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AcquisitionsMidwestOhioRestaurantRetail

Cooper Group Negotiates $2.5M Sale of McDonald’s-Occupied Property in Gahanna, Ohio

by Kristin Harlow

GAHANNA, OHIO — The Cooper Commercial Investment Group has negotiated the $2.5 million sale of a restaurant property occupied by McDonald’s in Gahanna, a northeast suburb of Columbus. Constructed in 2011, the building serves as an outparcel to the Hunter’s Ridge shopping center. Dan Cooper of Cooper Group represented the seller, a private investment group based in Florida. Cooper also procured the undisclosed buyer. The asset sold at full list price, representing a cap rate of 3.5 percent and $540 per square foot.

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AcquisitionsMidwestMinnesotaMultifamily

JLL Brokers Sale of Gaar Scott Historic Lofts in Minneapolis

by Kristin Harlow

MINNEAPOLIS — JLL Capital Markets has brokered the sale of Gaar Scott Historic Lofts in the North Loop neighborhood of Minneapolis for an undisclosed price. The property was originally built in 1885 and converted into multifamily units in 2001 with the assistance of historic tax credits. The six-story property features one-bedroom units with an average size of 900 square feet. There are also 4,000 square feet of commercial space. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller, Gaar Scott LP. Matthew Lawton, Scott Loving and Britta Lund of JLL arranged acquisition financing on behalf of the buyer, FPA Multifamily. North American Banking Co. provided the three-year, fixed-rate loan.

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AcquisitionsIllinoisMidwest

Baum Realty Group Arranges $19.7M Sale of Flat Iron Arts Building in Chicago

by Kristin Harlow

CHICAGO — Baum Realty Group LLC has arranged the sale of the Flat Iron Arts Building in Chicago’s Wicker Park neighborhood for $19.7 million. The historic property spans 63,333 square feet and is located at the intersection of Milwaukee, North and Damen avenues. The building houses artist studios. Patrick Forkin and Vivian Perez of Baum represented the seller, a local property owner. The buyer was undisclosed.

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CivicDevelopmentMidwestWisconsin

Kraus-Anderson Completes $13.5M Expansion to St. Croix Falls High School in Wisconsin

by Kristin Harlow

ST. CROIX FALLS, WIS. — Kraus-Anderson Construction has completed a $13.5 million expansion project at St. Croix Falls High School in western Wisconsin. Designed by DSGW, the 28,300-square-foot project consisted of three separate additions to the school. The first component was a 21,100-square-foot fine arts center, which will host theatrical productions, musicals and concerts as well as serve as a large group learning space. The second component was a 6,400-square-foot fitness center and the third was a 300-square-foot wash bay addition to the existing garage.

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AcquisitionsIllinoisMidwestMultifamily

Interra Negotiates $4.1M Condo Deconversion Sale in Arlington Heights, Illinois

by Kristin Harlow

ARLINGTON HEIGHTS, ILL. — Interra Realty has negotiated the $4.1 million condo deconversion sale of a 34-unit property in Arlington Heights. Built in 1970, the property on North Salem Avenue comprises 30 one-bedroom units and four two-bedroom units. Patrick Kennelly and Paul Waterloo of Interra represented the seller, the Salem Lane Condominium Association. The duo also represented the undisclosed buyer. The condo owners were interested in selling the property to avoid a potential special assessment due to deferred maintenance, according to Interra. The new owner plans to make repairs to the balconies and upgrade units as they turn over. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The threshold is 85 percent for the City of Chicago. Sellers then have the option to either move out of their units or lease them back from the new owner.

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AcquisitionsIndustrialMidwestWisconsin

Founders 3 Brokers Sale of Two Industrial Buildings in Menomonee Falls, Wisconsin

by Kristin Harlow

MENOMONEE FALLS, WIS. — Founders 3 Real Estate Services has brokered the sale of two industrial buildings totaling 75,163 square feet in Menomonee Falls, a northwest suburb of Milwaukee. The sales price was undisclosed. Bob Flood of Founders 3 represented the seller, Kohl’s Inc. Flood will market the properties for lease or sale on behalf of the buyer, Luther Group.

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AcquisitionsIllinoisMidwestMultifamilyNorthmarq

Northmarq Arranges $27M Sale of Multifamily Portfolio in Yorkville, Illinois

by Kristin Harlow

YORKVILLE, ILL. — Northmarq has arranged the $27 million sale of a multifamily portfolio in Yorkville, about 50 miles southwest of Chicago. The two-property portfolio totals 164 units. Parker Stewart and Alex Malzone of Northmarq represented the seller, a long-term owner and operator. York Meadow, built in 2003, contains 92 units. The seller was the original developer of the community. Yorkville Apartments, built in 1977, features 72 units. The seller renovated about 20 percent of the units. An East Coast-based buyer purchased the portfolio.

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AcquisitionsIllinoisMidwestRetail

JRW Realty Brokers Sale of Mariano’s-Occupied Property in Suburban Chicago

by Kristin Harlow

NORTHBROOK, ILL. — JRW Realty has brokered the sale of a 90,408-square-foot retail property occupied by Mariano’s grocery store in the Chicago suburb of Northbrook. The sales price was undisclosed. Christopher Thompson of JRW brokered the sale on behalf of one of the company’s institutional buyers. Cushman & Wakefield represented the undisclosed seller. Mariano’s is a subsidiary of Kroger and operates 45 stores in Illinois.

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AcquisitionsHospitalityIllinoisMidwest

Mumford Co. Negotiates Sale of 59-Room Fairgrounds Inn Hotel in Du Quoin, Illinois

by Kristin Harlow

DU QUOIN, ILL. — Mumford Co. has negotiated the sale of the Fairgrounds Inn hotel in Du Quoin, a city in southern Illinois. The sales price was undisclosed. The property rises two stories with 59 rooms and a swimming pool. The asset is situated adjacent to the Du Quoin County Fairgrounds. George Arvanitis of Mumford represented the seller, Sunrise Hotels LLC. Maakrupa Hospitality Inc. was the buyer.

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AcquisitionsMidwestRetailWisconsin

Bowlero Corp. Acquires Sabre Lanes in Menasha, Wisconsin

by Kristin Harlow

MENASHA, WIS. — Bowlero Corp. (NYSE: BOWL) has acquired the Sabre Lanes bowling alley in Menasha, about 37 miles southwest of Green Bay. The purchase price and seller were undisclosed. The transaction represents Bowlero’s third acquisition in Wisconsin this year. Sabre Lanes is home to 48 lanes, event spaces, a full kitchen and multiple bars. Bowlero assumed management and operation of the property beginning Saturday, Nov. 5.

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