GREENWOOD, MO. — MDL Investments has acquired 75 developed lots and 65 acres of land in Greenwood. Located at 15613 Allendale Lake Road, the property sold for an undisclosed price. Roger Mason and Kirk McGuire of Coldwell Banker Commercial Fishman & Co. represented the seller, M&I Bank, in the transaction. The sales price was not disclosed.
Lately, it has been quite challenging to pick up a newspaper, watch television or even view an online news source and not be inundated by sour economic events occurring throughout the world, as well as in the Greater Cleveland area. As we navigate our way through these uncertain times in the economy, and more specifically in the commercial real estate industry, owners and users of real estate will be faced with challenges as well as opportunities. The Cleveland industrial real estate market, which ranks as the ninth largest industrial market in the United States, remains healthy largely due to its conservative growth during the last decade. The Cleveland economy is comprised of a diverse range of businesses from many different sectors, making it less prone to volatile cycles common in other industrial-based regions. Our local industrial market, which consists of numerous submarkets, had a vacancy rate ranging from 8 to 10 percent throughout 2009. The average lease rate for industrial space was approximately $3.90 per square foot. Both of these indicators compare favorably to the U.S. average, which has slightly higher vacancy and lease rates. A major obstacle weighing on today’s real estate consumer in the Cleveland area is the …
O’FALLON, MO. — O’Fallon Castings has acquired a 115,200-square-foot warehouse/distribution building, which is located at 601 Cannonball Lane in O’Fallon. The property sold for $3.48 million or $30.25 per square foot. Geoffrey Orf and J. Patrick Reilly with Gateway Commercial|Cushman & Wakefield Alliance represented the seller, First Industrial Realty Trust, in the transaction.
ROUND LAKE, ILL. — An undisclosed buyer has acquired Cedar Lake Plaza and surrounding out lots in Round Lake for a total sales price of $3.35 million. The 21,148-square-foot retail center sold for $1.6 million, while the 322,166 square feet of surrounding out lot land sold for $1.75 million. Evan Halkias and Michael Marks of Marcus & Millichap’s downtown Chicago office represented the undisclosed seller.
MINNEAPOLIS — Mid-America Real Estate–Minnesota has acquired Park Midwest Commercial Real Estate. The two Minneapolis-based companies will now operate as Mid-America Real Estate–Minnesota. The merger was effective January 1, 2010, and the company’s new office is located at 5353 Wayzata Blvd. in Minneapolis. Mid-America Real Estate–Minnesota is a branch of Chicago-based Mid-America Real Estate Group.
CHICAGO — Cambridge Realty Cos. has closed a $12.9 million FHA-insured HUD first-mortgage loan for the refinancing of Alden Village North in Chicago. The skilled pediatric facility offers 128 beds. The fully amortized loan carries a 40-year term and utilized HUD’s Section 232 MAP funding program.
BOLINGBROOK, ILL. — Tennessee-based Ozburn-Hessey Logistics (OHL) has signed a lease for 183,500 square feet of industrial space at Bolingbrook Corporate Center West Building II in Bolingbrook. The property features 32-foot clear heights, 48 docks and parking for 265 cars. The facility offers OHL the opportunity to expand into a 269,590-square-foot flex space. Jeff Smith of IDI, along with Ben Cremer and Mike Robbins of NAI Hiffman, represented the landlord, IDI, in the lease negotiations. J.D. Salazar of Champion Realty & Advisors represented OHL.
FAIRFIELD, IOWA — Pantheres LLC has purchased an 88,000-square-foot Class A office building in Fairfield. The Books are Fun division of Reader’s Digest sold the vacant property for an undisclosed price. The buyer plans to re-tenant the property. Kirk Hiland of NAI Iowa Realty represented both parties in the transaction.
COUNCIL BLUFFS, IOWA — Council Bluffs HDI LP has completed the disposition of a 5,000-square-foot Sherwin Williams retail store in Council Bluffs. Located at 3525 Metro Drive, the property sold for $1.3 million. Thomas DeWaay, Mark Ruble, Jamie Medress and Matt Fitzgerald of Marcus & Millichap brokered the transaction.
CEDAR RAPIDS, IOWA — Bronco Land has purchased a 24,000-square-foot former Chrysler Dodge automobile dealership in Cedar Rapids for $1.65 million. After extensive renovations, Modern Piping, a Midwest mechanical contractor, will occupy the property. Kirk Hiland of NAI Iowa Realty Commercial represented the buyer; Adam Gibbs of NAI Iowa Realty Commercial represented the undisclosed seller.