DE FOREST, WIS. — Stan Johnson Co. has arranged the sale of a 14,490-square-foot freestanding retail building located at 807 S. Main St. in De Forest. The property, which is 100 percent leased to Walgreens, was acquired by the buyer through a 1031 exchange. Vintage 76 Apartments LLC has acquired the property from Edward Hines Lumber Co. for approximately $3.89 million. Joey Odom on the Hughes Team of Stan Johnson Co. represented the seller; Benjamin Flinders of Investment Real Estate Associates represented the buyer in the transaction.
Midwest
VILLAGE OF MOUNT PLEASASNT, WIS. — Chicago-based HSA Commercial Real Estate has selected Butler, Wis.-based Berghammer Construction Corp. to construct two spec buildings within the Park 94 Business Park in Village of Mount Pleasant. Both facilities, which are the first two buildings to be constructed within the business park, were designed by Itasca, Ill.-based Cornerstone Architects. Groundbreaking for the project is planned for September 16th. A 320,000-square-foot facility is being constructed to achieve LEED Certification; a 125,000-square-foot facility is also being built simultaneously on the property. Construction commenced in May, and is scheduled to be complete in December.
SUPERIOR, WIS. — Cleveland-based NAI Daus and Brookfield, Wis.-based NAI MLG have brokered the sale of a freestanding building triple net leased to Kmart, which is located at 3015 Tower Ave. in Superior. An undisclosed Boca Raton, Fla.-based buyer has acquired the 87,407-square-foot store from Zeisler Morgan Properties Ltd. The property was sold for approximately $2.24 million. Dan Cooper and Bob Havasi of NAI Daus’ Cooper Commercial Investment Group represented the seller in the transaction.
What area is your expertise? For the purposes of this report we are discussing the Industrial Market in Akron, Ohio and the five counties surrounding it (Summit, Stark, Wayne, Portage and Medina counties). What trends do you see presently in industrial development in your area? We are in a stable market with softness in the industrial sector, primarily due to the credit crisis and overall skepticism in the marketplace beginning in 2008 to present. The greater Akron marketplace is made up of many older industrial buildings that were built by the rubber companies and other industrial giants such as the Hoover Company located in North Canton. Local and regional rehab developers have come into the marketplace and purchased these million-square-foot facilities and rehabbed them into multitenant, mixed-use type facilities. The attractiveness of these facilities is generally low-lease rates and the infrastructure that is already in place, making total occupancy cost lower than new construction. What type of industrial product is doing well in your area? Smaller industrial, newer buildings with land for expansion available on a purchase basis as a second or third opportunity from an ownership basis. Who are the active industrial developers in your area? Richfield, Ohio-based Realty …
SUN PRAIRIE, WIS. — STAG Capital Partners has acquired a 427,000-square-foot industrial facility within the Sun Prairie Business Park located at 1615 Commerce Dr. in Sun Prairie. Situated on a 24.7-acre site, the property includes 360 parking spaces and 21 dock doors. The facility is fully leased to Famous Footwear. STAG Capital Partners was represented in-house by Brad Sweeney and Josh Plosker. The seller and the acquisition price were not disclosed.
ST. LOUIS — Phoenix-based Hendricks & Partners has brokered the sale of Park 44, a multifamily community located at 4426-4444 West Pine Blvd. in St. Louis. Park 44 Ul LP of Northbrook, Ill., has acquired the property from Park 44 LLC / Koch Development Co. of Clayton, Mo. Ken Aston in the St. Louis office of Hendricks & Partners represented the buyer and seller in the transaction. The acquisition price was not disclosed.
INDIANAPOLIS — Thompson Thrift has brokered the sale of a 13,198-square-foot former International House of Pancakes located at 1529 N. Meridian St. in Indianapolis. GB Indiana 2 LLC has acquired the building from IL & IN Restaurant Realty LLC for an undisclosed amount. The buyer plans to construct a 12,900-square-foot CVS/pharmacy on this site and adjoining properties. Tony Orlando of Thompson Thrift represented the seller in the transaction.
O’FALLON, ILL. — Swansea, Ill.-based Holland Construction Services has completed Central School District #104’s new middle school, which is located at 160 St. Ellen Mine Rd. in O’Fallon. This fall, students will begin attending classes at the 35,888-square-foot Joseph Arthur Middle School. The new facility will relieve overcrowding throughout the district, while adding approximately 20 acres of green space and athletic fields. Wm. B. Ittner Inc. of St. Louis acted as designer for the $6.5 million project.
LAWRENCE, KAN. — NorthMarq Capital has arranged $3 million in financing for Jacksonville Apartments located at 700 Monterey Way in Lawrence. Financing for the 88-unit multifamily property was based on a 10-year term, with a 30-year amortization schedule. The loan was arranged for the undisclosed borrower by NorthMarq through its seller/servicer relationship with Freddie Mac. Brent Blake in the Kansas City office of Northmarq Capital arranged the financing.
DAYTON, OHIO — Centro Properties Group has unveiled its $15 million redevelopment of South Towne Centre, a retail center located at the intersection of Miamisburg-Centerville Road and Route 675 in Dayton. Christmas Tree Shops has announced plans to open its first Midwest store within the center. The 32,000-square-foot store, which will open later this year, will occupy the remaining portion of the 98,000-square-foot former Kmart building. The $15 million redevelopment project included site improvements and upgrades. Burlington Coat Factory, Jo-Ann Fabrics & Crafts, PetSmart and Value City Furniture are among the new retailers at South Towne Centre. A 4,200-square-foot Fifth Third Bank is currently under construction and is scheduled to open this year. Various existing tenants at the center have undergone façade renovations.