MISSION, KAN. — The Other Place, a sports-themed pizzeria and grill, has signed a 4,050-square-foot lease to open its fourth Kansas City-area location. The restaurant will occupy space within the Mission West shopping center at 6522 Martway St. The Other Place expects to open its Mission location in the beginning of 2023. Block & Co. Inc. Realtors serves as the leasing agent and property manager for Mission West. Block & Co.’s Phil Peck and Dakota Grizzle represented the tenant, while David Block, Max Kosoglad and Darren Siegel represented ownership. The Other Place now operates 11 locations throughout Kansas and Iowa. Its first location opened in Cedar Falls, Iowa, in 1970.
LOMBARD, ILL. — Edgemark Commercial Real Estate Services LLC has brokered the sale of a 217,887-square-foot retail building formerly occupied by Carson Pirie Scott in Lombard, a western suburb of Chicago. The sales price was undisclosed. The three-story property is part of the Yorktown Center Shopping Mall. Mike Wesley and Joanne Sutryk of Edgemark represented the seller, an entity doing business as GMAC 2004-C1 Yorktown Mall LLC. A joint venture between Pacific Retail Capital Partners and Synergy Construction Group LLC purchased the building with plans to redevelop it into multifamily, retail and green space. Construction on the two-phase project is slated to begin in spring 2023 with completion of Phase I anticipated for spring 2025. The project is subject to final planning review by the Village of Lombard.
STRONGSVILLE, OHIO — Marcus & Millichap has negotiated the $15.9 million sale of the Cleveland Clinic Southpark Center in Strongsville, a southern suburb of Cleveland. The medical office building, located at 16761 Southpark Center, spans 166,524 square feet. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a limited liability company. An Ohio-based real estate investment trust purchased the medical office building. The property sold above list price at a cap rate of 4.95 percent.
DUBLIN, OHIO — Hanley Investment Group Real Estate Advisors has arranged the sale of Perimeter Center in Dublin for $35 million. Giant Eagle Market District anchors the 139,486-square-foot shopping center, which is fully leased. Additional tenants include Chipotle, Edward Jones, Enterprise Rent-A-Car, Sport Clips, UPS Store and Jersey Mike’s Subs. The property was built in 1995. Kevin Fryman and Ed Hanley of Hanley Investment Group, in association with ParaSell Inc., represented the 1031 exchange buyer, an affiliate of California-based Orton Development Inc. Clinton Mitchell, Amy Sands and Michael Nieder of JLL represented the seller, an institutional owner. Chris Knight of JLL arranged a 10-year, fixed-rate acquisition loan through Mutual of Omaha Insurance Co. on behalf of the buyer.
EVANSTON, ILL. — Energy, engineering and resource consulting firm Grumman/Butkus Associates has signed a 26,000-square-foot office lease renewal at 820 Davis Street in Evanston. The newly renovated building rises five stories and spans 85,985 square feet. The owner, Free Market Ventures, updated the exterior façade, lobby, common areas and amenities. Adam Showalter and Jessica O’Hara of Stream Realty Partners represented the landlord in the lease. Grumman/Butkus has occupied space in the building for the past 20 years.
TRENTON, OHIO — Northmarq has arranged a $2.6 million loan for the acquisition of Trenton Avenue Apartments in Trenton, a suburb of Cincinnati. The 52-unit multifamily property comprises multiple buildings. Chase Dawson of Northmarq arranged the fixed-rate loan, which features an 80 percent loan-to-value ratio, a five-year term and a 25-year amortization schedule. A regional bank provided the loan to the undisclosed borrower.
Elizabeth Barnes, COO of NAI Plotkin, knows property management is always a labor- and people-intensive profession, no matter the day or time of year. In that regard, the pandemic did not change the best practices for the Springfield, Mass.-based full-service brokerage and management company. “The number-one best practice has always been — and remains to this day — to manage the property as if you own it, with the awareness that you don’t,” Barnes says. Treat the Asset as Your Own For Barnes, this means focusing on the asset’s value at all times. “Common area maintenance (CAM) reconciliation, capital planning, value engineering options — they need to be front and center,” she continues. “It’s not just about cutting expenses. Look at how you can add value or reduce upfront costs.” All this should be done, she states, with the owner’s goals for the property in mind. Those goals may differ based on whether the owner is, for example, looking to divest the asset. Or if the tenant’s space has gone dark. Or if a pandemic is occurring. “There is a definite focus on health and safety now, regardless of the product type,” Barnes says. “Many owners wanted HVAC and air-handling …
HUNTLEY, ILL. — Huntley Investment Partners (HIP), a partnership between The Prime Group Inc., Craig Realty Group Inc. and Capital Cos., has broken ground on Huntley Commercial Center in suburban Chicago. Development Solutions Inc. is the general contractor. The first, speculative building will span 540,960 square feet. Future plans call for an additional 177,320-square-foot, build-to-suit property. Both buildings will feature a clear height of 36 feet. Adam Marshall and Mark Deady of Newmark will serve as the leasing agents. A timeline for completion was not provided.
DAYTON, MINN. — GRACO Inc. (NYSE: GGG), a manufacturer of fluid handling equipment, has opened its new 538,000-square-foot facility in Dayton, a northern suburb of Minneapolis. The building, which houses office and factory space, marks Graco’s fourth campus in Minnesota. Graco, working with Impact Power Solutions, is investing in solar energy with the new building. The company added a 1.4-megawatt solar array, consisting of more than 3,100 solar panels on the roof of the building. Over the next 30 years, the solar array is expected to offset more than 23,000 tons of carbon dioxide. The project team included McGough as general contractor, HGA as architect and Tegra Group as project manager.
MILWAUKEE — Associated Bank has structured a $6 million construction loan and $9.6 million in Low-Income Housing Tax Credit equity for the renovation of Townhomes at Carver in Milwaukee. The affordable housing community consists of 35 buildings. The Housing Authority of the City of Milwaukee originally developed the 122-unit property in 2001. Of the 122 units, 102 are restricted to households earning 30 to 60 percent of the area median income and 20 units are market rate. Additionally, 51 units benefit from a project-based Section 8 contract. Improvements will include new flooring; updates of bathroom and kitchen cabinets, countertops and fixtures; replacement of furnaces, air conditioners and hot water heaters; and window, siding and roofing updates. Completion is slated for 2023. Stefanie Bachrach and Teresa Rubio of Associated Community Development LLC, the bank’s community development corporation, managed the current loan and equity closings.