PORT HURON, MICH. — Mid-America Real Estate Corp. has arranged the $3.96 million sale of a 15,120-square-foot, freestanding Walgreens in Port Huron. Bill Wright and Ben Wineman of Mid-America Real Estate Corp., along with Daniel Stern of Mid-America Real Estate Michigan Inc. represented the seller, Beachwood, Ohio-based DDR. The buyer was a private Michigan-based company headed by an investor in China.
CHICAGO — A Chicago-based investment company has purchased a retail building located at 6440 W. 95th St. in Chicago for an undisclosed amount. The property is leased to Party City, a party supplies store, which has occupied the building since 1996. Chad Firsel of Quantum Real Estate Advisors Inc. represented the buyer and seller in the transaction.
CHICAGO — The American Medical Association (AMA) plans to relocate its Chicago headquarters to 330 N. Wabash, the former IBM Plaza, in September 2013. The physicians' trade group is currently located at 515 N. State St. The AMA has signed a 15-year lease for 275,000 to 300,000 square feet in the building, which will be renamed AMA Plaza. Steve Stratton, Jock Howland and Mike Sessa of Jones Lang LaSalle represented AMA in the transaction. The landlord, Prime Group Realty Trust, represented itself.
FORT WAYNE, IND. —SuperMedia Sales Inc., an advertising agency for small to mid-size businesses, has signed a 10,288-square-foot office lease at Midwestern Office Park, located at 7223 Engle Rd. at the Midwestern Office Park in Fort Wayne. Kathy Moses-Denig of CBRE, Sturges represented the landlord, Midwestern Office Park LLC, in the transaction.
NORTHBROOK, ILL. —Goodman Distribution, an air conditioning parts and supplies company, has signed a lease renewal for 29,403 square feet of warehouse space, located at 3600 Woodhead Dr. in Northbrook. Keith Puritz, Ryan Bain, Brett Kroner and Zach Graham represented the landlord, AMB Property Group, in the transaction. Seth Koschak of Steam Realty Partners and Elise Couston of Paine/Wetzel represented the tenant in the transaction.
CHICAGO, BROOKFIELD, WIS. — Real estate investment trust Inland Real Estate Corp. and Dutch pension fund manager PGGM purchased two Midwest retail properties for $43 million. Inland and PGGM, operating in a joint venture, paid $18.9 million for Elston Plaza, an 88,213-square-foot, grocery-anchored center in Chicago. The entity also acquired Brownstones Shopping Center, a 137,800-square-foot, grocery-anchored located in Brookfield, Wis., for $24.1 million. Elston Plaza is 95 percent occupied. Brownstones is about 93 percent leased. The venture plans to invest $270 million in retail centers in select Midwest markets. To date, the venture has purchased seven assets valued at $141.3 million.
CLEVELAND — Casino developer Rock Ohio Caesars has agreed to acquire the 205-room Ritz Carlton Hotel in Cleveland for $36.5 million. Rock Ohio is a joint venture between Caesars Entertainment Corp. and the Rock Gaming company. The entity has also acquired an attached 119,000-square-foot office building, which was sold in a mortgage default auction. The hotel and office building are adjacent to the entity's planned casino, Horseshoe Casino Cleveland, which is slated to open in March 2012. Both properties are owned by Forest City Enterprises Inc., a publicly traded real estate company. The hotel will remain a Ritz-Carlton under a long-term management contract. The transaction is expected to close Dec. 15.
LOVE PARK, ILL. — Meridian Design Build has completed construction of a 100,000-square-foot, build-to-suit industrial building in Love Park, near Rockford, Ill. The project will serve as a warehouse and distribution facility for Danfoss Drives, a privately held global company that manufactures and sells variable speed drives. Venture One Real Estate was the project developer. The project team also included Heitman Architects and Jacob & Hefner Associates.
KANSAS CITY AND COLUMBUS — DDR (NYSE: DDR) and Glimcher Realty Trust (NYSE: GRT) have completed an agreement to swap two assets. Glimcher purchased the 650,000-square-foot Town Center Plaza in Kansas from DDR for $139 million. Macy's and Dick's Sporting Goods anchor the center. DDR has purchased the 700,000-square-foot Polaris Towne Center in Columbus from Glimcher for $80 million. Target, Lowe's Home Improvement, Kroger, Best Buy and T.J. Maxx anchor the center.
WAUKEGAN, ILL. — LIT Industrial Limited Partnership has renewed a 26,040-square-foot lease at 3250 N. Oak Grove Ave., an industrial property in Waukegan, Ill. Keith Puritz, Ryan Bain, Brett Kroner and Zach Graham represented the landlord, Ecologic Industries, in the transaction. They also represented LIT Industrial in the deal.
