ELY, MINN. — The Boulder Group has brokered the sale of a 32,100-square-foot retail property located at 1500 E. Sheridan St. in Ely for $2.65 million. Constructed in 2008, the building is leased to grocer Pamida on a triple-net basis for the next 17 years. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Minneapolis-based partnership, as well as the buyer, a 1031 exchange investor.
PLEASANT PRAIRIE, WIS. — Oak Brook, Ill.-based Inland Real Estate has acquired the Shoppes at Prairie Ridge, a 232,815-square-foot retail center located at 9777 76th St. in Pleasant Prairie. Anchors at the property include JC Penney, Dick's Sporting Goods, PetSmart and Ulta. The seller was Indianapolis-based Gershman Brown Crowley, the property's original developer.
BOLINGBROOK, ILL. — G&W Electric Co. has purchased an approximately 350,000-square-foot industrial building located at 305 Crossroads Pkwy. in Bolingbrook. The company will relocate its headquarters from Blue Island, Ill., to the property. Edward Wabick and Brandon Wright of Paine/Wetzel • ONCOR International represented G&W in the deal. Jerry Sullivan, also of Paine/Wetzel, represented the seller, Prudential Real Estate Investors.
ALGONQUIN, ILL. — The Boulder Group has completed the sale of a gas station property located in the Chicago suburb of Algonquin for $5.18 million. The site, which is located at the intersection of Randall and Algonquin roads, totals 43,429 square feet and is triple net-leased to ConocoPhillips, which has 13 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Chicago-based partnership. The buyer was a high net-worth investor from Atlanta.
WHEELING, ILL. — Construction has commenced for a new community center at St. Joseph the Worker Parish, located at 181 W. Dundee Road in Wheeling. The project will include a 9,970-square-foot building containing meeting space, banquet space and a full kitchen. Completion is expected later this summer. The project team includes Woodridge, Ill.-based general contractor Morgan/Harbour Construction and architect Ruben L. Anastacio & Associates.
HARRISON TOWNSHIP, MICH. — L. Mason Capitani has brokered the sale of a 17,496-square-foot industrial building located at 42950 Executive Drive in Harrison Township. The buyer was Preferred Moving & Storage, which will use the building to expand its operations. The seller, was Comerica Bank, which recently foreclosed on the property. Jason Capitani and Tom Jablonski of L. Mason Capitani arranged the deal.
CHICAGO — Chicago-based Newcastle Limited has acquired 533 West Barry, a 17-story, 162-unit apartment tower located in Chicago's Lakeview neighborhood for $33.3 million. The property contains a mix of one- through three-bedroom units as well as an attached 162-space parking garage. Dan Cohen and John Jaeger of CB Richard Ellis represented the undisclosed seller in the deal. Newcastle purchased the property all-cash on behalf of its $500 million Chicago real estate investment platform.
SHAWNEE AND LAWRENCE, KAN. — Arbor Commercial Funding has arranged a total of $18.2 million in Fannie Mae DUS financing for two Kansas apartment communities. A $10.9 million loan was secured for Pine Meadows Townhomes, a 102-unit property located in Shawnee. A $7.3 million loan was secured for Greens at Alvamar, a 152-unit property located in Lawrence. Both loans carries 10-year terms and 30-year amortization schedules. Anthony Tarter of Arbor's Plano, Texas, office arranged the deals.
TOLEDO, OHIO — CB Richard Ellis (CBRE) | Reichle Klein has arranged the sale of a 187,368-square-foot industrial property located at 830 N. Westwood Ave. in Toledo for $2.1 million. CBRE's Lynette Reichle represented the seller, a Cincinnati-based ownership group, as well as the buyer, Toledo, Ohio-based SJR Properties.
DUBLIN, OHIO — Marcus & Millichap has brokered the sale of a 3,660-square-foot, freestanding building that is net-leased to Arby's. The restaurant is located at 5864 Sawmill Road in the Columbus, Ohio, suburb of Dublin. An out-of-state investor purchased the property for $1.82 million at an 8 percent cap rate. Dan Yozwiak and John Reehil of Marcus & Millichap's Columbus office represented the seller, a private investor.