MENOMONEE FALLS, WIS. — NAI MLG Commercial has arranged the sale of a 27,300-square-foot industrial facility located at N60 W14630 Kaul Ave. in Menomonee Falls. Product Miniature Co. has purchased the building from Power Test Inc., which is relocating to a 65,000-square-foot facility in Sussex, Wis. Product Miniature Co. is relocating its plastic mold division from West Allis, Wis., to the new building. The purchase price was $1.35 million. Stephen Provancher and Adam Matson of NAI MLG Commercial represented the seller; Tom Haska, also of NAI MLG Commercial, represented the buyer in the transaction.
CHICAGO — Philadelphia-based Pearl Properties has purchased 15,188 square feet of office space within Cape Horn Group’s 55 West Wacker building in Chicago. Situated in the middle of downtown, the 15-story building measures 209,000 square feet in size. Pearl Properties has purchased the entire second floor and mezzanine space, which was previously leased to a national credit tenant. Pearl Properties leases the space to a subsidiary of a Chicago-based company with its worldwide headquarters nearby. The company uses the space as an employee fitness center and makes it available for a fee to owners at 55 West Wacker. The seller, Cape Horn Group, was represented in-house by Juan DeAngulo; Shaun Lyons of Precision Realty Corp. represented Pearl Properties in the transaction.
OVERLAND PARK, KAN. — The Chicago office of Holliday Fenoglio Fowler (HFF) has arranged a construction loan and joint venture equity totaling $145.3 million for Corbin Park, an open-air retail center underway in Overland Park. Upon completion of the project between late 2009 and early 2010, the center will house 1.1 million square feet of retail and entertainment space. Von Maur, JC Penney, Lifetime Fitness and NYLO Hotels will anchor the development, which is located at the intersection of 135th Street and Metcalf Avenue. Tim Joyce, Mike Kavanau and Doug Bond of HFF placed the construction loan and arranged the equity on behalf of Cormac Co. Financing was led by Bank of America and US Bank. INVESCO Real Estate provided joint venture equity.
OVERLAND PARK, KAN. — Overland Park, Kan.-based NPC International Inc. has entered into two agreements with Pizza Hut Inc. involving the sale and acquisition of more than 150 stores located throughout the United States. As part of the initial Asset Purchase Agreement, NPC will take control of 89 Pizza Hut locations from Pizza Hut Inc. for a cash payment of $26.4 million. The units being sold by Pizza Hut Inc. include 41 fee-owned locations. NPC will acquire one of these properties and lease 40 of them from Pizza Hut Inc. The stores to be acquired pursuant to the Asset Purchase Agreement include 82 units in Tampa, Fla., and seven units in Cedar Rapids, Iowa. Additionally, in an Asset Purchase and Sale Agreement (PSA), Pizza Hut Inc. has agreed to buy 70 Pizza Hut units from NPC for $19.6 million in cash. The agreement also requires that NPC will purchase 102 Pizza Hut units from Pizza Hut Inc. for an additional $26.5 million. Units being acquired as part of the PSA include 52 stores in Kansas City, Mo., and 50 stores throughout North Atlanta. The stores that will be sold pursuant to the PSA include 27 units in Jackson, Miss., 20 …
OLATHE, KAN. — Westchester, Ill.-based Tri-Land Properties has completed the $2.5 million redevelopment of its Devonshire Village shopping center located at the corner of 127th Street and Mur-Len Road in Olathe. Renovations to the 50,000-square-foot neighborhood center included upgrades to the exterior façade, new parking lots and enhanced landscaping. Tenants at the 20-year-old development include Little Rascals Christian Day Care, Pizza Hut, Gymboree, Allstate Insurance, The Music Video Group and Ameri-Best.
ST. CHARLES, ILL. — Chicago-based Novak Construction Co. has completed a 148,000-square-foot Costco store and gas station located in St. Charles. Situated on a 15-acre site, the property features a 710-car parking lot adjacent to the gas station. The building includes a food court, meat preparation area, bakery, freezer and cooler. Additionally, the facility features full optical and photo processing centers, as well as a pharmacy and tire center. The gas station at the property consists of six dispensers with 12 hoses. Dan Dupuie and Byron DeBord of Novak Construction served as project director and project manager, respectively; Bellevue, Wash.-based Mulvanny G2 Architects provided design services for the project. The estimated cost of completion was not disclosed.
CHICAGO — Essex Realty Group has brokered the sale of a senior housing community located at 6550 N. Damen within Chicago’s Rogers Park neighborhood. The 21-unit property consists of 15 one-bedroom and six two-bedroom units. The building operates as a Senior Section 8 HUD Property under Housing Assistance Payment (HAP) contract. Matt Welke of Essex represented the seller in the transaction. An undisclosed buyer purchased the property for a sales price of approximately $2.2 million.
What area is your expertise? St. Louis County, Missouri — specifically the Chesterfield submarket. What trends do you see presently in office development in your area? In this submarket, vacancy is declining and new buildings are under construction with more being planned. Who are the active office developers in your area? MPD Development, Duke Realty, OPUS and Sachs Properties. Please name one or two significant office developments in your area. What impact will these projects have on the market? Valley Trails Center at 17401 North Outer 40 Drive, Chesterfield, MO 63005. Three 66,000-square-foot office/medical buildings (planned for near future). Located on Interstate 64/Highway 40 with great access from Boone’s Crossing interchange. Buildings will include balconies and have excellent visibility from the interstate. Adjoins a 26 mile trail system. Developer is MPD Development. Where is the majority of development taking place? Why is this area doing well? West St. Louis County due to access and strong demographics. What area do you expect to be the next big development market? Why? Development will continue in West St. Louis County/ Western Chesterfield area due to available land. What areas are doing well in terms of office leasing? Which areas are struggling with office …
OVERLAND PARK, KAN. — Marcus & Millichap has represented both parties in the sale of Plaza Gardens Townhomes, a 200-unit multifamily community located at 13900 Newton in Overland Park. Situated on approximately 20 acres, the 307,600-square-foot apartment community consists of 32 three-story buildings. The Class A complex houses two- and three-bedroom units. A Phoenix-based investor has purchased the property from a local developer for an undisclosed amount. Amenities at the property include a swimming pool, hot tub, tanning salon and fitness center. Will Balthrope in the Dallas office of Marcus & Millichap, in conjunction with Christopher Helvey and Michael Sullivan in the Kansas City office, represented the seller; Marcus & Millichap also represented the buyer in the transaction. The acquisition price was not disclosed.
DANVILLE, ILL. — Cambridge Realty Capital Cos. has provided a $12.6 million FHA-insured first mortgage loan to fund the purchase of a 140-bed skilled nursing/board and care facility located in Danville. The Hawthorne Inn of Danville includes 64 skilled nursing units and 76 board and care units. The fully-amortized, 35-year term mortgage was arranged for an Illinois limited liability company by Cambridge Realty Capital Ltd. of Illinois. The interest rate for the loan was not disclosed.