Midwest

NET-LEASED AARON’S PROPERTY IN HUTCHINSON SELLS FOR $1.2M

by admin September 4, 2013

HUTCHINSON, KAN. — The Boulder Group has completed the $1.2 million sale of a single-tenant retail property located at 1418 E. 4th Ave. in Hutchinson. Aaron’s is the sole occupant of the 7,200-square-foot retail building, which was developed in 2011. The lease has 13 years remaining and features 7.5 percent rental escalations every five years. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a private Midwest-based investment firm. A Texas-based investment partnership was the buyer.

September 4, 2013

65,370 SF PROPERTY IN MINNEAPOLIS AREA SELLS FOR $6.6M

by admin September 3, 2013

SHOREVIEW, MINN. — Marcus & Millichap has arranged the $6.6 million sale of two net-leased buildings totaling 65,370 square feet in Shoreview, about 15 miles north of Minneapolis. The office building serves as the corporate headquarters for PaR Systems, and the manufacturing facility was built by PaR as a build-to-suit for the company’s long-term operations. Sean Doyle, Matthew Hazelton and Adam Prins, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a limited liability company. David Sperling and Christopher J. Zorbas, investment specialists in Marcus & Millichap’s San Diego office, represented the buyer, also a limited liability company.

September 3, 2013

Healthcare Midwest

HEALTH SYSTEM EXPANDS, SIGNS 54,000 SF LEASE IN METRO CHICAGO

by admin September 3, 2013

OAK BROOK TERRACE, ILL. — Loyola University Medical Center has signed a new 54,000-square-foot lease at Oak Brook Terrace Medical Center in metro Chicago. The health system will expand its presence at the medical office building by adding a 10,700-square-foot primary care clinic. Construction of the project is slated for completion by November. Oak Brook Terrace Medical Center is located at 1S224 Summit Ave. in Oak Brook Terrace, about 20 miles west of downtown Chicago. Holladay Properties provides leasing and property management services for the 92,000-square-foot, two-building medical campus owned by Nashville-based HCP Inc. Jeffrey Fischer of NAI Hiffman represented Loyola in the transaction, and Brian Dolehide of Holladay Properties represented HCP. Holladay Properties is also providing construction management services for the project.

September 3, 2013

Midwest Office

J.C. ANDERSON COMPLETES 8,000 SF OFFICE BUILD-OUT IN ELK GROVE

by admin September 3, 2013

ELK GROVE VILLAGE — J.C. Anderson Inc. has completed an 8,000-square-foot office build-out for American Digital Corp. at 25 Northwest Point Blvd in Elk Grove Village. American Digital is a 25-year-old technology services company, which recently relocated its headquarters from Arlington Heights to Elk Grove Village, a northwest suburb of Chicago. The information technology company has doubled its space in order to accommodate its growth after the acquisition of two other technology firms. The firm’s new headquarters includes a conference room with audio-visual technology, an open office area and private offices. Thomas Bean was the project executive for J.C. Anderson Inc., while project manager Dan Burnette and superintendent Ryan Kingsville led the construction team. James D. Jordan Architects provided the design services, and Jason Simon of Colliers International represented American Digital in the relocation.

September 3, 2013

Industrial Midwest

FIRST PROPERTY HOLDINGS BUYS 37,000 SF FREEZER BUILDING

by admin September 3, 2013

CHICAGO — First Property Holdings has purchased a 37,000-square-foot cooler/freezer building at 817 W. 21st St. in Chicago. The purchase price was undisclosed. Christ Panos Foods Corp., which provides products and services to area restaurants, occupies the building. Matt Rogatz of Chicago Industrial Real Estate represented First Property Holdings. Mike Senner and Vern Schultz of Colliers International represented the seller.

September 3, 2013

Market Reports Midwest Market Reports Missouri

From Outlet Centers to Ballpark Village, Developers Swing for the Fences

by admin September 3, 2013

Consumer spending in St. Louis is up, according to the latest Federal Reserve Beige Book. Likewise, the Fed reports that residential real estate activity is increasing at a moderate to strong pace with escalating home sales and prices. All around, there is a sense of optimism that has jump-started retail activity. The vital signs are just starting to reflect this surge in activity and are expected to continue improving for the foreseeable future. Asking rates, averaged across all retail sectors, have remained near $12 per square foot triple net over the last three quarters, while vacancy rates have fallen from 9 percent to 8.5 percent during that same period. Net absorption has seen positive gains over the last three quarters with the delivery of a few new fully occupied projects. These positive changes in absorption and vacancy rates should result in higher asking rates going forward. Competitive Landscape An example of a successful project is in Chesterfield Valley, where two outlet mall developers have created more than 660,000 square feet of new retail space within a two-mile radius. The two projects, headed by Taubman Prestige Outlets and Simon Property Group, will open this month in time for back-to-school shopping. The …

September 3, 2013

Healthcare Midwest

CNL HEALTHCARE BUYS SIX MEDICAL FACILITIES FOR $59.5M

by admin August 30, 2013

CLEVELAND AND KANSAS CITY, KAN. — CNL Healthcare Properties has acquired five medical office buildings and one specialty hospital for $59.5 million. The properties are located in the Cleveland; Kansas City, Kan.; San Diego, Calif.; and Phoenix metropolitan areas. The 181,890-square-foot portfolio includes Cleveland Clinic Chestnut Commons Medical Office Building in Elyria, Ohio; Doctors Specialty Hospital Medical Office Building in Leawood, Kan.; The John C. Lincoln Medical Plaza I and II and North Mountain Medical Plaza in Phoenix.; and Escondido Medical Arts Center in Escondido, Calif. The properties in Ohio, Kansas, and Phoenix will be managed and leased by the healthcare division of Holladay Properties.

August 30, 2013

Midwest Retail

95,512 SF RETAIL DEVELOPMENT UNDERWAY IN METRO CHICAGO

by admin August 30, 2013

EVERGREEN PARK, ILL. — Inland Real Estate Corp. has announced that its joint venture with Dutch pension fund advisor PGGM has entered into a joint venture partnership with IBT Group LLC and Pine Tree Commercial Realty to develop Evergreen Promenade, a 92,512-square-foot shopping center in metro Chicago. Mariano’s will occupy 75,000 square feet and anchor the retail property located in Evergreen Park, about 15 miles south of Chicago. The shopping center will draw from a population base of 225,400 with average household incomes of approximately $65,300 within a three-mile radius. Including the lease signed with Mariano’s, Evergreen Promenade is more than 80 percent pre-leased. The joint venture intends to begin construction on the center this fall and expects Mariano’s to open in fall 2014. Upon completion, Inland’s joint venture with PGGM will have the option to acquire 100 percent ownership in the shopping center.

August 30, 2013

Midwest Multifamily

REICHLE | KLEIN GROUP BROKERS $2.7M APARTMENT SALE

by admin August 30, 2013

TOLEDO, OHIO — Reichle | Klein Group has arranged the sale of Pinetree Apartments, a 90-unit multifamily community in Toledo for $2.7 million. Harlan Reichle and Walter Plath of Reichle | Klein Group represented the seller, Pine Tree Apartments LLC, in the transaction. The property is located at 1435 Bernath Parkway.

August 30, 2013

Industrial Midwest

BERNARD ARRANGES $1.8M LOAN FOR INDUSTRIAL BUILDING

by admin August 30, 2013

LIVONIA, MICH. — Bernard Financial Group has arranged a $1.8 million loan secured by Sarmor Industrial, an 110,810-square-foot industrial property in Livonia. Sarmor 30 LLC was the borrower. Ameritas Life Insurance Co. was the lender. Kevin Kovachevich of Bernard Financial originated the loan.

August 30, 2013

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