COLUMBUS, OHIO — Stonemont Financial Group is set to break ground next month on Castings Commerce Park, a three-building industrial development totaling 859,240 square feet in the South Side district of Columbus. The speculative project is slated for completion in the third quarter of 2023. The 71-acre site was formerly home to Buckeye Steel, a longtime steel manufacturer dating back to the 1800s. Located at 2211 Parsons Ave., the property features convenient access to I-71 and I-270.
ITASCA, ILL. — NAI Hiffman has brokered the sale-leaseback of a 251,909-square-foot warehouse in the Chicago suburb of Itasca for $36 million. The property is located at 1455 W. Thorndale Ave., about five miles west of the O’Hare International Airport. Patrick Sullivan and Eric Tresslar of NAI Hiffman represented the seller, Top-Line Furniture, which subsequently entered into a long-term lease for the property. High Street Logistics Properties was the buyer.
ZIONSVILLE, IND. — Marcus & Millichap has arranged the $3.9 million sale of Whitestown Parkway in Zionsville, a northwest suburb of Indianapolis. Built in 2018, the 11,332-square-foot retail property is home to five tenants. Alex Perez and Chris Garavaglia of Marcus & Millichap brokered the transaction. Both the buyer and seller were limited liability companies.
CHICAGO — Interra Realty has negotiated the $2.2 million sale of a two-building multifamily portfolio in Chicago’s Pilsen neighborhood. The properties include a six-unit building at 1924 S. Loomis St. and a seven-unit building at 2214 W. 18th Place. The average price per unit was $171,538. Jeremy Morton of Interra represented the seller, a private local owner that purchased the properties more than 20 years ago. The buildings sold to two separate private buyers. The buyer of 2214 W. 18th Place plans to modernize the units and add in-unit laundry. The building was last renovated in 2003. The buyer of 1924 S. Loomis St. plans to install in-unit laundry. The property was last renovated in 1998.
CHICAGO — Continental Realty Corp. (CRC), a Baltimore-based real estate investment and management company, has entered the Chicago market with its acquisition of a five-property shopping center portfolio for $93.6 million. The properties total more than 900,000 square feet of gross leasable area and are located in Cicero, Mount Prospect, Naperville and Palatine. Specifically, the properties include Cicero Marketplace in Cicero, Northwest and English Valley shopping centers in Palatine, Golf Plaza II in Mount Prospect, and Fox River Commons in Naperville. DiMucci Cos. was the seller. Tucker Development served as an acquisition and development consultant on the transaction. The portfolio was 84 percent leased at the time of sale. Major tenants include Sam’s Club, The Home Depot, Jewel-Osco, Kroger, Walgreens and Ross Dress for Less. CRC utilized its Continental Realty Opportunistic Retail Investment Fund I, a private equity fund formed last year that is focused on acquiring value-add and income-producing retail properties throughout the U.S. Jeff Kowal of Edgemark Commercial Real Estate Services LLC and John Thompson of Retail Focus represented DiMucci in the sale.
LENEXA, KAN. — A joint venture between affiliates of Cantor Fitzgerald LP and BH Cos. Inc. has acquired West End at City Center in Lenexa. The 309-unit apartment complex is situated within walking distance of Lenexa City Center, a 200-acre development featuring a mix of retail, restaurant, entertainment, multifamily and hospitality space. Built in 2009, the property features one-, two- and three-bedroom units with an average size of 970 square feet. Amenities include a fitness center, pool, business center and picnic area. As of late July, the community was nearly 96 percent leased. Mac Crowther and Whittaker Potts of Newmark brokered the transaction, which marks the seventh multifamily acquisition by the joint venture. The seller and sales price were undisclosed.
ROCK FALLS, ILL. — Newmark has brokered the $4.5 million sale of a 14,820-square-foot retail property net leased to Walgreens in Rock Falls, a city in Northwest Illinois. Matt Berres, Samer Khalil, Karick Brown and Carrie Frye of Newmark represented the seller, a private investor. The property sold to an undisclosed REIT. Walgreens has 13 years remaining on its lease.
CHICAGO — Kiser Group has arranged the sale of a portfolio of two multifamily buildings in Chicago’s East Garfield Park neighborhood for $2 million. The two buildings house a combined 35 units. The property at 351 S. Homan Ave. features a mix of two-, three- and four-bedroom units, while the building at 10-18 S. Homan Ave. houses two- and three-bedroom units. Aaron Sklar, Noah Birk and Jack Petrando of Kiser brokered the transaction. An out-of-state buyer purchased the portfolio from the undisclosed seller.
LIVONIA, MICH. — Gerdom Realty & Investment has completed the lease-up of Century Plaza in Livonia. Marco’s Pizza leased the final 2,000 square feet remaining at the retail center, which is located at the northeast corner of Five Mile and Newburgh roads. Michael Murphy and Tjader Gerdom of Gerdom Realty represented the landlord, Kimco Realty Corp. Gordon Denha of CBRE represented the tenant.
PLAINFIELD, IND. — Rhenus Logistics has signed a 139,820-square-foot industrial lease at Gateway Business Park in the Indianapolis suburb of Plainfield. The lease transaction with the global logistics provider marks the lease-up of the entire seven-building industrial park, which is owned by Chicago-based HSA Commercial Real Estate. Headquartered in Germany, Rhenus Logistics operates across Europe, Asia, South America and the U.S. Plainfield will be the first Midwest location for the company. Nick Wigoda and Matt Kiger of Newmark represented the tenant, while Terry Busch and Jared Scaringe of CBRE represented ownership.
