(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
LOUISVILLE, KY-Continental Realty Advisors, an institutional fund investor, has purchased the Jamestown at St. Matthews apartment complex here for $25 million. Brookside Properties purchased the 355-unit property here at 900 Milford Ln. in 2004 for $20.1 million.
Jason Rosa, director of research for Continental, said in a statement that the firm will spend about $4 million in renovations during the next two years, including the demolition of the existing clubhouse. The units rent from $650 to $1,009. “Jamestown, with its location, oversized units, and colonial style construction, was once the place to be in Louisville,” Rosa said. “CRA’s aim is to have Jamestown regain that prestige with a brand new state-of-the-art clubhouse facility, fully renovated units, and key landscaping.”
David Snyder, chairman of the company, said in the statement that the property will be added to the CRA-B1 Investment Fund. He said the company’s spending in Louisville exceeds $70 million. “We expect to add another $100 million in property by the end of 2011,” Snyder said. “We believe in Louisville.” The company expects to acquire more than $1 billion in assets during the next few years.
OWENSBORO, KY-Jo-Ann Stores Inc., a retailer of fabrics and crafts, has signed a new 10-year lease valued at $1.3 million at the Owensboro Towne Centre in Owensboro, Ky. The tenant will be occupying 13,500 square feet of the former Goody’s space at the shopping center. The Owensboro Towne Centre, consisting of over 275,000 square feet, is across the street from Town Square Mall, the 500,000 square foot dominant regional mall for northwest Kentucky. When Goody’s declared bankruptcy in 2008, it left a 27,000-square-foot vacant space. The challenge with the former 27,000 square foot Goody’s space was how to market it, said Jonathan Gould, CEO and president of New York City-based Stonemar Properties LLC, the owner and operator of the center. “Junior box sized spaces only appeal to a limited number of single tenant users and although we received considerable interest from both national and regional retailers, we did not have the ability to expand the location for their intended use,” he said. Ulta Salon, Cosmetics and Fragrances Inc. Ulta signed a 10-year lease valued at $2.4 Million and the Owensboro Towne Centre is now 100% occupied.
FRANKLIN PARK, IL-The Village of Franklin Park, a community with over 18,000 residents just northwest of the City of Chicago, has purchased a two-building industrial complex totaling 284,000 square feet on 13.46 acres at 9353 and 9451 W. Belmont Ave. The village plans to raze the complex in order to build new government buildings on the site. Britt Casey, Al Caruana and Tom Cotte with Cushman & Wakefield represented the seller, Unilever, a top producer of consumer goods worldwide.
ROSELLE, IL-Nitto Kohki USA Inc. has purchased Lot 38, a 1.33-acre parcel of land, within the Roselle Commercial Center here to accommodate the expansion and relocation of its operations from Hanover Park, IL. Situated on the property is a 25,000 square foot, 24-foot clear height industrial building that features 6,000 square feet of office space, two docks, one drive-in door, sprinkler system, heavy power and parking for 30 cars. The seller of industrial tools has purchased the property because of its DuPage County location and close proximity to the Elgin/O’Hare Expressway. Hiloh Izumo, VP with Paine/Wetzel * ONCOR International, represented the buyer in the transaction and Rick Anesi with New London Associates worked on behalf of the seller, a trust of Anita Anesi.
CHICAGO-David Wells with Marcus & Millichap’s Real Estate Investment Services National Retail Group recently handled a $7.1 million purchase of a Chase Bank located in downtown Chicago. The purchase price equates to a 6.5% cap rate. Bruce Harris represented the seller. The asset acquired is an 8,500-square-foot bank on the ground floor of a 35-story condo tower on the corner of Dearborn and State streets.
NILES, IL-The Missner Group was selected to construct a 40,000-square-foot build-out for the new franchise location for Sky High Sports here. This is the first location in Illinois for the trampoline entertainment group which currently operates multiple facilities on the West Coast. The company is a trampoline entertainment and exercise facility for both adults and children. The organization recently leased space within the Howard Street Industrial building at 6424 Howard St. The property is owned by Principal Global Investors and was originally developed and constructed by Missner. The facility features two large trampoline courts, a dodge ball court, a kids’ court and two foam pits.
ST. CHARLES, IL-JCF Real Estate has completed two new office leases totaling 14,000 square feet at the 50-acre Corporate Reserve of St. Charles. Steve Chrastka, VP, represented the owner. In the first transaction, Ohio Farmers Insurance Co. leased approximately 11,000 square feet within 320 Cardinal Drive. Alex Smith with Cushman & Wakefield represented the tenant. Chrastka also signed the St. Charles Consulting Group to a new lease. The independent consulting agency, represented by David Ellerman with Ellerman Commercial Brokerage, will occupy 3,000 square feet within 320 Cardinal Drive. The property is at 90% leased. JCF plans to commence Phase II, two additional 16,000 square foot, single-story office properties, this summer. Negotiations are currently underway with two additional users which would fully lease the new buildings. Once complete, the complex will feature more than 500,000 square feet of office, restaurant, retail, and hotel space.
SPEEDWAY, IN-Centro Properties Group US announced a 5,500-square-foot-lease has been executed with Anytime Fitness at Speedway Super Center, just east of the split from Interstate 74 and Interstate 465, on the north side of Crawfordsville Road (Route 136) between North High School Road and 22nd Street. Matt Jackson with Ambrose Property Group represented the tenant. Centro Properties Group is the owner of Speedway Super Center and was represented by Heather Blacketer.
MICHIGAN CITY, IN-The Illinois office of Lee & Associates has closed on the $2 million sale of a 319,589-square-foot industrial park here. Brian Vanosky, John Sharpe and Justin Fierz with Lee represented XMH Corp. 1, which sold the asset, located at 5000 S. Ohio St. The property consists of two buildings measuring 169,589 square feet and 150,000 square feet, built in 1970 and 1984, respectively. Approximately 62,000 square feet of office space is included. Kevin Keift with the Michigan City Economic Development Corp. said in a statement that there were three parties that were interested in the property. “Two of them wanted to break it up,” Keift said. “But Select Development Corp., an affiliate of Fas-Pak Inc., will be utilizing the entire complex, and that makes it especially special. This means a lot to the local economy and we’re thrilled.” Buyer Select Development Corp. was represented by Liliana Ake of Exit 1 Realty.
GREENWOOD, IN-Jeffrey Castell and Angela Wethington with Cassidy Turley brokered the sale of a Greenwood industrial property to Boston-based Cabot Properties. The property, a 163,200-square-foot multi-tenant warehouse, is at 2011 & 2121 Southtech Dr. The two represented the seller, RBA LLC (a joint venture of Browning Investments and Republic Development). Cabot Properties represented itself. Castell said in a statement that the sale is further evidence of increased investment activity in the central Indiana industrial market.
MANCHESTER, MO-Jeff Chaney, SVP and managing director with NorthMarq, arranged refinancing of an existing loan in the amount of $4 million for Lafayette Center, a 126,179-square-foot retail center here. Major tenants at the center are Dierbergs Market (grocery anchor) and Petco. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its correspondent relationship with PPM Finance.
ST. LOUIS-Missouri Lawyers Media LLC extended its lease of 10,844 square feet of Class B office space for 66 months at 319 N. Fourth St. with Security Building Master Tenant LP. Robert Busch with Gundaker Commercial Group Inc. represented the tenant in this transaction. Rick Messey and Mark Schumacher with Cassidy Turley represented the landlord.
WIXOM, MI-Signature Associates has negotiated the sale of 76,000 square feet of industrial space located at 30893 Century Dr. Jim Montgomery, David Giltner and Steve Gordon represented the seller, Harmon Highway Co. Inc. Montgomery and Gordon also represented the purchaser, Mans LLC.
SAINT PAUL, MN-The Amherst H. Wilder Foundation sold Humboldt Apartments to National Foundation for Affordable Housing Solutions Inc. The sale was for the 121 unit HUD subsidized apartments located at 516 Humboldt Ave. on the Rarig campus.
MASON, OH-Hotel Assets Group LLC has negotiated the sale of the 110-room Hilton Garden Inn here. The hotel sold to Apple REIT Ten on behalf of SASI LLC for an undisclosed amount. The property opened in February 2010. The buyer plans to continue operations as a Hilton Garden Inn with Schulte Hospitality Group as the management company.
KANSAS CITY, KS-Charming Charlie will open at the 1.2-million-square-foot Legends Outlets in early November 2011 in a 21,918-square-foot space across from Yard House on the west end of the center near the smokestack tower. Also, existing tenant Books-A-Million, an original tenant of the shopping center, will open its new format store in a 16,846-square-foot space.