Midwest

TORONTO INVESTMENT GROUP BUYS THREE OFFICE PROPERTIES FOR $8M

by admin June 26, 2013

TOLEDO, OHIO — Oklahoma City-based CSA9-Arrowhead LLC has sold a three-property office portfolio located at 1695, 1705- 1715 Indian Wood Circle in Toledo. A Toronto-based investment group purchased the properties, which total 129,786 square feet. The new owners acquired the property for a long-term hold and intend to continue the property stabilization process begun by the prior owner, which was a bank that acquired the property through foreclosure. A team of investment property consultants including Harlan Reichle and Walter Plath of by Reichle | Klein Group represented the seller in the transaction.

June 26, 2013

LEE & ASSOCIATES CLOSES $2.4M SALE OF CITY VIEW SHOPPES IN INDIANA

by admin June 26, 2013

FRANKLIN, IND. — Lee & Associates has closed the $2.4 million sale of City View Shoppes, a 20,630-square-foot shopping center in Franklin, a south suburb of Indianapolis. Built in 2003, the eight-unit center is fully leased and located at 1047 W. Jefferson St. adjacent to Johnson Memorial Hospital and City View apartment complex. Jim Karozos and Bob Lindgren of Lee & Associates’ Indianapolis office represented the seller, City View Shoppes, while Nick Kirkendall of Ohio Properties represented the buyer, Kirkendall Investment, in the transaction.

June 26, 2013

Midwest Office

MACH MANAGEMENT SELLS 6,400 SF BUILDING IN ILLINOIS

by admin June 26, 2013

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.

June 26, 2013

Midwest Retail

RAMCO-GERSHENSON BUYS SHOPPING CENTER FOR $36.1M

by admin June 25, 2013

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.

June 25, 2013

Industrial Midwest

JOINT VENTURE BUYS OHIO INDUSTRIAL REAL ESTATE PORTFOLIO

by admin June 25, 2013

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.

June 25, 2013

Midwest Retail

7,000 SF NET-LEASED BUILDING IN CHICAGO SELLS FOR $2M

by admin June 25, 2013

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.

June 25, 2013

Industrial Midwest

GN OTOMETRICS SIGNS 8,857 SF LEASE IN METRO CHICAGO

by admin June 25, 2013

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.

June 25, 2013

Midwest Retail

AGREE REALTY BUYS TWO RETAIL PROPERTIES FOR $22.4M

by admin June 24, 2013

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.

June 24, 2013

Midwest Retail

REIT ACQUIRES 87,181 SF SHOPPING CENTER IN MINNESOTA

by admin June 24, 2013

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.

June 24, 2013

Midwest Office

25,000 SF OFFICE BUILDING IN CHICAGO AREA SELLS FOR $6.7M

by admin June 24, 2013

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.

June 24, 2013

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