May 27, 2014 | ISSUE 339
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Boulder Group Brokers $4.3M Sale

of Citgo Gas Station in Illinois 

This Citgo gas station is located at 200 Fabyan Parkway.

 

BATAVIA, ILL. -- The Boulder Group has brokered the $4.3 million sale of a single-tenant, net-leased Citgo gas station property in Batavia, a suburb of Chicago. The property is located at 200 Fabyan Parkway. 

 

Citgo is the sole occupant of the two-acre property, which was built in 1999. Citgo has 10 years remaining on its lease that expires in February 2024 and includes annual rental escalations of 1.75 percent. There are four, five-year renewal options. 

 

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based high-net-worth individual. An East Coast-based private investment firm purchased the property. The guarantor of the lease is GasMart USA, a privately held company that operates 108 gas stations in seven states. 

Village Green Plans to Renovate Apartment High-Rise in Chicago

The DeWitt, located at 860 N. Dewitt Place, will be renamed Gold Coast City Apartments, one of Village Green's four apartment brands.

 

CHICAGO -- Village Green, a privately-owned luxury apartment owner and operator, recently purchased 860 N. Dewitt Place in Chicago and has plans to extensively remodel the 1960s era, high-rise apartment building. The property is located between Michigan Avenue and Lake Shore Drive.

 

The DeWitt will be renamed Gold Coast City Apartments, one of Village Green's four apartment brands. It will feature a brand new, boutique hotel-style lobby, professional fitness center, business/conference center and community entertainment clubroom. Each apartment will be renovated to include deluxe, premium and penthouse finishes such as custom closets, granite counters and stainless steel appliances.

 

Financing for the development is being provided by The Private Bank. This is Village Green's twelfth high-rise apartment building in downtown Chicago.

 

Village Green currently has $400 million in apartments under development, construction or acquisition in the Midwest and Mid-Atlantic, including Minneapolis, St. Louis, Chicago, Cincinnati, Detroit and Pittsburgh. The Farmington Hills, Mich.-based company also plans to expand into the Toronto multifamily housing market before the end of the year.

M&M Arranges the $1.7M Sale of Arby's Restaurant in Cambridge, Minn.

This 3,524-square-foot Arby's restaurant is located at 2350 2nd Ave. SE.

 

CAMBRIDGE, MINN. -- Marcus & Millichap has arranged the $1.7 million sale of Arby's restaurant in Cambridge. The 3,524-square-foot, net-leased property is located at 2350 2nd Ave. SE. 

 

Adam Prins, Matthew Hazelton and Mike Marzinske of Marcus & Millichap's Minneapolis office represented the seller, an individual/personal trust. Ryan Cockerill and Simon Jonna of Marcus & Millichap's Detroit office represented the buyer, a private investor. 

The Dickman Co. Arranges 20,000 SF Industrial Lease in Waukesha, Wis.

American Freight of Wisconsin Inc. will occupy space at 1725 Dolphin Drive.

 

WAUKESHA, WIS. -- The Dickman Company Inc. has arranged the lease of 20,000 square feet of industrial space in Waukesha, a suburb of Milwaukee. American Freight of Wisconsin Inc. will occupy space at 1725 Dolphin Drive. 

 

Dolphin Drive Investors LLC was the landlord in the transaction. Samuel M. Dickman Jr., Samuel D. Dickman and Anthony Huenerbein of The Dickman Co. negotiated the lease. 

Colliers Brokers $190,000 Sale

of 11,598 SF Retail Property in Michigan

SOUTHFIELD, MICH. -- Colliers International has arranged the $190,000 sale of 11,598 square feet of retail space in Clinton Township, located approximately 25 miles north of Detroit.

 

The address of the one-story building, known as Castle Rock, is 43785 and 43823 Gratiot Ave. Jack Williams of Colliers International represented the seller, a private entity, in the sale. 

NAI Hiffman Arranges 194,880 SF Industrial Lease in Chicago

PECO Pallet, a provider of pallet rental services, will occupy space in the Chicago Manufacturing Campus located at 2924 E. 126th St.

 

CHICAGO -- NAI Hiffman has arranged the lease of 194,880 square feet of industrial space in Chicago. PECO Pallet, a provider of pallet rental services, will occupy space in the Chicago Manufacturing Campus located at 2924 E. 126th St. 

 

The space includes 20 exterior docks, abundant parking and access to the Calumet River. PECO Pallet plans to use this facility for the re-manufacturing and distribution of pallets to its grocery and consumer goods clients. 

 

Chris Gary and Howard Bergdoll of NAI represented the landlord, an institutional owner. Jeff Heymann of Colliers International represented PECO Pallet.

Retail Owners Take Advantage 

of Pop-Up Concepts, Vending Machines

Pop, Lock & Dropping Vacancy: Retail owners taking advantage of pop-up concepts, vending machines

LAS VEGAS -- Pop-up stores are moving away from seasonal ties to offer mall owners a consistent revenue stream. Pop-ups and vending machines are strengthening bottom lines for retailers nationwide. Tracey Hatley, director of specialty leasing for JLL, and Scott Ryan, vice president of Coca-Cola's strategic partner marketing, spoke on these trends last week in Las Vegas during the annual RECon trade show hosted by the International Council of Shopping Centers. The show attracted more than 33,000 shopping center and retail professionals from across the globe. 

Upcoming Events

CREW Network 
Spring 2014 Leadership Summit
When: June 12-13, 2014
Where: Hyatt Regency Cincinnati, Cincinnati, Ohio
4th Annual InterFace Healthcare Real Estate Carolinas Conference
When: June 11, 2014
Where: Hilton Charlotte Center City
5th Annual InterFace Carolinas Conference
When: June 11, 2014
Where: Hilton Charlotte Center City

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Danielle Everson, Associate Editor
Heartland Real Estate Business
France Media, Inc.
404-832-8262
404-832-8260


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