sales_and_leases

WISCONSIN DELLS — Marcus & Millichap has brokered the sale of the Ramada Wisconsin Dells, a 71-room hotel. The Ramada sold for $3.5 million and is located at 1073 Frontage Road East in the Wisconsin Dells, a popular tourist destination along the Wisconsin River in the south central part of the state.The property is 37,909 square feet. Jon Ruzicka of Marcus & Millichap represented the undisclosed seller. Ruzicka, along with Matthew Fitzgerald, also represented the unidentified buyer. The deal marks the second hotel property sale that Ruzicka has brokered in the Wisconsin Dells over the past year.

FacebookTwitterLinkedinEmail

CARPENTERSVILLE, ILL. — SVN | Chicago Commercial has brokered the $1.2 million sale of Harley’s Self Storage, a 23,064-square-foot facility located at 250 Williams St. in Carpentersville northwest of Chicago. Harley’s Self Storage LLC was the seller of the climate-controlled facility, and the buyer was Prairie Enterprises LLC. SVN | Chicago Commercial was the sole broker in the transaction.

FacebookTwitterLinkedinEmail

HOFFMAN ESTATES, ILL. — Caruso Development Corp. has signed Northwest Health Care Associates to a 27,000-square-foot medical office lease at 2359 Hassell Road in Hoffman Estates as part of a build-to-suit project. Albert Lindeman of SVN | Chicago Commercial represented the building’s owner, Caruso Development, in lease negotiations. Northwest Health Care Associates will occupy a one-story medical office building, which is under construction on the Blackberry Falls Office Campus, a new campus adjacent to Barrington Town Center. The Blackberry Falls Office Campus is situated on 4.6 acres, complete with a gazebo, waterfall and pond. The 27,000-square-foot building to be constructed for Northwest Health Care Associates is the last building to be constructed within the office campus. Caruso Development is partnering with Interworks Architects and EJ Loberg Construction on this project. Located at the intersection of I-90 and Barrington Road, approximately 30 miles from downtown Chicago, the new office campus is accessible from major area thoroughfares and offers patients convenient access to the site. The campus is situated across from AMITA Health St. Alexius Medical Center, which includes the new 270-room Alexian Brothers Women’s and Children’s Hospital. Caruso Development is partnering with Interworks Architects and EJ Loberg Construction on this project.  

FacebookTwitterLinkedinEmail

BROOKLYN PARK, MINN. — Marcus & Millichap has brokered the $7.1 million sale of a 34,000-square-foot retail property in Brooklyn Park, a northern suburb of Minneapolis. Sean Doyle, Matthew Hazelton, Cory Villaume, and Adam Prins of Marcus & Millichap represented both the undisclosed buyer and seller. Petco anchors the shopping center, and other tenants include Chipotle, Caribou Coffee, Panda Express and Gamestop.

FacebookTwitterLinkedinEmail

CHICAGO — Interra Realty has brokered the $1.56 million sale of three multifamily properties located in the Woodland and Washington Park neighborhoods of Chicago. Ted Stratman and Dan Byrne of Interra represented both the seller and buyer for all transactions. A six-unit property at 5910 S. Martin Luther King Drive sold for $440,000. The building, which had previously been converted to individual condos, features large three-bedroom, one-and-a-half bath units and has rear parking for all six units. Another six-unit property, located at 6427 S. Drexel Ave., sold for $510,000. The property was completely rehabbed within the last few months and was 100 percent occupied at the time of sale. Lastly, an eight-unit building located at 5156 S. Indiana Ave. sold for $490,000. Six of the units have been rehabbed. Stratman and Byrne negotiated a post-closing construction contract on behalf of the buyer to rehab the other two garden-style units and capitalize on the building’s upside potential.

FacebookTwitterLinkedinEmail

BUFFALO GROVE, ILL. — Avison Young has negotiated a long-term, 315,000-square-foot lease renewal for Nemera at 600 Deerfield Parkway in Buffalo Grove, a suburb of Chicago. Nemera, which specializes in the design, development and manufacturing of drug delivery solutions, occupies the entire building. The facility includes 30,000 square feet of office space, 28-foot clear ceiling heights and is served by rail. Keith Purtiz and Brett Kroner with Avison Young’s Chicago office were the sole brokers in the transaction. The property owner is a private investor. No further details of the lease agreement were disclosed.

FacebookTwitterLinkedinEmail

SANTA MONICA, CALIF. — A local private investor has purchased a six-unit apartment complex in Santa Monica for $2.9 million. The community is located at 2820 3rd St. It is situated near Third Street Promenade and the Santa Monica Pier. The property was built in 1962 and recently underwent a total renovation. Kimberly Roberts Stepp of Stepp Commercial represented the seller, 2820 3rd Street LLC, in this transaction.

FacebookTwitterLinkedinEmail
Panera Bread 10059 Jefferson Davis Highway Fredericksburg

FREDERICKSBURG, VA. — Coldwell Banker Commercial Elite has brokered the $4.6 million sale of a 13,900-square-foot retail building located at 10059 Jefferson Davis Highway in Fredericksburg. The property was fully leased at the time of sale to tenants such as Panera Bread, Avail Vapor, Blue Pearl Nails & Spa and a barbershop. The property is located within the Cosner’s Corner Shopping Center. Joe Pfahler of Coldwell Banker Commercial Elite represented the seller, G & S Lantier Properties LLC, in the transaction. Geoff Lindsay of Capital Realty Advisors represented the buyer, GPAC Properties LLC.

FacebookTwitterLinkedinEmail

CHICAGO — In a joint venture with Golub & Co., CIM Group has acquired a condominium ownership interest in 625 North Michigan, a high-rise building located at 625 N. Michigan Ave. in downtown Chicago. Although the purchase price was not disclosed, Crain’s Chicago Business reported in August that a venture of CIM Group paid approximately $48 million for 290,000 square feet of office space on floors five through 27 of the building. The seller was Goldman Sachs Group. The sale doesn’t include the lower four floors, which are separately owned retail space. The individual floors span 13,000 square feet and no tenant takes up more than one full floor, according to Crain’s Chicago Business. The property, which is currently 29 percent vacant, was built in 1970 and underwent a $6 million renovation in 2000. Caption (625 North Michigan Avenue): CIM Group has acquired a condominium ownership interest consisting of 290,000 square feet of office space located at 625 N Michigan Avenue.

FacebookTwitterLinkedinEmail

NORTHVILLE, MICH. — Commercial Property Advisors (CPA) has arranged the sale of Northridge Meadow Apartments, a 112-unit multifamily community in Northville, for $7.8 million to Northridge Ventures LLC. The property, located at 19439 Northridge Drive, totals 92,120 square feet. Cary Belovicz of CPA represented the seller, Northridge Apartments.

FacebookTwitterLinkedinEmail