EVERGREEN PARK, ILL. — Interra Realty has brokered the sale of Riviera Apartments for $6.6 million. The 84-unit apartment property is located at 9739 S. Kedzie Ave. in Evergreen Park, approximately 15 miles south of Chicago. Built in 1968, the property includes three buildings. James Clough of Interra represented both the buyer and the seller. The buyer plans to make interior renovations, including new kitchens and baths, in order to boost rents to the market rate.
BOURBONNAIS, ILL. — Marcus & Millichap has arranged the sale of a 6,200-square-foot retail property in Bourbonnais for $2.5 million. The building is fully leased to Five Guys, Firehouse Subs and Lacey’s Place. Located at 1609-1617 N. State Route 50, approximately 54 miles south of Chicago, the property is a newly constructed outparcel to the Water Town Plaza shopping center. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller. A California-based buyer purchased the asset.
MILWAUKEE — The Dickman Co. Inc./CORFAC International has negotiated the sale of a 23,100-square-foot industrial building in Milwaukee for an undisclosed price. The property is located at 5800 W. Douglas Ave. Overseas Hardwood Co. Inc. purchased the building from Jonco Properties. Samuel Dickman Jr. and Zach Hansen of Dickman brokered the transaction.
For those of you not familiar with Overland Park, Kansas, and its progressive office market, below are a few key points to help illustrate the relative size and economic strength of one of Kansas City’s most dynamic suburbs. • Incorporated in 1960, Overland Park is the second-most populous city in Kansas. • As of 2017, the unemployment rate was 3.1 percent. • It contains 17 percent +/- of metro Kansas City’s total office inventory. • $69,888 per capita income in 2017 • AAA bond rating status from the nation’s top three bond rating agencies, received by only a small handful of municipalities The Overland Park office market has led the metro in new office deliveries, occupancy and rent growth for much of the past two decades. It is the headquarters location of choice for a host of large corporations, such as Sprint, AMC Theaters, Black and Veatch, Waddell & Reed and YRC, to name a few. Access to a highly educated workforce, affordable housing, top-rated public schools and healthcare is a sampling of the reasons companies are attracted to the area. However, large corporations are not the only companies interested in locating here. Overland Park has a deep and …
By Philip D. Voorhees, Vice Chairman, CBRE During more than 730 retail investment transactions in the Western U.S. totaling more than $11 billion, we’ve identified some sure-fire ways to make an already tough retail investment sale transaction even more challenging. Our pain is your gain. In the cases below, we’re giving you the test after the lessons! 1. Move Slowly, and Lack Urgency. Nothing kills a retail investment sale transaction like a lack of urgency. All too often, sellers fail to have a Purchase and Sale Agreement (PSA) ready when an agreement is reached on the Letter of Intent (LOI), subsequently squandering a week or two while their attorney completes the draft PSA. It can also be difficult to circle the partners to obtain consensus on the next action step if you don’t have a “point” person designated as the lead for a partnership. Sellers will oftentimes mirror slow PSA comment turnaround times from a buyer, assuming the stance that, “if the buyer is slow, we’ll take our time, too.” This makes no sense: Eyes on the prize, sellers! Solutions: • Approve template LOI/counter proposal and PSA drafts early in the marketing process. • Put legal counsel on standby when …
CLARKSVILLE, TENN. — Montecito Medical Real Estate has acquired two medical office buildings that house Premier Medical Group in Clarksville. The adjacent buildings span 109,000 square feet of space combined and were 100 percent leased at the time of the transaction. Building 1 was constructed in 2016 and offers 55,000 square feet of space that Premier Medical Group uses to provide family medicine, internal medicine, occupational and travel medicine, a walk-in clinic, diagnostic imaging services (CT, fluoroscopy, ultrasound, MRI and mammography) and a laboratory. Building 2 was built in 2018 and offers 54,000 square feet of space that Premier uses to offer pediatrics services and obstetrics and gynecology, along with the practice’s administrative, business offices and scheduling services. The Class A buildings are located about 45 miles northeast of Nashville. Anthony Lunceford and Joe Massa of Colliers International Healthcare Investment Services brokered the transaction on behalf of Nashville-based Montecito. The seller and sales price were not disclosed. Founded in 1995, Clarksville-based Premier Medical Group is a multi-specialty healthcare practice employing a workforce of 300 employees.
TYSONS, VA. — HFF has secured a $32.2 million refinancing loan on behalf of True North Management Group for 7600 Leesburg Pike, a 219,000-square-foot office building in Tysons, about 16 miles west of Washington, D.C. The loan has a floating interest rate and a three-year term. The office building was built in the 1980s and was renovated in 2016. True North plans to further renovate the asset this year, adding on-site amenities, a deli and a fitness center. Loan proceeds were used to refinance the original acquisition loan and provide funds for the borrower to implement its business plan to lease up and stabilize the asset.
BALTIMORE — Stonehill has provided a $16.5 million bridge loan for an undisclosed borrower for Hotel Monaco in downtown Baltimore. The 202-room hotel is situated about one mile from the city’s Inner Harbor. Amenities include a fitness center, in-room yoga mats, free bike rentals, spa services, nightly social hour and complimentary coffee and tea services.
AUGUSTA, GA. — The Palomar Group has arranged the $15 million sale of a single-tenant Walmart Supercenter in Augusta. The 217,068-square-foot property is situated within Village Plaza shopping center, located about five miles from Augusta National Golf Club. Palomar Group represented the seller, a national real estate investment group, in the transaction. Jordan Trotter Commercial represented the 1031 exchange buyer.
BRIDGEPORT, CONN. — HFF has brokered the $21.7 million sale of a mixed-use portfolio totaling 176 apartments and approximately 100,000 square feet of retail and office space in downtown Bridgeport. The three-building portfolio includes the City Trust Building, an 11-story, 135,544-square-foot property; Arcade Mall, a four-story, 52,355-square-foot structure; and Golden Hill, an eight-story, 51,194-square-foot building. Stephen Simonelli, Jose Cruz, Michael Oliver, Kevin O’Hearn, Steven Rutman, JB Bruno, and Dana Brome of HFF represented the seller, Ginsburg Development Cos., in the transaction. The buyer was Time Equities Inc.
