ST. LOUIS, MO. — Plumbers Supply Co. (PSC) has purchased a 51,000-square-foot building located at 4500 Swan Ave. in St. Louis for $975,000. PSC will move from its current 30,000-square-foot headquarters at 6135 Horton Place in University City to its new location in September. Jake Shepley of Hilliker Corp. represented the buyer.
DES PLAINES, ILL. — Entre Commercial Realty LLC has brokered an industrial lease for 34,106 square feet at 2064 South Mannheim Road in Des Plaines, a northwest suburb of Chicago. Process Gear, a 60-year old company that creates custom manufacturing products, is relocating from Schiller Park to the industrial property. Tom Boucher and Dan Benassi of Entre Commercial Realty LLC represented the landlord and Ed Lowenbaum of Lowenbaum REP represented the Process Gear in the transaction.
INDIANAPOLIS — The RADCO Cos. has purchased Lakewood Lodge, a 454-unit apartment community in northern Indianapolis, for $16.5 million from the Lehman estate. RADCO plans to rebrand the property as Ashford at Keystone and improve its interiors, replace the exterior building skin, upgrade the landscaping, add amenities and improve exterior signage. The property sits on 35 acres inside the city's primary perimeter road with extensive frontage on Keystone Avenue. The acquisition increases RADCO's current multifamily portfolio to more than 3,700 units. RADCO financed the purchase through a mix of bridge debt and private equity.
BARRINGTON, ILL. — Wickstrom Auto Group, a Ford, Lincoln, Chrysler, Jeep, Dodge and Ram dealer, has purchased 4.4 acres at 101 Hart Road in Barrington, about 38 miles northwest of Chicago. The parcel is located next to its current dealership, which Wickstrom has occupied for more than 30 years. The land, purchased from AT&T Wireless, provided additional space for Wickstrom Auto’s inventory. Adam Marshall, vice president with NAI Hiffman’s industrial services group, represented Wickstrom Auto Group in the transaction. George Kotrogiannis and Kurt Kittner of Jones Lang LaSalle represented AT&T.
INDIANAPOLIS — The Boulder Group has completed the $2.9 million sale of the single-tenant, net-leased Goddard School portfolio, including two properties located in the Indianapolis metro area. Each of the properties is fully leased to Goddard School, a preschool for children that has more than 386 locations in 34 states. The school located at 2291 Greenfield Ave. in Noblesville has five years remaining on its lease. The property located at 10925 Cork Place in Indianapolis has three 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 was an East Coast-based investment firm.
CLEVELAND, OHIO — The Cooper Commercial Investment Group has arranged the $1.3 million sale of the Cleveland Clinic Medical Building, a 5,800-square-foot medical office building in Cleveland. The sale of the property represents an 8.6 percent capitalization rate. Dan Cooper, president and broker of Cooper Commercial Investment Group, represented the owner, a New York-based private investment owner, and the buyer, also a New York-based private investor, in the transaction. The medical office property has a triple-net lease in place guaranteed by the Cleveland Clinic, which subleases the space to Neighborhood Health Care.
INDIANAPOLIS — Namdar Realty Group has purchased three shopping centers totaling 275,000 square feet in Ohio and Indiana. Major tenants of the shopping centers include Save-A-Lot, Family Dollar, Value City Furniture, Big Lots and Taco Bell. “Not only do these shopping centers have terrific cash flow, we have a 15 percent vacancy rate in the portfolio which will enable us to add value to the deal,” says Joel Gorjian of Namdar. This year, Namdar Realty Group has acquired more than 2 million square feet of shopping centers and regional malls throughout the East Coast and Midwest.
CHICAGO — MJ Partners Real Estate Services has arranged the $21.9 million sale of four self storage properties in Illinois, Indiana and Missouri. The properties, located in Bolingbrook and Dolton, Ill.; Merrillville, Ind.; and Ballwin, Mo., total 270,615 square feet with 2,240 storage units. The Illinois and Indiana properties will be rebranded as Global Self Storage, and the Missouri property U-Haul Self Storage. Marc Boorstein and Jeff Jacobson, principals with Chicago-based MJ Partners, represented the seller, a private operator/developer, and the buyer, a private investor.
GRANGER, IND. — The Marquette Cos. has purchased Main Street Village, a 400-unit apartment community in Granger, a northwest suburb of South Bend. The purchase price was undisclosed. Located at 5504 Town Center Drive, about three miles from Notre Dame University, the property represents the second purchase completed in a joint venture with New York-based DRA Advisors. Built in two phases between 2001 and 2003, Main Street Village is a garden-style community that includes one-, two- and three-bedroom apartments, some with attached one- or two-car garages. The apartments measure 653 to 1,389 square feet and include a private entry, washer and dryer and private outdoor space. Amenities at the apartment community include an outdoor swimming pool, fitness center, sauna, tanning bed, gymnasium, business center, movie theater, TV lounge, billiards table and a car wash center. Rents range from $829 to $1,684 per month.
BETTENDORF, IOWA —EnTrust Realty Advisors LLC has arranged the sale of the Lincoln Healthcare Building, a 39,899-square-foot medical office building in Bettendorf. The purchase price was undisclosed. Genesis Health System anchors the building, which is located at 865 Lincoln Road, about seven miles northwest of Davenport. EnTrust Realty Advisors and NAI Ruhl & Ruhl Commercial Co. represented the seller, a private partnership, in the transaction. Mel Foster Commercial represented the buyer, a local private investor.
