Real Estate News: Orput Companies announces recent property transactions
Orput Companies, Inc. (OCI), of Rockford, recently announced the following transactions:
Shadley Apartments — Shadley Apartment Associated, along with OCI, completed the sale of their 119-unit Section 8 elderly resident property Shadley Apartments in Belvidere, Ill. This property sold to National Foundation for Affordable Housing Solutions Inc. (NFAHS) — District of Columbia in March 2012. The selling price was finalized at $7,600,000.
Shadley Apartments was developed by OCI in 1978. OCI has been the general partner and managing agent since its development. Now that the sale is complete, OCI has been retained by NFAHSI as the property’s managing agent.
Army Reserve Training Facility — OCI has completed the sale of its 15-plus acres of office/industrial ground in Willow Creek Business Center, which sold for $1.1 million. A new Army Reserves Training facility will be located near the corner of Steele Drive and Gregory Drive in Machesney Park, Ill. The new campus will be just north of Highway 173 and access to Interstate 90. The Army Reserves Training Facility is the sole occupant of the 15-plus acres of OCI-owned land in a prime location within the fastest-growing retail corridor in northwest Illinois.
The Army Reserve’s main objective has been to consolidate and move two of their training facilities to one central campus for a safer, more efficient environment. Their mission, “under Title 10 of the U.S. Code, is to provide trained, equipped, and ready Soldiers and cohesive units to meet the global requirements across the full spectrum of operations.” With this commitment, there are plans to include administrative offices, a library, learning center, weapons vault, weapons simulator and a physical fitness area.
Advance Auto Parts — OCI has completed the sale of its single tenant net leased Advance Auto Parts property, located at 1535 W. Lane Road, Machesney Park, Ill., for $1,520,000.
Advance Auto Parts is the sole occupant of the 6,124-square-foot retail building that was developed by OCI in 2011. The property is on a 3/4-acre parcel and is part of the 26-acre Willow Creek Retail Center developed by OCI. The property featured a newly-constructed building combined with a long-term lease in a prime location within the fastest-growing retail corridor in northwest Illinois.
The Boulder Group, a net-leased investment brokerage firm, represented OCI in the transaction. The buyer was a private investor based in the California Monterey Peninsula and was represented by SAR Enterprises of Aptos, Calif.
Advance Auto Parts had 14 years of lease term remaining on an original 15-year double-net lease with a rental escalation in the primary term. Advance Auto Parts is a publicly-traded company on the New York Stock Exchange (AAP), with a market capitalization of $4 billion. Advance Auto Parts is an investment grade-rated company with a Standard & Poor’s rating of BBB that has more than 3,500 stores nationwide.
Orput Companies, Inc.
Orput Companies, Inc., has been active in the real estate industry for more than 80 years. Based in Rockford at Edgebrook, the company develops, markets and manages a variety of retail, industrial, office property and senior housing communities in Illinois and Wisconsin. OCI can be reached at (815) 226-0870 or visit www.orputcompanies.com.
From the June 20-26, 2012, issue