural services.
MINNEAPOLIS — Dougherty Mortgage LLC has originated an $11.2 million HUD-insured 223(f) loan for the refinancing of Buzza Lofts of Uptown, a 136-unit multifamily property in Minneapolis. The self-amortizing loan features a 35-year term. The property was originally built in 1907 as a warehouse building and was renovated in 2012 into an apartment building. As part of the renovation, the owner secured federal historic preservation tax credits and a matching Minnesota historic preservation tax credit. The property operates as a Section 42 Low Income Housing Tax Credit property with all of the units having restricted rents at 60 percent or less of the area median income.
The famous Kansas City song — first recorded by Wilbert Harrison in 1959 — says, “I’m going to Kansas City, Kansas City here I come.” Well, in 2013, the retailers did come to Kansas City, which was beautiful music to the ears of developers and landlords throughout the area. Some of the most notable new additions to the Kansas City retail scene include IKEA, The Container Store, Academy Sports + Outdoors, Scheels Sporting Goods, REI, Fresh Market, Rock & Brews, Cinetopia, Eileen Fisher, Freebirds World Burrito, Chuy’s and Hallmark’s new store concept called “HMK.” Still other retail additions include Pinstripes, an upscale entertainment and dining venue featuring bocce and bowling, as well as Sprouts and Corner Bakery. Geographic proximity to other established markets for these retailers led to a natural migration pattern to Kansas City. However, the following factors created new inventory opportunities and supplied the key ingredients for an active retail climate in 2013 that should continue in 2014: • the metro’s declining unemployment rate to 6.3 percent from a recent high of 8.4 percent in 2010; • the buoyant housing market, with an estimated 5,960 new residential and apartment units added during 2013 versus 2,342 units in 2010; …