ST. PAUL, MINN. — Marcus & Millichap has arranged the $8.2 million sale of Highlands on Graham, a 72-unit apartment property located in St. Paul. Dan Linnell of Marcus & Millichap’s Minneapolis office represented the buyer, a partnership, in the transaction. An outside brokerage firm represented the seller. Highlands on Graham is located at 1910 and1920 Graham Ave.
AUBURN HILLS, MICH. — Books Holding LLC has sold a former Borders building in Auburn Hills, located about 30 miles north of Detroit. The purchase price was undisclosed. The 25,000-square-foot property is located at 3924 Baldwin Road. The building has been vacant for 18 months and is located near a Starbucks, Pier 1 Imports, Subway and U.S. Post Office. Detroit-based Stokas Bieri, an X Team International partner, represented the seller in the transaction. The buyer, JMG Auburn Hills LLC, was self-represented.
The recession negatively affected local, regional and national banks in Minneapolis/St. Paul and all commercial real estate product types. A wide range of real estate owned (REO) assets have sold in recent years, including single- and multi-tenant office buildings, industrial buildings, convenience stores, office condos, residential condos in bulk blocks, raw land, a campground, a historic warehouse, hotels — just about everything. The biggest sector of bank REO property has been land, particularly residential development land. Nevertheless, the start of the housing recovery has seen a reduction in the inventory of individual residential lots coupled with increased interest in some of our larger residential development sites from national homebuilders. While most of the insurance companies exited the Minneapolis commercial real estate market years ago, one of the national insurance companies did repossess a large Class A office property last year and sold it to a local investment group for a dollar more than the loan, which was $110 million. Zeller Realty Corp. of Chicago and Atlanta-based Invesco acquired the Fifth Street Towers from MetLife in April 2012. The buildings (two towers) were built in 1987 and 1988, and consist of roughly 1 million square feet. The group that lost the …
MAPLE HEIGHTS, OHIO — Marcus & Millichap has arranged the sale of the Maple/Lee Apartments, a 104-unit apartment property located at 5900 – 6300 Lee Road in Maple Heights, for $1 million. Dan Burkons and Michael Barron of Marcus & Millichap’s Cleveland office represented the seller, which had owned the complex for 50 years, and the buyer, a Chicago-based limited liability company.
WOODRIDGE, ILL. — Conor Commercial Real Estate is developing a 347,400-square-foot build-to-suit at the Union Pointe Business Park in Woodridge for the Orbus Exhibit and Display Group. Orbus is a privately owned group of companies that specializes in the manufacturing of display products, graphics and solutions. The company will be consolidating its Bolingbrook and Niles facilities and relocating to the new property in Woodridge upon completion in 2014. With this build-to-suit, Orbus will triple its leased space from 128,000 square feet to 347,400 square feet. McShane Construction Co. will construct the new facility. Ware Malcomb Architects will serve as the architect for the project.
LYONS, ILL. — American Blue Ribbon Holdings has signed a 52,678-square-foot lease at 8424 W. 47th St. in Lyons. The space is located in a 312,896-square-foot cold storage facility that currently includes 125,000 square feet available for lease. American Blue Ribbon Holdings, a food service company, will use the space for the storage of raw materials and finished products. Steve Connolly and Larry Much of NAI Hiffman represented the landlord, Bridge Development Partners, in the transaction. Chris Gray, also of NAI Hiffman, represented American Blue Ribbon Holdings.
NORTHBROOK, ILL. — The Boulder Group has arranged the sale of a single-tenant ground lease located at 240 Skokie Blvd in Northbrook, about 25 miles north of Chicago. Fifth Third Bank is the sole occupant of the 4,100-square-foot retail building that was developed in 2004. The property is located on a 1.1 acres. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, an East Coast-based, 1031 tax-deferred exchange investor, and the seller, a Midwest-based private partnership.
SPRINGFIELD, MO. — Dalmark Development Group has plans to invest $15 million into the downtown Springfield Heer's building to convert the former department store into a mixed-use property. Jim Nichols, co-owner of Heer's Luxury Living and CEO of Dalmark Development Group, says while many of the details have yet to be ironed out, renovation plans include adding up to 90 market-rate rental apartments and 8,000 to 12,000 square feet of ground-floor retail space. Heer's Luxury Living LLC purchased the building from real estate investment group E and J HIDC LLC for an undisclosed amount. E and J HIDC LLC bought the building at an April 22 foreclosure auction for $960,000. Shawnee, Kan.-based Straub Construction Co. Inc. is serving as general contractor. The design team from St. Louis-based Rosemann and Associates will be led by Drury University graduate Jarret Cooper. Zac Nichols, a graduate of Missouri State University, is Dalmark's project manager. Construction is anticipated to take 12 to 14 months with an opening within the next 24 months.
WAVERLY, OHIO — Marcus & Millichap Real Estate Investment Services has arranged the sale of a 10,752-square-foot Rite Aid, located at 501 E. Emmit Ave. in Waverly for $2.4 million. Preet Sabharwal of Marcus & Millichap’s Manhattan office and Chris Thomson of Marcus & Millichap’s Ohio office represented the seller, a private investor. Michael Glass, also of Marcus & Millichap’s Ohio office, assisted in closing this transaction.
TOLEDO, OHIO — Commercial Property Advisors (CPA) has arranged the sale of the Andover Apartments in Toledo. The property’s occupancy rate was 82 percent at closing. Cary Belovicz of CPA’s Midwest office arranged the transaction between the seller, LB-RPR I Asset Holdings LLC, and the buyer, Andover Toledo LLC. CPA’s Midwest office deals exclusively in investment sales throughout the Midwest.
