June 17, 2014 | ISSUE 345
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Devonshire REIT Acquires 

Grocery-Anchored Center for $35M

Pavilion Shopping Center is located on Chagrin Boulevard near I-271.

 

BEACHWOOD, OHIO -- Devonshire REIT Inc. has acquired Pavilion Shopping Center in Beachwood, a suburb of Cleveland, for $35 million. The shopping center is located on Chagrin Boulevard near I-271. Sub-anchors at the 249,873-square-foot power center anchored by Giant Eagle include Big Lots, Marshalls, Michaels and Stein Mart. 

 

Other national tenants include Petco, Lane Bryant, Quiznos, Bruegger's Bagels, Sally Beauty Supply, GNC, Verizon Wireless, Ruby Tuesday and Huntington Bank. The property is 97 percent occupied with one remaining vacant space currently under negotiation. Huntington Bank provided financing for the transaction.

The LaSalle Group to Open $11.1M 

Memory Care Community in Illinois

Autumn Leaves of South Barrington, located at the northeast corner of Higgins and Bartlett Road, will open in July.

 

SOUTH BARRINGTON, ILL. -- The LaSalle Group will open a 29,000-square-foot freestanding memory care community in the village of South Barrington, approximately 35 miles northwest of the Chicago Loop. Autumn Leaves of South Barrington, located at the northeast corner of Higgins and Bartlett Road, will open in July. 

 

The $11.1 million memory care community will provide specialized care to nearly 50 residents living with Alzheimer's, dementia or memory impairment. The LaSalle Group has nine communities open or under construction in the suburbs of Chicago. 

 

Autumn Leaves of South Barrington is approximately one mile from the Arboretum of South Barrington shopping mall and five miles from St. Alexius Medical Center. The new community will offer free programs to the public including seminars, speakers, monthly Alzheimer'ssupport groups and respite care. Volunteer opportunities for the community will also be available.

NAI Hiffman Arranges Leases 

at Regency Towers in Oak Brook, Ill.

Regency Towers consists of two multi-story, Class A office buildings joined by a one-story retail concourse. The property is located at 1415-1515 W. 22nd St. in Oak Brook.

 

OAK BROOK, ILL. -- NAI Hiffman has arranged more than 55,000 square feet of office lease renewals and expansions at Regency Towers, two multi-story, Class A office buildings joined by a one-story retail concourse. The property is located at 1415-1515 W. 22nd St. in Oak Brook, approximately 19 miles west of Chicago. 

 

The transactions included an expansion for Bancorp Financial Inc., and lease renewals for Rasmussen College, John Wiley & Sons Inc., and Moet Hennessy USA. Patrick Kiefer of NAI Hiffman represented American Realty Advisors in all four transactions. 

 

On-site amenities at Regency Towers include an attached, three-level covered parking garage, conference center, newly renovated fitness center, full-service bank, sundry store and an Italian restaurant and deli. Available suites range in size from 1,092 to 17,289 square feet.

Mascia Development Acquires Three Medical Office Buildings for $6.7M

This property located at 12115 Sheraton Lane in Springdale, Ohio is one of three buildings acquired by Mascia Development.

 

CINCINNATI -- Mascia Development has acquired a three-building medical office portfolio in Ohio and Kentucky for more than $6.7 million. The New York-based real estate firm purchased Mercy Health's Cincinnati Sports Medicine & Orthopaedic Center office building portfolio. 

 

Properties in the portfolio include a 16,283-square-foot building located at 10633 Montgomery Road in Cincinnati; a 7,793-square-foot property located at 12115 Sheraton Lane in Springdale, Ohio; and a 5,670-square-foot building located at 328 Thomas More Parkway in Crestview Hills in northern Kentucky. Mascia Development will lease back the purchased medical office spaces to Mercy Health.

Cooper Commercial Brokers $1.8M

Sale of Retail Center in Toledo

Shoppes at Glendale, a 10,050-square-foot retail center in Toledo, was  built in 2005. The center is fully occupied.

 

TOLEDO, OHIO -- The Cooper Commercial Investment Group has brokered the $1.8 million sale of the Shoppes at Glendale, a 10,050-square-foot retail center in Toledo. The property, built in 2005, is shadow anchored by a Wal-Mart Supercenter. 

 

The center is fully occupied with all triple-net leases in place. The retail center sits directly in front of The University of Toledo Medical Center and Medical College and directly across from several national retailers including Panera Bread, Aldi, Ruby Tuesday, Bob Evans Restaurant, Payless ShoeSource, Tan Pro USA and Sally Beauty Supply. 

 

Dan Cooper of the Cooper Commercial Investment Group represented the seller, an Ohio-based private investment group. A Connecticut-based a private investor purchased the property. The property was sold at a 7.79 percent capitalization rate.

L. Mason Capitani Arranges Sale 

of Two Industrial Facilities in Michigan

Special Tool & Engineering will occupy space in two industrial facilities located at 15585 Sturgeon St. and 29800 Calahan Road.

 

ROSEVILLE, MICH. -- L. Mason Capitani has arranged the sale of two industrial buildings totaling 35,000 square feet in Roseville, a Detroit suburb. Special Tool & Engineering purchased two industrial facilities located at 15585 Sturgeon St. and 29800 Calahan Road from an undisclosed seller. 

 

The buildings are located approximately three miles from Special Tool & Engineering's current operations headquartered in Fraser. The company offers engineering, design and complete tool manufacturing for the automotive industry and for household appliances, office equipment, electronics, and the packaging industry. Jason Capitani and Joe DePonio represented Special Tool & Engineering in the transactions.

M&M Brokers $4M Sale of 100,681 SF Office Building in Bloomington, Minn.

Two Appletree Square is located at 8031 34th Ave.

 

BLOOMINGTON, MINN. -- Marcus & Millichap has brokered the $4 million sale of a 100,681-square-foot office property in Bloomington, Minn., approximately 11 miles south of Minneapolis. Two Appletree Square is located at 8031 34th Ave. 

 

The property is near the Minneapolis-St. Paul International Airport, Mall of America and a light rail station. Michael Ahles and Jon Ruzicka of Marcus & Millichap's Minneapolis office represented the seller, a financial institution, and the buyer, a partnership.

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Danielle Everson, Associate Editor
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