DULUTH, MINN. — Marcus & Millichap Capital Corp. has arranged a $6.1 million acquisition loan for a 13,325-square-foot Walgreens drugstore in Duluth, built in July 2012. Dean Giannakopoulos of Marcus & Millichap arranged the 25-year loan through a national life insurance company. The loan contains a 25-year amortization schedule.
CHICAGO — Beech Street Capital has arranged a $5.6 million HUD 232/223(a)(7) loan for the refinancing of Peterson Park Healthcare Center, a 188-bed skilled nursing facility in Chicago. Joshua Rosen of Beech Street arranged the 17.5-year loan, which will enable the borrower to keep the same term and amortization period as the existing loan.
BUFFALO GROVE, ILL. — Electronic Recycling Services, a global e-waste manager and electronics recycler, has acquired a 53,300-square-foot industrial building at 1500 Busch Parkway in Buffalo Grove. Robin Stolberg and Kurt Sarbaugh of Jones Lang LaSalle represented the seller, ECD Co., in the transaction. Greg Block and Daniel Hyman of Millenium Properties represented the buyer.
CHICAGO — Alliance Partners has acquired 300 W. Adams, a 252,874-square-foot office building in Chicago's West Loop. The seller, a partnership between Sterling Bay Cos. and Annenberg Investments, acquired the 12-story building in 2007 for $23 million. At the time, the property was 68 percent occupied. The partnership undertook a multi-million dollar renovation and Wanxiang America Real Estate Group, a limited partner in the property, helped the ownership recapitalize the building. Today, the property is 93 percent leased. Michael Vesper of CBRE represented the seller in the transaction.
PLYMOUTH, WIS. — RCG Ventures Fund II has closed on its purchase of Plymouth Commons, a 162,031-square-foot shopping center 40 miles north of Milwaukee in Plymouth. The property is situated on 17 acres and anchored by Pick 'n Save and Kmart. Additional tenants include Dollar Tree, GNC and H&R Block. Kyle Matthews of Marcus & Millichap represented the buyer in the sale.
CHICAGO — Aviv REIT has acquired a skilled nursing facility in Idaho for $6 million. The property will be triple-net leased to Safe Haven Health Care, an existing tenant since 2008. Safe Haven operates 12 assisted living and skilled nursing facilities in Idaho, two of which are now leased from Chicago-based Aviv. Safe Haven's lease has a seven-year term.
CHICAGO — The Boulder Group has arranged the $7.5 million sale of a triple-net leased Walgreens property at 2345 W. 103rd St. in Chicago. The 13,650-square-foot Walgreens was built in 2004 and the company has 17 years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based partnership, in the transaction. The buyer, a West Coast-based institution, was self-represented.
ST. LOUIS — McGrath & Associates has completed the renovation of the MRI facility at TenetCare, the outpatient diagnostic testing center of Saint Louis University Hospital. BSA LifeStructures was the architect. The two-phase renovation project replaced the existing imaging area with a new MRI exam room and dedicated control room, an updated lobby and new flooring. Construction began in December 2011.
The office sector has enjoyed a renewal of leasing activity in suburban Johnson County and South Kansas City, while the remainder of the market continues to be sluggish. Large tenants — 50,000 square feet and above — have accounted for most of the activity, whereas the smaller tenants have remained stagnant. The majority of tenants continue to renew their leases unless there is a compelling reason to relocate, such as a business expansion or downsizing. The economic uncertainty continues to be the most significant factor affecting the overall office market. However, many large space users have chosen to jump across the state line to relocate to either Kansas or Missouri due to the attractive economic incentives either state is offering. That trend has helped boost the overall leasing activity. In 2011, Johnson County and South Kansas City recorded net absorption of 646,000 square feet, which is remarkable considering the average for the entire Kansas City metro area since the late 1990s has been 401,000 square feet annually. This trend has continued in the first half of 2012 as tenants absorb large blocks of contiguous space. For example, Netsmart Technologies has leased 64,000 square feet in Overland Park, Kansas. Netsmart is …
COLUMBUS — Carter has started construction on the $50 million residential and retail project in Columbus Commons. The development, named Highpoint at Columbus Commons, will include 301 apartments and 23,000 square feet of retail on the ground floors, with plans for two restaurants. The project will total 325,000 square feet. The site, which Carter acquired from Capitol South, is part of a redevelopment of the former City Center mall that was demolished in 2009. Capitol South oversaw the development of the 9-acre public park and Carter's mixed-use project will be Phase II of the Columbus Commons development. Highpoint is expected to be complete at the end of 2013.