TULSA, OKLA. — Tulsa-based Stan Johnson Co. has completed the sale of three Michigan retail stores fully leased to Tractor Supply Co. An undisclosed investor has purchased the properties from retail developers for approximately $9.5 million. Gill Warner, Rod Pickney and Chad Byerly of Stan Johnson Co. represented both parties in the transaction. The team has sold a total of 38 Tractor Supply Co. properties to date.
JEFFERSON CITY AND COLUMBIA, MO. — Carpinteria, Calif.-based CKE Restaurants Inc. has sold 11 Hardee’s restaurants located in the Jefferson City and Columbia markets. Rising Stars LLC has purchased the units for an undisclosed amount. In addition to the acquisitions, Rising Stars has committed to build a minimum of three new Hardee’s restaurants in the two markets over the next 5 years. The transaction was brokered by Franchise Resale Consultants, d/b/a Praetorian Group. The sale marks the completion of the strategic refranchising program that CKE Restaurants originally announced in April 2007. Under the refranchising program, CKE Restaurants sold a total of 238 Hardee’s units to franchisees, and secured commitments for 115 new franchise restaurants under development agreements for those markets. The company sold 38 more units than it had originally announced it would refranchise. CKE Restaurants currently owns 477 Hardee’s restaurants and 415 Carl’s Jr. restaurants. To date, for fiscal 2009, CKE Restaurants has entered into a total of 20 franchise development agreements representing commitments for 380 restaurants. The principals of the franchisee purchasing the 11 Hardee’s restaurants currently own and operate more than 100 Carl’s Jr. and Hardee’s restaurants throughout the United States.
DUBLIN, OHIO — Alterra Real Estate Advisors has brokered the sale of Two Metro Place, a Class A office building located within the Metro Center complex in Dublin. An East Coast investment company has purchased the 118,000-square-foot building from 565 Metro LLC for $16 million. Tenants at the building, which is 98 percent occupied, include Influent, Lowes, The Ohio State University, Siemens and Sophos. Alterra will continue to handle the leasing and management of the property on behalf of the new owners.
NORTHBROOK, ILL. — NorthMarq Capital has arranged approximately $4.13 million in first mortgage financing for ENH Ground Lease, a 98,000-square-foot site located in Northbrook. NorthShore University Healthsystem is the major tenant of the property, and has plans to construct a 30,000-square-foot medical office building at the site. The loan was based on a 10-year term, with a 30-year amortization schedule. Jeffrey Cherner and Michael Miller in the Chicago office of NorthMarq arranged the loan on behalf of 445 Venture LLC. Financing was arranged for the borrower by NorthMarq through its relationship with AVIVA Investors. According to Cherner, the ground lessee and owner of the leasehold improvements has a credit rating of AA-.
INDIANAPOLIS — Tikijian Associates has brokered the sale of Forest Manor Apartments located near 38th Street and Sherman Drive in Indianapolis. Hoosier Veterans Assistance Foundation (HVAF) has purchased the 40-unit property from Indianapolis-based Meridian Management for an undisclosed amount. The multifamily community has been converted into the Donald W. Moreau, Sr. Veterans House. Operated by the HVAF, the property provides housing, as well as a transitional program, for homeless Indiana veterans to help them become self-sufficient. The facility has been renovated, furnished and decorated, and is now equipped to house 40 veterans in need.
AVON, IND. — Summit Realty Group has brokered the sale of a 20,912-square-foot office building located at 5250 E. US Highway 36 within Prestwick Point Office Park in Avon. Co-Alliance LLP has purchased the multi-tenant, two-story building from Avon West Office Tower LLC for an undisclosed amount. Co-Alliance is relocating its headquarters from Danville, Ind., to the new location. John Demaree, Tim Norton and Jeff Merritt of Summit Realty Group represented the seller in the transaction.
ST. LOUIS — Clayco Inc. has completed construction of the 29,600-square-foot St. Luke’s Rehabilitation Hospital located in West St. Louis County. The $7.4 million project was completed on behalf of a joint venture between RehabCare Group Inc. and St. Luke’s Hospital in Chesterfield, Mo. The facility, which provides medical and therapy services for patients requiring inpatient physical rehabilitation, is situated 3 miles west of St. Luke’s main campus. As part of the joint venture agreement, RehabCare and St. Luke’s will provide management and staffing services, including defined ancillary needs, lab and diagnostic services, and support services. The 33-bed building includes 25 private and five semi-private suites, an occupational and physical therapy gym, exam rooms, an office component, a dining room, a support area, and a formal entry and lobby area. The project was completed in 1 year. Clayco’s project team included Kirk Warden as project executive, Steve Street as project director and Rob Bruce as project superintendent.
CHICAGO AND PORTAGE, IND. — Wind City Warehouse & Distribution has signed a lease for 96,600 square feet of industrial space within the 12-building Calumet Business Center, which is located along Interstate 94 in Chicago. New York-based Ashley Capital has leased the rail-served space. The tenant’s new space is part of a 209,000-square-foot building served by the Norfolk Southern Railroad. The company expects to take occupancy at the facility by the end of February. Chris Gary, George Cibula and Ryan Hanley of Darwin represented Ashley Capital; Jeff Gilbert of Wagener Equities represented Windy City Warehouse & Distribution in the transaction. Terms of the lease were not disclosed. Additionally, Gary, Cibula and Hanley of Darwin have brokered the sale of a 175,100-square-foot crane building located at 1000 Boundary Rd. in Portage. Leeco Steel has purchased the industrial property from Arcelor Mittal for an undisclosed amount. The buyer is relocating to the facility from Chicago. The building, which is situated within the Port of Burns Harbor, includes multiple cranes and interior rail service. Kirk Grant of Colliers Ostendorf-Morris and Howard Cyrus of Cyrus Realtors represented the seller in the transaction.
COUNCIL BLUFFS, IOWA — John Bendon in the Omaha regional office of Minneapolis-based NorthMarq Capital has arranged approximately $15.22 million in first-mortgage financing for a multifamily property located in Council Bluffs. The loan for the 190-unit River Park Apartments was based on a 10-year term, with a 30-year amortization schedule. NorthMarq arranged financing for the newly constructed, Class A community through its seller/servicer relationship with Freddie Mac.
NEW ALBANY, IND. — Hendricks & Partners has brokered the sale of Sheffield Square, an apartment community located at 600 Country Club Dr. in New Albany. The 152-unit property was acquired for $6.6 million by Evanston, Ill.-based CSE Property Co., which purchased Sheffield Square From Indianapolis-based Buckingham SS LLC as part of a 1031 exchange. The 18-building community houses one-, two- and three-bedroom garden apartments on an 11.98-acre site. Amenities at the property include secured entry garden buildings, 334 parking spaces and 52 carports, and a swimming pool with a sundeck. Rick Vidrio, Todd Stofflet and Rick Brace in the Detroit office of Hendricks & Partners negotiated the sale.