STREATOR, ILL. — Quantum Real Estate Advisors Inc. has negotiated the $1.6 million sale of a freestanding 2,158-square-foot property occupied by Wendy’s in Streator in central Illinois. Wendy’s has a 20-year lease at the newly developed building. Dan Waszak of Quantum represented the seller, a Chicago-based developer that specializes in net leased assets. Zack Hilgendorf of Quantum represented the buyer, a Dubuque, Iowa-based private investor.
KANSAS CITY, MO. — Block & Co. Inc. Realtors has arranged the sale of a 12,000-square-foot office and retail building in Kansas City for $1.1 million. The property is located at 7208 Wornall Road within the Waldo District. Domino’s Pizza and Injury Chiropractic occupy the 4,000 square feet of retail space on the first floor. The second-floor office space of 5,500 square feet is currently available for lease. Marshal Blount of Block & Co. brokered the sale. An investment group purchased the asset.
John Randall of Grandbridge Real Estate Capital talks about the capital available in the commercial real estate market. The risk-adjusted returns available in CML [capital market line] debt capital markets is superior to that offered by alternative investment classes, he says. “Until we see any meaningful steepener on the curve or significant disruption, there’s really no end in sight to the liquidity in both debt and equity flowing into commercial real estate.” This breeds fierce competition, but there has not been any meaningful slippage in risk terms or how lenders are underwriting assets. As far as the multifamily sector goes, Randall sees no end to the growing demand from renters. “As a country, we are underhoused to the tune of 3 million to 4 million units… and we’re running at an annual deficit in excess of 350,000 units,” he notes. Watch the interview to hear Randall’s insights on multifamily, as well as Grandbridge’s plans following the merger of BB&T with SunTrust to form Truist. (Grandbridge is a subsidiary of BB&T, now Truist.) This video is posted as part of REBusinessOnline’s Finance Insight series, covering MBA CREF 2020. Click here to subscribe to the Finance Insight newsletter, a four-week …
Southeast Michigan has enjoyed a decade of prosperity surrounding the revitalization of downtown Detroit led by billionaire businessman and Quicken Loans Founder Dan Gilbert. Detroit has 580 million square feet of industrial space and is projected to see another 5 million square feet by 2021, much of that distribution-focused. In the past decade, Southeast Michigan has become a hub for driverless car technology. Toyota has announced plans to create an autonomous vehicle research facility in Ann Arbor and Ford Motor Co. has purchased the former Detroit train station to create an autonomous vehicle research center. In addition, the state of Michigan partnered with the University of Michigan to convert an old World War II air base into a 500-acre autonomous vehicle testing ground. The American Center for Mobility at Willow Run located in Ypsilanti Township operates as a global center for testing, research, education and product development, and serves companies such as Microsoft, AT&T, Ford, Toyota and Hyundai. The GM strike has recently been resolved, a relief to smaller automotive suppliers. High costs of construction, due to the international trade war as well as labor shortages, have resulted in limited inventory, therefore increasing the value of existing facilities. Construction, leasing …
CHICAGO — JLL Capital Markets has brokered the sale of 801 Canal Street in Chicago’s South Loop for $68 million. The five-story, 591,577-square-foot office building is fully occupied by the Northern Trust Co. through August 2020. The property features 105,000-square-foot floorplates. Amenities include a food hall, fitness center, daycare facility, conferencing facilities and outdoor terrace space. In addition to the office building, the sale included a 1.3-acre development site south of the property. Jaime Fink, Bruce Miller, Jeff Bramson, Patrick Shields and Sam DiFrancesca of JLL represented the seller, Canal/Taylor Venture. JLL also procured the buyer, 601W Cos.
CHICAGO — Medical video game company Level Ex has expanded its footprint and relocated to 180 North LaSalle Street, a 38-story, 760,000-square-foot office tower in the Chicago Loop. Level Ex’s new headquarters is more than 20,000 square feet, double the size of its previous office in River North. The sublease commenced in early 2020. Jon Azulay and Adam Mitchell of Savills represented Level Ex in the lease negotiations. Level Ex creates mobile, augmented reality and virtual reality games for physicians. The company uses video game technology and cognitive neuroscience to capture the challenges of practicing medicine. Owned by Ivanhoe Cambridge, 180 North LaSalle is located at the corner of LaSalle and Lake streets. James Stein and Jack Tunnicliff of Cushman & Wakefield represented the sublandlord, Newell.
ST. LOUIS — Stan Johnson Co. has brokered the sale of a 56,021-square-foot industrial facility in St. Louis for $12.5 million. Located at 420 E. Carrie Ave., the property is fully occupied by Central States Thermo King Inc. (CSTK). Constructed in 2015, the facility serves as CSTK’s regional headquarters. At the time of sale, there were more than 10 years remaining on the original lease. Zach Harris and Brad Pepin of Stan Johnson represented the seller, Green Street St. Louis. A subsidiary of Global Net Lease Inc. purchased the asset. CSTK is a solutions provider for transportation companies, fleets, owner operators and other vehicle or heavy equipment users.
CLEVELAND HEIGHTS, OHIO — SRS Real Estate Partners has arranged a $9.6 million loan for the ground lease acquisition of a property occupied by Home Depot in Cleveland Heights, just east of Cleveland. Located at 3460 Mayfield Road, the property includes a 132,000-square-foot building and an 18,000-square-foot garden center. The sales price was $13.7 million. Ben Townsend and Matt Marlin of SRS arranged the nonrecourse, 10-year loan at a fixed interest rate of 3.65 percent. A California-based private investor was the borrower. An institutional lender provided the loan, which features a 70 percent loan-to-value ratio.
OAK BROOK, ILL. — Cawley Chicago has negotiated the sale of a 70,497-square-foot office building in Oak Brook for $4.6 million. Built in 1978, the three-story property is located at 915 Harger Road near Oak Brook Mall. Amenities include a conference facility and kitchen area. Building renovations are currently underway. Tony Russo and Ryan Freed of Cawley Chicago represented the buyer, KMMRD Enterprises. Jane Stroebeck of Stroebeck Real Estate represented the seller, 915 Harger LLC. Russo and Freed will serve as the leasing representatives and Cawley Chicago Management will manage the property on behalf of the new ownership.
FORT WAYNE, IND. — Do it Best Corp. has signed on as the anchor tenant of Electric Works in Fort Wayne. The company will relocate its headquarters and all 440 of its employees to a nearly 200,000-square-foot space within the campus as well as add up to 90 new jobs. The Electric Works project is a $440 million office redevelopment of the abandoned GE campus in Fort Wayne. Construction is expected to begin later this year. The 1.2 million-square-foot project is approximately 60 percent pre-leased. Besides office space, plans call for a coffee shop, restaurant and health and educational facilities. The 39-acre campus once employed 40 percent of the city’s population at its peak in the 1920s. Do it Best Corp. is a hardware, lumber and building materials cooperative, which is a type of organization that is both owned and controlled by its members.
