AUSTINTOWN, OHIO — The Cooper Commercial Investment Group has brokered the $2.2 million sale of a newly constructed retail property occupied by Chipotle Mexican Grill in Austintown near Youngstown. Dan Cooper of Cooper Group represented the seller, a private developer. Cooper Group also procured the all-cash buyer. The sales price represented a cap rate of 5.7 percent and $929 per square foot. Chipotle’s 10-year lease features 10 percent rental increases every five years.
WATSEKA, ILL. — Franklin Street has arranged the sale of a 104-unit self-storage facility totaling 12,600 net rentable square feet in Watseka, about 60 miles east of Champaign. The sales price was undisclosed. The value-add property is located at 1090 E. Walnut St. Frank DeSalvo and David Perlleshi of Franklin Street represented the seller, Houston-based Pebble Ridge Capital. Wisconsin-based Just Simple Storage acquired the asset. The transaction marks the entrance into the Illinois market for Just Simple Storage, which currently operates facilities in Michigan and Wisconsin.
ST. CHARLES, ILL. — DarwinPW Realty/CORFAC International has negotiated the sale of a 50,000-square-foot industrial building in St. Charles, about 40 miles west of Chicago. The sales price was undisclosed. The Class B property, located at 2500 Production Drive, features a clear height of 21 feet, seven docks, one drive-in door, 1,500 square feet of office space and 55 parking spaces. Marc Hale of DarwinPW Realty represented the buyer, an HVAC manufacturing company that is relocating from Elk Grove Village. Brian Lindgren of SVN Landmark represented the seller, Hill & Smith.
By Aaron Duncan, CBRE Describing Central Ohio’s current office market conditions is like a kid making the “little bit of everything” drink at the self-serve soda fountain: a lot of ingredients go in and the result is, surprisingly, okay. The office market is filled with polarizing headlines — from the growth and success of suburban Class A+ product versus newly vacated assets, to sublease space swarming the stat line, and everything in between. Moreover, the sector continues to provide pools of negative and positive market conditions. One’s perspective on the market largely depends on which way they’re standing in that month but overall, much like that childhood concoction, it’s okay. The good and the bad For nearly three years, tenants leaned on ownership groups to let them put temporary solutions in place while they fully vetted their return-to-work strategies. Today, the good news is that tenants have finally figured it out and are confident about what their current and future footprints will look like. A strong indicator of this is the volume of headquarters transactions in the market, five of which were completed by our team: • Vertiv: 75,000-square-foot, suburban headquarters lease at 505 N. Cleveland Ave. • Surge Staffing: …
As vacant sites become rare and cost-prohibitive, commercial real estate developers need to be creative when it comes to bringing a new project out of the ground. Unconventional development sites offer cost savings and location advantages, and in-depth due diligence and creativity on the part of developers can make for sites that can allow an elegant union of lower costs and strategy. With limited room for delay, how can developers think critically about available sites and leverage existing conditions to their advantage? Katherine Roberts, senior project manager at Bohler’s Warrenton, VA office, and Gregory Roth, principal at Bohler’s Tampa office, offer their expert advice on threading this needle. Bohler specializes in land development, especially making development work when conventional sites aren’t an option. Prioritizing Development Needs When Assessing Red Flags Certain project factors can be red flags if time or cost are obstacles to a developer, including These points of concern are usually knots that can be untangled if a developer has the time, money and appetite to move forward in spite of these interruptions, but each factor does bear watching. “Developers should understand where their limits are and where they’re willing to negotiate. Ideally, anything you’re developing should be …
KANSAS CITY, MO. — Hunter Hotel Advisors has negotiated the sale of the Fairfield Inn & Suites Kansas City Downtown Union Hill for an undisclosed price. Located in Kansas City’s Union Hill neighborhood, the 115-room hotel is within walking distance of the Federal Reserve Bank of Kansas City and one mile from Union Station. Lee Hunter and Spencer Davidson of Hunter brokered the sale. True North Hotel Group sold the property to an institutional buyer.
SUGAR GROVE, ILL. — Hanley Investment Group Real Estate Advisors has arranged the $6.6 million sale of a 14,739-square-foot retail property occupied by Walgreens in Sugar Grove, a western suburb of Chicago. Constructed in 2012, the single-tenant building features a drive-thru. Bill Asher, Jeff Lefko and Jeremy McChesney of Hanley, in association with ParaSell Inc., represented the seller, a private investor based in Orange County, Calif. Isaiah Harf of Northmarq represented the metro Chicago-based, 1031 exchange buyer. The property sold at full asking price.
WISCONSIN — Four Corner Property Trust (FCPT) has acquired a property leased to Midwest Orthopedic Network in Wisconsin for $4.3 million. The tenant has roughly four years remaining on its lease, which features annual rent increases of 2.5 percent. The sales price represents a cap rate of 8.1 percent. Midwest Orthopedic Network operates roughly 30 locations in Wisconsin.
PLYMOUTH, IND. — Friedman Real Estate has brokered the sale of Plymouth Plaza in Plymouth, a city in northern Indiana. The sales price was undisclosed. The new owner plans to repurpose the 60,000-square-foot retail center into a mixed-use development featuring both retail and self-storage space. Steven Silverman and Ryan Wilner of Friedman represented both parties in the sale.
AKRON, OHIO — Marcus & Millichap has negotiated the sale of Premier Storage of Akron, a self-storage facility in Akron, for an undisclosed price. Built in 1995, the property features 148 non-climate-controlled units and totals 21,200 net rentable square feet. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.
