Property Type

Marcus & Millichap Brokers $19.7M Sale of Office, Retail Property in Lake Forest, Illinois

by Kristin Harlow February 28, 2022

LAKE FOREST, ILL. — Marcus & Millichap has brokered the $19.7 million sale of Forest Square in Lake Forest, about 30 miles north of Chicago. The 53,122-square-foot office and retail property is located at 840 S. Waukegan Road and was built in 2008. The building was nearly 90 percent occupied at the time of sale. Tenants include Lake Forest Family Dental, Envision Health, Physical Therapy of Lake Forest, The Hearing Lab, Abbott Laboratories, LoMastro Performing Arts Academy, Lou Malnati’s Pizzeria, Jimmy Johns and Starbucks. Stephen Lieberman of Marcus & Millichap represented the seller, GCP Forest Square LLC. Woodard Properties LLC was the buyer.

February 28, 2022

Affordable Housing Development Multifamily North Carolina Seniors Housing Southeast

Woda Cooper Opens 50-Unit Affordable Seniors Housing in Hickory, North Carolina

by Julia Sanders February 28, 2022

HICKORY, N.C. — Woda Cooper Cos. Inc. has opened Center Crossing, a 50-unit, four-story affordable seniors housing community in Hickory that offers one- and two-bedroom apartments. Five of the units are accessible for those with mobility challenges, including two units specifically equipped for those with sight and hearing impairments. Unit features include kitchens with Energy Star-rate appliances, dedicated storage areas and washer and dryer closets. The property serves residents aged 55 and older who earn 40 to 80 percent area median income (AMI). Rental rates range from $356 to $921 per month, depending on unit size and income restriction. Community amenities include an onsite management office, a multipurpose space with laundry and a fitness center, as well as a computer room. The property also features off-street parking, a covered patio with seating, additional outdoor seating areas and a covered bus stop. North Carolina Housing Finance Agency (NCHFA) allocated federal Low-Income Housing Tax Credits (LIHTC) to support equity financing for Center Crossing, including two permanent debt loans. Western Piedmont Council of Governments provided a $250,000 Home Loan through its Unifour Home Consortium. CREA LLC purchased the tax credits which also provided equity for the project. RiverHills Bank provided a $6.9 million …

February 28, 2022

Development Industrial Iowa Midwest

Hydrite Chemical to Expand Manufacturing Facility in Waterloo, Iowa

by Kristin Harlow February 28, 2022

WATERLOO, IOWA — Hydrite Chemical plans to expand its facility in Waterloo that manufactures and distributes chemical products throughout the U.S. The City of Waterloo awarded tax benefits for the expansion project, which represents a $21 million capital investment over the next three years. Hydrite also plans to expand the facility’s transportation fleet and warehouse space. The project is expected to bring the workforce total to 158 employees at the Waterloo facility, which is the company’s only Iowa location and its largest property.

February 28, 2022

Illinois Leasing Activity Midwest Retail

Several Tenants Sign Leases at Glen Town Center in Glenview, Illinois

by Kristin Harlow February 28, 2022

GLENVIEW, ILL. — Several new tenants have signed leases to join the lineup at The Glen Town Center, a shopping center in Glenview, about 20 miles north of Chicago. Offix, a regional coworking and business solutions company, recently signed a 10-year lease for 6,200 square feet for its seventh location. Another recent lease signing was Chuck Lager America’s Tavern, which is owned by Fabio Vivani who appeared on the show “Top Chef.” Also joining the center will be Stretch Zone, a national boutique fitness company with over 40 locations nationwide. Poke Burrito, a local Asian restaurant, will open its sixth location in 1,800 square feet. Last year, Perfect Wedding opened its first location at the center, and in January, Eggspresso breakfast and brunch restaurant opened. SVN Chicago Commercial is the leasing agent for the property.

February 28, 2022

Acquisitions Illinois Midwest Restaurant Retail

Adelphia Properties Arranges Sale of 14,000 SF Former Restaurant Building in Elmhurst, Illinois

by Kristin Harlow February 28, 2022

ELMHURST, ILL. — Adelphia Properties has arranged the sale of a 14,000-square-foot former restaurant building in Elmhurst, about 20 miles west of Chicago. Arena Sports Bar & Grille formerly occupied the property, located at 630 W. Lake St., for more than 35 years. Simeon Spirrison and George Spirrison of Adelphia represented the seller, the proprietor. A local investor purchased the asset for an undisclosed price.

February 28, 2022

Leasing Activity Midwest Missouri Retail

Salon Service Group Opens at Red Bridge Shopping Center in Kansas City

by Kristin Harlow February 28, 2022

KANSAS CITY, MO. — Salon Service Group, a wholesale salon product distributor for licensed cosmetologists, has opened at Red Bridge Shopping Center in Kansas City. The tenant occupies nearly 2,000 square feet. Lane4 Property Group manages the center, which has welcomed 12 new tenants since its redevelopment in 2018. Salon Service Group operates 51 locations in 11 states, four of which are in metro Kansas City.

February 28, 2022

Acquisitions Florida Retail Southeast

SRS Brokers $2.3M Sale of New Wendy’s-Occupied Property in Metro Tampa

by Julia Sanders February 28, 2022

LAND O LAKES, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $2.3 million sale of a newly developed, single-tenant retail property in Land O Lakes. William Wamble and Patrick Nutt of SRS represented the seller, an entity doing business as RS Roach LLC. The buyer was a private investor based in Wyoming. Built in 2022 and situated on 1.1 acres, the 2,500-square-foot ground-lease property has a 15-year tenant lease in place with Wendy’s. Located at 7775 Land O Lakes Blvd., the freestanding property is directly across the street from Connerton, a mixed-use project situated on 1,800 acres that is currently under development.

February 28, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 237-Unit Self-Storage Facility in Port Neches, Texas

by Taylor Williams February 28, 2022

PORT NECHES, TEXAS — Marcus & Millichap has brokered the sale of Eagle Climatized Storage, a 237-unit self-storage facility in Port Neches, located outside of Beaumont near the Louisiana-Texas border. The facility was built on 3.5 acres in 2003, and all of the units feature climate-controlled space. Dave Knobler of Marcus & Millichap represented the seller, a Georgia-based private investor, in the transaction. Brandon Karr and Danny Cunningham, also with Marcus & Millichap, also procured the buyer, a Texas-based limited liability company. Both parties requested anonymity.

February 28, 2022

Leasing Activity Retail Texas

Kroger, Kitchen United Open 50,000 SF Fulfillment Center in Houston

by Taylor Williams February 28, 2022

HOUSTON — Kroger (NYSE: K) and Kitchen United MIX, a platform that coordinates food pickups and deliveries, have opened a 50,000-square-foot “kitchen center” at 1035 N. Shepherd Drive in The Heights neighborhood of Houston. Customers who place orders digitally for groceries or prepared meals can either pick their items at the center or have them delivered.

February 28, 2022

Leasing Activity Maryland Retail Southeast

GBT Realty Adds DSW to Tenant Lineup at Ellsworth Mixed-Use Project in Silver Spring, Maryland

by Julia Sanders February 28, 2022

SILVER SPRING, MD. — GBT Realty Corp. has added DSW Designer Shoe Warehouse to Ellsworth Place, a 350,000-square-foot retail and entertainment center in Silver Spring, a Maryland suburb of Washington, D.C. The Brentwood, Tenn.-based developer and owner acquired Ellsworth Place in 2018. The discount shoe retailer signed the lease last month with plans to renovate the former Guitar Center storefront. Construction on the property is currently underway with DSW expected to open in March. Located on level four of Ellsworth Place, DSW will be in a 17,500-square-foot store. The tenant’s new location is convenient to Town Center Garage via the pedestrian bridge. DSW joins tenants at Ellsworth Place including Burlington, Ross Dress for Less, Marshalls, Michaels, T.J. Maxx and Dave & Buster’s.

February 28, 2022

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