OVERLAND PARK, KAN. — Mary Riley Cheek and Michael Mayer of Colliers Turley Martin Tucker have brokered the sale of the former Brooke Investments office building at 8500 College Boulevard in Overland Park for $2.4 million. The brokers negotiated the disposition on behalf of Albert A. Riederer, the court-appointed trustee for the bankruptcy estate of Brooke Investments. The 14,100-square-foot building was acquired by 8500 College LLC dba Sunway Hotel Group, which was represented by Jim Gates of Kessinger/Hunter. The one-story property was completely renovated in 2006; Sunway Hotel Group plans to establish offices in a portion of the building and lease the remaining space.
Midwest
NORTHFIELD, MINN. — Minneapolis-based Upland Real Estate Group has completed the sale of a triple-net leased Arby’s investment property that is located in Northfield. A private investor acquired the restaurant, which has 16 years remaining on its ground lease, for approximately $1.75 million, at a 7.75 percent cap rate. Keith Sturm and Deborah Vannelli of Upland represented the developer in the disposition.
ADDISON AND COUNTRYSIDE, ILL. — Darwin Realty & Development Corp. has negotiated two long-term industrial leases in the southwest quadrant of metro Chicago. In Addison, Noel Liston represented Fieldsource Construction in a lease for a 35,000-square-foot freestanding industrial property located at 330 Fairbank. Liston also represented the building ownership, Panattoni Development Corp. The building is situated on 3 acres, and feature 18-foot clear ceiling heights and three interior loading docks. In Countryside, Darwin’s Daniel Fanelli, Brian Liston and Brian Gedvilas arranged a 38,460-square-foot lease at 9570 W. 55th St. on behalf of the undisclosed landlord. Joe Bronson of Darwin secured the warehouse space for the tenant, Artco Casket Co., which is relocating from Broadview, Ill. The building features 20-foot clear ceiling heights, three exterior docks and 1,000 square feet of finished office space.
DULUTH, MINN. — Minneapolis-based Kraus-Anderson Construction Co. has been selected to serve as construction manager for the new $65 million terminal for Duluth International Airport. Phase I is expected to break ground July 1, pending approval by the Federal Aviation Administration. This phase, which is slated for completion at the end of the year, will include site preparation and infrastructure work. Phase II will include the construction of the terminal. Completion of the project is expected in late 2011. The project is expected to apply for LEED certification. The airport will remain open during construction.
MADISON, WIS. — Lee & Associates of Madison has brokered the sale of the World Dairy Center, a 65,544-square-foot property located on Dairy Drive in Madison. Jared Flesch and John Walsh of Lee & Associates represented the undisclosed seller. The buyer, Charal Wisconsin Properties, purchased the property for an undisclosed amount.
OVERLAND PARK, KAN. — Sunway Hotel Group has purchased a single-story, 14,140-square-foot office building, located in Overland Park, for $2.4 million. The property is situated at 8500 College Blvd. and has been renovated within the past 2 years. The buyer plans to occupy half of the building and lease the remaining half. James Gates of Kessinger/Hunter & Co. represented the buyer. The seller, Brooke Insurance, was represented by Mary Riley-Cheek and Michael Mayer of Colliers Turley Martin Tucker. The building traded at a price of approximately $170 per square foot.
CHICAGO — Elmhurst, Ill.-based Darwin Realty & Development Corp. has negotiated the sale of a 19,132-square-foot industrial building, located at 1820 W. Grand Ave. in Chicago. Darwin’s Daniel Fanelli and Victor DeBoer represented the undisclosed seller. Rob Federighi of ChicagoBroker.com represented the buyer, Jennifer Goldstone. Terms of the deal were not released.
PLYMOUTH, IND. — The Community Resource Center for Marshall County Inc. has received funding to assist in the construction of a new county services facility, located in Plymouth. The organization received a low-interest $2.39 million loan from the U.S. Department of Agriculture for the construction of the new Community Resource Center. The project will be located at the site of the former Fulton-Marshall County Co-op, which will be demolished by the end of June. The new 30,000-square-foot facility will provide a central location for several Marshall County social service agencies. Groundbreaking is expected to occur in September, with completion slated for the second quarter of 2010. CB Richard Ellis | Bradley will provide leasing and property management services for the new facility.
HILLIARD AND COLUMBUS, OHIO — Columbus-based Alterra Real Estate Advisors has completed the sale of two Columbus-area medical office buildings for a total of $2.44 million. The first property is located at 5300 Nike Dr. in Hilliard and traded for $1.54 million. The second property is located at 1547 W. Broad St. in Columbus and traded for $900,000. Both properties are currently occupied by Mt. Carmel Health Systems. Brad Kitchen of Alterra represented the seller in both transactions, 36 Fiesta Lane LLC. The Nike Drive property was acquired by Golden Unity LLC, which was represented by Roya Ghodsi of ReMax Town Center. Acquisition financing was provided by US Bank. The Broad Street property was purchased by Andrew Tran of San Diego.
COLUMBUS, OHIO — Columbus-based NAI Ohio Equities has brokered the sale of Old Village Apartments, located in Columbus, for $1.65 million. The community contains 48 residences in a mix of one-, two- and three-bedroom units. NAI’s Scott Paull and Vic Joyner represented the undisclosed seller. The buyer was also undisclosed.