ELK RIVER, MINN. — Marcus & Millichap has arranged the sale of a 7,000-square-foot property occupied by Advance Auto Parts for $1.2 million. The net-leased property is located at 18260 Zane St. in Elk River, about 30 miles north of Minneapolis. Adam Prins and Matthew Hazelton of Marcus & Millichap represented the seller, a personal trust, and the buyer, a partnership, in the deal.
DEERFIELD, ILL. — The John Buck Co. has hired CBRE Inc. to handle leasing for Parkway North Center in Deerfield, a northern suburb of Deerfield. The 1 million-square includes a Marriot Suites hotel, three office buildings, a daycare center and athletic club. Two of the buildings have vacancy rates of more than 50 percent. Parkway North Center is located at 3 Parkway N.
CHICAGO — Welsh Property Trust has purchased the Core Midwest Distribution Portfolio, which consists of five buildings totaling 2,711,183 square feet, for $99.5 million. The industrial buildings are 94-percent leased to six tenants. Properties in the portfolio include: 535 Shingle Oak Drive in Chicago, a 150,000-square-foot, fully leased property; 1105 E. Northfield Drive in Brownsburg, Ind., a 526,200-square-foot, fully leased property; 40 Logistics Blvd. in Walton, Ky., a 543,512-square-foot, fully leased property; 6766 Pontius Road in Groveport, Ohio, a 754,000-square-foot, 78.8 percent leased property; and 3051 Creekside Parkway. in Obetz, Ohio, a 737,471-square-foot fully leased property. Jones Lang LaSalle represented the seller, New York City-based KTR Capital Partners, in the deal.
BLAINE, MINN. — A 5,005-square-foot, net-leased restaurant property has sold for $1.8 million in Blaine, located about 20 miles north of Minneapolis. The building, which is occupied by Culver’s restaurant, is located at 10550 Baltimore St. Marcus & Millichap represented the seller, a limited liability company, in the deal.
MENTOR, OHIO — Luttner Real Estate Investment Services has arranged the sale of a freestanding medical building in Mentor, located about 25 miles east from Cleveland, for $1.7 million. The building, which is located at the intersection of Mentor Avenue and Center Street, is occupied by Cleveland Clinic Sports Health Center. The Cleveland Clinic has seven years and seven months remaining on its lease. Mark Luttner of Luttner Real Estate represented the seller in the deal. The buyer was a Northeast-based private REIT.
WEST BLOOMFIELD, MICH. — Seavest Properties III LLC and KIRCO Health Partners have acquired the Beaumont Medical Center in West Bloomfield, about 25 miles northwest of Detroit. The three-story, 149,000-square-foot outpatient center and medical office building is located on 11 acres at 6900 Orchard Lake Road. The majority of the building is leased by the Beaumont Health System with the rest of the space set aside for independent physician practices. The purchase price was undisclosed.
KANSAS CITY, MO. — A fire triggered by a natural gas leak has destroyed a decades-old restaurant at Country Club Plaza, one of the nation’s first shopping centers, in Kansas City. The explosion, which injured at least 16 people, occurred shortly after 6 p.m. Tuesday at JJ’s restaurant, according to The Kansas City Star. The corner restaurant, located at 910 W. 48th St., was flattened, and the force from the explosion knocked out windows at least a half-block away and was felt nearly a mile away. People located in nearby apartments were forced to evacuate and took advantage of free lodging at the hotel in Westport. According the local paper, witnesses reported a strong odor of natural gas in the area hours before the explosion occurred. Missouri Gas Energy issued a statement late Tuesday saying “early indications are that a contractor doing underground work struck a natural gas line, but the investigation continues.” Established in 1922 by J.C. Nichols, Country Club Plaza was the first shopping center designed to accommodate shoppers arriving by vehicle. The upscale shopping center sits on 55 acres and is located about four miles south of downtown Kansas City, between 45th and 51st streets. The plaza, …
CHICAGO — Chicago developers and property investors Michael Moyer and Keith Giles are looking to invest $50 million to convert The Old Colony Building into a residential building. The investors have a contract to buy the 17-story building at 407 S. Dearborn and have filed a zoning application indicating plans to transform the office building into 204 residential units, according to the Chicago Sun Times. Plans for the landmark building include ground-floor retail, a landscaped roof and a small addition to a rooftop penthouse. Read the full story at Suntimes.com.
SHAWNEE, KAN. — NorthMarq Capital has arranged mortgage refinancing of $15.5 million for Fox Run Apartments, a 515-unit, market-rate multifamily community. Fox Run Apartments is located at 7650 Goddard St. in Shawnee, about 10 miles north of Kansas City. Financing was based on a 10-year term with a 30-year amortization schedule. NorthMarq arranged the loan for Fox Run Apartments LLC through its affiliate AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS Lender.
MENOMONEE FALLS, WIS. — The Wisconsin Athletic Club, Froedtert Health and Ryan Cos. have broken ground on a 90,000-square-foot sports medicine and fitness facility. Located on 10.6 acres near the southwest corner of Pilgrim Road and the U.S. 41 corridor in Menomonee Falls, about 20 miles west of Milwaukee, the building will be anchored by the Wisconsin Athletic Club and Froedtert Health. The Wisconsin Athletic Club will occupy a one-story, 47,500 square-foot portion slated to open this November. Froedtert Health will lease 42,500 square feet of space in a two-story building that will offer a wide variety of sports medicine and orthopedic services scheduled to open Jan. 2014. Ryan Cos. is leading the property development and construction.
