BRUNSWICK, OHIO — Cooper Commerical Investment Group has closed the $4 million sale of Walgreens, located at 1337 Pearl Rd. in Brunswick. Dan Cooper of Cooper Commercial's Cleveland office represented the seller, LDB Property Holdings LP. The buyer was a private group based in Hawaii.
Midwest
DAYTON — Bloomfield Capital, a specialty finance firm, has funded a $1.5 million senior bridge loan to finance both a 20,000-square-foot retail center and a 100-unit apartment complex in Dayton. The loan also allowed the borrower to consolidate two prior loans.
MILWAUKEE — Cermak Grocery has signed a 60,000-square-foot lease at 1541 Miller Park Way in Milwaukee. Jon Thoresen of Commercial Property Associates' Milwaukee office represented the landlord, West Milw LLC in the transaction.
The office market vacancy rate for the Cleveland market registered 22 percent in the third quarter, up 10 basis points from the previous quarter, according to Grubb & Ellis. Vacancy in Cleveland's West submarket decreased to 24.9 percent, 130 basis points lower than the second quarter. While most of the region's submarkets saw little to no change in vacancy, the South submarket increased to 24.3 percent, 110 basis points higher than the previous quarter. The region posted 16,708 square feet of negative net absorption in the third quarter, lowering positive absorption to 115,416 square feet year to date. On a quarter-over-quarter basis, average asking rental rates for Cleveland's Class A office market increased 18 cents to $21.54 per square foot. During the same time period, average asking rental rates for Class B office space rose 11 cents to $18.02 per square foot. To view the entire report, click here
The Columbus retail market finished the third quarter with moderate positive absorption of 118,454 square feet, according to Colliers International. This marks the sixth consecutive quarter of positive absorption. Still, consumer demand and confidence have remained stagnant over the past six months. In construction news, both the 44,000-square-foot Rave movie theater and the nearby 55,000-square-foot Hobby Lobby Project in Grove City were completed in the third quarter. To read the entire Columbus retail report, click here. To read third-quarter reports on other property sectors, click here.
MARION, ILL. — Holland Construction Services recently completed the new $5.7 million Behavioral Medicine building for the U.S. Dept. of Veterans Affairs in Marion. The 17,400-square-foot building includes 14 bedrooms, a day room for group gatherings and a kitchen. Paul Gansauer of Holland Construction served as the project manager, and N.K. Bhandari, Consulting Engineers P.C. provided architectural services. The building is now open.
EERIE TOWNSHIP, MICH. — Grubb & Ellis Co. has arranged the $1.35 million sale of the 820-acre Lost Peninsula Marina in Erie Township. Larry Emmons, Dan Labes of Grubb & Ellis' Southfield, Mich. office represented the seller, David W. Allard, the Chapter 11 Trustee of Lost Peninsula Marina Development, in the transaction. The buyer, a Michigan limited liability company, was self-represented.
CRYSTAL LAKE, ILL. —Aptargroup, a leading supplier of clinical dispensing systems, has signed a 91,267-square-foot lease at 450 Congress Parkway in Crystal Lake. Dan Benassi and Dan Jones of Entre Commercial Realty's Schaumburg, Ill. office represented Aptargroup in the transaction. Tyler Hardy and Anne Arnold of Grubb & Ellis represented the landlord, Cobalt Capital Partners.
CHICAGO — Security Properties Inc. has introduced a plan to the Chicago City Council for the redevelopment of a 7-acre mixed-use site in Chicago. Built in 1977 by Security Properties Inc. and Crane Construction Company Inc., and in partnership with a consortium of four Chicago churches, Atrium Village currently includes more than 300 apartments. When complete, the project will be anchored by four residential towers and 1,500 new apartments. The project will also include 55,000 square feet of new ground-level retail space. The project's design team includes FitzGerald Associates, Bumgardner Architects and Hitchcock Design Group. All parties hope to have rezone permits in place by 2012 and break ground in 2013.
PLYMOUTH, MICH. — Signature Associates has negotiated the lease of 34,885 square feet of industrial space, located at 44895 Helm Court in Plymouth to The Kroger Co. of Michigan. Steve Gordon of Signature Associates' Southfield, Mich., office represented the landlord, Dembs Roth Group.