FARIBAULT, MINN. — Marcus & Millichap has brokered the $3 million sale of Western Avenue Marketplace, a 16,564-square foot retail property located in Faribault, approximately 50 miles south of Minneapolis. The property is located at 300 Western Ave. Matthew Hazelton and Adam Prins of Marcus & Millichap represented the seller, a limited liability company. Brian Klancke and Sean Doyle, also of Marcus & Millichap, represented the buyer, a private investor.
Midwest
NOVI, MICH. — Bernard Financial Group has arranged a $2.6 million CMBS loan for Briar Pointe Plaza in Novi, a city approximately 30 miles northwest of Detroit. The shopping center includes 29,908 square feet of retail space. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan for the borrower, Briarwood of Novi Investors LLC.
TROY, MICH. — Colliers International has arranged the lease of a 24,062-square- foot industrial property in Troy. The property is located at 194 E. Maple Road. Ryan Brittain, Peter E. Kepic and Peter J. Kepic of Colliers International represented the tenant, Cadillac Coffee Company, in this lease transaction.
ELGIN, ILL. — Gramercy Property Trust Inc. has acquired two industrial properties in Elgin, Ill. and Harrisburg, Pa. for $18.7 million. The Elgin property in metro Chicago is an 112,000-square-foot manufacturing facility. The property is leased through August 2028 with annual rent escalations to a global manufacturer of small, engineered metal components. The Harrisburg property is an 183,000-square-foot industrial warehouse. The property is leased through February 2025 with annual rent escalations to a subsidiary of a large multinational industrial company.Both properties are fully leased with a weighted average lease term of approximately 13 years. Year One net operating income for the two properties totals approximately $1.4 million, reflecting a 7.3 percent initial cap rate.
CHICAGO — Essex Realty Group has brokered the $11.5 million sale of a 46-unit apartment building in Chicago’s Avondale neighborhood. The newly constructed property is located at 2601-2615 W. Belmont Ave. The building consists of two- and three-bedroom duplex apartments ranging from 1,040 to 2,109 square feet. The property also includes an underground parking garage with approximately 49 spaces. Matt Welke and Jason Fishleder were the brokers in the transaction.
OSHKOSH, WIS. — Marcus & Millichap has arranged the $3.2 million sale of a CVS/pharmacy ground lease in Oshkosh. The 13,225-square foot net-leased property is located at 1736 W. 9th Ave. Adam Prins and Matthew Hazelton of Marcus & Millichap represented the seller, a limited liability company. An outside brokerage firm represented the buyer, a trustee. Matthew Fitzgerald also of Marcus & Millichap assisted in closing this transaction.
MELROSE PARK, ILL. — Chicago-based Sitex Group has completed the redevelopment of a two-building industrial complex in Melrose Park. The properties are located at 2680-2690 and 2800-2840 W. Lake St. The 170,920-square-foot building at 2800-2840 W. Lake St. can accommodate two tenants and features 4,500 square feet of office space, 22-foot clear heights and 12 exterior docks. The 102,153-square- foot multi-tenant building at 2680-2690 W. Lake St. can accommodate three tenants and features 22-foot clear heights and 18 exterior loading docks. Reconstruction of the properties included a substantial exterior renovation featuring a new façade, parking lots and landscaping. Sitex also upgraded the office space and installed high-efficiency lighting and new dock equipment inside the buildings. The complex is 72 percent occupied with several units currently being marketed. Sitex purchased the 273,073-square-foot complex from the Village of Bellwood in April 2013.
Slowly but surely, the missing pieces of the puzzle critical to the long-term vitality of the city of Detroit are starting to fill in, say real estate experts and business leaders. While the city is working through a painful bankruptcy to get its financial house in order, the public and private sector are moving forward with a sense of urgency to make sure that revitalization efforts in Downtown and Midtown don’t lose momentum. The success stories in the office, retail and apartment sector often come in fits and starts, but collectively they show measurable progress. A planned 3.3-mile streetcar line, known as the M-1 Rail project, is the infrastructure piece of the puzzle. Utility relocation work is underway on Woodward Avenue, the first step toward full-fledged construction of the planned light rail line that will connect 11 stops between Larned Street in Detroit’s central business district up to West Grand Boulevard in the New Center area at the north end. Funding for the $140 million streetcar project, which is expected to be complete in 2016, has come from a variety of sources including corporations, foundations, nonprofit agencies and government sources. “We’ll have more of a pedestrian connection between Downtown, Midtown …
MINNEAPOLIS — Law firm Norton Rose Fulbright has signed an 18,505-square-foot, full-floor lease at RBC Plaza, a 40-story office tower in Minneapolis. Managed by Cushman & Wakefield/NorthMarq, RBC Plaza is a 678,045-square-foot tower located at 60 S. Sixth St. and 555 Nicollet Mall. KBS Real Estate Investment Trust III owns the building. RBC Plaza is currently undergoing renovations, which includes the conversion of two floors from retail into office space. Improvements also include the addition of a new conferencing center, full fitness facility with showers, lockers and secured bicycle storage. The improvements are slated for completion in fall 2014. Sonja Dusil of Cushman & Wakefield/NorthMarq represented KBS REIT III in the transaction. Landon Helm and Jim Bailey of Cushman & Wakefield represented Norton Rose Fulbright. The law firm is set to move into the new space in November.
EVANSTSON, ILL. — Sperry Van Ness has arranged the sale of 26 of 49 bulk condominium units in Evanston, a northern suburb of Chicago. The 26 units, which total 37,310 square feet, sold for $7.25 million. The condominium property is located at 1228 Emerson St. Jim Sears of Sperry Van Ness represented the seller, Bluewater Group. Reid Bennett also of Sperry Van Ness represented the undisclosed buyer.