Midwest Deal Wrap: Recent Transactions Completed

 Colliers International Announces Recent Transactions

   KANSAS CITY – Colliers International announced the following deals: SALES (December 6, 2012) DST Realty Inc. sold a 54,608 square foot industrial building located at  2450 Summit, Kansas City, MO, to Boulevard Brewing Associates LP. John Delzer and Doug Hedrick of Colliers International negotiated the transaction on behalf of the seller, and Paul Fogel of Karbank Real Estate Co., LC represented the buyer.  (December 20, 2012) The Crossroads at Belton LLC sold 0.99 acres of land located at Y Highway and 58 Highway, Belton, MO, to Arvest Bank. Mark Arensberg and Dan Bourk of Colliers International negotiated the transaction on behalf of the seller, and the buyer was not represented. (December 27, 2012) Great Southern Bank sold a 35,109 square foot retail center located at  3680 NE Akin Dr., Lee’s Summit, MO, to Rocky Top Holdings LLC. Drew Quinn of Colliers International negotiated the transaction on behalf of the seller, and William Glasco of Block & Co. represented the buyer. (November 29, 2012) ADC-CCM Missouri Partners sold a 33,120 square foot office building located at 7509 Tiffany Springs Pkwy.,  Kansas City, MO, to Tiffany 7509 LLC. Rod Jones of Colliers International negotiated the transaction on behalf of the seller and Don Maddux and Bruce Johnson of Block & Company represented the buyer. (December 27, 2012) Bank of the West sold a 28 unit multi-family building located at  204–258 NW Woods Chapel Rd., Blue Springs, MO, to Leawood Shops LLC. Rod Jones of Colliers International negotiated the transaction on behalf of the seller and the buyer was not represented. (December 18, 2012) Beth E. Hurst, Trustee and Marc E. Nelson sold 7,250 square feet of industrial space located at   893 N Jan Mar Ct., Olathe, KS, to Melrose Properties LLC. John Stafford of Colliers International negotiated the transaction on behalf of the seller and Susan Hintz of Keller Williams represented the buyer. (December 21, 2012) Sunflower Bank, N.A. sold 2,100 square feet of industrial space located at  725 N. 2nd St., Lawrence, KS, to Big Bear Investments LLC. Marilyn Bittenbender of Colliers International negotiated the transaction on behalf of the seller and the buyer was not represented.   LEASES  (October 29, 2012) TAK Properties LLC renewed 27,775 square feet of industrial space located at 9729 Lackman, Lenexa, KS to Surewest Kansas Operations LLC. John Stafford and Adam Tilton of Colliers International represented the tenant and Matthew Severns of Kessinger Hunter & Co., LC represented the landlord in the transaction.  (December 12, 2012) Rocky Top Holdings LLC leased 9,700 square feet of retail space located at  3670 NE Akin Dr., Lee’s Summit, MO, to Life Transformations Fitness LLC. Mark Arensberg of Colliers International represented the landlord and William Glasgow of Block & Co. represented the tenant in the transaction. (November 30, 2012) CRP Holdings A-1 LLC leased 7,236 square feet of industrial space located at  602 NW Platte Valley Dr., Riverside, MO, to FlorLine Group Inc. Cameron Duff of Colliers International represented the tenant and Scott Cordes of Block Real Estate Services represented the landlord in the transaction. (December 12, 2012) MD Management Inc. leased 4,412 square feet of retail space located at  11851 Roe Ave,, Leawood, KS, to Red Door Grill. Dan Bourk of Colliers International represented the Tenant, and the Landlord was not represented.  (November 27, 2012) Robert R. & Jane S. Hopkins, Trustees & Matthew A. Buchmann, Trustee leased 1,875 square feet of retail space located at 2540 Iowa, Suite G, Lawrence, KS, to CosmoProf. Allison Vance Moore of Colliers International represented the landlord, and Tiffany Lyman of Red Brokerage LLC represented the tenant in the transaction.  (December 14, 2012) Crossroads at Belton LLC leased 1,400 square feet of retail space located at Y Highway and 58 Highway, Belton, MO, to Pizza Hut. Mark Arensberg and Dan Bourk of Colliers International represented the landlord and Mark McConahay of Block and Co. represented the tenant in the transaction.   Cushman & Wakefield/NorthMarq Secures Lease for Smart Warehousing    BLOOMINGTON, MN – Cushman & Wakefield/NorthMarq secured an 80,000 sq. ft. lease at  10901 Hampshire Avenue S for Smart Warehousing. Smart Warehousing’s lease in this building – Hampshire Distribution South – became effective December 1, 2012.    Smart Warehousing provides customized logistics solutions for hundreds of companies across the United States. It operates facilities across the U.S. providing logistics, warehousing and fulfillment services for many companies both small and large. This is Smart Warehousing’s first location in the Twin Cities metro region.    Jason Meyer, executive director, and Kris Smeltzer, senior director, C&W/NorthMarq represented Duke Realty, the building’s landlord. Dave Paradise, director, and Sydney Johnson, senior associate, C&W/NorthMarq, represented Smart Warehousing.   Triad Real Estate Partners Announces Sale    CHARLESTON, IL  - Triad Real Estate Partners announced the sale of the Youngstown Apartments, an 89-unit, 159-bed student housing property serving Eastern Illinois University. The asset was under contract for just over 30 days and sold for $3.5 million.    The seller, a private development company from California, was represented by Ryan Tobias, Shaun Buss and Sean Lyons of Triad Real Estate Partners. The buyer was a private owner-operator based in Champaign, IL.    The property was located just two blocks from Eastern Illinois University a public university with a fall 2012 enrollment of 10,417. While EIU has struggled with enrollment decline in recent years, Youngstown is one the best located and well managed assets in the market and was 100% occupied at the time of sale.   Transwestern Brokers Sale of IHOP Property     BUFFALO GROVE, IL -Transwestern’s Chicago office announced it brokered the sale of a net-leased IHOP property located in Buffalo Grove, Ill. The .99-acre land site is leased by the national breakfast chain with a freestanding 4,711-square-foot restaurant. IHOP has seven years remaining on an original 25-year corporate sale-leaseback. The property was purchased for $2,562,000.    “The property was acquired by a private investor interested in stable and increasing cash flows in nicely situated locations,” says Andrew Watson, managing director of Transwestern, in a press release. “These small real estate deals offer private investors a healthier yield than many similar low-risk investments. Investor demand for this type of deal has continued to grow over the last 18 months.”    The seller, a large institution maximizing profits in an aggressive single-tenant investment marketplace, was exclusively represented by Transwestern’s Watson and Marc Imrem, managing director.   @properties Commercial Brokers Deals    CHICAGO - @properties Commercial recently brokered a number of commercial transactions to close out 2012:    –Lee Ffrench, senior broker for @properties Commercial, brokered a 5-year lease for CrossFit Defined at 2750 W. Lawrence Ave., in Chicago’s Lincoln Square neighborhood. Chicago-based CrossFit Defined will move into 9,300 square feet of corner retail space. It is the second location for the Chicago-based fitness facility. Ffrench represented the tenant in the transaction.    –Kevin Kelly, senior broker for @properties Commercial, brokered a 7-year lease for Intrigue Dance and Performing Arts Center at 1937 S. Archer Ave. in Chicago’s South Loop. The locally owned dance studio signed on for 5,100 square feet in the retail space of the mixed-use Pointe 1900 development. The project was developed by Dynaprop Development Corp., which also owns the retail space. Dynaprop was represented by company vice president Howard Adelstein. Intrigue Dance and Performing Arts Center is tripling its space from its previous location at 1234 S. Michigan Ave.    –Finally, Pat McGuire, vice president of @properties Commercial, brokered the sale of an industrial building at 6501 N. Avondale Ave., in Chicago’s Edison Park neighborhood. Lane Technical Sales, an LED lighting sales firm, paid $1.3 million for the 38,000-square-foot building, which features two drive-in doors, a truck dock and a 27-car parking lot. McGuire was the sole broker in the transaction.    “Local businesses are expanding throughout Chicago, and neighborhood commercial continues to gain strength,” Dan Stratis, vice president and managing broker of @properties Commercial says. “We are encouraged by what we saw throughout 2012 and we’re confident that we will continue to see improvement in 2013.”