CHICAGO — The Macerich Company has purchased the Neiman Marcus located at Oakbrook Center in Chicago from General Growth Properties (GGP). The deal was part of a $75 million transaction in which GGP sold its interest in two Phoenix hotels as well as four retail properties in Chicago, California and Utah.
ILLINOIS — Marcus & Millichap has completed the sale of three Walgreens properties in Illinois for a total of $15.18 million. The properties are located at 347 E. 95th St. in Chicago, 35613 State Route 59 in Warrenville and 1080 N. Seventh St. in Rochelle. John Nuzman of Marcus & Millichap's Detroit office represented the seller, a limited liability company. David Thurston of the firm's New Jersey office, represented the buyer, a private investor. John Przybyla of the firm's Chicago office provided assistance. Geoffrey Harris of the Phoenix office of Marcus & Millichap Capital Corp. arranged acquisition financing.
IOWA — Casey's General Stores has agreed to purchase 22 Kum & Go convenience stores from the company for an undisclosed amount. The properties, all of which are in Iowa, are located primarily in rural parts of the state. They will be rebranded to Casey's once the deal closes, which is expected in July.
LANSING, MICH. — STAG Industrial has purchased a 231,000-square-foot manufacturing and distribution facility in Lansing for $14.1 million. Constructed in 2006, the Class A building is situated on 33 acres at 7009 W. Mount Hope Highway. Its current tenant, auto parts supplier Johnson Controls, has 10 years remaining on its lease. The seller's name was not released.
MASON CITY, IOWA — Cargill will begin construction this summer for the $12.5 million expansion of its Mason City plant. The facility is home to Cargill Kitchen Solutions, a leading marketer of further-processed egg products primarily serving the foodservice industry. Completion is expected next spring.
CHICAGO — Chicago-based retail brokerage firm Vernick & Associates has affiliated with TCN Worldwide. The firm was founded in 2004 and is led by President and CEO H. Ross Ford. Now known as Vernick & Associates/TCN Worldwide, the company joins office brokerage form Bradford Allen/TCN Worldwide and industrial brokerage firm Entre Commercial/TCN Worldwide as TCN's Chicago affiliates.
MISHAWAKA, IND. — Syndicated Equities has arranged the sale of a 3,592-square-foot, single-tenant property net-leased to Arby's in Mishawaka. The property was purchased by a Florida-based investor from an Indiana-based real estate developer for $1.34 million. Isaac Metzger of Syndicated Equities represented both parties in the deal.
EAST LANSING, MICH. — Mexican restaurant Famous Taco has opened its second location. The East Lansing restaurant's second location is within Haslett Village Square shopping center at the corner of Haslett and Marsh Road. The new restaurant totals 1,565 square feet. Its original location is on West Saginaw Highway. CB Richard Ellis provided landlord representation in the lease and manages Haslett Village.
AURORA, ILL. — Follett Higher Education Group, a division of Follett Group, has signed a long-term lease for Butterfield 550, a 551,200-square-foot warehouse/distribution facility located in Aurora. Developed by Duke Realty in 2008, the building is situated within Butterfield Corporate Park. Follett plans to relocate to the building from River Grove, Ill., in November. David Justh and Keith Puritz of CB Richard Ellis (CBRE) represented the tenant in lease negotiations. John Suerth, Traci Buckingham and David Prell, also of CBRE, represented Duke Realty.
INDIANAPOLIS — Rapchak Holdings has purchased a distressed 386-unit apartment community in Indianapolis from Paladin Asset Preservation, which was acting as receiver. Harrison Point Apartments is located at the intersection of 42nd Street and Post Road. The buyer plans to extensively renovate the property to include roof replacements, a parking lot resurfacing, and interior and landscaping improvements. Tikijian Associates represented the buyer, and ARA Midwest represented the seller. The acquisition price was not disclosed.