REAL ESTATE

Matteson, Ill., center acquired by Cole Credit

BY Michael Fickes

Matteson, Ill. — Cole Credit Property Trust IV has acquired the 150,045-sq.-ft. Matteson Center in Matteson, Ill., for approximately $19 million. Marshalls, Sports Authority, Ross Dress for Less and PetSmart anchor the community shopping center located in the suburbs south of Chicago.

Mid-America Real Estate Corp. represented the seller, Kimco Realty Corp. in the transaction. Mid-America Real Estate Corporation is a member of Mid-America Real Estate Group, a ChainLinks affiliate headquartered in Oakbrook Terrace, Ill.

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REAL ESTATE

Renaissance Place and City seek use for former Saks

BY Michael Fickes

Highland Park, Ill. — Executives with Renaissance Place are working with officials from the City of Highland Park, Ill., to identify the best use for a 49,000-sq.-ft. building that Saks vacated at the close of 2012.

One possible use is healthcare, which may involve interventional cardiology, MRI/radiology and other outpatient services. The Renaissance Place team is also considering national, regional and local retailers.

Uses that have been ruled out include boutique hotel, residential, art center and not-for-profit entity. None of these possibilities is considered economically practical.

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REAL ESTATE

Milan Capital buys Simi Valley shopping center

BY Michael Fickes

Simi Valley, Calif. — Milan Capital Management has acquired the Smart & Final Center in Simi Valley, Calif., for $16.9 million — $170 per square foot Marcus & Millichap Real Estate Investment Services represented Milan Capital and the seller, who had owned the property for 45 years.

Marcus & Millichap Capital Corp. arranged an interim refinancing of the seller’s existing conduit debt with a $7.5 million flexible bridge loan that permitted repayment without penalty. That mortgage was retired at closing with a new loan arranged by Milan Capital Management, providing leverage and construction money. The new owner anticipates undertaking a complete renovation including an expansion and extension of the anchor tenant’s lease.

Smart & Final, Tri-Counties Region Center, Theresa’s Country Feed, Pet and the Simi Valley Hospital anchor the 99,662-sq.-ft. center.

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