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June 26, 2014 | ISSUE 348
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HREC Investment Advisors Arranges Sale of 174-Room Holiday Inn
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 | | The Holiday Inn Chicago Southwest Countryside Conference Center is situated near the intersection of I-294 and I-55 and is approximately 10 miles from Midway International Airport. |
COUNTRYSIDE, ILL. -- HREC Investment Advisors has arranged the sale of the 174-room Holiday Inn Chicago Southwest Countryside Conference Center in Countryside, approximately 17 miles southwest of Chicago.
Schaumburg, Ill.-based Pearlshire Capital Group, which specializes in distressed investments, purchased the property for an undisclosed price. The hotel is situated near the intersection of I-294 and I-55 and is approximately 10 miles from Midway International Airport.
Pearlshire Capital Group will invest $8 million in capital improvements to reposition the property. Scott Kaniewski and Scott Stephens of HREC Investment Advisors represented the seller in the transaction.
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Hobby Lobby Signs 42,000 SF
Retail Lease in Bloomingdale, Ill.
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 | | Hobby Lobby will occupy space next to PetSmart on the southern end of the 378,000-square-foot Stratford Crossing shopping center located in Bloomingdale. |
BLOOMINGDALE, ILL. -- NewMark Merrill Co. has arranged the lease of 42,000 square feet of retail space for Hobby Lobby at the Stratford Crossing shopping center in Bloomingdale, approximately 27 miles west of Chicago.
The 378,000-square-foot shopping center is located at Gary Avenue between Army Trail Road and Schick Road. Hobby Lobby will occupy space next to PetSmart on the southern end of the center. The new store in Bloomingdale opened in May.
The arts and crafts retailer maintains 558 stores across the nation. In addition to Hobby Lobby and PetSmart, tenants at Stratford Crossing also include Kmart, Buffalo Wild Wings, Outback Steakhouse, Starbucks and Dunkin' Donuts.
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Essex Brokers $3.6M Sale of Apartment Complex Near Loyola University
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 | | This property at 1331 W. Loyola Ave. is one block west of Loyola University. |
CHICAGO -- Essex Realty Group Inc. has brokered the $3.6 million sale of a 46-unit apartment complex in Chicago. The property is located at 1331 W. Loyola Ave., one block west of Loyola University.
The property includes studio and one-bedroom apartments with updated bathrooms, kitchens and hardwood floors. The building also underwent capital improvements, including the addition of windows, electrical service and exterior porches.
The apartment complex is within walking distance of the Loyola CTA train station at the intersection of Sheridan Road and Loyola Avenue. Doug Fisher and Jason Fishleder represented the undisclosed seller. Fisher also represented the undisclosed buyer in the transaction.
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Boulder Group Arranges $1.8M Sale
of Chipotle Restaurant in Milwaukee
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 | | The Chipotle property is located at 3232 S. 27th St. Chipotle is the sole occupant of the 2,295-square-foot retail building. |
MILWAUKEE -- The Boulder Group has arranged the $1.8 million sale of a single-tenant, net-leased Chipotle restaurant property in Milwaukee. The property is located at 3232 S. 27th St. Chipotle is the sole occupant of the 2,295-square-foot retail building. Chipotle has approximately 10 years remaining on its lease, which was recently extended.
The lease includes a 12.5 percent rental escalation in the primary term and a renewal option period. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based private investor. A California-based investor purchased the property in a 1031 tax-deferred exchange.
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Baum Realty Group Brokers Sale
of Retail Center, Six-Acre Development
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CRYSTAL LAKE, ILL. -- Chicago-based Baum Realty Group LLC has brokered the sale of two adjacent properties in Crystal Lake, a northern suburb of Chicago. Baum brokered the $3.1 million sale of a 28,506-square-foot retail center located at 435 Angela Lane.
Danny Spitz and Greg Dietz of Baum represented a private partnership in the transaction. Spitz and Dietz also represented the same ownership group in the sale of an adjacent development parcel located at Randall Road and Alexandra Boulevard. The six-acre site sold for $900,000.
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Cooper Commercial Brokers $2.4M
Sale of Shopping Center in Ohio
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 | | A New Jersey-based buyer purchased this 15,292-square-foot retail center in Johnstown. |
JOHNSTOWN, OHIO -- The Cooper Commercial Investment Group has brokered the $2.4 million sale of a 15,292-square-foot retail center in Johnstown, a northeastern suburb of Columbus. The Kyber Run Shopping Center is shadow-anchored by a Kroger.
An undisclosed New Jersey-based buyer purchased the property at an 8.7 percent capitalization rate. Dan Cooper of the Cooper Commercial Investment Group represented the owners, a Columbus-based private investment group.
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Dealpoint Merrill Buys Three Properties in Ohio, Michigan and Arizona
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 | | DealPoint Merrill purchased this 151,396-square-foot shopping center in Saginaw, Mich., and two other properties in Columbus, Ohio, and Tucson, Ariz. |
COLUMBUS, OHIO, AND SAGINAW, MICH. -- DealPoint Merrill has purchased three properties in Columbus, Ohio; Saginaw, Mich.; and Tucson, Ariz., for an undisclosed price. The properties include National Road Plaza, a 120,700-square-foot shopping center in Columbus; the 151,396-square-foot Bay View Plaza shopping center in Saginaw; and American Mini Self-Storage, a 53,400-square-foot building in Tucson.
David Frank of DealPoint Merrill negotiated the transaction. Sterling McGregor of DealPoint Merrill handled the due diligence for the purchases. Mike Gustafson of Sperry Van Ness/DealPoint Merrill Equities, an affiliate of DealPoint Merrill, assisted with the investment capital. Mark Mimms and Mark Yadisernia of Sperry Van Ness/DealPoint Merrill Properties Corp., were the brokers. Greg Corlyn of First American Title Co. handled the title and escrow for the transactions.
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CBRE, Maastricht University Study Lists Minneapolis as Top Green U.S. City
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 | | Dave Pogue, global director of corporate responsibility for CBRE |
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LOS ANGELES -- The 2014 Green Building Adoption Index, a joint project between CBRE Group Inc. (NYSE: CBG) and Maastricht University, has named Minneapolis as the greenest city in the nation, with 77 percent of the city's commercial real estate certified as green. The term green is in reference to buildings that are either certified by the EPA's Energy Star rating or the U.S. Green Building Council's LEED program.
Rounding out the top 10 green cities are:
1. Minneapolis/St. Paul (77 percent)
2. San Francisco (67.2 percent)
3. Chicago (62.1 percent)
4. Houston (54.8 percent)
5. Atlanta (54.1 percent)
6. Los Angeles (49.7 percent)
7. Denver (49.3 percent)
8. Seattle (46.6 percent)
9. Miami (46 percent)
10. Washington, D.C. (42.4 percent)
The study also emphasizes the dramatic increase in the number of green commercial real estate properties in the United States since 2005. During that time frame, the amount of Energy Star-labeled buildings has increased 600 percent, and the proportion of buildings that are LEED certified has jumped up 1,000 percent.
LEED-certified space now totals 19.4 percent of the total building stock in the 30 office markets reviewed in the study when measured by floor area. The study is the first project in CBRE's Real Green Research Challenge (RGRC), the company's $1 million initiative for research and innovation in sustainability. CBRE launched the RGRC in September 2012.
"We have all seen the rapid growth in the number of green-certified buildings in the markets in which we work. However, we were quite surprised to see how large the numbers actually are. Green is absolutely the new norm," says Dave Pogue, global director of corporate responsibility for CBRE.
Click here to read more of this story.
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Michigan Chapters of CCIM & SIOR
3rd Annual Picnic at the Park
When: 5:30 p.m. Tuesday, July 8
Where: Comerica Park, 2100 Woodward Ave., Detroit
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CREW Chicago
Prospective Member Coffee & Conversation
When: 8 a.m. Tuesday, July 8
Where: Cosi, 230 West Washington St., Chicago
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CONTACT US
| Danielle Everson, Associate Editor
Heartland Real Estate Business
France Media, Inc.
404-832-8262
404-832-8260
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