GARFIELD HEIGHTS, OHIO — Industrial Commercial Properties (ICP) has purchased a building formerly occupied by a Kmart store in Garfield Heights, a suburb of Cleveland. The purchase price was not disclosed. The 89,300-square-foot property is located at 12501 Rockside Road and is situated on 9.3 acres. ICP plans to update the building and repurpose it into industrial space.
DEERFIELD, ILL. — Marcus & Millichap has brokered the sale of the Red Roof Inn Deerfield, a 115-room hotel, for $4.9 million. The property is located at 340 S. Waukegan Road. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap secured and represented the buyer, a private investor. Seller information was not disclosed.
SHELBY TOWNSHIP, MICH. — Ramar Chiropractic and Rehab has leased a 1,700-square-foot space at 2061 25 Mile Road in Shelby Township. The chiropractor’s grand opening is slated for this month. Barry Landau of Dominion Real Estate Advisors represented both the tenant and the undisclosed landlord in the lease transaction.
Milwaukee has experienced development at an unbelievable rate, and within the past couple of years there has truly been a downtown renaissance worth bearing witness. The city has done an excellent job of creating value, attracting jobs and spurring development that has led to unprecedented economic and social revitalization. With both local and national headlines praising Foxconn, Amazon, Northwestern Mutual and the Milwaukee Bucks, it is no wonder things have changed. While Milwaukee continues its quest to establish itself as the Great Lakes capital, the changes happening to its culture are what appear to have everyone on their feet. Between the East Side, downtown, Historic Third Ward, Walker’s Point and Bay View, there are so many cool concepts coming online, each of which showcases the unique character of the area it serves. From the Bucks Entertainment District to Zocalo food truck park (Phelan Development), there is something different in just about every corner. It comes as no surprise much of the action is coming from the food and beverage segment, as Milwaukee is after all “Brew City.” One of these concepts is Crossroads Collective. Crossroads is the brainchild of developer Tim Gohkman with New Land Enterprises. The food hall took …
SHOREWOOD, ILL. — DSC Logistics has leased 375,000 square feet of industrial space at Heartland Corporate Center in Shorewood near the I-55 and I-80 interchange. The Des Plaines-based logistics company has already taken occupancy of 250,000 square feet to start processing inbound deliveries. Within the next six months, DSC will expand to the rest of its space. HSA Commercial Real Estate and Clarion Partners developed the 757,880-square-foot Heartland Corporate Center, located at 21530 SW Frontage Road. The distribution center features a clear height of 36 feet, 108 truck docks and 240 car parking spaces. David Bercu and Matthew Stauber of Colliers International represented HSA and Clarion in the lease transaction. Lynn Reich and Suzanne Serino of Colliers represented DSC.
DEARBORN, MICH. — SkyView Advisors has brokered the sale of a Metro Storage facility in Dearborn for an undisclosed price. The 96,148-square-foot self-storage facility sits on 3.2 acres at 6470 Wyoming Ave. Zack Urow and Ryan Clark of SkyView represented the seller. Buyer and seller information was not disclosed.
RAYTOWN, MO. — Newmark Grubb Zimmer has arranged the sale of Westlake Raytown Center, a 34,466-square-foot retail center in Raytown, a suburb of Kansas City. The sales price was not disclosed. The fully leased property, located at 10130 E. 350 Highway, is home to Westlake Ace Hardware, Napa Auto Parts and Scooter’s Coffee. John Hoefer, Michael VanBuskirk and Chris Robertson of Newmark Grubb Zimmer represented the seller, Brain Dev 1 LLC. Logan Freeman of Clemons Real Estate represented the California-based buyer.
WATERTOWN, WIS. — Marcus & Millichap has negotiated the $5.8 million sale of a 79-room Holiday Inn Express hotel in Watertown, which is situated in between Madison and Milwaukee. Built in 1996, the property is located at 101 Aviation Way. Ebrahim Valliani, John Yurich, Allan Miller and Chris Gomes of Marcus & Millichap marketed the hotel for sale on behalf of the seller, a private investor. Jake Erickson and Jared Plamann of Marcus & Millichap’s Minneapolis office secured and represented the buyer, a limited liability company.
ROCKFORD, ILL. — SVN Chicago Commercial has brokered the sale of Main Place Apartments, a 60-unit apartment building in Rockford, for $2.2 million. The property is located at 929-935 N. Main St. Reid Bennett and Cody Doran of SVN brokered the transaction. Becovic Management Group acquired the property from an undisclosed seller. Jerry Lumpkins of BMO Harris Bank originated acquisition financing. The deal marks the second time in five years that the asset has traded hands.
CHICAGO — North Wells Capital, the investment affiliate of Urban Innovations Ltd., has begun expansion of 306 W. Erie, a 45,000-square-foot office building in Chicago’s River North. North Wells Capital acquired the building in May 2017 with plans to more than double its size. The expansion, designed by NORR Architects, integrates the existing brick and timber loft structure with a modern five-story addition, which will include an outdoor terrace and amenity space. Upon completion, the project will span 93,535 square feet. ARCO/Murray is the general contractor and JLL is the leasing agent. Urban Innovations will continue providing property management services.
