MICHIGAN, INDIANA AND ILLINOIS — The Boulder Group has brokered the sale of a portfolio of properties net leased to Dollar General for $5.4 million. The four single-tenant buildings are located in Battle Creek, Mich., Bedford, Ind., Sheffield, Ill. and Streator, Ill. Randy Blankstein and John Feeney of Boulder represented the seller, a West Coast-based private individual, as well as the buyer, a Midwest-based institution. Each property has 10 to 12 years remaining on its lease term.
ST. LOUIS — One Metropolitan Square, an office tower in downtown St. Louis, has sold in two transactions totaling $145 million. One deal was for the building and a separate one was for the land. Kawa Capital Management, an independent asset management firm, purchased the leased fee interest. The seller, 601W Cos., had owned and operated the property since 2005. The building is 92 percent leased to 35 tenants in industries such as law, government, energy and architecture. This past summer, the U.S. Department of Agriculture signed a 20-year lease to occupy 163,000 square feet.
CLEVELAND — City Club Apartments has broken ground on a new 23-story development in downtown Cleveland. Located at 776 Euclid Ave. and dubbed an “apartment hotel,” the project will feature 304 luxury apartment units and penthouses along with street-level retail space, including a restaurant and speakeasy, café and doggie daycare. Guests can rent a furnished or unfurnished unit for a day, week, month or multiple years. The units will come in 22 different floorplans. Amenities will include an entertainment sky club, heated rooftop pool, sky park, fitness center, yoga room, business center and theaters. Construction will begin later this month with pre-leasing scheduled to begin in the fourth quarter of 2022. First move-ins are slated for spring 2023.
BOARDMAN, OHIO — First National Realty Partners has acquired Southland Crossings in Boardman, about 50 miles east of Akron. The purchase price and seller were undisclosed. Giant Eagle Supermarket anchors the 245,678-square-foot shopping center, which is located on Doral Drive. The property is 91 percent leased by tenants such as Ross Dress for Less, PetSmart, DSW and Michaels.
OMAHA, NEB. — Investors Realty has brokered the sale of a two-building industrial portfolio in Omaha for $8.5 million. The two adjacent buildings total 99,616 square feet and are located at the corner of 136th Street and Cornhusker Road. Ember Grummons of Investors Realty represented the buyer, STAG Industrial Holdings LLC. Joe Kutilek of Magnum Realty Inc. represented the seller, K & J Investments LLC.
SPENCER, IOWA — Colliers Mortgage has provided a $7.3 million Fannie Mae loan for the refinancing of Windcrest Village II in the northwest Iowa town of Spencer. The 93-unit multifamily property, built in 2020, features a fitness center, dog park and community center. The seven-year loan features a 30-year amortization schedule. An entity doing business as Windcrest Village II LLC was the borrower.
CLAYTON, MO. — Missouri-based Sterling Bank will serve as the anchor tenant for a planned $100 million mixed-use project in Clayton, just west of St. Louis. Green Street Real Estate Ventures LLC is the developer. Located at the intersection of Bemiston and Carondelet avenues, the 20-story development will include 4,500 square feet of first-floor commercial banking space with a walk-up ATM. There will also be 10,500 square feet of branch offices, 10,000 square feet of amenity space, a 270-unit apartment building and a 380-space parking structure. HDA, a Green Street company, is designing the project. Green Street Building Group and joint venture partner Tarlton will lead construction, which is expected to begin in fall 2022 and last 18 months.
ST. PAUL, MINN. — Ackerberg and Northland Real Estate have completed development of Alvera, a 193-unit apartment complex in St. Paul. Residential brand Common will manage the property, which is located at 337 W. 7th St. Amenities include a clubroom, outdoor deck, fitness center and resident lounge. Artist Aaron de la Cruz painted a mural along the property’s exterior. Monthly rents start at $1,077 for studios.
ANN ARBOR, MICH. — Bernard Financial Group has arranged a $21.3 million bridge loan for the acquisition of One North Main, a 114,870-square-foot office property in Ann Arbor. Constructed in 1987, the building rises 11 stories, according to LoopNet. Dennis Bernard and Joshua Bernard of the firm arranged the loan with Ladder Capital Finance LLC. The borrower was an entity doing business as One North Main Owner LLC.
CHICAGO — Echo Real Estate Capital has sold a 94,000-square-foot office building in Chicago for $16.2 million. AT&T fully leases the property, which is located at 2401 W. Grace St. AT&T uses the building as a national call center and training facility. Echo acquired the asset in 2018 and signed a lease extension with AT&T earlier this year. Quantum Real Estate Advisors Inc. represented both the buyer and seller. Quantum’s Chad Firsel represented Echo, while Dan Waszak represented the buyer, an international investment fund.
