EDINA, MINN. — City Center Realty Partners (CCRP), in a joint venture with Contrarian Capital Management, has purchased a three-building office complex in Edina. Seller Regis Corp. will lease back a portion of the 180,000-square-foot campus through part of 2020. The 11-acre property is located on Metro Boulevard. Marc Nanne and Steve Buss of JLL represented CCRP in the transaction. CCRP plans to renovate two of the buildings. The 105,000-square-foot, nine-floor 7201 Metro Boulevard building will be leased back to Regis through May 2020 and thereafter renovated for multi-tenant occupancy. Regis is also leasing back a portion of 7151 Metro Boulevard through March 2020. That three-story building will also undergo a renovation. The third building, 7101 Metro Boulevard, is 85 percent occupied by PCL Construction.
WAUKEE, IOWA — Four Mile Capital has acquired The Bricks Waukee East, a 216-unit multifamily community in suburban Des Moines, for $25 million in an off-market transaction. Completed in 2017, the property sits on 9.2 acres and features one- and two-bedroom units. Amenities include a pool and fitness center. BH Management will manage the property. The buyer received a nonrecourse, fixed-rate mortgage loan from Luana Savings Bank. Four Mile Capital now owns about 450 units in the Des Moines metro area. The seller was undisclosed.
BELTON, MO. — Quantum Real Estate Advisors Inc. has brokered the $5.4 million sale of a 55,000-square-foot property occupied by Hobby Lobby in Belton, about 20 miles south of Kansas City. The single-tenant building is located at 520 E. Markey Parkway. Hobby Lobby has approximately 12 years remaining on its lease. Dan Waszak and Zack Hilgendorf of Quantum represented the seller, a Kansas City-based developer. A California-based investment fund purchased the asset.
PEKIN, ILL. — Mattress Liquidators has relocated to a former Bergner’s department store at East Court Village in Pekin within central Illinois. The mattress store, previously located at 3518 Court St. within the shopping center, has moved to the former Bergner’s space at 3536 Court St. Mattress Liquidators now occupies the entire 82,100-square-foot space and opened its doors on Thursday, Dec. 12. Mattress Liquidators offers name-brand mattresses at significant discounts by purchasing overstocks and year-end models. The East Court Village store will also sell furniture and major appliances. The store is open Thursday through Sunday each week. Cullinan Properties Ltd. owns and manages East Court Village.
CHICAGO — CIM Group has sold its interest in Marquee at Block 37, a 34-story, 691-unit multifamily tower in downtown Chicago, for $265 million. Morguard North American Residential REIT (TSX: MRG.UN), a subsidiary of Morguard Corp., acquired the 51 percent interest. The community offers a mix of studio, one-, two- and three-bedroom floor plans ranging from 650 to 2,100 square feet. Communal amenities include an outdoor pool, sundeck, fire pits, rooftop hot tub, dog run, dog washing station, fitness center, event room, business center and an outdoor terrace overlooking State Street. Ontario, Canada-based Morguard Corp. was CIM’s investment partner for Marquee at Block 37, and as such already owned a 49 percent stake in the development. Morgaurd Corp. and Morguard REIT now have an equal partnership in the property. CIM developed the community in 2016 above the four-story Block 37 shopping center at 25 W. Randolph St. The 275,000-square-foot retail property includes shopping, dining and entertainment options, including an 11-screen AMC Dine-In Theatre, to which residents of Marquee at Block 37 have private elevator access. The transit-oriented property is connected to the Loop, granting residents direct access to the red and blue CTA lines as well as the city’s pedway …
CHICAGO, INDIANAPOLIS, COLUMBUS AND MILWAUKEE — Starwood Real Estate Income Trust Inc., a non-traded real estate investment trust managed by Starwood Capital Group, has acquired a 33-property industrial portfolio totaling 4.1 million square feet in the Midwest for approximately $319.6 million, excluding closing costs. The properties are located in Chicago, Indianapolis, Columbus and Milwaukee. The portfolio is 98 percent leased to 50 tenants. It is largely comprised of light industrial buildings of less than 250,000 square feet. Kurt Sarbaugh, Robin Stolberg, Michael Joseph and Dominic Espinosa of JLL represented the seller, Becknell Industrial and a joint venture partner. Becknell will retain its position in the portfolio. Ken Martin, Alex Witt, Troy Shiley and Nelson Almond of JLL arranged a 10-year, $210 million fixed-rate CMBS loan with a global investment bank on behalf of new ownership.
DES MOINES, IOWA — Transwestern Commercial Services has been awarded the property management assignment for the headquarters of Ruan Cos. in Des Moines. Ruan is a family-owned trucking and logistics company. The assignment includes 750,000 square feet of office space across Ruan Center and Two Ruan Center, located at 666 Grand Ave. and 601 Locust St., respectively. This marks Transwestern’s entrance into the Des Moines market. Micah Larmie, Bonnie Boden and Pete Miceli of Transwestern’s Midwest asset services team will provide management and building engineering services for the two properties. General Manager Jona Schmidt of Transwestern will be onsite to directly oversee operations. Built in 1975, the 24-story Ruan Center is situated in the city’s central business district.
CHICAGO — Krusinski Construction Co. has completed a 90,000-square-foot buildout for 86 Food Service at 1400 W. 43rd St. in Chicago. The distributor of wholesale food and supplier of fresh produce, meat, poultry and dry goods to restaurants and grocery stores occupies the space within an existing 167,000-square-foot, speculative warehouse previously built by Krusinski. The buildout for 86 Food Service included the installation of cold storage refrigeration, freezers and a retail component to serve its customer base. Additional features include 7,500 square feet of office space, 50 new car parking stalls, one drive-in door and a clear height of 32 feet. Prologis served as developer with Cornerstone Architects Ltd. as architect and Grivas-Krause Associates Ltd. as structural engineer.
NEW HOLSTEIN, WIS. — The Boulder Group has arranged the $2.3 million sale of a single-tenant property net leased to grocer Piggly Wiggly in New Holstein, about 40 miles south of Green Bay. The 29,651-square-foot building is located at 2243 Calumet Drive. There are more than eight years remaining on Piggly Wiggly’s lease. Randy Blankstein and John Feeney of Boulder represented the seller, a Wisconsin-based partnership. A Midwest-based individual purchased the asset while completing a 1031 tax-deferred exchange.
VILLA PARK, ILL. — Adelphia Properties has brokered the sale of a 5,400-square-foot restaurant building in Villa Park, about 20 miles west of Chicago. The sales price was undisclosed. The vacant property, formerly occupied by Park West Pancake House, is located at 10 E. Roosevelt Road. George Spirrison and Simeon Spirrison of Adelphia represented the seller, a Chicago-based private investor. The buyer was also a Chicago-based private investor.