BELLEVILLE, ILL. — Marcus & Millichap has brokered the sale of a ground lease for an Arby's location in Belleville. The 3,300-square-foot single-tenant, net-leased property is situated on a 1-acre site at 5790 Belleville Crossing St. The property commanded a sales price of $780,000 and a cap rate of 7.5 percent. Judson Kauffman, Glen Kunofsky and John Przybyla of Marcus & Millichap represented the seller. The buyer was not released.
CHICAGO — Newcastle Limited has acquired 227 East Ontario, a 15,500-square-foot retail property located in Chicago's Streeterville neighborhood. Newcastle plans to add 885 square feet of additional space to the two-story building, which was purchased for $5.9 million, and redevelop the property into a premier retail property. The property was recently vacated by the U.S. Postal Service. Paul Bryant and David Stensby of Mid America Real Estate represented the undisclosed sellers in the transaction. Additionally, Newcastle has retained Mid America to market the redeveloped property.
BLOOMINGTON, MINN. — InterContinental Hotels Group (IHG) has relaunched Crowne Plaza Hotel & Suites Minneapolis Airport after a conversion from the Holiday Inn brand. Located at Three Appletree Square in Bloomington, the hotel received a $2 million renovation and upgrade, adding a Caribou Coffee oasis and 18,000 square feet of meeting space. The 13-story, 430-room hotel features 120 junior suites, five bridal suite and one presidential suite. All guest rooms feature 37-inch, LCD flat-panel televisions, microwaves and refrigerators. Hotel amenities include a 24-hour business center, wireless Internet access, a 2,500-square-foot Precor Fitness center, an Olympic-sized indoor pool, a complimentary 24-hour airport shuttle service and Martels Restaurant and Lounge. The hotel is owned by Associated Hotels LLC.
ST. PAUL, MINN. — The Boulder Group has brokered the sale of a single-tenant retail property in St. Paul. The 14,490-square-foot property, which is net leased to Walgreens, sold for $5.9 million. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the 1031 exchange buyer, a California-based private family trust, in the transaction. The seller was a Midwest Walgreens developer.
The U.S. apartment sector staged a strong recovery in 2010 well ahead of expectations, despite modest job creation and stubbornly high unemployment. Net absorption surged, with occupied stock rising by nearly 200,000 units, double the number of apartments constructed and the highest level on record since 2000. Several factors contributed to high levels of absorption, including the release of pent-up renter demand as households de-bundled in the wake of the recession. In addition, apartments benefited from private-sector job growth in the critical 20- to 34-year-old cohort, expiration of the homebuyer tax credit, displaced foreclosed homeowners entering the renter pool, immigration and lower unit turnover. Renting also became a lifestyle and economic choice for many households as the effects of the housing collapse and recession persisted. Continued recovery in 2011 depends more heavily on improvements in the job market, which should gain momentum as the year progresses. Building on that momentum, operating conditions in the suburban Chicago apartment market will strengthen considerably this year, building on improvements in vacancy and rents recorded in 2010. Apartment construction will sink to one of the lowest levels in the past decade, minimizing competition for tenants at a time when renewed job growth will accelerate …
CHICAGO — Essex Realty Group has completed the sale of a vintage apartment building in the Rogers Park neighborhood of Chicago. Located at 7665 N. Sheridan Road, the 74-unit property sold for approximately $4.4 million. The building consists of 13 studio units, 48 one-bedroom units and 13 two-bedroom units. Doug Imber of Essex brokered the transaction. The seller and buyer were not released.
ADA, OHIO — Dynarex Corp. has acquired a 50,000-square-foot distribution center in Ada. The property was constructed in 1999 by the City of Ada to attract new business to the area. Tim Echemann of Industrial Property Brokers represented Dynarex in the transaction. The seller and acquisition price were not disclosed.
STRONGSVILLE, OHIO — A California-based private investor has acquired Strongsville Pointe, a retail center located at 14375-14427 Pearl Road in Strongsville. The 41,019-square-foot property is anchored by Boston Market with two outparcels occupied by Taco Bell and Dollar Bank. Cleveland-based Coral Strongsville Limited Partnership sold the property for $1.65 million or $40.23 per square foot. Bob Havasi of Cleveland-based Cooper Commercial Investment Group represented both parties in the transaction.
AURORA, ILL. — NorthMarq Capital has arranged $12.2 million in first mortgage financing for Excel I, an industrial building in Aurora. The 650,000-square-foot building is located at 2580 Prospect Court. Financing was based on a 10-year term and a 25-year amortization schedule. James Hoopes and Erik Kunz of NorthMarq secured the financing for the borrower through NorthMarq's correspondent relationship with Aviva Life and Annuity Co.
O'FALLON, ILL. — Swansea, Ill-based Holland Construction Services has completed the new Faith Formation Spirituality Center and Activity Center at St. Nicholas Roman Catholic Church in O'Fallon. The 9,800-square-foot spirituality center features a day chapel, a nursery, three classrooms, a large community room with a scullery and serving area, and small discussion rooms. The 11,628-square-foot activity center features a youth rooms, three pre-school classrooms and a multi-purpose room. Project partners include Fairview Heights, Ill.-based W. B. Ittner, Fairview Heights-based Hoelscher Engineering and Belleville, Ill.-based BRIC Partnership.