AVON, OHIO — Luttner Real Estate Investments Services has arranged the $3.82 million sale of a J.C. Penney ground lease in Avon. The property has 17.5 years remaining on the initial 20-year lease. Mark Luttner of Luttner's Chicago office represented the seller, The Richard E. Jacobs Group, and procured the buyer, a private investor.
GLENDALE, WIS. — Milwuakee-based The Dickman Co./CORFAC International has brokered the $3.63 million sale of the 104,400-square-foot Glendale Business Center, a three-building industrial center located at 6575-6693 N. Sidney Place in Glendale. Brian Parrish of The Dickman Co./CORFAC International represented both parties in the transaction. Glendale Business Center, LLC, was the seller and Hakadull Properties was the buyer.
KOKOMO, ROCHESTER AND ANDERSON, IND. — St. Paul, Minn.-based Oak Grove Capital has arranged $18.3 million in acquisition financing through its Fannie Mae DUS program on behalf of Capital Senior Living Corp. The 10-year loans have a 30-year amortization schedule and were used to purchase the 78-unit Green Tree of Kokomo in Kokomo and the 50-unit Wynnfield Crossing in Rochester. A loan on the 58-unit Keystone Woods in Anderson is expected to close mid-September.
PORT HURON, MICH. — Ontario, Canada-based GMA Cover Corp. has signed a 66,000-square-foot lease at an industrial property located at 1720 Dove St. in Port Huron. Jason Capitani and Joe DePonio of Troy, Mich.-based L. Mason Capitani represented the landlord, Dove Street Industrial 2, in the lease transaction.
The Cleveland real estate market can be characterized by a variety of ‘good news/bad news’ stories. For example, American Greetings announced earlier this year that it would be building a new $100 million world headquarters in Cleveland’s suburb of Westlake, Ohio. And while retaining this Fortune 500 company in the region is good news to most, it certainly was bad news to Cleveland’s suburb of Brooklyn, the long-time home to the company and its 1,750 workers. But no where is the ‘good news/bad news’ story more compelling than in the central business district or CBD. First, the good news. Cleveland is undergoing a massive construction boom, the largest since the late 1980s/early 1990s. Over $1 billion of new development is currently under way in the CBD alone, spearheaded by three primary projects. The first is the long-anticipated Medical Mart and associated convention center. This $465 million complex will include a four-story permanent showplace for medical equipment and technology, connected to a 230,000-square-foot convention center, which is anticipated to be completed in 2013. The $465 million Medical Mart and adjacent convention center is expected to be complete in 2013. The second is the Horsehoe Casino, initially converting 300,000 square feet in …
COLUMBUS — AllRite Logistics has signed a 127,996-square-foot lease at the 330,179-square-foot Rickenbacker IV, located at 2400 Spiegel Drive in Columbus. Mike Hurd, Rick Trott and Kevin McGarth of Cassidy Turley's Columbus office represented the landlord, TRT-DCT Industrial in the lease transaction.
ST. LOUIS — Swansea, Ill.-based Holland Construction Services has started construction on the $7 million, 35,745-square-foot Mungenast Hyundai, located at 649 Dunn Rd. in St. Louis. HDA Architects' St. Louis office designed the new dealership, which features a waiting area with seating, television, beverage bar, power bar with Wi-Fi access and electronics chargers, and a children's area with toys, a television and a viewing window for parents. Completion is slated for March 2012.
CHESTERFIELD TOWNSHIP, MICH. — Elite Fence has purchased a 270,000-square-foot warehouse and distribution facility, located at 50925 Richard W. Blvd. in Chesterfield Township, from Lees Property for an undisclosed price. The company, which is currently headquartered in Harrison Township, Mich., will combine four of its locations to this site. Joe DePonio and Jason Capitani of Troy, Mich.-based L. Mason Capitani represented both parties in the transaction.
GROVEPORT, OHIO — Plymouth Meeting, Pa.-base Exeter Property Group has purchased a 1.1 million-square-foot industrial property, located in Groveport, for $22.5 million. Rick Trott and Kevin McGrath of Cassidy Turley's Columbus, Ohio, office represented the buyer in the transaction. CBRE Investors was the seller.
CINCINNATI — Hendricks & Partners has brokered the $19.43 million sale of the 198-unit Mallard Lakes Townhomes, located at 12100 Lake Circle Dr. in Cincinnati. Rick Vidrio and Rick Brace of Hendricks & Partners' Detroit office represented Westerville, Ohio-based WOP Mallard Lakes, the buyer, and the seller, Springdale Lakes, a limited partnership between Northwestern Mutual Life Insurance Co. and Mallard Lakes.