ROSEMOUNT, MINN. — Binswanger has brokered the sale of a one-story, 129,118-square-foot industrial building at 15197 Boulder Ave. in Rosemount for an undisclosed amount. The buyer, Photo Labs, specializes in custom machined parts and injection molded parts and plans to use the facility for Protomold and Firstcut services. Gerry Norton of Binswanger's Minneapolis office represented the seller, Webb Properties, in the transaction.
Midwest
BURR RIDGE, ILL. — NorthPoint Capital – Chicago Inc. has arranged a $21 million loan to refinance Estancia Corporate Center in Burr Ridge, Ill. The 157,000-square-foot office complex consists of a one- and three-story building. An undisclosed life insurance company provided the non-recourse loan, which has a 30-year amortization schedule. Paul Walschlager of NorthPoint Capital arranged the financing.
SUSSEX, WIS. — Rotating Equipment Repair, a company that performs pump repair for power generation, has purchased an 18,000-square-foot industrial facility at W254N547 Corporate Circle in Sussex, Wis. for $1 million. David Barry and Jim Young of Cassidy Turley Barry's Milwaukee office represented Rotating Equipment in the transaction. They also represented the seller, Venture Capital Investments.
CHICAGO — Los Angeles-based Lowe Enterprises Investment Management has acquired a 165,957-square-foot office building in the O'Hare area of Chicago from Fulcrum Asset Advisors on behalf of a pension fund client. The building, set on 6.7 acres, is 95 percent leased and is zoned for an additional 235,000 square feet of commercial development. The purchase amount was undisclosed.
When people manufacture products in the U.S., they manufacture them in the Rust Belt, and Cleveland is in the heart of the Rust Belt. Our manufacturing sector has experienced increased occupancy and decreased vacancy levels quarter over quarter for the past three quarters. Cleveland historically has been a manufacturing market, and when manufacturing is strong the Northeast Ohio market is strong. In addition to the strength of manufacturing, the development of the Utica and Marcellus Shale is the biggest factor affecting Cleveland right now. The Utica and Marcellus Shales have been big in the Pennsylvania market for the past five years, but development is now moving westward into Ohio. As drilling increases, so too does the need for services for the drillers. The drillers and their service providers need real estate, and there have been dramatic increases in prices over the past four months in rural markets such as Steubenville, Ohio. That growth is beginning to move toward Youngstown, Warren, and up to the Streetsboro area. Employment is expected to grow dramatically over the next five years. While the overall manufacturing market is surging, there are still challenges in old properties that were modern in the 1930s and 40s, which …
DENVER — Marcus & Millichap Real Estate Investment Services has arranged the sale of 42 self-storage facilities in Illinois, California and Hawaii. In all, the A-American Self-Storage portfolio includes nearly 2.8 million square feet of rentable space. The assets, which include 24,917 units, commanded a sales price of $163.4 million. Charles LeClaire of Marcus & Millichap's Denver office represented the seller, A-American Self-Storage of Los Angeles. LeClaire also secured the buyer, CPA:17 – Global, a non-traded REIT affiliate of W. P. Carey & Co. LLC.
KENDALLVILLE, IND. —Kautex Inc., a private company that specializes in gas tank manufacturing, has signed a lease renewal of 45,000 square feet of industrial space at 1201 W. Stonebreaker Dr. in Kendallville. Bill Cupp and Casey Cupp of CBRE, Sturges represented the landlord, Harbor Investments LLC, in the transaction. They also represented Kautex.
RICHFIELD, WIS. — Universal Metrics Inc. has purchased a 38,700-square-foot industrial facility, located at 3040 Helsan Dr. in Richfield, Wis. Universal Metrics, a Menomonee Falls, Wis.-based supplier of steel and stainless steel fabrications, will expand its capacity with the new building. Jim Young of Cassidy Turley Barry’s Milwaukee office represented Universal Metrics in the transaction. Anthony Huenerbein and Brian Parrish of The Dickman Co. represented the seller, TVT LLC in the transaction.
NEW YORK — New York-based American Realty Capital Trust III has completed the acquisition of five freestanding, single-story Dollar General stores in Missouri for $4.5 million. The Missouri stores, located in Licking, King City, Stanberry, Conway and Auxvasse, total 45,000 square feet. The company also acquired two Walgreens drug stores for $13.1 million in Stevensville, Mich. and Maplewood, N.J. The acquisitions total approximately 72,000 square feet. The properties are fully leased.
CADILLAC, MICH. — HCI Limited Partnership has purchased two industrial properties leased to FedEx for an undisclosed amount. The portfolio includes a 41,093-square-foot property at 1225 Marty Paul St. in Cadillac and a 75,656-square-foot building at 7783 Chattsworth Rd. in Columbus, Ga. Brandon Brown of T.L. Properties represented HCI in the transaction. CRS Advisors represented the seller, Puget of Texas.