Midwest

Stan Johnson Co. Arranges $5.6M Sale of Healthcare Lab Facility in Moraine, Ohio

by Kristin Harlow March 28, 2022

MORAINE, OHIO — Stan Johnson Co. has arranged the $5.6 million sale of a 64,000-square-foot healthcare lab facility in Moraine, a southern suburb of Dayton. Located at 2308 Sandridge Drive, the property is fully leased to CompuNet Clinical Laboratories, a full-service clinical laboratory that serves physicians, hospitals and health organizations throughout Southwest Ohio. The facility was built in 1986. Craig Tomlinson of Stan Johnson represented the California-based buyer, who completed a 1031 exchange. A Dayton-based private investor was the seller.

March 28, 2022

Civic Development Midwest Minnesota

Kraus-Anderson Completes $34M Elementary School in Eveleth, Minnesota

by Kristin Harlow March 25, 2022

EVELETH, MINN. — Kraus-Anderson has completed Laurentian Elementary, a $34 million elementary school located at 1409 Progress Parkway in Eveleth, a city in Northeast Minnesota. The school is part of Rock Ridge Public Schools. Designed by Cuningham Group Architecture, the 89,000-square-foot property serves students in pre-K through sixth grade. Specific features of the project include an indoor playground, gymnasium, athletic field and outdoor learning courtyard. The school will open to students this fall.

March 25, 2022

Acquisitions Illinois Midwest Retail

Mid-America Brokers Sale of 193,657 SF Shopping Center in Rockford, Illinois

by Kristin Harlow March 25, 2022

ROCKFORD, ILL. — Mid-America Real Estate Group has brokered the sale of State Street Market in Rockford for an undisclosed price. The 193,657-square-foot shopping center is positioned at the northwest corner of State Street and Trainer Road. The property is 69 percent leased to Burlington, Dollar Tree, Jo-Ann Fabric, Old Chicago and PetSmart. Rick Drogosz of Mid-America represented the seller, Highlands REIT, and the buyer, Rhino Investments.

March 25, 2022

Acquisitions Michigan Midwest Net Lease Restaurant Retail

Marcus & Millichap Arranges $3.5M Sale of Net-Leased Restaurant Property in Westland, Michigan

by Kristin Harlow March 25, 2022

WESTLAND, MICH. — Marcus & Millichap has arranged the $3.5 million sale of a restaurant property net leased to On the Border Mexican Grill in Westland, about 16 miles west of downtown Detroit. On the Border has 14 years remaining on its lease. Dan Yozwiak and Darpan Patel of Marcus & Millichap represented the seller, an individual trust. Ashish Vakhariya, Darin Gross and Seth Haron of Marcus & Millichap represented the buyer, a limited liability company.

March 25, 2022

Acquisitions Illinois Midwest Net Lease Restaurant Retail

Boulder Group Negotiates $2.1M Sale of Starbucks-Occupied Property in Central Illinois

by Kristin Harlow March 25, 2022

LINCOLN, ILL. — The Boulder Group has negotiated the $2.1 million sale of a single-tenant property net leased to Starbucks in the Central Illinois city of Lincoln. The building is located at 3103 Woodlawn Road near I-55. Randy Blankstein and John Feeney of Boulder represented the seller, a West Coast-based investment group. The Illinois-based buyer completed a 1031 exchange.

March 25, 2022

Leasing Activity Midwest Retail Wisconsin

Nobel Dental to Open at River Bend Shopping Center in West Allis, Wisconsin

by Kristin Harlow March 25, 2022

WEST ALLIS, WIS. — Nobel Dental has signed a 2,639-square-foot lease to open at River Bend Shopping Center in the Milwaukee suburb of West Allis. The property is located at 7500 W. Oklahoma Ave. Matthew Beadle and Garrett Warner of Founders 3 Real Estate represented the landlord, River Bend Baceline LLC.

March 25, 2022

Acquisitions Illinois Midwest Retail

Sterling Organization Acquires Grocery-Anchored Shopping Center in Chicago for $18.2M

by Kristin Harlow March 24, 2022

CHICAGO — Sterling Organization has acquired North Mayfair Commons, an 87,274-square-foot grocery-anchored shopping center in the North Mayfair neighborhood of Chicago, for $18.2 million. A 65,224-square-foot Jewel-Osco grocery store anchors the property. Other tenants include H&R Block and FedEx Kinko’s. Sterling Organization utilized its fund named Sterling United Properties II LP to purchase the property. The fund’s portfolio now spans approximately 1.2 million square feet of gross leasable area.

March 24, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $12M Sale of Apartment Complex in Chicago’s Hyde Park

by Kristin Harlow March 24, 2022

CHICAGO — Interra Realty has brokered the sale of 5505 S. Dorchester Ave. in Chicago’s Hyde Park neighborhood for $12 million. Built in 2020, the 34-unit apartment complex features a covered garage with 20 parking spaces as well as 14 surface parking spaces. Brad Feldman of Interra represented the seller, a local developer, and the local buyer, an entity doing business as 5505 S. Dorchester LLC. The buyer plans to add a rooftop deck.

March 24, 2022

Illinois Leasing Activity Midwest Retail

Floor & Decor Opens 76,000 SF Store in Chicago

by Kristin Harlow March 24, 2022

CHICAGO — Floor & Decor has opened a new 76,000-square-foot warehouse store and design center at 125 W. 87th St. in Chicago. The store opens with a team of about 50 full-time and part-time associates. Floor & Decor, which is a specialty retailer of hard-surface flooring, operates 160 stores across 33 states.

March 24, 2022

Acquisitions Midwest Retail Wisconsin

Faris Lee Investments Arranges $4.8M Sale of Retail Strip Center in Appleton, Wisconsin

by Kristin Harlow March 24, 2022

APPLETON, WIS. — Faris Lee Investments has arranged the sale of Eisenhower Crossing in Appleton for $4.8 million. The 28,125-square-foot retail strip center features two drive-thrus. Sola Salon Studios is the anchor tenant. Matt Brooks and Joe Chichester of Faris Lee represented the seller, Wisconsin-based Excel Properties LLC. The duo also procured the buyer, a California-based 1031 exchange investor. A local bank provided acquisition financing.

March 24, 2022

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