WAUKEGAN, ILL. — Marcus & Millichap has arranged the $1.6 millionsale of 1405 N. Ave., a 32-unit apartment property in suburban Chicago. Alan Katamanin, an investment specialist in Marcus & Millichap’s Oak Brook office, represented the buyer and seller, both private investors, in the transaction. The property is located at 1405 N. Ave. in Waukegan and includes 12 one-bedroom and 20 two-bedroom units.
Speculative construction in Kansas City’s industrial market has exceeded the height of the last boom for a couple of reasons. On a macro level, the economy is improving, so it’s only natural that the local market would follow suit, especially given its logistical advantages. The development of intermodal facilities, the aging stock of existing product combined with no new construction in the past four years — plus a thriving automotive sector — are pushing this new wave of development locally. During the first half of this year, the Kansas City industrial market has absorbed more than 2 million square feet of space, driving down the vacancy rate to 7.5 percent, slightly lower than the historical average of 7.6 percent and down from the peak of 8.4 percent in 2011. We’re likely to experience an increase in vacancy during the next 18 months, however, as six properties totaling slightly more than 2 million square feet deliver. In fact, 2013 will post the most speculative development of the past decade, exceeding 2008’s total of 753,000 square feet. New Logistics, New Product One of the key demand drivers for the latest boom involves the more sophisticated approach to logistics on the part of …
UNIVERSITY HEIGHTS, OHIO — Inland Real Estate Corp. has acquired Cedar Center South, a 139,000-square-foot shopping center in suburban Cleveland, for $24.9 million through Dutch pension fund advisor PGGM, its joint venture partner. A 45,300-square-foot Whole Foods grocery store and a 12,100-square-foot CVS/pharmacy, both on long-term leases, anchor Cedar Center South. The 83 percent-leased center also includes a mix of other national and local retailers. Cedar Center South is situated approximately eight miles east of downtown Cleveland in the inner ring suburb of University Heights. Including Cedar Center South, Inland currently has an ownership interest in four retail centers totaling more than 592,000 square feet of leasable area within the Cleveland metro area.
SOUTHFIELD, MICH. — Bernard Financial Group has arranged a $4.5 million loan for Stanford Townhouses, a 118-unit multifamily property in Southfield. Stanford Townhomes LLC was the borrower, and Citigroup Global Markets Realty Corp. was the lender. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan. Standford Townhouses is located at 26666 Stanford Drive W. and features two- and three-bedroom apartments, according to Rent.com.
UNION GROVE, WIS. — Marcus & Millichap has arranged the $1.1 million sale of McDonald's ground lease, a 3,500-square-foot, net-leased property located in Union Grove, about 30 miles south of Milwaukee. Austin Weisenbeck and Sean Sharko, investment specialists in Marcus & Millichap’s Oak Brook, Ill. office, marketed the property on behalf of the seller, a private developer. Weisenbeck and Sharko also represented the buyer, an East Coast-based individual/personal trust, in the transaction. The property, located at 835 15th Ave., sold at 97.3 percent of its original list price. McDonald’s is under a 20-year lease, which includes eight five-year options to renew. Matthew Fitzgerald, a broker at Marcus & Millichap, assisted in closing the transaction.
NOBLESVILLE, IND. — Pharmakon Compounding Inc. has acquired the former Perkins Trucking headquarters building, a 37,265-square-foot freestanding building in suburban Indianapolis for $2.3 million. Situated on five acres, the property is located at 14450 Getz Road in Noblesville. Jim Shook and Jonathan Hardy of Coldwell Banker Commercial Realty Services represented the court-appointed receiver, Anker Consulting, and the seller, PTSI LLC, in the transaction.
MILWAUKEE, PEWAUKEE, FRANKLIN, WIS. — Clarion Partners has sold its five-building industrial portfolio in southeast Wisconsin totaling 422,950 square feet for $20.5 million. Minneapolis-based Biynah Industrial Partners LLC was the buyer. The buildings are located in Pewaukee, Franklin and Milwaukee. Tom Shepherd, Mike Fardy and Jim Larkin of Colliers International represented the seller in the transaction and Colliers was the sole broker in the transaction. In April 2012, Clarion sold four industrial buildings totaling 607,000 square feet in Wisconsin. With both portfolio sales, Clarion has sold all of its holdings and has officially exited the Wisconsin industrial market.
EVANSTON, ILL. — Co-developers Fifield Cos. and Carroll Properties have broken ground on E2, a 356-unit luxury apartment project in downtown Evanston. The development will include two buildings located at 1881 Oak Ave. and 1890 Maple Ave., about 19 miles north of Chicago. The property at 1881 Oak will span 16 stories and 1890 Maple will include 14 stories. The buildings will be connected by a four-story structure that will feature three floors of parking and a fourth-floor amenity deck. The majority of the development will be luxury rentals, but the property will also offer 4,000 square feet of ground-floor retail space and 12 street-level, three-bedroom townhomes along Emerson Street. The three-story E2 townhomes range in size from 1,600 square feet to 1,750 square feet and have three bedrooms, two-and-a-half baths and a third-floor outdoor deck. Apartment tower units at E2 will range from 500 to 1,300 square feet and offer studio, one-, two- and three-bedroom layouts. FitzGerald Associates Architects will serve as the principal architect for the project, while Evanston-based Morgante Wilson Architects will be the interiors architect and will design three models for E2.
SHAKOPEE, MINN. — The Opus Group has started construction on an approximately 200,000-square-foot speculative industrial warehouse and distribution facility in suburban Minneapolis. Located near Highway 169 and Highway 101, the development marks the start of Phase I at the future Valley Park Business Center. The building will feature 32-foot clear ceiling heights, 37 dock doors, two drive-in doors and approximately 160 parking spaces. The facility is slated for completion in spring 2014. Opus Development Co. LLC is the developer, Opus Design Build LLC is the design-builder and Opus AE Group LLC is the architect and engineer.
BLUFFTON, IND. — The Boulder Group has arranged the $3.1 million sale of a net-leased CVS/pharmacy property located at 1203 S. Main St. in Bluffton. CVS is the sole occupant of the 10,125-square-foot retail building. The drugstore has approximately seven years of lease term remaining with a rental escalation in 2014. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private partnership, in the transaction. The buyer was a high net-worth individual in a 1031 tax-deferred exchange.