LONDON, OHIO — The Cooper Commercial Investment Group of Cleveland-based NAI Daus has brokered the sale of a 46,008-square-foot shopping center located in London. Tenants of London Plaza, which is 100 percent leased, include Peebles, Dollar Tree, Volunteers of America, Pizza Hut and Dollar General. A Los Angeles-based independent investor involved in a 1031 exchange has acquired the property from London Development for approximately $3 million. NAI Daus’ Dan Cooper and Bob Havasi represented the seller in the transaction.
Midwest
LA VISTA, NEB. — Grubb & Ellis|Pacific Realty has arranged the sale of 23 acres located at 121st and Centennial roads within the Papio Valley 2 Business Park in La Vista. Waldinger Corp., which acquired the property for $1.49 million, has plans to construct an 80,000-square foot office and manufacturing facility at the site. Michael Mellen of Grubb & Ellis|Pacific Realty represented the buyer; Jack Degan of NAI/NP Dodge represented the undisclosed seller in the transaction.
COLUMBUS, OHIO — This spring, London-based Burberry will open its first Ohio store within the 1.7 million-square-foot Easton Town Center in Columbus. The 4,280-square-foot store, which will feature an extensive collection of Burberry products, will be situated within the North District, between BCBG and Benetton. Co-developed by The Georgetown Company, Columbus-based Steiner + Associates and Limited Brands, Easton Town Center features more than 160 retail, entertaining and dining tenants.
CHICAGO — Spain-based Zara, Germany-based PUMA and United Kingdom-based Ben Sherman have signed leases within Joseph Freed and Associates’ Block 37 development in Chicago. The 280,000-square-foot retail project is 60 percent leased, with another 20 percent in final lease negotiations. Apparel retailer Zara will occupy 15,030 square feet of space on the first and second floors of Block 37, along Randolph Street; PUMA will take approximately 8,000 square feet of space on two floors at the corner of State and Randolph Streets; Ben Sherman will move into a 3,100-square-foot store on State Street. This will be Zara and Ben Sherman’s first stores in the city of Chicago. Additional tenants at the project include Muvico, David Barton Gym, Auntie Anne’s, Godiva, Sabon and Steve Madden. Terms of the leases were not disclosed.
CHICAGO — Chicago-based UGL Equis has been selected to manage Switzerland-based Zurich Financial Services’ North American real estate holdings totaling approximately 8.4 million square feet. With approximately 400 locations, the portfolio includes approximately 5.2 million square feet of leased space, as well as 3.2 million square feet of owned property. The properties consist primarily of office space, with a small mix of warehouse facilities. In order to fulfill its multi-year responsibility, UGL Equis will provide services for Zurich including strategic portfolio planning, transaction work, lease administration, project management and legal services. Additionally, the company will examine Zurich’s real estate holdings to help identify improved space utilization and cost savings. CB Richard Ellis will handle Zurich’s European Requirement.
CHERRY VALLEY, ILL. — On October 23, Walter Wayne Commercial Real Estate will formally announce construction plans for a 30,000-square-foot development, which will be located at the northeast corner of Newburg and Bell School roads in Cherry Valley. The $8 million Cherry Valley Crossing project will consist of four buildings situated across a 4-acre site. OSF Medical Group will occupy 7,000 square feet of space within one of the buildings; Bell Pantry & Liquor also has plans to occupy space at the project. In addition to Cherry Valley Crossing, the company has plans to develop Cherrywood, a $10 million office campus, which will be located at Newburg Road and Interstate 90 in Cherry Valley. The environmentally sustainable office complex will be situated on a 6-acre site, and will feature more than 600 feet of frontage along I-90.
MINNEAPOLIS — Scott Pollock of Minneapolis-based NorthMarq has brokered the sale of Rand Tower, a 26-story office building located at 527 Marquette Ave. S. in Minneapolis. The tower was purchased by a joint venture between Alex Brown Realty of Baltimore and Hempel Properties of Maple Grove, Minn. NorthMarq served as broker of the sale and as an equity resource for the buyer. The cost of acquisition was not disclosed.
CARY, ILL. — Darwin Realty & Development Corp. has brokered the sale of a freestanding facility within the Three Oaks Industrial Park, which is located off Route 14 in Cary. The 1175 Alexander Court building was 100 percent leased at the time of the sale. The 45,000-square-foot facility, which is divided into two units, features 24-foot clear-height ceilings, four loading docks and a 4,000-square-foot office component. CenterPoint Properties has sold the building to Component Management Group; the asking price was $3 million. Noel Liston of Darwin Realty & Development Corp. represented both parties in the transaction.
ST. LOUIS — Phoenix-based Hendricks & Partners has represented both parties in the sale of Clara, a multifamily community located at 308-314 Clara Ave. in St. Louis. Chicago-based Clara Properties LLC has acquired the 36-unit property from Clayton, Mo.-based MIRP/DeBaliviere II Phase Two LLC. The buyer has plans to perform various unit and common area updates at the apartment community. Ken Aston, Paul Cunningham and Steve Pearl in the St. Louis office of Hendricks & Partners represented both parties in the transaction. The acquisition price was not disclosed.
DEKALB, ILL. — Cambridge Realty Capital Cos. has provided a $6.5 million FHA-insured first mortgage loan for Pine Acres Care Center, a 119-bed skilled nursing home facility located at 1212 S. 2nd St. in Dekalb. The loan will be used to refinance the property and fund a 5,075-square-foot addition. The fully-amortized, 40-year HUD Section 232 healthcare loan was arranged for the company’s owner, an Illinois limited liability company, by Cambridge Realty Capital of Illinois. The interest rate was not disclosed.