Remke Buys Six bigg's Stores from Supervalu

As part of the transaction, Remke will purchase the following locations:

Highland Ridge, 3240 Highland Ave., Cincinnati;
Western Hills, 5071 Glencrossing Way, Cincinnati;
Skytop, 5218 Beechmont Ave., Cincinnati;
Hyde Park, 3872 Paxton Ave., Hyde Park;
Mason Montgomery, 9600 South Mason-Montgomery Rd., Mason;
Delhi, 5025 Delhi Rd., Cincinnati.

The transaction is expected to close in spring 2010 and will bring Remke Markets' complementof locally-owned and operated stores to 13. Each of these locations will be supplied by theSupervalu distribution center in Xenia, OH.

Supervalu plans to close the five remaining bigg's stores before the end of June. These locations include:

Eastgate, 4450 Eastgate Blvd., Cincinnati;
Harrison, 10501 New Haven Rd., Harrison;
Colerain, 8340 Colerain Ave., Cincinnati;
West Chester, 4824 Union Center Blvd., West Chester;
Florence, 4874 Houston Rd., Florence (KY);
A spokesman tells GlobeSt.com that bigg's stores were underperforming. "We continuously review our store base to ensure we are meeting our sales goals and, when necessary, make the decision to close or sell stores that are not," he says.

Prescription files at the Florence bigg's store will be transferred to Remke Market's Turfwaystore later this spring. The other four pharmacies' files will be transferred to another local company. Remke Markets is an employee-owned grocery store that has been serving Northern Kentucky communities since 1897. There are seven Remke stores centrally in Northern Kentucky.

CHICAGO- The ground lease interest of 801 W. North Ave., the future location of a new Apple Inc. store, was sold to a private, out-of-town buyer. Peter Block, SVP, Anne Arnold, senior associate, and Brad Teitelbaum, associate, all with Grubb & Ellis' Private Capital Markets group, and Steve Algermissen, executive director, and Kazuko Morgan, EVP, both of Cushman & Wakefield, represented the seller in the transaction. Apple Inc. will occupy the site's 18,000-square-foot retail building, which is scheduled to open within the next several months on the Lincoln Park property. The retailer has a 10-year ground lease on the property and options to extend its lease another 20 years.

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EVANSTON-Cohen Financial has secured a multi-million-dollar refinancing for an office-retail space in the heart of downtown. The property totals 44,380 leasable square feet, and consists of six contiguous buildings with street level retail, second-story office space and 45 parking spaces. Pete Miller's Steakhouse occupies 30% of the retail space. The property is more than 95% leased and is at the corner of 549-571 Sherman Ave. and 627 Grove St. Don C. Trossman secured the multi-million dollar, fixed-rate, five-year term loan at a 50% loan-to-value with a 25-year amortization at a rate of 6.75%. The lender is a suburban Chicago bank and the borrower is Sherman Grove LLC. The owner bought it more than 20-years ago. The street-level retail space consists of 25,532 square feet and abuts Sherman Avenue. The second-story office space consists of 18,848 square feet, is 42 percent of the property and is leased to a variety of business tenants.

BURR RIDGE, IL-Destihl Restaurant & Brew Works has entered Chicagoland with a lease signed for 9,932 square feet at the 20-acre Burr Ridge Village Center. According to Richard Spinell, principal of Oakbrook Terrace-based Mid-America Asset Management Inc., the privately held restaurant plans to open in October. Destihl has a location in Normal, IL., with plans to open in Champaign, IL., this spring.

UNIVERSITY PARK, IL-Midwest Custom Case has renewed and expanded into 455,892 square feet of industrial space located at 425 Crossings Dr. Walter Murphy, principal of Lee & Associates of Illinois LLC, along with Sally Macoicz of Cushman & Wakefield, represented building ownership, Principal Real Estate Investors, in the transaction.

WILLOWBROOK, IL-Bill Waliewski, SVP with Morgan Realty Partners, represented the owner of a 20,385-square-foot industrial sale to AVA Inc. The property, owned by 8-0 Real Estate LLC, is at 7051 South Adams St. AVA, Inc. specializes in the sales and distribution of hand sanitizer and surgical scrub, and is relocating to the Willowbrook facility from Darien, IL. Waliewski represented the seller in the transaction. Kip Hennelly of CB Richard Ellis represented AVA.

ST. LOUIS- Holliday Fenoglio Fowler has secured $37 million in first mortgage financing for Creve Coeur Center, a four-building Class A office complex here. Working on behalf of institutional investors advised by J.P. Morgan Asset Management – Global Real Assets, senior managing director Whit Wilcox and director Steven Klein placed the 10-year fixed-rate loan with John Hancock Life Insurance Co. (U.S.A.). The center is at 600 Emerson Rd. at the Interstate 270/Olive Boulevard interchange. The complex consists of four buildings totaling 587,056 square feet that are 85% occupied overall. Notable tenants include EMC, Pepsi, Progressive Insurance and Bunzl Distribution. Complex amenities include a fitness center, cafes and two multi-level parking garages.

SUNSET HILLS, MO-Captiva Marketing LLC leased 4,830 square feet of office space for five years at 10805 Sunset Office Dr. from AHC Metro Sunset LLC. Robert A. Busch with Grubb & Ellis|Gundaker Commercial represented the tenant in this transaction. Chad Tsitovich with Cassidy Turley represented the landlord.

SOUTHFIELD-Signature Associates has formed a new division, Signature Mortgage Solutions (SMS). The division offers services such as mortgage term extensions, mortgage workouts (lower rate, lower principal, interest only, discounted payoff, increase/decrease recourse, shared equity, JV partner), and refinancing or sales.

SOUTHFIELD-Transwestern Detroit was recently awarded the leasing of Central Business Park, on approximately 18 acres and consisting of 24 single and multi-tenant buildings that offer a mix of office, warehouse and flexible user space. Most buildings offer 16-foot to 21-foot clear heights, rear truckwells and loading docks and multiple suite configurations, ranging from 1,500 square feet to 40,000 square feet. The park, owned by Birmingham, MI-based PRS Equities Ltd., includes tenants such as Henry Ford Health System, FedEx and Verizon.

CANTON, MI-Ross Medical Education Center, with locations in Michigan, Ohio and Indiana, has leased its 19th campus in Canton at 44958 Ford Rd. in the Canton Office Center. The school is scheduled to open in late summer 2010. Angela Arcori and Sam Munaco with Signature Associates represented Ross to secure the 9,650 square foot space. The landlord is Ford Road Associates.

COLUMBUS- Ace Hardware will join the tenant line-up at Grove City Plaza, located just west of Interstate 71 on Stringtown Road. Ace will occupy 11,752 square feet and anticipates opening this August, said Don Casto, a partner at Casto.

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