SOUTH BEND, IND. — Holladay Properties and an unnamed joint venture partner have purchased the former 529,137-square-foot AJ Wright building, located at 1905 W. Sample St. in South Bend. The new owners named the property Interstate 80 Commerce Center and aim to attract a national and regional tenant mix that provides services to the Midwest. The property is located near I-80 and was developed in 2005 as an AJ Wright distribution center. The facility features 24,547 square feet of office space, 88 docks and 32- and 46-foot ceiling heights.
PLYMOUTH AND BROOKLYN PARK, MINN. — Three of Duke Realty Corp.'s tenants have expanded their leased space by 85,994 square feet, bringing two of the company's industrial properties to full occupancy. Ferguson Enterprises, a plumbing products supplier, renewed its 210,418-square-foot lease at Medicine Lake Industrial Center at 975 Nathan Lane in Plymouth. The company also expanded its lease by 49,994 square feet. Graybar Electric Co., an electrical products provider, expanded its lease space at Crosstown Business Center 12 in Brooklyn Park to 24,000 square feet, bringing the total square footage it leases to 144,048 square feet. In the same building, Industrial Netting, a supplier of plastic netting and precision metal mesh, renewed its 84,000-square-foot lease and increased its square footage by 12,000 square feet. These leases, along with a recent new lease by Archway Marketing, bring the Crosstown Business Center 12 to full occupancy.
PORT WASHINGTON, WIS. — 1021 Wisconsin LLC, an entity owned by a Wisconsin-based private investor, has acquired a 2,250-square-foot Pizza Hut property in Port Washington for $667,500. The building is located less than a mile south of I-43 and is adjacent to a Shopko Express. Jeff Rowlett and Jason Ladner of Marcus & Millichap represented the buyer in the transaction.
CHESTERFIELD TOWNSHIP, MICH. — Anytime Fitness has inked a lease for 5,000 square feet in Chesterfield Village Square at 27851 23 Mile Road in Chesterfield Township. Brad Rosenberg and Gabe Schuchman of Mid-America Real Estate-Michigan Inc. represented the landlord, 51382 Gratiot Avenue Holdings LLC, in the transaction.
GLEN ELLYN, ILL. — Phillips Edison — ARC Shopping Center REIT has acquired Baker Hill Center, a 135,355-square-foot shopping center in Glen Ellyn, a western suburb of Chicago. Baker Hill is 98.2 percent occupied and anchored by a 72,397-square-foot Dominick's grocery store. Additional tenants include Gymboree and Nationwide. The acquisition brings the company's total portfolio to 20 properties with an aggregate purchase price of $222.6 million.
EASTLAKE, OHIO — Remedi SeniorCare has acquired Cornerstone Pharmacy, further expanding Remedi's presence in the Midwest. Based in Eastlake, Cornerstone provides pharmacy services to long-term care facilities. Baltimore-based Remedi did not disclose how much it paid for Cornerstone, which has about 90 employees. Remedi now serves more than 15,000 long-term care residents from the mid-Atlantic to the Midwest. The 90 Cornerstone employees will become part of Remedi.
FREEHOLD, N.J. — UMH Properties, based in Freehold, N.J., has acquired two manufactured home communities in Ohio for a combined $5.9 million. The two communities total 280 sites situated on approximately 62 acres. The average occupancy for the communities is 89 percent. UMH now owns 55 manufactured home communities consisting of 10,400 developed homesites.
NORTHFIELD, ILL. — SK2 Campus Living LLC, a student housing investment company owned by Charles M. Kiven and Randal J. Selig, recently acquired Lincoln Park Townhomes and 809 & 911 South Franklin in Normal. The three properties are student apartments within blocks of Illinois State University. Lincoln Park Townhomes contain 39 three-level townhomes, each with four bedrooms with private bathrooms, in-unit full laundry machines, flat-screen televisions, private patios and parking. The buildings at 809 and 911 South Franklin contain 36 units with a mix of two-bedroom, two-bath and three-bedroom, three-bath units, in-unit stacked laundry machines, flat-screen televisions and private parking. With these acquisitions, SK2's student portfolio is 343 bedrooms at Illinois State University and Bradley University in Peoria, Ill.
Retail operations have likely bottomed in Cincinnati and will show signs of modest improvement through the remainder of 2012. Encouraged by a more stable job market and restored savings accounts, consumers are beginning to spend more freely. National retailers, which stalled expansion plans during the recession, will capitalize on discounted rents to move into prime retail corridors in Hamilton County and Northern Kentucky. Anchored shopping centers will outperform due to their ability to draw steady shopper traffic, keeping vacancy at Class A properties tight. The revitalization of the CBD will attract young professionals, while the recent opening of The Banks project will boost visitor volume. Demand will pick up for inline space within the area as restaurants and boutiques look to capture the increase in foot traffic. Developers who built in outlying areas will struggle to backfill unanchored strip centers. Until single- family home sales pick up, lenders will be unwilling to provide start-up financing for local retailers, leading to a weak recovery in tertiary markets. By the Numbers Employment gains are driving modest improvement in the retail sector. Cincinnati employers created 10,400 jobs during the first quarter. On a year-over-year basis, 20,300 jobs were generated, an increase of 2.1 …
NORTHBROOK, ILL. — A 5,000-square-foot building leased to TD Ameritrade has sold for $3.2 million in Northbrook. Isaac Metzger and Jason Schwartz of Syndicated Equities represented the seller, 400 Investors LLC, an investment partnership, in the transaction. The buyer was a local investor completing a 1031 exchange.