AKRON, OHIO — A FirstMerit Bank branch in Akron has sold for $940,000, which represents an 8 percent cap rate. FirstMerit has approximately nine years remaining on its existing 10-year lease. Mark Luttner of Luttner Real Estate Investment Services represented the seller, a private ownership group, in the transaction. The buyer was a private investor in California.
WAYNE, NEB. — Less than a year after groundbreaking, Darland Construction has completed an expansion project at Providence Medical Center in Wayne. The three-phase project included construction of a 25,000-square-foot addition for a new physical therapy and wellness center. Construction also included a 3,500-square-foot addition to expand the oncology outpatient facility and remodeling of the existing main lobby.
MENTOR AND AKRON, OHIO — Aaron's Inc. is adding two new locations to Northeast Ohio later this year. A 6,5000-square-foot store will open on Mentor Avenue in Mentor and a 7,600-square-foot store will open in Harvest Plaza in Akron. Aaron's Inc. offers furniture, electronics, home appliances and accessories for sale or lease. Greg Guyuron of Kowit & Passov Real Estate Group represented Aaron's in both lease transactions.
MAPLE GROVE, ILL. — Oppidan Investment Co. has started construction on a new, 20,600-square-foot Goodwill store in Maple Grove. The facility is being built on two acres owned by the developer at 13644 80th Circle N. The store will be Goodwill's second location in Maple Grove. Construction is slated for completion in January. Goodwill, which will lease the building from Oppidan, has not yet announced an opening date.
CHICAGO — Engineered Recycling Co. (ERC) has signed a five-year lease for 54,000 square feet of industrial space at 4100 W. 76th St. in Chicago. The space is located within a 796,454-square-foot complex. ERC will take in recycled plastics and melt the plastic into useable pellets. The company currently has a plant in North Carolina. Matt Rogatz of Chicago Industrial Real Estate represented the tenant in the transaction.
MAYFIELD HEIGHTS, OHIO — Parmatown Realty I has acquired a 14,519-square-foot retail building leased to National Tire & Battery in Mayfield Heights for $2.8 million. National Tire & Battery has 21 years remaining on its 25-year lease. The property includes 3,998 square feet of vacant space. Mark Luttner of Luttner Real Estate Investment Services represented the buyer in the transaction. The seller is Mayfield Heights TK LLC.
ROCHESTER, MINN. — A 6,225-square-foot O'Reilly Auto Parts property in Rochester has sold for $981,000. Adam Prins and Matthew Hazelton of Marcus & Millichap represented the seller, a partnership. Brian Parmacek of Marcus & Millichap represented the buyer, a partnership.
KANSAS CITY, KAN. — Mattress Firm has signed a lease for 7,350 square feet of retail space at the Plaza at the Speedway on the northwest corner of I-435 and Parallel Parkway in Kansas City. David Block and Becky Goodman of Block & Co. represented the landlord, CMT Speedway, in the transaction.
ORLANDO — KeyBank Real Estate Capital has arranged a $55.1 million Fannie Mae loan on behalf of CNL Healthcare Trust. Monique Bimler of KeyBank negotiated the 10-year, fixed-rate loan. The funds will be used to refinance the bridge loan for CNL's acquisition of five seniors housing properties in February 2012. The properties total 394 units and include Primrose Retirement Communities in Grand Island, Neb.; Marion, Ohio; Mansfield, Ohio; Casper, Wyo.; and Billings, Mont.
MINNEAPOLIS — HFF has arranged a$21.5 million Freddie Mac loan for Stadium Village Flats, a 120-bed student housing community serving the University of Minnesota in Minneapolis. Timothy Joyce and Stephen Skok led the HFF team that negotiated the 10-year acquisition loan for the borrower, Harrison Street Real Estate Capital. Stadium Village is located at 850 Washington Avenue S.E. The newly built property is fully leased and includes 19,175 square feet of retail space, which is fully occupied by CVS/pharmacy, Noodles & Co. and Dino's Gyros. Community amenities include a theater room, yoga studio and computer lab.