SOUTHFIELD, MICH. — Quantum Real Estate Advisors Inc. has arranged the sale of a single-tenant retail building occupied by OptimEyes in Southfield for an undisclosed price. The property is located at 29350 Southfield Road. Daniel Waszak of Quantum represented the seller, an Illinois-based investor. Jason Caplan of Quantum represented the buyer, a New Jersey-based investment fund.
LISLE, ILL. — Brown Commercial Group has negotiated the sale of a 20,362-square-foot industrial building in Lisle, a western suburb of Chicago. The sales price was undisclosed. Located at 1808 Ogden Ave., the property includes 8,840 square feet of warehouse space, 6,953 square feet of production space, 4,360 square feet of office space and 80 parking stalls. Mike Antonelli of Brown represented the seller, a private trust. Anthony Ciaravino of Cushman & Wakefield represented the buyer, Gator Chef, a supplier of new and used restaurant equipment.
By Catherine Lueckel and Allison Giomuso, Matthews Real Estate Investment Services In nearly every major metro in the Midwest, the most active retailers expanding, leasing or developing involve grocers, discounters and drive-thru tenants. Most of the activity in the Midwest is reflective of the broader trend in shifting consumer demands, away from wants and more toward needs and services. Discount retailers It’s no surprise that discount retailers rose in popularity among shoppers during economic uncertainty, as they offer products for a fraction of the price. This trend is very apparent in the Midwest, with consumers focusing on value through the wake of the economic recovery. While discount retailers offer the best value in their products, they equally search for the best value in their real estate. Their expansion goals align closely with their financial goals; therefore, they target the Midwest, where deals are not overvalued and produce a higher rate of return. The Midwest boasts cheaper real estate compared with other regions, and more robust growth due to the affordable cost of living and lower costs of doing business. Discount-oriented retailers dominated Ohio’s leasing activity, specifically in Cleveland, where they accounted for the most move-ins and top leases in 2020. …
CHICAGO AND HOLMDEL, N.J. — Based on a preliminary count of the votes cast at its special meeting of stockholders, Monmouth Real Estate Investment Corp. (NYSE: MNR) did not obtain the necessary stockholder votes to approve the previously announced merger with Sam Zell’s Equity Commonwealth (NYSE: EQC). Holmdel-based Monmouth says it remains open to all available options to maximize long-term stockholder value and realize the full potential of its industrial portfolio. Final results of the meeting will be filed with the Securities and Exchange Commission once they have been certified, which Monmouth expects to occur within the next few days. “While we recognize that stockholders have a wide range of views and differing time horizons and tax considerations, we are disappointed in the outcome of today’s vote,” said Michael Landy, president and CEO of Monmouth. “We continue to believe in the merits of a transaction that offers Monmouth stockholders the opportunity to continue to participate in the growth of the industrial real estate sector.” As a result of Monmouth’s announcement, Equity Commonwealth has terminated the merger agreement and has requested reimbursement of fees and expenses pursuant to its terms. Founded in 1968, Monmouth is one of the oldest public equity …
DEERFIELD, ILL. — Walgreens plans to increase the starting hourly wage for employees to $15 per hour. The wage increase will take effect in phases beginning in October of this year and is expected to be fully implemented by November 2022. The Deerfield-based company operates roughly 9,000 locations. The current starting wage at Walgreens is $10 per hour, but about half of its 190,000 hourly workers already earn at least $15 per hour, according to CNBC. Since the beginning of the pandemic, Walgreens has made additional investments in support of its employees such as bonus payments and a significant hiring initiative, through which the company added 25,000 full-time and part-time pharmacy team members. Walgreens has also accelerated implementation of remote and digitalized pharmacy resources. Total investment to support the starting wage increase is anticipated to be roughly $450 million over the next three years, with one-third of the amount invested in fiscal-year 2022. The company anticipates that it will partially absorb the investment through the normal course of business. The stock price for Walgreens Boots Alliance Inc. (NASDAQ: WBA) closed at $50.74 per share on Tuesday, Aug. 31, up from $36.76 per share one year ago.
MENASHA, WIS. — Matthews Real Estate Investment Services has brokered the $5.1 million sale of a two-tenant retail property in Menasha, just south of Appleton. Located at 1151 E. Midway Road, the property is home to Piggly Wiggly and Dollar Tree. Edward DeSimone, Josh Bishop and Maxx Bauman of Matthews brokered the 1031 tax-deferred exchange transaction. The undisclosed buyer exchanged out of a four-property Dollar General portfolio.
SPIRIT LAKE, IOWA — Colliers Mortgage has provided a $3.8 million Fannie Mae loan for the refinancing of Tallgrass Village II in northern Iowa’s Spirit Lake. Built in 2019, the 49-unit multifamily property consists of one two-story apartment building and three two-story townhome buildings. The 10-year loan features a 30-year amortization schedule. An entity doing business as Tallgrass Village II LLC was the borrower.
CHICAGO — Kiser Group has negotiated the sale of 29 condominium units within a 37-unit multifamily property in Chicago’s Uptown neighborhood for $3 million. The asset is located at 850 W. Margate Terrace. The 29 units in the transaction include 10 studios, three junior one-bedroom units, 13 one-bedroom units and three two-bedroom units. Andy Friedman and Jake Parker of Kiser represented both the buyer, Lakepoint Properties, and the seller, an unnamed family trust. According to Kiser, a full-building deconversion will likely occur at a later date since the buyer will own 75 percent of the units. Under the Condominium Property Act in Illinois, a condo building can be sold if 75 percent of ownership is in agreement.
MINNEAPOLIS — CA Ventures and Harlem Irving Cos. have started pre-leasing 270 Hennepin, a 22-story apartment tower located at 270 Hennepin Ave. in downtown Minneapolis. First move-ins are scheduled for this fall. The project features 346 apartment units and 20,000 square feet of retail space on the first floor. In addition to floor plans ranging from studios to three-bedroom units, there are two- and three-bedroom penthouse units. Amenities include an indoor pool, outdoor sky terrace, movie theater, fitness and yoga rooms, bike storage and two levels of underground parking. Monthly rents start at $1,425. Residents can currently receive up to two months of free rent.
INDIANAPOLIS — Greystone has provided a $22 million Fannie Mae loan for the acquisition of Wildwood Village Apartments in Indianapolis. The garden-style apartment community includes 324 units across 33 buildings. Amenities include a clubhouse, business center, fitness center, pool, sports court and dog park. Dan Sacks of Greystone originated the 12-year loan, which features a 30-year amortization schedule, a fixed interest rate and five years of interest-only payments. An entity doing business as Cyclone Wildwood 324 LLC was the borrower.
