COLUMBUS, OHIO — The Cooper Commercial Investment Group has arranged the $2.2 million sale of an 18,900-square-foot Goodyear building in Columbus, Ohio. The property, located at 124 E. Spring St., sold at a 7.1 percent capitalization rate and at 99 percent of list price. This hard-corner location was the first Goodyear store opened in the United States. The tire retailer recently extended its absolute triple net lease for 10 years with a mid-term rental increase, instead of exercising its five-year option. Dan Cooper of Cooper Commercial Investment Group’s Cleveland office represented the seller, an Ohio-based private investment group. Colby Moore of Cassidy Turley represented the buyer, a California-based private investor.
Retail
HANOVER PARK, ILL. — Mid-America Real Estate Corp. has arranged the $700,000 sale of Church Street Station, a 5,897-square-foot, multi-tenant retail building in Hanover Park, a northwestern suburb of Chicago. A private investor purchased the property located at the northwest corner of U.S. Route 20 and Barrington Road. Church Street Station features retailers Subway and Lily Nails. Carly Gallagher and Ben Wineman of Mid-America Real Estate Corp. were the exclusive brokers in the transaction on behalf of the seller, a court-appointed receiver.
JENSEN BEACH, FLA. — CBRE has arranged the $17.3 million sale of Marketplace Square, a 173,292-square-foot retail center located at 3255 N.W. Federal Highway in Jensen Beach. Leon Capital Group purchased the asset from Kimco Realty Corp. The property is 73 percent leased to 20 tenants, including Hobby Lobby, Bank of America, KFC and Sonic. Dennis Carson and Casey Rosen of CBRE represented Kimco in the transaction.
WORCESTER, MASS. — Marcus & Millichap has brokered the sale of a 14,800-square-foot net-leased property in Worcester. The property, which is occupied by Walgreens, sold for $8.2 million. Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office marketed the property on behalf of the seller, a limited liability company. Robert Horvath and Todd Tremblay of Marcus & Millichap’s Boston office secured and represented the buyer, a limited liability company, in the transaction.
CHICAGO — Mid-America Real Estate has arranged the lease of 3,139 square feet of space for SARAR. The Turkish fashion company signed a lease at 111 W. Washington Street in Chicago. This will be SARAR’s third location in Illinois. It’s first two locations opened in Aurora, Ill., in 2004 and Rosemont, Ill., in 2013. The new location is expected to open this fall. Michael Wexler of Mid-America represented SARAR in the transaction. Danielle Rudas and John Vance of Stone Real Estate represented the landlord. SARAR was founded in Turkey in 1944. Beginning as a tailor’s workshop, the company has grown internationally across five continents and 49 different countries.
CHICAGO — Cohen Financial has secured a $6.5 million acquisition loan for a single-tenant, 13,600 square-foot property currently leased to Walgreens. The in-fill development is located at 3222 N. Milwaukee Ave. in Chicago. Don Trossman of Cohen Financial secured the loan for the borrower, Focused Sanford Property II LLC, with Illinois-based First Bank & Trust Co.
MOLINE, ILL. — Sam’s Club will open a new store this week in Moline in western Illinois. According to the Quad-City Business Journal, the 136,000-square-foot club is located at 6600 44th Ave. A grand opening ceremony will take place Thursday, Aug. 21. The store will feature a Sam’s Club pharmacy and optical center and offer its members discounts on produce, meats and other goods. The new membership warehouse club will bring 170 new jobs to the community. Sam’s Club, a division of Wal-Mart Stores Inc., is the nation’s eighth largest retailer. The store offers products and services in more than 630 clubs across the U.S., as well as in Brazil, China and Mexico.
BARSTOW, CALIF. – A 68,362-square-foot retail center in Barstow has sold to Barstow Town Square LLC for $3.6 million. The center is located at 1303-1313 E. Main Street. It is anchored by Family Dollar, Aaron’s and Wienershcnitzel. The LLC was represented by Vic Gausepohl and Kirk Allisonof Colliers International. The seller, The Steele Family Trust, was represented by Brad Umansky, Kenia Drugan, Greg Bedell of Progressive Real Estate Partners.
STOCKTON, CALIF. – The Hammer & West Pad building, a 7,294-square-foot retail property in Stockton, has sold to a local private investorfor $3.7 million. The building is located at 7860 West Lane. It was built in 2008. Notable tenants at Hammer & Westinclude Western Dental, AT&T and Pizza Hut. The property is part of a larger retail center that is anchored by Walgreens. Jeff Conover of Faris Lee Investments represented both the buyer and seller, West Hammer Properties, in this transaction. The buyer was also represented by Mirna Gonzales of Green Banker.
PORTLAND, ORE. — Umpqua Bank has leased 24,000 square feet inside the 72nd Corporate Center office building in Portland. The building is located at 13535 SW 72nd Ave. Umpqua was represented by Chris Elsenbach of Cresa. The landlord was represented by John Medak and Jennifer Medak of NAI Norris Beggs and Simpson, and by Evan Bernstein of Pacific NW Properties.