DARIEN, ILL. — Mach Management Inc. has sold a 6,400-square-foot office building located at 8190 South Cass Ave. in Darien, a southwest suburb of Chicago. The purchase price was undisclosed. The one-story building includes ample parking and signage on Cass Avenue. Maninder Kholi M.D. purchased the building. Adam Johnson and Aubrey Van Reken with NAI Hiffman’s office services group represented Mach Management in the transaction.
MOUNT PROSPECT, ILL. — Ramco-Gershenson Properties Trust (NYSE:RPT) has acquired Mount Prospect Plaza for $36.1 million. The sales price represents an initial capitalization rate of 7.4 percent, according to Farmington Hills, Mich.-based Ramco-Gershenson. The 301,000-square-foot property is anchored by Marshalls, Ross Dress for Less, Aldi, LA Fitness and a Walgreens data processing center. The shopping center, which was 85 percent leased at the time of sale, is shadow anchored by a Walmart Supercenter. The plaza is located in Mount Prospect, a northwest Chicago suburb, along the Rand Road retail corridor, at the northeast corner of Rand Road and Central Road.
COLUMBUS, OHIO — Privately held real estate investment firm Hackman Capital Partners LLC has completed the acquisition of a 28-building industrial real estate portfolio totaling 2.5 million square feet. The purchase price was undisclosed. Five of the properties, totaling 611,578 square feet, are located in Columbus and 16 properties, totaling 1.5 million square feet, are located in Cleveland. The remaining seven properties, totaling 395,072 square feet, are located in Cincinnati. Two land parcels in Columbus, totaling 23.4 acres, also are included in the portfolio. The multi-tenant buildings include 108 tenant spaces ranging from 2,400 to 219,600 square feet. The portfolio was 73 percent occupied at the time of closing. Deutsche Bank provided first mortgage financing to Los Angeles-based Hackman Capital for the portfolio, and affiliates of New York-based Square Mile Capital Management LLC supplied an additional $25 million of capital.
CHICAGO — Marcus & Millichap has arranged the sale of a 7,000-square-foot, net-leased property located in Chicago for $2 million. AutoZone occupies the property, which is located at the corner of 64th Street and South King Drive. Austin Weisenbeck and Sean Sharko, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, marketed the property on behalf of the seller, a private investor. The buyer, a limited liability company, was secured and represented by Darpan Patel and Joel Dumes, investment specialists in Marcus & Millichap’s Cincinnati office. AutoZone is operating under a 20-year, double-net lease.
SCHAUMBURG, ILL. — GN Otometrics has signed a 8,857-square-foot, long-term lease at 50 E. Commerce Drive in Schaumburg, located about 30 miles northwest of Chicago. GN Otometrics, a manufacturer of hearing and balance instrumentation and software, uses the facility as its North American headquarters. Dan O’Neill and Jim Adler, both executive vice presidents with NAI Hiffman’s office services group, represented GN Otometrics in the transaction. Peter Kelly of Lincoln Property Co. represented the landlord, First American Properties.
BROOKLYN, OHIO AND CHICAGO — Agree Realty Corp. (NYSE: ADC) has acquired two single-tenant assets leased to Sam’s Club and AutoZone for $22.4 million. The Sam’s Club property spans 147,771 square feet and is located in Brooklyn, Ohio, about 10 miles south of Cleveland. The AutoZone store spans 7,840 square feet on South Kedzie Road in Chicago. “With the acquisition of this Sam's Club, Walmart has now become the fourth largest tenant in our portfolio by rental revenue,” says Joey Agree, president and CEO of Agree Realty.
SAVAGE, MINN. — Phillips Edison–ARC Shopping Center REIT Inc. has acquired Savage Town Square, an 87,181-square-foot shopping center located in Savage, a suburb of Minneapolis. Savage Town Square is fully occupied and anchored by a 68,860-square-foot Cub Foods grocery store, which is on a long-term lease until November 2023. The purchase price was undisclosed. The acquisition of Savage Town Square brings the REIT’s total portfolio to 42 grocery-anchored properties in 16 states with an estimated value of $533.5 million.
ROMEOVILLE, ILL. — Marcus & Millichap has arranged the $6.7 million sale of Rasmussen College Building, a 25,000-square-foot, Class B office property in Romeoville, located about 30 miles southwest of Chicago. Howard Wiese and John Abuja, investment specialists in Marcus & Millichap’s Chicago Downtown & O’Hare office, marketed the property on behalf of the seller, a limited liability company, and secured the buyer, an investor. Rasmussen College is the sole tenant of the property located at 1400 W. Normantown Road.
GOSHEN, IND. — Carter Validus Mission Critical REIT Inc. has purchased Fresenius Medical, a dialysis center property in Goshen, an eastern suburb of South Bend, for $4.6 million. The 15,462-square-foot medical facility was constructed in 2010 and is fully net leased to Fresenius Medical Care Nephrology Partners Renal Care Centers LLC, a company specializing in the operation of outpatient dialysis centers.
The weather in Cleveland in the springtime is notoriously changeable — sunny and warm one minute and then cloudy and chilly the next. The current state of Cleveland’s office market is similarly uneven. The sunniest segment is clearly the Class A market in the Central Business District (CBD). Ernst & Young Tower, Cleveland’s first multi-tenant downtown office building in more than two decades, recently opened at close to a 90 percent occupancy rate. Despite an asking rental rate in the low $30 per square foot range, which represents the top of the market, this 487,000-square-foot tower illustrates a substantial pent-up demand for new, efficient office space. The balance of existing Class A properties in the CBD are also performing well, with an average vacancy rate of 15.7 percent at the end of the first quarter. And the overall momentum downtown is strong. Nearly $1 billion of development has occurred during the past 24 months, including a new casino, convention center and medical mart completed this year. Additionally, a new headquarters for the Cuyahoga County government will be completed next year. All of these factors increase the likelihood that another office project in the CBD will start soon. Downtown’s Class B …