Mid-America Handles Net Lease Sale for Walgreens with Loan Assumption in Madison, Wisc. Suburb

McFARLAND, Wisc. (January 19, 2012) – Mid-America Real Estate Corporation’s Net Lease Investment Group recently completed the sale of a triple net lease for a 14,550 square-foot freestanding Walgreens building in McFarland, Wisc., a suburb of Madison. The building was purchased by SAS LLC, a local group of investors, for $4.04 million. The seller was Wisconsin-based developer Larson Beach LLC.

According to Mid-America broker Tom Fritz, whose firm was the exclusive representative for the seller in the transaction, terms included an assumable loan, which expires in November 2017. The absolute NNN lease has 21 years remaining on the initial term.

Built in 2007, the building is situated on 1.34 acres at the southwest corner of Larson Beach Road and US Highway 51, a major north-south roadway in the lake-oriented community of McFarland, 12 minutes southeast of the state capital and the University of Wisconsin.

Walgreens shares the intersection with a Pick ‘N Save grocery store, McDonald’s and a BP fuel station. It is the only national drug store serving the primary trade area.

“Loan assumptions are rare in the open market,” says Fritz. “They take a long time to get approved and can be a tedious process. However, given the lack of new Walgreens on the market, we were able to find a buyer willing to roll up their sleeves and see the property to the finish line.”

Tom Fritz, Mark Goldberg and Dan Cohen comprised the Mid-America team representing the seller.

Mid-America Real Estate Corporation is a member of Mid-America Real Estate Group, a ChainLinks affiliate. Mid-America Real Estate Group is a full-service retail real estate organization that has become the Midwest’s leader in retail investment sales. For more information, call (630) 954-7300 or visit www.midamericagrp.com/netlease.html

For more information on our current property listings please Click Here

Mid-America Completes Sale of Recently Net Leased AT&T Building in Cincinnati

CINCINNATI (January 5, 2012) – Mid-America Real Estate Corporation’s Net Lease Investment Group recently completed the sale of a double net leased, 2,958 square-foot freestanding AT&T Mobility building in Cincinnati. The buyer in a 1031 exchange was a private New York investor, who purchased the property for $1.48 million from a Cincinnati developer.

According to Mid-America broker Mark Goldberg, whose firm was the exclusive representative for the seller, terms included two five-year renewal options, with 9.5 years remaining on the primary term. “This is A-plus real estate,” says Mr. Goldman, “which makes the transaction a perfect example of how private capital is continuing its trend toward investing in solid core Midwestern markets. The income level in this area is about 20% above both the state and national averages.”

The AT&T building was constructed in 2008 and remodeled in 2010, and is situated on a 1.03-acre hard-corner outlot at 4465 Eastgate Boulevard, off State Route 32, the primary east-west highway linking local residents to downtown Cincinnati. The outlot is part of the fully leased 236,230-square foot Eastgate Pavilion power center, which is anchored by Best Buy, Bed Bath & Beyond, Dick’s Sporting Goods, DSW and PetSmart. Immediately north to the site is a 959,367 square-foot Eastgate regional mall, and immediately east is a new 700,000 square-foot redevelopment anchored by Jungle Jim’s Market, a six-acre international grocery store expected to generate 5.2 million shoppers per year.

Mark Goldberg and Tom Fritz of Mid-America, and Amy Holter of Ohio-based Anchor Associates comprised the Mid-America team representing the seller.

Mid-America Real Estate Corporation is a member of Mid-America Real Estate Group, a ChainLinks affiliate. Mid-America Real Estate Group is the Midwest’s leading full-service retail real estate organization. For more information, call (630) 954-7300 or visit http://www.midamericagrp.com/netlease.html

For more information on our current property listings please Click Here

Mid-America Completes Ground Lease Sale for New Aldi Building in Chicago’s Chatham Market

Example of West Coast capital seeking “solid” Midwest retail opportunities

 

CHICAGO (December 20, 2011) – Mid-America Real Estate Corporation’s Net Lease Investment Group recently announced the $1.8 million sale of a triple net ground lease for a new 16,750 square-foot freestanding Aldi building in Chicago’s south side Chatham community. The buyer is a private California investor.

According to Mid-America broker Bill Wright, whose firm was the exclusive representative for the seller, an affiliate of Chicago-based Monroe Investment Partners LLC, this transaction is another example of private investors putting their money into “hands-off” net leased retail properties that require no landlord maintenance. “This deal continues the trend of West Coast private capital seeking investment in solid “core” Midwestern markets,” he says, “and this ground lease is a perfect example of what they’re looking for here.” Terms of the lease include a rent increase of 10% every five years, with 18+ years remaining on the initial term.

The Aldi building was constructed in 2011, and is located at 8500 South Holland Road, at the southwest corner of West 85th Street and South Holland Road in Chicago. The building is situated within the 50-acre Chatham Market retail development, which consists of approximately 360,000 square feet of new and proposed gross leasable retail space anchored by Lowe’s.

According to Mr. Wright, additional anchor draw will be provided by Chicago’s first and only Walmart Supercenter (158,215 square feet), which is currently under construction and expected to open in January 2012. “There is also a freestanding Walmart Express at the north end of the development that opened in July 2011,” he says. “This is the first of four Express concept stores planned to open in Chicago in the next year, and Walmart’s decision to open both a Supercenter and Express store in Chatham Market demonstrates the significant demand for low-cost retailers in this area, which will also benefit Aldi.” The Supercenter is located directly to the north of the Aldi site.

Bill Wright, Tom Fritz and Mark Goldberg comprised the Mid-America team representing the seller.

Mid-America Real Estate Corporation is a member of Mid-America Real Estate Group, a ChainLinks affiliate. Mid-America Real Estate Group is a full-service retail real estate organization that has become the Midwest’s leader in retail investment sales. For more information, call (630) 954-7300 or visit http://www.midamericagrp.com/netlease.html 

For more information on our current property listings please Click Here 

Mid-America Net Lease Group Completes Sale of Single Tenant Net Lease PNC Bank in Milwaukee, WI

MILWAUKEE (December 27, 2011) – Mid-America Real Estate Corporation’s Net Lease Investment Group recently completed the sale of a double net lease for a newly renovated 1,800 square-foot freestanding PNC Bank building in Milwaukee for $1.45 million to a private investor in Florida. The seller was a local Milwaukee developer.

According to Mid-America broker Tom Fritz, whose firm was the exclusive representative for the seller in the transaction, terms included four five-year renewal options, each with a rent increase of 10% every five years, with 10 years remaining on the initial term.  

The bank building was completely renovated in 2011 to include a new heating, ventilation, and air conditioning (HVAC), roof, parking lot landscaping and a reconditioned structure, with PNC recently opening in December 2011. The bank is located at 275 E. Capitol Drive, which is the primary east-west commercial thoroughfare for northern Milwaukee. The bank is roughly 1.5 miles northeast from the University of Wisconsin – Milwaukee, and approx 3.5 miles north of downtown Milwaukee. Situated in the heart of the trade area, PNC is flanked by Aldi directly to the west and a 21,000 square foot strip center directly to the south, featuring DOTS, Subway, GameStop and Shoe Time.

Tom Fritz, Mark Goldberg, Bill Wright, and Dan Cohen comprised the Mid-America team representing the seller.

Mid-America Real Estate Corporation is a member of Mid-America Real Estate Group, a ChainLinks affiliate. Mid-America Real Estate Group is a full-service retail real estate organization that has become the Midwest’s leader in retail investment sales. For more information, call (630) 954-7300 or visit http://www.midamericagrp.com/netlease.html 

For more information on our current property listings please Click Here