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Midwest

CBRE Arranges $6.6M Loan for Refinancing of Apartment Property in Indianapolis

INDIANAPOLIS — CBRE has arranged a $6.6 million loan for the refinancing of Beech Grove Village Apartments in Indianapolis. The 10-year loan includes a 20-year amortization schedule. Jason Brown and Dan Gable of CBRE arranged the Freddie Mac loan on behalf of Community Reinvestment Foundation Inc., an Indianapolis-based non-profit group that focuses on providing affordable housing options.

June 21, 2017

Mission Point Acquires Former Care Facility in Detroit, Plans Skilled Nursing Redevelopment

DETROIT — Mission Point Management Services LLC, in partnership with Slavik Cos., Welbrook Senior Living and Pierre and Hany Boutros, has acquired the former St. Mary’s Adult Foster Care Residence in Detroit’s Lafayette Park. The purchase price was not disclosed, but Mission Point plans to invest $13 million to transform the 37,000-square-foot former foster care facility into a 59-bed skilled nursing and rehabilitation center. Focusing on short-term physical and occupational therapy, the..

June 20, 2017

Capital One Provides $15.3M Acquisition Loan for Manufactured Housing Community in Kalamazoo, Michigan

KALAMAZOO, MICH. — Capital One has provided a $15.3 million Fannie Mae loan for the acquisition of Country Acres Village in Kalamazoo. The 320-space manufactured housing community (MHC) is restricted to residents 55 years of age and older. Built in three separate phases between 1976 and 1990, the community features amenities such as an indoor pool and spa, fitness center and community building. Damon Reed of Capital One originated the 10-year loan, which includes a 30-year amortization..

June 20, 2017

McGrath Completes $4.8M Operating Room at Hospital in Belleville, Illinois

BELLEVILLE, ILL. — McGrath & Associates has completed construction of a new $4.8 million hybrid vascular operating room at Memorial Hospital Belleville in Belleville, about 17 miles east of St. Louis. The room incorporates advanced surgical, imaging and monitoring technology for endovascular surgical procedures. McGrath combined two existing operating rooms to accommodate the high-tech equipment, including a Siemens Artis Zeego robotic-arm imaging system and Storz monitoring equipment...

June 20, 2017

Mid-America Brokers Sale of 187,068 SF Shopping Center in Cedar Rapids, Iowa

CEDAR RAPIDS, IOWA — Mid-America Real Estate Corp. has brokered the sale of Northland Square in Cedar Rapids. The sales price was not disclosed. Built in 1994, the 187,068-square-foot shopping center is located at the southeast corner of Collins Road and C Avenue. Kohls and TJ Maxx anchor the center. Other tenants include Barnes & Noble, Office Max, Old Navy, Famous Footwear and Hallmark. Joe Girardi and Ben Wineman of Mid-America brokered the transaction on behalf of the seller, a public..

June 20, 2017

North Wells Capital Acquires 45,359 SF Mixed-Use Building in Chicago

CHICAGO — North Wells Capital, the investment management affiliate of Urban Innovations Ltd., has acquired a 45,359-square-foot mixed-use building and adjacent parking lot in Chicago’s River North neighborhood. The purchase price was not disclosed. Located at 308 W. Erie St., the seven-story building includes 36,859 square feet of office space and 8,500 square feet of retail space. Built in 1937 and renovated in 2015, the building is 100 percent leased to 13 tenants. The parking lot..

June 20, 2017

CBRE Arranges Sale of 300,608 SF Industrial Facility in Bartlett, Illinois

BARTLETT, ILL. — CBRE has arranged the sale of a 300,608-square-foot industrial facility in Bartlett, about 35 miles northwest of Chicago. The sales price was not disclosed. The property is located at 1340 Brewster Creek Blvd. on a 16.5-acre site within the Brewster Creek Business Park. Built in 2008, the building features 30-foot clear heights, 4,160 square feet of office space, 65 car stalls and 64 exterior docks. Matt Mulvihill, Kevin Segerson and Cal Payne of CBRE represented the seller,..

June 19, 2017

Hilliker Corp. Brokers Sale of 132,000 SF Warehouse Building in St. Louis

ST. LOUIS — Hilliker Corp. has brokered the sale of a 132,000-square-foot warehouse building in St. Louis. The sales price was not disclosed. Serioplast purchased the building with plans to convert it into a plastic bottle manufacturing plant. This will be the company’s first location in North America. Production is expected to begin in the first quarter of 2018. The building is located at 4400 Planned Industrial Drive near I-70. Chris Taff of Hilliker Corp. represented both Serioplast and..

June 19, 2017

Convene Signs 55,000 SF Office Lease at Willis Tower in Chicago

CHICAGO — Convene, an operator of full-service meeting and event venues, has signed a 55,000-square-foot office lease for the entire third floor of the 108-story Willis Tower in Chicago. This will be the largest location for the operator of full-service meeting and event venues. Convene provides companies with an outsourced real estate solution for housing large-scale conferences, town halls, corporate events, training sessions and board meetings. The company’s in-house architecture and..

June 19, 2017

Baum Arranges $2.3M Sale of Retail Building in Orland Park, Illinois

ORLAND PARK, ILL. — Baum Realty Group LLC has arranged the sale of a two-tenant retail building in Orland Park for $2.3 million. The property is located at 24 Orland Square Drive. Blaze Pizza and Pearle Vision occupy the property. Patrick Forkin, Brad Teitelbaum and Graham Gold of Baum represented the seller, a local development group. A private West Coast investor was the buyer.

June 19, 2017