Midwest

24 HOUR FITNESS TRADES FOR $7.1 MILLION

by admin June 28, 2011

LEE'S SUMMIT, MO. — Faris Lee Investments has completed the sale of a 35,600-square-foot retail building triple-net leased to 24 Hour Fitness for $7.1 million. Constructed in 2007, the property is located on 3.53 acres at 900 NE Deerbrook St. Matthew Mousavi of Faris Lee represented the buyer, a Hawaii-based family trust. Chicago-based Baum Realty represented the Omaha, Neb.-based seller. The property closed at a 9.45 percent cap rate, which will increase to 10.65 percent in 2013 and increase 12 percent every five years thereafter. The buyer is also working with Faris Lee's Capital Markets Group to refinance the property.

June 28, 2011

COHEN ARRANGES REFI OF TWO APT BLDGS IN CHICAGO

by admin June 28, 2011

CHICAGO — Cohen Financial has arranged the refinancing of two apartment buildings located in Chicago's Lincoln Park neighborhood. A $6 million loan will refinance a five-story, 118-unit building. A $5.25 million loan was taken out for a five-story, 110-unit property. Both properties were fully leased at the time of closing. The loans carry 10-year terms and 30-year amortization schedules. The borrower was a family-operated limited liability company. The loans were arranged through Freddie Mac with assistance provided by Wells Fargo Multifamily Capital.

June 28, 2011

Midwest Retail

CHICAGO WALGREENS SELLS FOR $7.03 MILLION

by admin June 27, 2011

CHICAGO — The Boulder Group has assisted in the $7.03 million sale of a 13,650-square-foot Walgreens property located at 3220 W. 111th St. in Chicago. The property is leased to Walgreens for a 25-year lease term. The seller was a Chicago-based developer and the buyer was a California-based 1031 exchange investor. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction.

June 27, 2011

Midwest Retail

REDMOND COMPLETES GORDON GROCERY STORE IN WIS.

by admin June 27, 2011

MT. PLEASANT, WIS. — The Redmond Company has completed construction for a 15,870-square-foot Gordon Food Service Marketplace store located in Mt. Pleasant. Construction began in December and the grand opening in scheduled for June 28.

June 27, 2011

Industrial Midwest

NAI MLG ASSISTS SALE OF13,211 SF WAREHOUSE IN WIS.

by admin June 27, 2011

GERMANTOWN, WIS. — Sky High Investment Co. has sold a 13,211-square-foot industrial warehouse, located on Main Street in Germantown, to Cars Online. Barry Chavin and Stephen Provancher of NAI MLG Commercial assisted in the acquisition of the property.

June 27, 2011

Midwest Office

GLADSTONE ACQUIRES OFFICE BUILDING FOR $15.9 MILLION

by admin June 24, 2011

SPRINGFIELD, MO. — Gladstone Commercial Corp. has acquired a 78,421-square-foot office building located in Springfield for $15.9 million. The property was constructed as a build-to-suit for T-Mobile in 2006. The tenant currently has 10 years remaining on its lease with three 5-year renewal options. As part of the deal, Gladstone assumed the property's existing $11.6 million mortgage. The seller's name was not released.

June 24, 2011

Midwest Retail

OFFICE MAX/OFFICE DEPOT PORTFOLIO SELLS FOR $11.5M

by admin June 24, 2011

MINNESOTA AND MICHIGAN — Marcus & Millichap (M&M) has completed the sale of a five-property retail portfolio for $11.54 million. The properties includes Office Max stores located in Alexandria, Brainerd and Mankato, Minn., as well as an Office Depot located in Traverse City, Mich. The fifth property is located in Martinsburg, W.V. All five properties have between seven and 11 years remaining on corporate-guaranteed leases. James Stonehill and Scott Wiles of M&M's Cleveland office joined with Erin Patton of the firm's Columbus, Ohio, office to represent the seller, an Ohio developer. Barry Wolfe of M&M's Fort Lauderdale, Fla., office represented the buyer, Boca Raton, Fla.-based Kin Properties. Local representation was provided by Solomon Poretsky of M&M's Minnesota office, Jonathan Dwoskin of the firm's Detroit office and Ralph Nash of West Virginia-based Old Spruce Realty.

June 24, 2011

Civic Midwest

MISSOURI UST STUDENT DESIGN CENTER COMPLETE

by admin June 24, 2011

ST. LOUIS — Construction is complete for the Missouri University of Science and Technology's new Kummer Student Design Center. The $2.75 million project consisted of the redevelopment of a former bread factory into a 23,000-square-foot facility containing space for the school's design teams as well as retail space.

June 24, 2011

Midwest Retail

COHEN FINANCIAL ARRANGES $5M FINANCING IN CHICAGO

by admin June 24, 2011

ORLAND PARK and ARLINGTON HEIGHTS, ILL.— Cohen Financial has secured $5 million to refinance loans for two Class B retail properties in the Chicago area. The two properties are Waterfall Plaza, a 22,000-square-foot retail strip center located in Orland Park, and Plaza Del Grato, an approx. 40,000-square-foot retail strip center located in Arlington Heights. Brandon Harrington of Cohen’s Phoenix office originated the $2 million loan for Waterfall Plaza and the $3 million loan for Plaza Del Grato. The lender is StanCorp Mortgage Investors and the borrower is a group of retail investors.

June 24, 2011

Midwest Retail

PNC BRANCH BOUGHT BY FOREIGN INVESTOR IN ILL.

by admin June 24, 2011

WAUKEGAN, ILL. — A Brazilian investor has purchased a net-lease PNC Bank branch located in Waukegan. The single-tenant property was constructed as a build-to-suit three years ago for National City, which was acquired by PNC. Chad Firsel of Quantum Real Estate Advisors represented the seller, a local developer, in the deal.

June 24, 2011

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