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AcquisitionsMidwestOhioRetail

Matthews Arranges $10.1M Sale of Shopping Center in Solon, Ohio

by Kristin Harlow

SOLON, OHIO — Matthews Real Estate Investment Services has arranged the $10.1 million sale of Uptown Solon Shopping Center in Solon, about 20 miles southeast of Cleveland. The 182,334-square-foot property is home to Bed Bath & Beyond, Old Navy, Ulta, Petco, Lumber Liquidators and Orange Theory Fitness. Ben Snyder and Zack Bates of Matthews brokered the sale. The seller was a subsidiary of Retail Value Inc. The buyer, United Growth, is a development and investment company that targets value-add properties.

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DevelopmentIllinoisMidwestMultifamily

LMC Starts Preleasing 298-Unit Triangle Square Apartments in Chicago

by Kristin Harlow

CHICAGO — LMC has started preleasing Triangle Square Apartments, a 298-unit luxury apartment community in Chicago’s northern neighborhood of Bucktown. Triangle Square offers studio through three-bedroom units ranging from 464 to 1,413 square feet that feature built-in Wi-Fi, floor-to-ceiling windows and stainless-steel appliances. Select units offer private balconies, wine racks and walk-in closets. Located at 2155 N. Elston Ave., the community will put residents within walking distance of the Chicago River and local shops and eateries, with Lincoln Park and lakefront views to the east. The community is also within walking distance of the Metra Clybourn station. The seven-story midrise community also includes 21,223 square feet of ground-floor retail space. The first move-ins are scheduled to begin in July. Monthly rents will start at $1,455, according to Apartments.com.

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AcquisitionsIllinoisIndustrialMidwest

Brown Commercial Group Brokers $3M Sale of Industrial Portfolio in Elk Grove Village, Illinois

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Brown Commercial Group has brokered the sale of a 51,700-square-foot industrial portfolio in Elk Grove Village for $3 million. The four-building, fully leased portfolio is located on Tonne Road. Dan Brown of Brown Commercial represented the seller, Gilberts and Groves, which purchased the portfolio for $1.7 million in 2016. The buyer was undisclosed.

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AcquisitionsMidwestMissouriRetail

Quantum Negotiates $2.4M Sale of Ulta-Occupied Property in Belton, Missouri

by Kristin Harlow

BELTON, MO. — Quantum Real Estate Advisors Inc. has negotiated the sale of a freestanding, 10,000-square-foot retail property occupied by Ulta in Belton for $2.4 million. The building is located at 551 E. Markey Parkway. Zack Hilgendorf of Quantum represented the seller, a Kansas City-based developer. Buyer information was undisclosed. There were approximately eight years remaining on the lease term.

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Leasing ActivityMichiganMidwestRetail

F45 Training Signs 5,100 SF Retail Lease in Farmington Hills, Michigan

by Kristin Harlow

FARMINGTON HILLS, MICH. — F45 Training has signed a lease for 5,100 square feet of retail space at The Groves Shopping Center in Farmington Hills. The fitness concept specializes in high-intensity group workouts. Joel Kestenberg of Friedman Real Estate represented the undisclosed landlord in the lease transaction.

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AcquisitionsIllinoisMidwestOffice

Office Properties Income Trust Acquires Google’s Midwest Headquarters in Chicago for $355M

by Kristin Harlow

CHICAGO — Office Properties Income Trust (NASDAQ: OPI) has acquired 1K Fulton in Chicago’s Fulton Market district for $355 million. The 531,190-square-foot office property serves as the Midwest headquarters for Google, which leases 73 percent of the building. The property was 99 percent leased at the time of sale, with a weighted average lease term of six years. Built in 1923 and redeveloped in 2015, the building features amenities such as two fitness centers, multiple roof decks, a steak house restaurant, ground-floor retail space and 157 subterranean parking spaces. Stephen Livaditis, Matthew Graham and Bryan Rosenberg of Eastdil Secured brokered the sale. American Realty Advisors was the seller, according to local media reports. Office Properties Income Trust is managed by The RMR Group and is based in Newton, Mass.

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DevelopmentIndianaIndustrialMidwest

Stonemont Breaks Ground on 500,000 SF Industrial Build-to-Suit in Bristol, Indiana

by Kristin Harlow

BRISTOL, IND. — Stonemont Financial Group has broken ground on a 500,000-square-foot industrial build-to-suit for MJB Wood Group in northern Indiana’s Bristol. Headquartered in Dallas, MJB is a manufacturer and distributor of industrial wood products. The Bristol facility will service the manufacturer’s transportation division, which supplies specialty wood to recreation vehicle manufacturers in the surrounding area. The development lies on a 37-acre rail-served site and will include 374,320 square feet of warehouse space, a 108,000-square-foot manufacturing area and 10,000 square feet of office space. Stonemont will serve as the building landlord once construction is complete. Stonemont is partnering with ARCO Construction on the project, completion of which is slated for March 2022.

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LoansMidwestMissouriMultifamily

JLL Arranges $27.5M Loan for Refinancing of Multifamily Property in Suburban St. Louis

by Kristin Harlow

ST. CHARLES, MO. — JLL Capital Markets has arranged a $27.5 million loan for the refinancing of Promenade at New Town, a 225-unit multifamily community in the St. Louis suburb of St. Charles. The property comprises 95 residential buildings with a combination of townhomes, garden-style apartments, row homes and single-family residences ranging from studios to three-bedrooms. Kristian Lichtenfels and Lucas Borges of JLL arranged the 10-year loan on behalf of the borrower, Gold Block Ventures. An undisclosed national lender provided the loan, which features a fixed interest rate of 3.15 percent.

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DevelopmentMidwestOfficeOhioRetail

Washington Prime Group, Synergy to Redevelop Former Department Store in Ohio into Office Space

by Kristin Harlow

BEAVERCREEK, OHIO — Washington Prime Group Inc. (NYSE: WPG) and Synergy & Mills Development have unveiled plans to redevelop a former department store building at The Mall at Fairfield Commons in Beavercreek into office space. The store spans two stories and 150,000 square feet in suburban Dayton. The project will be called The Meridian at Fairfield Commons. Synergy plans to begin construction to redevelop the existing building into office, laboratory and research and development space starting in late 2021. The project is an example of WPG’s efforts to diversify its tenancy and transform its assets into town centers with a mix of retail, dining, entertainment and mixed-use space.

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Brokers $2.1M Sale of Apartment Building in Edina, Minnesota

by Kristin Harlow

EDINA, MINN. — Marcus & Millichap has brokered the sale of 4001 Mavelle Drive, a 12-unit multifamily complex in Edina, for $2.1 million. Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, both of which were undisclosed. The property is set within a few blocks of shopping destinations Galleria and Southdale Center. There are 11 two-bedroom units spanning roughly 625 square feet each that rent for $940 to $1,159 per month. The one studio unit spans 450 square feet and is rented for $760 per month. Residents have their own parking garage stalls and access to onsite laundry.

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