CHICAGO — Marcus & Millichap has arranged the $1.9 million sale of a 49-unit apartment property in Chicago. The property is located at 4408-4414 S. Drexel Blvd. The building consists of studio, one- and two-bedroom apartment units. Greg Gonzalez of Marcus & Millichap represented the seller, a private investor as well as the buyer, a limited partnership.
Midwest
TROY, MICH. — L. Mason Capitani CORFAC International has arranged the lease of a 9,760-square-foot office building in Troy for Tebis America, a software company that develops CAD/CAM systems for the automobile and aircraft industry. The property is located at 400 E. Big Beaver Road. Mason Capitani and Garry Rogers represented both the landlord and the tenant in the transaction.
ST. PAUL, MINN. — Dougherty Mortgage LLC has originated a $5.5 million loan for the refinancing of a 90-unit multifamily affordable housing property in St. Paul. Joseph’s Pointe at Upper Landing is located at 200 Wilkin St. The property was constructed in 2004 with 100 percent of the units restricted at 60 percent or below the area median income. Dougherty Mortgage arranged the 35-year term, 35-year amortization loan for Chestnut Housing LP.
AMES, IOWA — The Opus Group will develop a new student residential and retail complex directly adjacent to Iowa State University’s campus in Ames. The Foundry will feature 53 units and 144 bedrooms with 7,500 square feet of ground-level retail space. The six-story building will be the gateway to Iowa State University’s campus. Units will offer students living options of two- and four-bedrooms. Residents will have access to several amenities including a fitness center, study lounges, game room, private heated underground parking, common areas and on-site retail options. Construction on the project is scheduled to begin this month with completion slated for August 2015. Pre-leasing for the residential complex has begun. Opus Development Company LLC is the developer of the project and Opus Design Build LLC is the design-builder. Opus AE Group LLC is partnering with Minneapolis-based Elness Swenson Graham Architects Inc. on the design. Opus recently completed two luxury student housing options at the University of Minnesota and it has three others currently underway near university campuses in Madison, Wis., Milwaukee and Minneapolis.
BRIDGEVIEW, ILL. — NAI Hiffman has arranged the lease of an 117,077-square-foot industrial space in Bridgeview. Menasha Packaging will occupy space at 7800 W. 71st St. The building is adjacent to a 166,663-square-foot facility owned by ML Realty Partners. Menasha, a Wisconsin-based packaging, logistics and marketing services company, signed a lease last year at the adjacent property. Steve Connolly and Chris Gary of NAI Hiffman represented ML Realty Partners in the transaction. Patrick McCaffrey with Avison Young represented Menasha Packaging.
MANSFIELD, OHIO — Marcus & Millichap has brokered the $1.7 million sale of a Chipotle Mexican Grill restaurant in Mansfield. The 2,240-square-foot property is located at 2470 O'Possum Run Road. The asset sold based on a 5.45 percent cap rate. The property is on a long-term, absolute triple-net lease with Chipotle Corp. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap represented the seller, a limited liability company as well as the undisclosed buyer.
CHICAGO — Marcus & Millichap has arranged the $4 million sale of a 10,236-square-foot retail property in Chicago. James Court | Lincoln Park is located at 1315-1325 W. Diversey Parkway. The property is fully leased to three tenants, including Athletico, Jenny Craig and Lincoln Park Family Physicians. All three tenants occupy space on a net-lease basis. Sean Sharko, Austin Weisenbeck and Adrian Mendoza of Marcus & Millichap represented the seller, a developer. Mendoza, Weisenbeck and Sharko also represented the buyer, a private investor.
ELLSWORTH, WIS. —The Boulder Group has arranged the $2.3 million sale of a 32,100-square-foot, single-tenant, net-leased retail building in Ellsworth. The property is located at 598 West Lucas Lane. Shopko Hometown is the sole occupant of the building. The retailer has 10 years remaining on the lease, which features three five-year renewal option periods. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based developer. The buyer was a private investor from Wisconsin completing a 1031 tax-deferred exchange. Shopko is a privately held company with annual sales of approximately $3 billion. The retail brand operates approximately 330 stores located in 21 states.
LOMBARD, ILL. — CBRE has arranged the lease of a 5,300-square-foot retail space for Troika Brewing Co. in Lombard, a western suburb of Chicago. The brewing company will occupy space at 800 E. Roosevelt Road in Lombard Square, a 60,843-square-foot shopping center. Lynne Brackett and Marisa Roussel of CBRE represented the landlord. Chris Schramko of Schramko Real Estate Corp. represented the tenant in the transaction.
JOHNSON CREEK, WIS. — The Dickman Co. Inc./CORFAC International has brokered the sale of two industrial buildings totaling 53,800 square feet in Johnson Creek, a city situated approximately 46 miles west of Milwaukee. The properties are located at 258 and 260 Grell Lane. RJ Roehl Investments LLC purchased the buildings from Ashland Inc. Samuel M. Dickman Jr., Samuel D. Dickman and Dave Hazenfield of the Dickman Co. Inc. were the brokers in the transaction.