MANKATO, MINN. — Marcus & Millichap has negotiated the $4.2 million sale of The Edge in Mankato in southern Minnesota. The 48-unit apartment property is located at 1902 Warren St. Built in 1967, the asset features 24 one-bedroom units and 24 two-bedroom units. Chris Collins, Evan Miller and Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured and represented the private buyer.
SOUTHFIELD, MICH. — Dominion Real Estate Advisors (DRA) has arranged the sale-leaseback of 29444 Northwestern Highway, a 21,887-square-foot office building in Southfield, for an undisclosed price. Sean Jamian and Jordan Banks of DRA represented the buyer, JQK Properties LLC. As part of the transaction, DRA negotiated a new lease between the seller, ENCO Systems, and the new buyer. Enco, an audio-visual equipment supplier, will continue occupying a portion of the building while JQK completes renovations to the property’s interior.
MILWAUKEE — Lou Malnati’s Pizzeria has leased 2,074 square feet at Riverpoint Village in Milwaukee. The Chicago-style pizza restaurant chain will occupy space at 8629 N. Port Washington Road. Fred Stallé of Mid-America Real Estate-Wisconsin represented the undisclosed landlord in the lease transaction.
COLUMBUS, OHIO — Lingerfelt CommonWealth Partners LLC has acquired 100 East Broad Street, a 308,337-square-foot office tower in downtown Columbus. The purchase price was undisclosed. The property, also referred to as Chase Tower after its anchor tenant JP Morgan Chase, is situated in the heart of downtown Columbus across from Capitol Square. It is 60 percent occupied. Lingerfelt CommonWealth plans to immediately implement a multi-million-dollar renovation, consisting of a full elevator modernization, lobby improvements, new HVAC equipment and a new amenity package. Atlantic Real Estate Capital provided acquisition financing.
CHICAGO — Parkside Realty Inc. has topped off Fulton East, a 12-story, 90,000-square-foot office building in Chicago’s Fulton Market district. Clayco is leading the design-build construction along with its in-house architecture firm Lamar Johnson Collaborative. Located at 215 N. Peoria St., the building is slated for occupancy in June 2020. Fulton East features an 8,000-square-foot landscaped rooftop park exclusively for tenant use. Each floor also has its own balcony. On the ground level, 5,000 square feet of retail space is available for lease.
CHICAGO — Law firm Schoenberg Finkel Newman & Rosenberg LLC has signed a full-floor lease at The 300, an office building located at 300 S. Wacker Ave. in downtown Chicago. The law firm will occupy the entire 15th floor for a total of 15,460 square feet. The lease commences in September 2020. Founded in 1946, the firm currently resides at 222 South Riverside. Golub & Co. owns The 300 and completed a renovation of the 536,000-square-foot property last year. Deborah Frank and Sandy Macaluso of Golub & Co. represented the landlord in the lease with the law firm. Tony Karmin and Corby Marx of Colliers International represented the tenant.
PIONEER, OHIO — Industrial Property Brokers (IPB) has negotiated the $4.6 million sale of a 157,000-square-foot steel processing plant in Pioneer in northwest Ohio. Tim Echemann of IPB and Ronald Jurgenson of Reichle Klein Group represented the seller, the Kidtson Family. Toledo Tool and Die purchased the property, which was formerly occupied by ArcelorMittal. Toledo Tool and Die is a supplier to the automotive industry that specializes in stamped parts.
ST. LOUIS — Marcus & Millichap has arranged the sale of a 26,894-square-foot industrial building in St. Louis for an undisclosed price. The property sits on 3.9 acres at 373 Marshall Ave. It was built in 2005 and expanded in 2016. ICL North America Inc., a chemical and fertilizer company, occupies the building. Adam Abushagur and Tyler Sharp of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The duo also secured the private buyer.
STERLING HEIGHTS, MICH. — Out of the Box Ventures, a subsidiary of Miami-based Lionheart Capital, has acquired Lakeside Mall in Sterling Heights. The purchase price was $26.5 million, according to Crain’s Detroit Business. Out of the Box Ventures plans to incorporate new uses to the property other than retail but has not disclosed specific plans. The buyer acquired the mall after General Growth Properties Inc. defaulted on its $144 million mortgage loan. Lakeside Mall is the largest mall in the state of Michigan with more than 1.5 million square feet. It first opened in 1976. The Lord + Taylor and Sears stores have closed, but the JC Penney and Macy’s stores remain open.
COFFEYVILLE, KAN. — An affiliate of Phoenix Investors has purchased an approximately 880,000-square-foot distribution center in Coffeyville in southeastern Kansas. The purchase price was undisclosed. The original facility was built as a distribution center for Golden Brooks in 1978 and then served as an Amazon fulfillment center from 1999 through 2014. The property, which features 70 dock doors and three drive-in doors, sits on 105 acres adjacent to the Coffeyville Municipal Airport. Upon closing, Phoenix executed a lease for the entire facility with Array Technologies for the distribution of solar tracking equipment. Wisconsin Bank & Trust provided acquisition financing. Ken Szady of Marcus & Millichap brokered the sale.