Midwest

BOULDER GROUP ARRANGES $2.9M SALE OF SCHOOL PORTFOLIO

by admin July 16, 2013

INDIANAPOLIS — The Boulder Group has completed the $2.9 million sale of the single-tenant, net-leased Goddard School portfolio, including two properties located in the Indianapolis metro area. Each of the properties is fully leased to Goddard School, a preschool for children that has more than 386 locations in 34 states. The school located at 2291 Greenfield Ave. in Noblesville has five years remaining on its lease. The property located at 10925 Cork Place in Indianapolis has three years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based partnership, in the transaction. The buyer was an East Coast-based investment firm.

July 16, 2013

COOPER COMMERCIAL ARRANGES $1.3M SALE OF CLEVELAND MOB

by admin July 16, 2013

CLEVELAND, OHIO — The Cooper Commercial Investment Group has arranged the $1.3 million sale of the Cleveland Clinic Medical Building, a 5,800-square-foot medical office building in Cleveland. The sale of the property represents an 8.6 percent capitalization rate. Dan Cooper, president and broker of Cooper Commercial Investment Group, represented the owner, a New York-based private investment owner, and the buyer, also a New York-based private investor, in the transaction. The medical office property has a triple-net lease in place guaranteed by the Cleveland Clinic, which subleases the space to Neighborhood Health Care.

July 16, 2013

Midwest Retail

NAMDAR REALTY BUYS THREE SHOPPING CENTERS IN MIDWEST

by admin July 16, 2013

INDIANAPOLIS — Namdar Realty Group has purchased three shopping centers totaling 275,000 square feet in Ohio and Indiana. Major tenants of the shopping centers include Save-A-Lot, Family Dollar, Value City Furniture, Big Lots and Taco Bell. “Not only do these shopping centers have terrific cash flow, we have a 15 percent vacancy rate in the portfolio which will enable us to add value to the deal,” says Joel Gorjian of Namdar. This year, Namdar Realty Group has acquired more than 2 million square feet of shopping centers and regional malls throughout the East Coast and Midwest.

July 16, 2013

Midwest

FOUR MIDWEST SELF STORAGE PROPERTIES SELL FOR $21.9M

by admin July 15, 2013

CHICAGO — MJ Partners Real Estate Services has arranged the $21.9 million sale of four self storage properties in Illinois, Indiana and Missouri. The properties, located in Bolingbrook and Dolton, Ill.; Merrillville, Ind.; and Ballwin, Mo., total 270,615 square feet with 2,240 storage units. The Illinois and Indiana properties will be rebranded as Global Self Storage, and the Missouri property U-Haul Self Storage. Marc Boorstein and Jeff Jacobson, principals with Chicago-based MJ Partners, represented the seller, a private operator/developer, and the buyer, a private investor.

July 15, 2013

Midwest Multifamily

MARQUETTE COS. PURCHASES 400-UNIT APARTMENT COMPLEX

by admin July 15, 2013

GRANGER, IND. — The Marquette Cos. has purchased Main Street Village, a 400-unit apartment community in Granger, a northwest suburb of South Bend. The purchase price was undisclosed. Located at 5504 Town Center Drive, about three miles from Notre Dame University, the property represents the second purchase completed in a joint venture with New York-based DRA Advisors. Built in two phases between 2001 and 2003, Main Street Village is a garden-style community that includes one-, two- and three-bedroom apartments, some with attached one- or two-car garages. The apartments measure 653 to 1,389 square feet and include a private entry, washer and dryer and private outdoor space. Amenities at the apartment community include an outdoor swimming pool, fitness center, sauna, tanning bed, gymnasium, business center, movie theater, TV lounge, billiards table and a car wash center. Rents range from $829 to $1,684 per month.

July 15, 2013

Healthcare Midwest

PARTNERSHIP BUYS 39,899 SF MEDICAL BUILDING IN BETTENDORF

by admin July 15, 2013

BETTENDORF, IOWA —EnTrust Realty Advisors LLC has arranged the sale of the Lincoln Healthcare Building, a 39,899-square-foot medical office building in Bettendorf. The purchase price was undisclosed. Genesis Health System anchors the building, which is located at 865 Lincoln Road, about seven miles northwest of Davenport. EnTrust Realty Advisors and NAI Ruhl & Ruhl Commercial Co. represented the seller, a private partnership, in the transaction. Mel Foster Commercial represented the buyer, a local private investor.

July 15, 2013

Healthcare Midwest

IRGENS DEVELOPING 30,000 SF CHICAGO AREA MOB

by admin July 15, 2013

MOKENA, ILL. — Irgens has begun developing Mokena Medical Commons, located on 191st St. in Mokena, about 35 miles southwest of Chicago. Women’s Healthcare of Illinois, a group that provides comprehensive woman-focused healthcare services, has committed to lease 15,000 square feet at the single-story, 30,000-square-foot, Class A facility. The 3.7-acre site will allow for a flexible floor plan to accommodate tenants of all sizes, an abundance of surface parking and customized suites.

July 15, 2013

Midwest Multifamily

NORTHMARQ ARRANGES $32.9M LOAN FOR 340-UNIT MULTIFAMILY PROPERTY

by admin July 12, 2013

WAUKEGAN, ILL. — NorthMarq’s Chicago regional office has arranged $32.9 million in first mortgage refinancing for Landings at Amhurst Lake, a 340-unit in Waukegan. The market-rate multifamily community is located at 1375 S. White Oak Drive, approximately 50 miles north of Chicago. The 10-year loan includes three years of interest-only payments and a 30-year amortization schedule. Sue Blumberg, senior vice president and managing director of NorthMarq arranged the financing for the borrower, Northern Crossing JV LLC, through its seller-servicer relationship with Freddie Mac.

July 12, 2013

Midwest Retail

COLERAIN TOWNE CENTRE IN CINCINNATI SELLS FOR $30M

by admin July 12, 2013

CINCINNATI — Oakbrook Terrace, Ill.-based Mid-America Real Estate Corp. has brokered the $30 million sale of Colerain Towne Centre, a 400,000-square-foot power center in Cincinnati. A private real estate company purchased the center from New York-based Kimco Realty. Walmart Supercenter, Dick’s Sporting Goods, Jo-Ann Fabrics, PetSmart and Hobby Lobby anchor Colerain Towne Centre, which is located on the northeast quadrant of Colerain Avenue and I-275. Joe Girardi and Ben Wineman of Mid-America Real Estate Corp. represented the seller in the transaction in cooperation with Amy Holter of Anchor Associates. The buyer was self-represented.

July 12, 2013

Midwest Multifamily

GREYSTONE PROVIDES $8.5M FOR ILLINOIS MULTIFAMILY PROPERTY

by admin July 12, 2013

WOODRIDGE, ILL. — Greystone has provided an $8.5 million FHA loan for Hawthorn Ridge Apartments, a multifamily complex in Woodridge, located about 30 miles west of Chicago. Hawthorn Ridge Apartments includes 176 units, a pool and a small park. Naftali Schuss of Greystone’s New York City office arranged the financing.

July 12, 2013

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