FISHERS, IND. — Meritex NxNE LLC has acquired North by Northeast Business Park in Fishers for an undisclosed price. The 306,408-square-foot, three building complex consists of 9715 Kincaid Drive, 8700 Roberts Drive and 8707 Roberts Drive. Jeff Castell and Angie Wethington of Cassidy Turley represented the seller, Wells Fargo, in the transaction.
CLEVELAND AND TWINSBURG, OHIO — Premier Development Partners has acquired two industrial properties in the Cleveland area for a consideration of $2.3 million. In the first transaction, Premier purchased 12117 Bennigton Avenue in Cleveland from Premier Manufacturing Co. for $1.15 million. Situated on 12.3 acres, the three-building industrial complex offers 200,173 square feet. The transaction include a 1-year leaseback. Once the leaseback term ends, the property will be redeveloped and tenanted. Additionally, Premier purchased a two-building 54,000-square-foot, multi-tenant complex, located at 2242-2272 Pinnacle Parkway in Twinsburg, from Orix Special Services for $1.15 million. The property is currently 70 percent occupied. The Barna Caplan Team of CRESCO Real Estate represented the sellers in both transactions.
CLINTONVILLE, WIS. — The Redmond Company has been selected to construction a 13,650-square-foot retail building at the corner of Main and Madison streets in Clintonville. Occupied by Walgreens, the retail building will include a tower element, awnings, polished concrete floors, exposed ceilings and a customer-centric format.
PLYMOUTH AND BURNSVILLE, MINN. — NorthMarq Capital has arranged $10.87 million in first mortgage financing for a three-building, 172,094-square-foot industrial portfolio in Minnesota. The assets are Plymouth Tech IV and V, which are located at 5500 and 5010 Cheshire Lane North in Plymouth, and Burnsville Bluffs II, which is located at 11351 Rupp Dr. in Burnsville. Patrick Minea of NorthMarq arranged the 7-year term loan for the borrower through NorthMarq's relationship with Associated Bank.
SCHAUMBURG, ILL. — Leopardo, serving as general contractor, has completed the construction of a 53,000-square-foot medical office headquarters building for Barrington Orthopedic Specialists and Sports Medicine. Located at 929 W. Higgins Road, the two-story building features procedure rooms with recovery bays, a 1,400-square-foot conference room with commercial kitchen, and physical therapy, work hardening and work conditioning areas, MRI and physician office areas. The project also included a parking lot and landscaping. Tinley Park, Ill.-based Arete-Knight, a division of Knight E/A, provided architectural services for the project, which was completed in 11 months.
CHICAGO — NorthMarq Capital has arranged $55 million in first mortgage financing for Columbus Plaza in Chicago. Located at 233 E. Wacker Dr., the high-rise multifamily property offers 533 apartment units. The financing was based on a 7-year term with a 30-year amortization schedule. Sue Blumberg of NorthMarq's Chicago Regional office arranged the financing for the borrower, Columbus Plaza Venture LLC, through NorthMarq's affiliate AmeriSphere Multifamily Finance.
LEAWOOD, KAN. — David Farrell of NorthMarq Capital's Kansas City Regional office has arranged $2 million in second mortgage financing for Leawood at Stateline in Leawood. The 254-unit multifamily property is located at 2140 W. 137th Terrace. Financing was based on an 8.5-year term with a 30-year amortization schedule. The loan was arranged through NorthMarq's seller-servicer relationship with Freddie Mac.
Although the Indianapolis retail market took a hit during the downturn, it never sunk as deeply into the doldrums as other U.S. cities, and has been relatively quick to rebound from its modest slide. Maintaining an unemployment rate well below the national average (8.7 percent at year-end 2010), with the prediction of 20,000 new jobs for 2011 ensures this market is headed in the right direction. Retail real estate brokers in this statistical region of more than 2 million were actually quite busy in 2008 and 2009 when most other regions were reeling from the economic crunch. Recognizing still-strong market fundamentals, retailers tried to seize on the doom and gloom of the times to lowball local landlords, who for the most part would not yield to unreasonable rent offers that they knew would tie them up for years to come. While retail vacancies remain low in the city’s most robust retail corridors, they are higher than they were before the downturn began in areas where demographics have shifted. We continue to see a flight to quality in this market with the most attractive, well-positioned shopping centers commanding surprisingly strong rents. For instance, Class A big box rents in highly desirable …
LAPEER AND TECUMSEH, MICH. — Cassidy Turley BRE Commercial has negotiated two retail sales totaling $11.56 million in Michigan. In the first transaction, PVP Lapeer LLC purchased a $14,550-square-foot retail building, which is located at 571 S. Main St. in Lapeer. Lapeer Green LLC sold the property, which is occupied by Walgreens, for $6.67 million. Matt McNeil of Cassidy Turley BRE represented the buyer in the transaction. In the second deal, McNeil represented PVP Tecumseh LLC in the acquisition of a 13,580-square-foot retail building at 1330 W. Chicago Blvd. in Tecumseh. Tecumseh Green LLC sold the property, which is occupied by Walgreens, for $4.86 million.
MUNCIE, IND. — RCS Holdings X LLC has acquired the 15,907-square-foot Riverview Square in Muncie. Located at 1107 S. Tillotson Ave., the multi-tenant office building sold for $1.05 million. Joseph DiSalvo and Matthew Deahl of Marcus & Millichap's Indianapolis office represented the seller, Riverview Square LLC, and the buyer in the transaction. The property was originally constructed in 1972 and completely rebuilt in 1995.
