MACHESNEY PARK, ILL. — The Boulder Group has completed the $1.5 million sale of an Advance Auto Parts property, located at 1535 W. Lane Rd. in Machesney Park. Advance Auto Parts is the sole occupant of the 6,124-square-foot building that was developed in 2011. The company has 14 years remaining on its lease. Randy Blankenstein and Jimmy Goodman of The Boulder Group represented the seller, an Illinois developer, in the transaction. The buyer was a California-based private investment firm.
RAPID CITY, S.D. — Patrick Minea of NorthMarq Capital's Minneapolis office has arranged $3 million in first mortgage financing for Canyon Lake Apartments, a 109-unit multifamily property in Rapid City. Minnea arranged the financing through NorthMarq's seller-servicer relationship with Freddie Mac. The 10-year loan has a 30-year amortization schedule.
LEAWOOD, KAN. — Glimcher Realty Trust has closed on a $77 million mortgage loan secured by Town Center Plaza in Leawood. The 15-year loan has a fixed interest rate of 5 percent. The loan proceeds were used to retire the $70 million term loan in connection with completing the purchase of Leawood in December 2011. The remaining proceeds were used to reduce outstanding borrowings on the company's credit facility.
COLUMBUS, OHIO — Interstate Hotels & Resorts and joint venture partner Waramaug Hospitality LLC have acquired the 300-room Crowne Plaza Columbus North hotel, along with an unnamed private investment group, for an undisclosed amount. The hotel will remain as a Crowne Plaza and immediately undergo a $5.25 million renovation. ArInterstate is owned by a joint venture between subsidiaries of Thayer Lodging and Jin Jiang.
EASTPOINTE, MICH. — American Realty Capital Properties has acquired a Walgreens drug store in Eastpointe for $3.8 million. The property consists of a 15,120-square-foot, freestanding building. Walgreens Co. has a 20-year lease, with about seven years remaining.
BISMARCK, N.D. — Partick Minea of NorthMarq Capital's Minneapolis office has secured $9.4 million in first mortgage financing for Sunset Ridge Apartments in Bismarck. The financing was arranged through NorthMarq's seller-servicer relationship with Freddie Mac. The 10-year loan has a 30-year amortization schedule.
OMAHA, NEB., SIOUX CITY, IOWA — Dunkin' Donuts has signed a multi-unit store development agreement with existing franchisee, Savoureux Corp., for 12 new restaurants in North Omaha, Neb. and Sioux City, Iowa. The first restaurant is slated to open in 2013. Savoureux Corp. is led by NFL greats and former University of Nebraska football players Kris Brown and Zach Wiegert, who have teamed up with Jeff Woodbury, a principal of Woodbury Corp., and David Scott, CEO of Tetrad Corp. In April 2011, Savoureux Corp. committed to develop five Dunkin Donuts in North Kansas City.
CHICAGO — Clark Street Development LLC, an affiliate of Mega Realty, has sold a 16,047-square-foot Walgreens drugstore in Chicago for $13 million. Sean Sharko and Austin Weisenbeck of Marcus & Millichap's Oak Brook, Ill. office represented Clark Street in the transaction. They also represented the buyer, an overseas-based private capital investor. Walgreens signed an absolute-net, 75-year lease for the property, which is located at 5440 N. Clark St.
MANHATTAN, KAN. —Colorado Springs-based Mortenson Construction has been awarded the Bill Snyder Family Stadium renovation project on the Kansas Sate University campus in Manhattan. The $75 million renovation will include a new student-athlete dining hall, improved concession facilities, luxury seating and a new team store. The renovation is expected to begin in the summer of 2012 and be completed in time for the football season in the fall of 2013.
The office segment of Omaha’s commercial real estate market is currently in a transitional phase. Companies that have been in the market for office space during the past two to three years have realized that discounted rent and/or the ability to relocate into higher-quality properties are feasible options. In order to retain and attract tenants, landlords are now required to lower rents and renovate properties to the extent they can. This pressure on property owners has been the leading force behind this current state of transition, and the ripple effects are felt through all classes of buildings. Tenants in Class C properties are now able to climb the property ladder and obtain favorable lease rates in a Class B property. Owners of Class C properties are forced to renovate, or redevelop, to avoid obsolescence. The Lund Co. refers to this evolution as “Real Estate Darwinism.” FACELIFT PAYS OFF A perfect example of the evolution of a property is the 450 Regency building. Originally constructed as a single-tenant, build-to-suit for IBM in 1983, the property became stale and was a non-factor in the overall office inventory in Omaha. The building sat vacant for many years after its second tenant, Commercial Federal/Bank …
