ST. CLOUD, MINN. — KW Commercial | AMK Properties has arranged the sale of a three-property office and retail portfolio in St. Cloud near Minneapolis for $5.1 million. Named the Heritage Centre Portfolio, the assets include Heritage Market I, Heritage Business Centre and Heritage Professional Building. They range in size from 8,600 square feet to 25,300 square feet. Matthew Klein and Anthony Passanante of KW represented the buyer, Heritage Retail Partners LLC. Amy Senn, Bob Pounds, Tim Prinsen, Pete Tanis and Lori Pounds of Newmark represented the undisclosed seller.
GARY, IND. — Marcus & Millichap has brokered the $4.1 million sale of Melody Lane Mobile Home Park in Gary, about 25 miles southeast of Chicago. Located at 3625 Calhoun St., the property consists of 154 home sites, 54 of which are park-owned homes. There is also an onsite office. Andrean Angelov, Ryan Engle and Brad Kreppel of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured and represented the buyer, an out-of-state limited liability company.
EDWARDSVILLE, ILL. — Sealy & Co. has acquired a 1.1 million-square-foot warehouse in Edwardsville near St. Louis for an undisclosed price. The purchase brings the company’s acquisition volume for 2020 to more than $400 million. The Class A facility is located at 3951 Lakeview Corporate Drive within Lakeview Commerce Center. The business park is situated in the Metro East submarket. The building features a clear height of 32 feet, 96 dock doors and 90 trailer stalls. The current tenant has expanded its presence in recent years within Lakeview Commerce Center and occupies three additional properties, one of which Sealy acquired in January of this year. Michael Caprile and Zach Graham of CBRE brokered the sale. Panattoni Development Co. was the seller.
WHITESTOWN, IND. — JLL Income Property Trust has purchased Whitestown Distribution Center in Whitestown, a northwest suburb of Indianapolis, for $62 million. The two-building distribution center spans 720,000 square feet. Completed this year, it is now fully leased. The larger of the two buildings is 440,000 square feet and is leased to an undisclosed investment-grade tenant, while the second building spans 280,000 square feet and is leased to a third-party logistics company servicing the healthcare industry. This acquisition brings JLL Income Property Trust’s aggregate industrial allocation to more than $850 million across 36 properties in 12 markets. The seller was undisclosed.
CHICAGO — Real estate development firm Sterling Bay has licensed space to local fitness startup BOLD, which will open modular fitness pods at 1000 W. Carroll Ave. in Chicago’s Fulton Market. BOLD will enable Chicago residents to reserve private pods outfitted with fitness equipment that are cleaned to commercial-grade standards between each use. Pods can be reserved in 60-minute increments. Each one features kettlebell sets, medicine balls, bikes, rowing machines and high-definition screens for streaming guided workouts. The 320-square-foot pods are made from shipping containers. “In looking at how the pandemic so quickly impacted the ability of traditional fitness studios to operate at full capacity, it became clear that BOLD’s model for small, private training facilities could help to fill a need for Chicago gym-goers,” says Andy Gloor, CEO of Sterling Bay. Former Wall Street hedge fund investor and investment banker Jake Goldstein founded BOLD on the heels of COVID-19 as a way of offering a safe gym option that bridges the gap between physical gym space and digital fitness. BOLD uses filtration units from AEX Technology Solutions to disinfect its pods. Each pod features its own isolated HVAC air filtration system to prevent recycled air. Users are required to …
MAPLEWOOD, MINN. — Marcus & Millichap has arranged the $8.1 million sale of Cobblestone Court in Maplewood near Minneapolis. The 74-unit multifamily complex was built in 1968. The three-building property sits on 2.4 acres. Amenities include a pool, picnic area, playground and onsite laundry facilities. Units average 715 square feet. Within the last three years, 42 of the 74 units have received upgrades such as new appliances, countertops and flooring. Evan Miller and Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller, a St. Paul-based property management company. The duo also procured the undisclosed buyer.
CHICAGO — SVN Chicago Commercial has brokered the sale of a 35,000-square-foot industrial building in Chicago for an undisclosed price. The property, known as the Pierini Iron Works Building, sits on two acres at 6200 S. Sayre Ave. Beverly Hayes and Daniel Vanchieri of SVN brokered the sale.
PLAIN CITY, OHIO — Monmouth Real Estate Investment Corp. has acquired a 487,900-square-foot industrial facility located at 8341 Industrial Parkway in Plain City, located about 25 miles northwest of Columbus. The purchase price was $73.3 million. FedEx Ground Packaging System Inc. occupies the building on a 15-year net lease. The 100-acre property is situated near I-270. The seller was undisclosed.
COLUMBUS, OHIO — Washington Prime Group Inc. (NYSE: WPG) has completed its previously announced 1-for-9 reverse stock split of its common stock. Every nine issued and outstanding shares of common stock have been converted into one share of common stock, effective Dec. 22. A company performs a reverse stock split to boost its stock price by decreasing the number of shares outstanding, according to Investopedia. Reverse stock splits are usually pursued in an effort to prevent a stock from being delisted or to improve a company’s image and visibility. Washington Prime Group’s current share is 85 cents per share, as of Friday, Dec. 18. Columbus-based Washington Prime Group is a retail REIT that owns, manages, acquires and develops shopping centers nationwide.
ELGIN, ILL. — Entre Commercial Realty has negotiated a 137,522-square-foot industrial lease on behalf of an undisclosed plastics company at Northwest Pointe III in Elgin. The newly constructed building is situated within Northwest Corporate Park and features a customized office buildout. Dan Benassi of Entre represented the tenant. Ken Franzese and John Cassidy of Lee & Associates represented ownership, Conor Commercial Real Estate and Globe Corp. McShane Construction Co. built the building.