MAYFIELD HEIGHTS, OHIO — Marcus & Millichap has arranged the sale of a 6,760 square-foot net-leased property in Mayfield Heights for $2.9 million. Glen Kunofsky, executive vice president investments, and Russell Wachtler, investment associate at Marcus & Millichap marketed the property on behalf of the seller, a private investor. Michael Glass, also of Marcus & Millichap, assisted in the transaction. 7-Eleven Gas and Convenience leases the property, located at 6680 Mayfield Road.
OGDEN, KAN. — Block Funds, the investment division of Block Real Estate Services, has acquired a 72-unit Class A townhome community in Ogden, located about 10 miles south of Manhattan. The purchase price was undisclosed. Constructed in 2007, River Trail Townhomes is part of a larger development plan for commercial and residential development at the K-18/K-114 interchange. River Trail Townhomes is located at the eastern entrance to Fort Riley. Block Multifamily Group will manage the River Trails.
KANSAS CITY, MO. — CBRE has moved its offices from Park Plaza at 4717 Grand Ave. to American Century Tower II at 4520 Main St. in Kansas City, decreasing its office space by 3,000 square feet. CBRE now occupies 10,000 square feet of space on the tower’s sixth floor, after previously occupying 13,000 square feet on the fifth floor of Park Plaza for 10 years. The facility will house more than 50 CBRE employees.
The Cincinnati office market recorded positive net absorption of 74,378 square feet during the first quarter of 2013 while the overall vacancy rate dipped slightly to about 23.2 percent. The forecast from Cassidy Turley is for Class A submarkets to become tighter as medical and service industries continue to drive absorption. However, the increasing success of the Class A sector has come at the expense of Class B space. First-quarter Class A direct vacancy in the metro Cincinnati office market stood at approximately 20 percent, while Class B direct vacancy was about 28 percent. That’s a stark contrast from 2004 and 2005, when Cincinnati’s office vacancy rate was 10 percent for Class A space and 17 to 18 percent for Class B space. “If you look back eight to nine years, that’s where [the vacancy rates] stayed during good times,” says Scott Abernethy, senior vice president and principal in Cassidy Turley’s Cincinnati office. When the market took a hit during the 2008 to 2010 period, large vacancies popped up, forcing landlords of Class A buildings to lower rental rates. That in turn created deal incentives for Class B tenants to move to newer facilities. “Class B tenants can move over …
EDINA, MINN. — Anderson Cos. has broken ground on a new 51,565-square-foot grocery store for Lunds and Byerly’s in Edina. The project includes the construction of a new Byerly’s grocery store adjacent to its existing store at the intersection of France Avenue and Hazelton Road, which the company has operated for more than 40 years. The new store is expected to open in late summer/early fall of 2014. The existing store will remain open during the construction. The new store will include a full-service bakery, deli, meat and seafood departments, Caribou Coffee and Bachman’s floral arrangements. A new feature at this location will be a Creations Café, offering made-to-order lunch and dinner options.
CORALVILLE, IOWA — Von Maur has opened an80,000-square-foot department store in Iowa River Landing, a 180-acre mixed-use development in Coralville. OliverMcMillan is the master developer of Iowa River Landing, which is situated along the Iowa River. The mixed-use development includes a 286-room flagship Marriott Hotel and Conference Center, a 100-room Homesuites Hotel and the University of Iowa Hospital and Clinics’ new 150,000-square-foot facility. The master-planned development includes 330,000 square feet of retail, office, residential and entertainment offerings. Construction is set to begin later this year on a multi-story residential development, which includes 60 condominiums and 13 townhouses. The residential development is projected to open in spring 2015.
RIVERSIDE, ILL. — Marcus & Millichap has arranged the $1.2 million sale of Riverside Apartments, a 21-unit apartment property in Riverside, a western suburb of Chicago. Jim Walsh, James Clough and Joseph Smazal, investment specialists in Marcus & Millichap’s downtown Chicago office, marketed the property on behalf of the seller, a long-term property owner trust. Andrean Angelov and Ryan D. Engle, investment specialists in Marcus & Millichap’s Chicago Oak Brook office represented the buyer, a local investor. Built in 1927, Riverside Apartments is located at 3408-3412 S. Harlem Ave. and includes nine garages and 18 parking spaces.
OAKBROOK TERRACE, ILL. — NAI Hiffman has been awarded management and leasing assignments for Tower Station in West Chicago, Railway Plaza in Naperville and Nelson Plaza in New Lenox. The addition of the three properties expands NAI Hiffman’s retail management and leasing portfolio in the Chicago metropolitan area to more than 56.6 million square feet. Tower Station, a 23,184-square-foot strip center located at 956 N. Neltnor Blvd., is shadow-anchored by Aldi grocery store. Railway Plaza, a shopping center located at 572 Western Ridge Court, is anchored by Starbucks. Nelson Plaza, a 32,655-square-foot shopping center located at 402-414 Nelson Road, has three vacant units ranging in size from 1,322 to 6,029 square feet.
MONROVIA, IND. — Sunbeam Development Corp. has purchased I-70 West Commerce Park, a 1.5 million-square-foot business and industrial complex in metro Indianapolis. Currently, there are two existing buildings in the park, a 1 million-square-foot Johnson & Johnson distribution center and the 545,010-square-foot Gordmans distribution center, which is under construction. Sunbeam’s acquisition totals 685 acres, 660 of which are zoned for industrial use with the remaining 25 zoned for commercial use. The company has a long-term plan to develop the park, beginning with a 525,000-square-foot speculative industrial building. The complex is located in the northwest quadrant of Interstate 70 and State Road 39 in Monrovia. Cassidy Turley will continue to act as the exclusive marketing agent for the project.
INDIANAPOLIS — Construction is underway on a $26 million, 235-unit apartment community called Circa in Indianapolis. Located on College Avenue in the Chatham-Arch historic district, Circa will include a mix of studio, one-, two- and three-bedroom apartments in five buildings. The project will also include the renovation of the former office of the Mitchel & Scott Machine Co., located on the property. The former office building will house the leasing office and some apartments with rooftop patios. The other four buildings will be new, four to five stories tall, and designed to blend into the historic district. Regions Bank provided the construction loan. Milhaus, Blackline Studio for Architecture, Anderson + Bohlander Landscape Architecture and CEC Engineering collaborated on the design. Milhaus will manage construction. The apartments will include one parking space per unit and will rent for between $800 and $2,000 per month.
