ST. LOUIS — Tim Balk of Gershman Commercial represented CUNA Mutual Investment Corp. in the sale of two St. Louis area properties. The multi-tenant retail strip center located at 98 The Legends Parkway in Eureka was purchased by The Legends Plaza LLC, represented by Roger Zigler and Steve Symsack, also with Gershman Commercial. The retail center features 15,859 rentable square feet and is located on 1.57 acres. The property is 92 percent leased. Gamma Enterprises LLC, represented by Lee & Associates, purchased 2055 Craigshire Road. The four-story, 35,701-square-foot office building is located on 2.39 acres in the Westport area of Maryland Heights. The property is 97 percent occupied.
It’s no longer a secret that Brooklyn is booming, particularly the borough’s retail scene. Retail rents have climbed continuously over the last five years. Retail density has increased almost exponentially. A recent study by CPEX of Brooklyn’s notable retail corridors (meaning areas with rents averaging more than $35 per square foot) found the number of these corridors has increased 80 percent in just two years. But what’s driving Brooklyn’s record pace of retail growth? Several market factors have created a perfect storm for Brooklyn’s retail resurgence. Development in the borough has peaked over the past two years, with permits for new residential developments up 116 percent in that timespan. Nearly 20,000 new units are in the pipeline, almost twice the number of permits in Manhattan and 149 percent more than the other outer boroughs combined. The office vacancy rate has dropped to 4.2 percent in Brooklyn, the lowest in the United States. Tourism continues to spike thanks to the borough’s noteworthy parks, the year-round arts and cultural events in the Brooklyn Academy of Music (BAM) Cultural District, and the Barclays Center’s sporting and concert events. In the meantime, hotel developments are trying to keep pace with the influx of tourists …
LOCKPORT, ILL. — Construction has begun on a 10,800-square-foot retail building at the 77-acre Lockport Square Shopping Center in Lockport. The property is located at the intersection of I-355 and 159th Street (IL Hwy 7). The multitenant retail building is located on a 1.3-acre site fronting 159th Street, providing high visibility for the property’s retail tenants. Construction will be completed by early fall. Leases have been signed with Mattress Firm (3,500 square feet) and Sport Clips (1,600 square feet). Lease negotiations are underway with a third tenant for an additional 1,600 square feet. The remaining 4,100 square feet at the project is expected to be leased within 12 months. Janko Group, GMX Real Estate Group and Purinton Development are the co-developers of Lockport Square Shopping Center. The construction team includes JTS Architects, RTM Applied Engineering and Boulder Contractors. MidAmerica Real Estate and Metro Commercial Real Estate are the leasing brokers for the shopping center.
HILLIARD, OHIO — Marcus & Millichap has brokered the $1.4 million sale of Main Street Station, a 6,832-square-foot retail property located in Hilliard. The property is located at 3854-3870 Main St. and was sold to an undisclosed buyer. The center is occupied by four local franchisees. John Reehil of Marcus & Millichap’s Columbus office represented the seller, a limited liability company.
MADISON, WIS. — Lee & Associates has arranged the lease of a 48,734-square-foot retail space at Moorland Commons in New Berlin. Dunham’s Sporting Goods will occupy the space formerly occupied by Sportsman’s Warehouse. Other tenants at the shopping center include Target, Michaels and Office Max. Steve Doran of Lee & Associates Madison represented the landlord in the transaction. Galway Cos. Inc. manages the property.
CHICAGO — Baum Realty Group has brokered the $16.6 million sale of five retail properties totaling 81,606 square feet in the Chicago area. The properties include: 1422 – 1426 N. Milwaukee Ave., a mixed-use redevelopment in the Bucktown / Wicker Park neighborhood that sold for $4.2 million; 701 – 749 N. Milwaukee Ave., a fully leased retail strip center anchored by the Westin North Shore Hotel in Wheeling that sold for $4.9 million; 4700 N. Kimball Ave., an OREO multitenant retail strip center adjacent to the Kimball Brown Line ‘L’ Station that sold for $2.3 million; 847 N. Larrabee St., a development parcel in the River North neighborhood that sold for $4.1 million; and 1312 – 14 N. Clybourn Ave. and 1321 N. Larrabee St. located within the North and Clybourn Corridor that sold for $1.1 million Greg Dietz and Danny Spitz of Baum Realty Group’s Investment Sales Team represented the five separate private sellers in transactions.
LORAIN, OHIO — Marcus & Millichap has brokered the $1.2 million sale of Advance Auto Parts, a 7,000-square-foot, net-leased property in Lorain. Advance Auto Parts is located at 2025 Broadway. The property was built in 2004 as a build-to-suit for Advance Auto Parts. Dustin Javitch, Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap’s Cleveland office represented the seller, a limited liability company. The property was sold to an unnamed publically-traded REIT.
ADRIAN, MICH. — Bernard Financial Group has arranged a $3.3 million, non-recourse CMBS loan for Southland Plaza in Adrian. The property includes approximately 72,600 square feet of retail space. The borrowing entity is Warwick Realty-Adrian LLC. Neil Gorosh of Bernard Financial originated the loan.
GLEN ELLYN, ILL. — Mid-America Real Estate Corp. has brokered the sale of a 2,500-square-foot Dunkin Donuts and a 1,400-square-foot Short Term Loans. The retail properties are two adjacent parcels located at 651 and 661 Roosevelt Road in Glen Ellyn. A private Illinois-based buyer purchased the property for full asking price of $1.7 million at a 6.75 percent cap rate.
BLOOMFIELD HILLS, MICH. — Agree Realty Corp. has acquired six retail properties for $35.4 million and sold a shopping center in Marshall, Mich. The properties include an H-E-B grocery store in Brenham, Texas; a 24 Hour Fitness in Fort Worth, Texas; a Golden Corral restaurant in Springfield, Ill.; and Advanced Auto Parts stores in Lorai, Ohio; Tallahassee, Fla. And Alabama; and a Dollar General in Blacksburg, S.C. In addition, the Bloomfield Hills, Mich.-based company has sold Marshall Plaza, a Kmart-anchored shopping center, for $5.5 million.