Midwest

PARTNERSHIP SELLS BELDEN CENTRE IN CHICAGO’S LINCOLN PARK

by admin July 9, 2013

CHICAGO — A joint partnership between ACG Equities and Purinton Development has sold Belden Centre at 2301-15 N. Clark St. in Chicago to Newport Capital Partners. The purchase price was undisclosed. The 52,806-square-foot retail property, which is located in Chicago’s Lincoln Park neighborhood, includes 76 parking spaces. Built in 1991 and renovated in 2011, the fully leased property includes tenants ranging from retail and dining establishments to personal services. Keely Polczynski, a retail investment sales advisor for CBRE, assisted the partnership in the sale.

July 9, 2013

HACKMAN CAPITAL BUYS OHIO INDUSTRIAL REAL ESTATE PORTFOLIO

by admin July 8, 2013

COLUMBUS, OHIO — Privately held real estate investment firm Hackman Capital Partners LLC has acquired a 28-building industrial portfolio totaling 2.5 million square feet. The portfolio includes multi-tenant buildings throughout Ohio. Five of the properties are located in Columbus totaling 611,578 square feet, and 16 properties are located in Cleveland totaling 1.5 million square feet. The remaining seven properties are located in Cincinnati and total 394,072 square feet. Two land parcels in Columbus, totaling 23.5 acres, are also included in the portfolio. The multi-tenant buildings include 108 tenant spaces ranging from 2,400 to 219,600 square feet. As of closing, 73 percent of the space is occupied. Deutsche Bank provided first mortgage financing in connection with the transaction, and affiliates of New York-based Square Mile Capital Management LLC supplied an additional $25 million of capital. In addition to Hackman Capital’s internal team, the company has retained leasing agents for the new Ohio portfolio from Jones Lang LaSalle, CBRE, Newmark Grubb Knight Frank, RG Boll and Colliers International. Hackman Capital also retained Colliers International as property managers of the portfolio.

July 8, 2013

Midwest Retail

SUBURBAN CLEVELAND SAM’S CLUB SELLS FOR $21.4M

by admin July 8, 2013

BROOKLYN, OHIO — Marcus & Millichap has arranged the sale of a 147,771-square-foot, triple-net leased Sam’s Club building in suburban Cleveland for $21.4 million. A Sam’s Club Fuel Center outparcel was also included in the sale. Scott Wiles, vice president of investments, and Craig Fuller, a senior associate in Marcus & Millichap’s Cleveland office, along with Erin Patton, a vice president of investments in the firm’s Columbus office, represented the seller, a northeast Ohio-based limited liability company. Sam’s Club has 5.5 years remaining on its lease and a percentage rent clause tied to the store’s gross sales. The property is located at 10250 Brookpark Road in Brooklyn at the intersection of Tiedeman and Brookpark roads. The store was built in 1987 on 9.9 acres and has been periodically remodeled during the last decade.

July 8, 2013

Midwest Multifamily

GRANDBRIDGE FINANCES $17.7M MISSOURI MULTIFAMILY PROPERTY

by admin July 8, 2013

SPRINGFIELD, MO. — Grandbridge Real Estate Capital has closed a $17.7 million mortgage loan secured by Weaver Creek Apartments, a 254-unit multifamily property in Springfield. Frank Sciara, a vice president at Grandbridge Kansas City’s office, originated the refinance. Funding for the fixed rate loan was provided through one of Grandbridge’s CMBS investors. The 10-year loan includes a 25-year amortization schedule and one year of interest-only payments. Property amenities include a swimming pool, fitness center, business center and game room.

July 8, 2013

Midwest Seniors Housing

REIT BUYS ASSISTED LIVING FACILITY IN ALEDO, ILL., FOR $8.6M

by admin July 8, 2013

ALEDO, ILL. — Cornerstone Core Properties REIT Inc. (Core REIT) has acquired a 66-unit assisted living facility in Aledo, located about 25 miles south of Davenport, Ill., for $8.6 million. Built in 2006, the facility is 95 percent occupied. An affiliate of Meridian Senior Living operates the seniors housing property under a triple-net lease. Meridian currently operates more than 100 facilities in 12 states.

July 8, 2013

Midwest Office

MOLINA HEALTHCARE SELLS TWO OFFICE BUILDINGS FOR $158M

by admin July 3, 2013

LONG BEACH, CALIF. AND COLUMBUS, OHIO — Molina Healthcare has sold its headquarters office complex in Long Beach, Calif., and an office building in Columbus, Ohio, for $158 million in a sale-leaseback transaction. The 160,000-square-foot building in Columbus was acquired in December 2012 and serves as the principal health plan operations of Molina Healthcare of Ohio. The Long Beach corporate office complex is approximately 500,000 square feet and was purchased in 2011. Angelo Gordon & Co., AGNL Clinic L.P was the buyer. The McKinney Advisory Group, led by Damian McKinney, represented Molina Healthcare in the transaction. In addition, Western Reserve Partners LLC, led by Victor Faris, managing director, and supported by associate Matthew Reus and analyst Andrew Foster, served as a co-advisor and placement agent to Molina Healthcare.

July 3, 2013

Midwest Mixed-Use

ESSEX REALTY BROKERS $3.2M SALE OF MIXED-USE PROPERTY

by admin July 3, 2013

CHICAGO —Essex Realty Group Inc. has arranged the $3.2 million sale of Thalia Hall, a historic mixed-use property located in Chicago’s Pilsen neighborhood. Thalia Hall includes a two-level restaurant with a large kitchen and office in the basement, a vacant theater, three first-floor commercial spaces with basements, eight duplex apartments and six garage parking spaces. The mixed-use property is located at 1215-25 W. 18th St. Doug Fisher, Matt Welke and Jason Fishleder of Essex represented the seller and the buyer in the transaction.

July 3, 2013

Midwest Retail

ALDI LEASES FORMER 28,048 SF BEST BUY IN ADDISON, ILL.

by admin July 3, 2013

ADDISON, ILL. — Discount grocer Aldi has leased 28,048 square feet at the former Best Buy building in Addison, a suburb of Chicago. The building is located at 1038 N. Rohlwing Road at the I-355 and West Lake Street interchange. The Addison store will be Aldi’s 140th store in the Chicago area. Craig Lillibridge, first vice president at CBRE, represented Aldi in the transaction. CBRE also represented the landlord.

July 3, 2013

Midwest Multifamily

16-UNIT APARTMENT BUILDING IN CREST HILL, ILL., SELLS FOR $1M

by admin July 3, 2013

CREST HILL, ILL. — Marcus & Millichap has arranged the sale of 1500 Pioneer Road, a 16-unit apartment property in Crest Hill, about 35 miles southwest of Chicago, for $1 million. Adam Fortino, Ryan Engle and Andrean Angelov, 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 also secured and represented by Engle and Fortino. The apartment property includes four studios and 12 two-bedroom units spanning approximately 500 to 850 square feet respectively. The property has undergone many recent capital improvements including a brand new roof and privacy fence.

July 3, 2013

Hospitality Midwest

JOINT VENTURE ACQUIRES HILTON HOTEL IN EVANSTON

by admin July 2, 2013

EVANSTON, ILL. — The Dow Hotel Co. LLC (DHC) in a joint venture with Carlyle Realty Partners VI, has acquired the 269-room Hilton Orrington hotel in Evanston, a suburb of Chicago. The purchase price was undisclosed. The hotel will undergo a $6 million renovation/upgrade during the next 12 months. The renovation plans include updates to guest rooms, corridors, the lounge, meeting areas and other public spaces. The property completed a total transformation in 2004 and further upgraded from an independent property to the Hilton brand in 2010. Located at 1710 Orrington Ave., the Hilton Orrington features a 12,000-square-foot International Association of Conference Centers-certified center. The hotel also includes an additional 20,000 square feet of ballroom and other meeting space, a 173-space parking garage, business center and retail shops. DHC will operate the hotel.

July 2, 2013

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