FRONTENAC, MO. — The Desco Group has completed the development of a 36,000-square-foot office building in Frontenac, about 15 miles west of St. Louis. HDA Architects designed the Class A property, which features an all-brick exterior. The three-story building will include retail space on its first floor. The project is part of a larger $80 million mixed-use development.
WESTFIELD, IND. — Hanley Investment Group Real Estate Advisors has brokered the sale of a Burger King ground lease in suburban Indianapolis for $2.4 million. The newly constructed, 3,245-square-foot building is located at 819 East State Road 32 in the northern suburb of Westfield. The property sits on 1.3 acres and is part of the larger Monon Crossing retail development. Burger King is scheduled to open this month. Franchisee Carrols Restaurant Group will operate the restaurant. Dylan Mallory of Hanley represented the seller and developer, Midland Atlantic Properties. Ryan Chakroff of Marcus & Millichap represented the buyer, a Denver-based private investor. The sales price represents a cap rate of 5 percent, the lowest cap rate for a single-tenant Burger King in the state of Indiana, according to Hanley.
DAYTON, OHIO — Marcus & Millichap has arranged the sale of Needmore Road Self Storage, a 61,750-square-foot self-storage facility in Dayton. The sales price was undisclosed. Jeffrey Herrmann and Sean Delaney of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the buyer, a limited liability company.
ST. LOUIS — LuxLiving has sold The Steelyard, a 170-unit apartment complex in the Historic Soulard neighborhood of St. Louis, for $45.9 million. Partly a redevelopment, the four-story property includes 42 adaptive reuse units in addition to 128 new units. The Steelyard is located on the site of the former Victor Iron Works, which fabricated cast-iron storefronts throughout St. Louis. Big Sur Construction completed construction of the apartment project in 2019. Amenities include a self-pour beer and wine system, resident marketplace, fitness center, pet park and outdoor amenity deck with a pool, hot tub, kitchen, hammocks and cabanas. Monthly rents start at $1,450. Will Mathews, Tyler Hague, Bob Galamba and Gregory Russell of Colliers International represented the buyer, Hamilton Zanze. Mission Rock Residential will manage the property.
ELK GROVE VILLAGE, ILL. — STREAM Capital Partners LLC has arranged the sale of a 200,000-square-foot industrial building in Elk Grove Village, located adjacent to O’Hare International Airport, for an undisclosed price. Material Sciences Corp., a technology provider of metal solutions, fully occupies the property on a net-lease basis. Adam English, Phil DiGennaro and Chelsea Mandel of STREAM represented the seller, a partnership between Jera Partners LLC and a fund managed by DRA Advisors LLC. Miami-based Midtown Capital Partners LLC purchased the asset.
ST. LOUIS — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 167-bed skilled nursing facility in St. Louis. An undisclosed real estate investment trust sold the property. The operating partner plans to exit Missouri altogether. Despite a $1.2 million renovation in 2015, occupancy and cash flow were both in decline. An East Coast-based owner-operator with an existing presence in the state was the buyer. Housing & Healthcare Finance sourced the acquisition loan. The price was not disclosed.
BUFFALO GROVE, ILL. — SVN Chicago Commercial has negotiated the sale of a 22,000-square-foot office building in Buffalo Grove for $2.2 million. The facility is located at 100 Lexington Drive. It was 87 percent leased at the time of closing. Al Lindeman and Nathalie Fisher of SVN represented the undisclosed seller. A New York-based buyer purchased the asset.
SHELBYVILLE, IND. — Four institutions in Shelby County have teamed up to help small businesses and nonprofit organizations apply for federal assistance to survive the COVID-19 crisis. Blue River Community Foundation is providing up to $10,000 for local attorneys to assist businesses in applying for loans through the new Coronavirus Aid, Relief and Economic Security (CARES) Act. Shelby County Development Corp., Mainstreet Shelbyville and Shelby County Chamber of Commerce are also playing key roles. Attorneys from the Shelbyville firms of Brown, DePrez & Johnson, McNeely Law and Stephenson Rife will guide the small business and nonprofit leaders through the process. Eligible businesses must be locally owned, brick-and-mortar establishments with fewer than 35 employees. Shelbyville is located about 30 miles southeast of Indianapolis.
OAKBROOK TERRACE AND LISLE, ILL. — JLL Capital Markets has arranged the sale of Two TransAm and 750 Warrenville, two Class A office buildings in suburban Chicago, for $24.2 million. Two TransAm is a five-story, 117,759-square-foot property located in Oakbrook Terrace. It is 87.7 percent leased to 18 tenants. Located in Lisle, 750 Warrenville is a four-story, 94,380-square-foot building. It is 86.7 percent leased to nine tenants. Patrick Shields, Jaime Fink, Jeffrey Bramson, Bruce Miller and Sam DiFrancesca of JLL represented the seller, American Landmark Properties Corp. The team also procured the buyer, RE Development Solutions.
O’FALLON, ILL. — Holland Construction Services is underway on a $39 million senior living community known as Keystone Place at Richland Creek in O’Fallon, about 20 miles east of St. Louis. Upon completion, the four-story building will offer 64 independent living units, 66 assisted living units and 19 memory care units. There will also be one guest suite. The five-acre development will also feature a memory garden and a courtyard. Keystone Senior Management Services Inc. is the developer. Completion is slated for early 2021. The project is being constructed next to Parkway Lakeside Apartments, which Holland built several years ago.
