CHICAGO — Sperry Van Ness Chicago Commercial has completed the sale of a mixed-use property in Chicago's Lincoln Square neighborhood. The corner property is located at 4660 N. Rockwell Ave. and includes four retail/office units and two apartment units. Jeffrey Baasch, senior vice president of multifamily sales, and Brian Kochendorfer, senior advisor at Sperry Van Ness LLC, represented the buyer and seller in the transaction. The property sold for $875,000.
Kansas City is best known for its beer, barbecue and jazz, and an economy inextricably linked to railroads and cattle. It’s not unusual for an Easterner flying over Kansas City on his way to Los Angeles to remark, “I hear I can get a great steak down there.” You can indeed find a great steak down here, but most importantly the economy is more about the steak than the sizzle. The truth is that the local economy is so broad-based that it is difficult to define. Kansas City’s economic growth today is driven by life sciences, architecture and engineering, information technology as well as financial services. All of these industries feature homegrown companies and institutions that began with entrepreneurial roots such as telecommunications giant Sprint, a company that traces its roots to a small utility company west of Kansas City. The world’s power plants and sports stadiums are designed in Kansas City, and a cure for cancer is ongoing driven by The Stowers Institute for Medical Research and the University of Kansas in conjunction with the Kansas City Area Life Sciences Institute. Cerner, the second largest health care technology company in the world with more than 8,000 employees, announced in …
DOWNERS GROVE, ILL. — The Alter Group has announced it will develop Corridors North, a 600,000-square-foot, four-building office campus in Downers Grove, a western suburb of Chicago. The buildings will feature all-surface parking, on-site food service and a fitness center. The Alter Group will seek LEED certification for the development. The development is located at the intersection of I-88 and I-355 expressways and is part of the 108-acre Corridors – Chicago office campus.
TERRE HAUTE, IND. — Thompson Thrift Construction will begin work on the $11 million Warren Village Apartments project in Terre Haute later this month. The development will include the transformation of the vacant Warren Elementary School and an attached three-story building into 111 one-bedroom affordable apartments. Construction is slated for completion in 2015. The Warren Village Apartments project will seek LEED Silver certification. The Terre Haute Housing Authority is the developer, and Milestone Ventures Inc. is serving as a consultant. The school has been vacant since 2000.
BLUE SPRINGS, MO. — O’Reilly Development Co. has received approval from the Missouri Health Facilities Review Committee to develop a seniors housing community in Blue Springs, an eastern suburb of Kansas City. The review committee approved the application for 40 assisted living and 32 memory care units, which will be part of a larger continuum of care community. The entire seniors housing development will also include 76 independent living units. SWD Architects will design the project; Build LLC will serve as general contractor; and Arrow Senior Living will operate and manage the property. Construction is slated to begin before 2014.
DUNDEE, MICH. — The Reichle | Klein Group has arranged the $2.7 million sale of a single-tenant property in Dundee, located about 50 miles southwest of Detroit. Applebee’s occupies the 5,466-square-foot, net-leased property. Perrysburg, Ohio-based HIZ Properties II LLC sold the building, located at 119 Whitetail Drive. Joe Belinske and Marty Gallagher of Reichle | Klein Group represented the seller in the transaction.
WHITEHOUSE, OHIO — Devonshire REIT Inc. has closed $19 million in financing for a six-property retail and office portfolio in Ohio, Michigan and West Virginia. Prudential Mortgage Capital Co. provided the 10-year, fixed interest rate loan. The borrower used the loan in part to purchase Barberton Shopping Center, a 102,000-square-foot, Giant Eagle-anchored shopping center in Barberton, Ohio. Proceeds from the loan were also used to refinance a shopping center in Taylor, Mich.; a Kroger-anchor shopping center in Toledo, Ohio; South Haven Shopping Center in South Haven, Mich.; Anthony Wayne Professional Building in Whitehouse, Ohio; and a Michael’s-occupied property in Barboursville, W.V. The portfolio is valued at approximately $28.9 million.
SAUK VILLAGE, ILL. — Warehouse Specialists Inc. has purchased of a 496,260-square-foot industrial building in Sauk Village, located about 30 miles south of Chicago. The privately held logistics company is relocating its warehousing operations from 21700 Mark Collins Drive in Sauk Village to the new building at 21751 Jason Rasmussen Drive. The property includes 32-foot clear ceiling heights, 2,500 square feet of office, 50 exterior docks and two drive-in doors. Jerry Sullivan, a principal at Paine/Wetzel TCN Worldwide, represented Warehouse Specialists in the transaction. Brian Vanosky and Scott Anderson of Lee & Associates worked on behalf of the seller, Dermody Partners.
ALGONAC, MICH. — A Michigan-based private investor group has sold a 69,305-square-foot shopping center in Aglonac, 50 miles northwest of Detroit for $9.5 million. Kroger anchors the shopping center. Kevin Baker, Daniel Kukes and David Hesano of Landmark Commercial Real Estate Services represented the buyer, a non-traded REIT, as well as the seller in the transaction.
DETROIT — Marcus & Millichap has arranged the sale of an 11-property, ground-lease portfolio for $15.8 million. Convenience store chain 7-Eleven Inc. occupies the properties, which are located in Chesterfield, Clinton Township, Howell, Lenox Township, Macomb, Romulus, Shelby Township and Warren. Simon Jonna, a vice president of investments, and Raymond Jonna, an associate in Marcus & Millichap’s Detroit office, represented the seller, a Midwest-based property developer. Ronnie Issenberg, a vice president of investments, and Gabriel Britti, an associate vice president of investments in the firm’s Miami office, represented the buyer.
