July 1, 2014 | ISSUE 349
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Goodman Brokers $47M Sale 

of Shopping Center in Metro Cleveland

Golden Gate Shopping Center is located at 1625 Golden Gate Plaza.

 

MAYFIELD HEIGHTS, OHIO -- Goodman Real Estate Services Group has brokered the $47 million sale of a 371,748-square-foot shopping center in Mayfield Heights, a suburb of Cleveland. Golden Gate Shopping Center is located at 1625 Golden Gate Plaza. 

 

Tenants include Marshalls, Golf Galaxy, H.H. Gregg, PetSmart, Jo-Ann Fabrics & Crafts, OfficeMax, Cost Plus World Market and K&G Menswear. Hornig Capital Partners LLC, a New York -based privately held real estate investment company, purchased the property as part of a joint venture with B&D Holdings and Hutensky Capital Partners. 

 

Kyle Hartung and Jim Becker of Goodman Real Estate Services Group, along with Jacob Fedder of CBRE, represented the sellers, Forest City Enterprises and its undisclosed partner.

HSA PrimeCare to Develop 30,000 SF Business Center at Hospital

The two-level, 30,000-square-foot business center is schedule for completion in January of 2015.

 

NEW LENOX, ILL. -- HSA PrimeCare will develop a business center at Silver Cross Hospital in New Lenox, an eastern suburb of Joliet. The on-campus business center will be located at the intersection of Silver Cross and Cedar Crossings Drive. 

 

The two-level, 30,000-square-foot facility will offer hospital staff and employees a comfortable working environment within a short walk to each of the other facilities on the medical campus. HSA PrimeCare plans to break ground this month. 

 

Itasca, Ill.-based Premier Design + Build will serve as the project's general contractor, and Partners in Design Architects with offices in Riverwoods, Ill., and Kenosha, Wis., is responsible for the design services. Projected occupancy for the building is January 2015.

Renovations Complete at 176-Room Pfister Hotel in Milwaukee

The renovations at the historic Pfister Hotel are part of a multi-year, multi-million-dollar reinvestment in the property, which includes the addition of new club floors, a high-tech executive boardroom and a club lounge.

 

MILWAUKEE -- Marcus Hotels & Resorts, a division of The Marcus Corp., has completed renovations on the 176-room Pfister Hotel in Milwaukee. The renovations at the AAA-Four Diamond historic hotel are part of a multi-year, multi-million-dollar reinvestment in the property, which includes the addition of new club floors, a high-tech executive boardroom and a club lounge. Each bathroom features marble vanity tops and flooring, a separate commode stall for privacy and a tiled shower. 

 

The Pfister Hotel announced the completion of its VIP Club Lounge in April 2013. The lounge is located on the top floor of the hotel, offering views of the city and Lake Michigan. The new space includes a fireplace, bookshelves, workstations for individuals and small groups, Wi-Fi access, printers and televisions. The club lounge also offers guests breakfast each morning, snacks and beverages throughout the day and hors d'oeuvres and cocktails during the evening. The lounge is open 24 hours a day, seven days a week. 

 

Pfister's new executive boardroom, Twenty 3, was also introduced last year. The upscale, high-tech boardroom incorporates unmatched presentation technology, multiple 4K LED monitors, including 3D, gesture recognition, iPad multi-media controls, surround sound and an iMac lab. The Pfister Hotel was built in 1893.

NorthMarq Capital Arranges $35M Refinance Loan for Flux Apartments

Flux Apartments is located at 2838 Fremont Ave.

 

MINNEAPOLIS -- NorthMarq Capital has arranged a $35 million loan to refinance Flux Apartments, a 216-unit multifamily property in Minneapolis. The Class A asset is located at 2838 Fremont Ave. South. NorthMarq arranged financing for the borrower, AFL-CIO Building Investment Trust, through its correspondent relationship with Allianz Life Insurance Co. of North America. 

HREC Arranges Sale of 92-Room Comfort Inn & Suites Near Chicago

Comfort Inn & Suites in Mundelein is located at 517 Illinois 83.

 

MUNDELEIN, ILL. -- HREC Investment Advisors has arranged the sale of a 92-room Comfort Inn & Suites in Mundelein, a suburb of Chicago. Oak Brook, Ill.-based Mundelein Realty LLC, which owns several properties in the Chicago area, purchased the property located at 517 Illinois 83 for an undisclosed price. 

 

Scott Kaniewski and Tom Sommer of HREC Investment Advisors' Chicago office and Scott Stephens, of the firm's Tampa office represented the seller, Buffalo Grove, Ill.-based American Enterprise Bank, in the transaction. There are several demand generators near the hotel, such as Medline Industries, Motorola Mobility and Six Flags Great America.

Ehmer Group Brokers Sale 

of 164-Room Hotel in Milwaukee

MILWAUKEE -- The Ehmer Group has brokered the $7 million sale of the Hilton Milwaukee River Hotel in Milwaukee. A Delaware-based investment group consisting of several Canadian-based and domestic hotel operators purchased the 164-room full-service Hilton Hotel. The buyer plans to invest $8 million for renovations and to convert the hotel into a Holiday Inn. 

 

The Hilton license expired in June and the hotel will be operated independently as the Milwaukee River Inn until the Holiday Inn PIP and conversion are complete. Greenbelt, Md.-based Chesapeake Hospitality Management will manage the Holiday Inn Milwaukee River. Richard Ehmer of The Ehmer Group brokered the transaction.

Boulder Group Arranges $1.4M Sale 

of Auto Service Center in Aurora, Ill.

Tuffy Auto Service Center is located at 3190 N. Aurora Road.

 

AURORA, ILL. -- The Boulder Group has arranged the $1.4 million sale of a single-tenant, net-leased Tuffy Auto Service Center in Aurora, a suburb of Chicago. The property is located at 3190 N. Aurora Road. 

 

Tuffy is the sole occupant of the 3,900-square-foot retail building, built in 2007. There are more than 13 years of primary lease term remaining, which expires in November 2027. The lease features 10 percent rental escalations every five years. 

 

Tuffy is a chain of automotive service centers headquartered in Toledo, Ohio. The company is owned by the Tuffy Associates Corp., which also owns about 170 Car-X Tire and Auto stores. There are more that 235 Tuffy locations in 20 states across the eastern United States. 

 

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based private real estate investor, and the undisclosed buyer, who purchased the property in a 1031 tax-deferred exchange.

Holladay Properties Brokers $2.4M 

Land Sale in Portage, Ind.

PORTAGE, IND. -- Holladay Properties has brokered the $2.4 million sale of a 23.4-acre site at AmeriPlex at the Port, a mixed-used business park in Portage, approximately 12 miles east of Gary. Merrillville, Ind.-based MonoSol LLC purchased Lot 29 at the business park. 

 

The water-soluble film manufacturer has broken ground on the property and will develop a new $95 million, 300,000-square-foot manufacturing plant. MonoSol announced last year that it would be expanding to keep up with demand for its single-dose Tide Pods and Cascade Action Pacs. 

 

MonoSol received tax abatements from the city of Portage and other economic incentives. The company plans to hire as many as 150 new employees for the new facility. The land sale leaves Holladay with 80 acres of land remaining for sale at the business park.

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Danielle Everson, Associate Editor
Heartland Real Estate Business
France Media, Inc.
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