MANKATO, MINN. — Marcus & Millichap has sold O’Reilly Auto Parts, an 8,343-square-foot property for $700,000 in Mankato, south of Minneapolis. The net-leased property is located at 510 Pfau St. Marcus & Millichap represented the buyer, an individual trust, and the seller, a private investor, in the deal.
CINCINNATI — Bellwether Enterprise Real Estate Capital LLC has closed a Freddie Mac loan totaling $10.39 million for the refinancing of Northgate Meadows, a multifamily property in Cincinnati. The 10-year loan has a 30-year amortization schedule. The property, located at 10101 Arborwood Drive, has 272 units. Elmer Cole of Bellwether Enterprise originated the loan.
COLUMBUS, OHIO — New York-based Schottenstein Property Group has sold two buildings totaling 1.3 million square feet of office and warehouse space in Columbus. The buildings, located in the Columbus International Air Center, are fully occupied and tenants include: DSW Inc. corporate headquarters and distribution facility and the Ohio Department of Jobs and Family Services. Brokerage firm Binswanger represented Schottenstein in the deal. The buyer was undisclosed.
CHICAGO — Marcus & Millichap has arranged the $700,000 sale of a 28-unit apartment property in Chicago. The multifamily property, located at 8321 S. King Drive, consists of five studio apartments, 10 one-bedroom units and 13 two-bedroom units. Ryan Engle and Anthony Hardy represented the buyer, a limited liability company, and the seller, an individual trust.
BOILINGBROOK, ILL. —Pres-On has purchased a 101,463-square-foot industrial building on 7.7 acres in Bolingbrook. Located at 2600 E. 107th St., the newly acquired property consolidates Pres-On’s three smaller facilities into one centralized location that now serves as its corporate headquarters. The renovated industrial building was expanded to a115,000-square-foot facility that consists of offices and customer service, manufacturing and warehouse space. Chicago-based Wirtz Realty Group represented Pres-On, an industrial foam tape and gasket manufacturer, in the deal.
LAKE ZURICH, ILL. — Sperry Van Ness has arranged the lease of a 5,704-square-foot retail space in Lake Zurich at North Lake Commons, north of Chicago. The tenant, Marvin Somlo, has partnered with SOMS Fitness Group LLC to operate a new fitness property called Title Boxing Club.
Has the pendulum swung to favor property owners in the Twin Cities industrial market? Not quite, but strong net absorption for bulk buildings and a recovering economy are creating positive momentum, bringing the market closer to equilibrium. Challenges remain for manufacturing and low-clear-height properties, but we expect that area of the Twin Cities industrial market to strengthen, too, as overall conditions continue to improve. In the third quarter, industrial net absorption totaled 669,179 square feet, driving down the vacancy rate to 11.2 percent compared with 11.8 percent in the previous quarter for the 113 million-square-foot market. The Northwest and Southwest submarkets led the way, with 329,774 square feet and 226,230 square feet of net absorption, respectively. While positive net absorption is a great sign for the Twin Cities industrial market, the statistics really get interesting when broken down for big-box bulk properties, especially modern space built since 1995 with at least 28-foot clear-height ceilings. Modern bulk industrial properties account for approximately 25 percent of the overall 25 million-square-foot bulk market, but gained more than half of the subsector’s net absorption with 131,175 square feet. That led to a 2.1 percent drop in third-quarter vacancy from the previous quarter, to 5.7 …
FARMINGTON HILLS, MICH. — Michigan-based Agree Realty has purchased four Applebee’s restaurants and an Advance Auto Parts for a total cost of approximately $10.1 million. The recently acquired Applebee's assets are located in Harlingen and Wichita Falls Texas, as well as two properties in Pensacola, Fla. The Advance Auto Parts is located in Lebanon, Va. Each of the restaurants has a new 20-year lease providing for fixed annual rental increases. Agree Realty specializes in single tenant net lease retail properties throughout the U.S.
NORTHBROOK, ILL —A joint venture between Middleton Partners and Romanek Properties, two Northbrook-based real estate investment firms, has acquired the Hillsdale Office Portfolio from Duke Realty. The portfolio is a six-building, 446,000-square-foot campus located on the northeast side of suburban Indianapolis. The overall occupancy of the single-story campus is approximately 88 percent. Financial terms of the deal were not disclosed.
OAK BROOK, ILL. — Two information technology service providers, Interactive Business Systems and ManageForce, have each signed leases at Butterfield Office Plaza in Oak Brook. Interactive Business Systems has renewed its lease for 14,448 square feet, and ManageForce has a new lease for 2,762 square feet. NAI Hiffman’s Jud Henry represented DenHoltz, the landlord in the transaction. Aubrey Van Reken, also with NAI Hiffman, represented ManageForce in the new lease.