The buyer, a private investor based out of New York City, was secured and represented by Ray Germain, an investment specialist in Marcus & Millichap’s Las Vegas office. Michael Glass, broker, assisted in closing this transaction.

This property has more than 25 years remaining on its primary lease term. CVS recently renewed its lease and extended the term from four years to 25 years with five, five-year renewal options.

This is a proven location for CVS as evidenced by its recent extension and a superior rent-to-sales ratio. CVS has been at this location since 1996, and the recent extension solidifies CVS’ presence through 2037. Nearby retailers include Target, Home Depot, Lowe’s, Kmart and Burlington Coat Factory.

Sean Sharko and Austin Weisenbeck, investment specialists in Marcus & Millichap’s Oak Brook office, had the exclusive listing to market the asset on behalf of the seller, a limited liability company. After an extensive marketing effort and interest by various parties, one of the tenants, Piece Brewery & Pizzeria, elected to purchase the property.

The retail property is located in the Wicker Park/Bucktown neighborhood, one of the fastest growing and vibrant neighborhoods of the Chicago area.

• 67,279 square feet at 1001-1091 Davis Road, Elgin, to GIS Rolling LLC, a private investment entity.  Matthew Lewandowski, vice President of Darwin Realty & Development represented the purchaser, and Kevin Lynch of Sperry Van Ness represented the seller.  The property is a multi-tenant building with 10 exterior docks and 18-foot clear ceiling height.
• 53,000 square feet at 1875 Big Timber Road, Elgin, to Smartkams Technologies.  Noel Liston, principal/director of brokerage services of Darwin Realty & Development represented the seller, Tru-Tech Systems, and the purchaser, Smartkams Technologies.  Smartkams Technologies is an Elgin-based company expanding their operations in CNC machining as well as personal computer products, sales and services.  In the transaction, Tru-Tech Systems, a Michigan-based manufacturing company, will leaseback a portion of the 53,000-square-foot building from Smartkams. The building sits on 4 acres of land, has 7,000 square feet of office, a 16-foot clear ceiling height and heavy power.
• 30,000 square feet at 1450 Lunt Ave., Elk Grove Village, to Blades Machinery.  Richard Daly, principal/president, and Jeffrey Provenza of Darwin Realty & Development represented the buyer, Blades Machinery, and Vernon Schultz of Colliers International represented the seller.  The building has one interior truck dock, two drive-in-doors and a 15-foot clear ceiling height.
• 27,000 square feet at 601 Carboy Road, Mt. Prospect, to 601 Carboy LLC.  Richard Daly, SIOR, principal/president, and Dan Prendergast of Darwin Realty & Development represented the Buyer, 601 Carboy LLC, and Steve Sullivan of NAI Hiffman represented the seller. The building has two drive-in-doors and a 14-foot clear ceiling height.
• 19,200 square feet at 764-768 Thomas Drive, Bensenville, to GIS Rolling LLC, a private investment entity.  Matthew Lewandowski, vice president of Darwin Realty & Development represented the buyer, GIS Rolling LLC.
• 19,200 square feet at 729-739 Fullerton Avenue, Addison, to Jim Muccianti.  Adam Haefner, vice president of Darwin Realty & Development represented the purchaser, Jim Muccianti, and Nick Eboli of Lee and Associates represented the seller. The building has 16 drive-in doors.
• 18,000 square feet at 85 W. Industrial Drive, Addison, to Mid-America Protective Coatings Inc. Adam Haefner, vice president of Darwin Realty & Development represented the seller, Building Ownership, Savogran Co., and Brett Rodgers of Marcus & Millichap represented the buyer, Mid-America Protective Coatings Inc. The building features five exterior docks, 25 car parking and a 12-foot clear ceiling height.
• 10,000 square feet at 278 Park Ave., Lake Villa, to SAI Infusion Technologies.  Dan Prendergast of Darwin Realty & Development represented the buyer, SAI Infusion, and Steve Sullivan of NAI Hiffman represented the seller. The building features one drive-in-door and one exterior dock.

5601 S. Harlem Ave.

Marcus & Millichap Real Estate Investment Services has announced the sale of Harlem Plaza, a 5,788-square-foot shopping strip located in Chicago, according to Steven Weinstock, regional manager of the firm’s Oak Brook office. The asset commanded a sales price of $1.6 million.

Sean Sharko and Austin Weisenbeck, investment specialists in Marcus & Millichap’s Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer was a private investor local to the Chicago area.

Harlem Plaza, 5601 S. Harlem Ave., was financed through Life Insurance Debt and sold near its list price in less than 75 days.

The asset commanded a sales price of $742,500.

Jordan Klink and Kahlil Barnard, investment specialists with Marcus & Millichap’s Indianapolis office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, also a limited liability company, was secured and represented, too, by Barnard and Klink.

Tammy Saia, Ryan Engle and Sean Sharko, investment specialists in Marcus & Millichap’s Oak Brook Office, had the exclusive listing to market the property on behalf of the seller, a financial institution. The buyer, a private investor was also secured and represented by Tammy Saia.

Through their extensive marketing efforts and broad exposure to the market, Saia, Engle and Sharko were able to generate dozens of property showings resulting in more than eight offers and a closing near list price.

Barron and Burkons are vice presidents of investments at Marcus & Millichap and senior directors in the firm’s national multi-housing group. Both have been apartment brokers with Marcus & Millichap for more than nine years, and are two of the founders of the company’s Cleveland office.

Recently, the pair passed the $500 million mark in total sales volume. In the past year, they closed 24 transactions totaling more than 2,525 units and $104 million in sales.

Ryan D. Engle, Andrean Angelov and Adam Fortino, investment specialists in Marcus & Millichap’s Oak Brook office, had the exclusive listing to market the property on behalf of the seller, an individual. The buyer, a Limited Liability Company, was also secured and represented by Ryan D. Engle, Andrean Angelov and Adam Fortino.

Through their efforts, Ryan, Andrean and Adam held 24 property showings during the first 11 days of marketing, yielding seven offers to purchase and resulting in a swift closing at near list price.

Austin Weisenbeck and Sean R. Sharko, investment specialists in Marcus & Millichap’s Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a partnership, was secured and represented by James Rea and Brian Munn, investment specialists in Marcus & Millichap’s Atlanta office.

Jason’s Deli is located at 1530 McConnor Parkway. This property was constructed in 2010 and is 100 percent leased to Jason’s Deli with a 10 year initial lease. This is one of the 121 corporately operated Jason’s Deli in the United States.

According to the report, light construction activity and favorable lease terms in the Cincinnati suburbs will allow owners there to backfill space. At the same time, restoration projects in downtown Cincinnati should spark retailer demand in the center of the city, Marcus & Millichap’s researchers say.

This means that formerly overbuilt areas such as West Chester, Mason and Northern Kentucky should perform well throughout the rest of the year and into 2012.

Marcus & Millichap predicts that retail vacancy rates in the Cincinnati market will drop 60 basis points this year to 12.8 percent. In 2010, vacancy rates in this sector fell 50 basis points on positive net absorption of 650,000 square feet.

Marcus also predicted that retail operators will be able to raise rental rates in 2011 for the first time since 2008. Asking rents should rise 0.5 percent to $14.13 a square foot, while effective rents will climb 0.9 percent to $11.96 a square foot.

This isn’t a huge increase, but it is an improvement over 2010, when effective rents actually fell 0.8 percent.

The Marcus & Millichap report makes it clear that the retail market in Cincinnati and its suburbs has a way to go before it reaches the health it saw before 2008. But at least the market is now trending in the right direction.