Midwest

Joint Venture Acquires Shopping Center in Cincinnati for $29.1M

by Kristin Harlow January 25, 2018

CINCINNATI — Rainier Realty Investments LP, along with a fund managed by Continuum Investments Limited and local operator Stark Enterprises, have acquired 32 East in Cincinnati for $29.1 million. The 192,000-square-foot shopping center is 100 percent leased to tenants such as HomeGoods, Burlington, Michaels and Ulta. Florida-based PEBB Enterprises sold the asset. Rainier and Continuum established a joint venture to acquire retail properties throughout the central and southern United States. Cleveland-based Stark Enterprises is a full-service real estate development company with more than 7 million square feet of retail, office, apartment and hotel properties in its portfolio.

January 25, 2018

Loans Midwest Missouri Office

NorthMarq Arranges $13.2M Acquisition Loan for Office Building in St. Louis

by Kristin Harlow January 25, 2018

ST. LOUIS — NorthMarq Capital has arranged a $13.2 million loan for the acquisition of the Westview office building in St. Louis. The 125,645-square-foot property is located at 12312 Olive Blvd. near Highway 270. David Garfinkel of NorthMarq arranged the loan on behalf of the borrower, Diamond Income Fund Investors. A life insurance company provided the loan.

January 25, 2018

Loans Michigan Midwest Seniors Housing

Berkeley Point Capital Provides $8.9M Refinancing for Seniors Housing Community in Bay City, Michigan

by Kristin Harlow January 25, 2018

BAY CITY, MICH. — Berkeley Point Capital has provided an $8.9 million HUD loan for the refinancing of Sheffield Bay Assisted Living & Memory Care in Bay City in Mid-Michigan. Built in 1999, the 66-unit seniors housing community features a mix of 37 assisted living units and 29 memory care units. Services include gourmet meals, housekeeping, laundry, medication management and transportation. Mickey Rist of Berkeley Point originated the FHA 232/223(f) loan, which is fully amortized over 35 years. The borrower was not disclosed.

January 25, 2018

Illinois Midwest Office

Marcus & Millichap Brokers $4.5M Sale of Loft Office Building in Chicago’s Lincoln Park

by Kristin Harlow January 25, 2018

CHICAGO — Marcus & Millichap has brokered the sale of a four-story loft office building in Chicago’s Lincoln Park neighborhood for $4.5 million. The 24,000-square-foot property is located at 1525 W. Homer St. Built in 1990 and renovated in 2017, the building is situated within the North Branch Industrial Corridor. Six tenants fully occupied the property at the time of sale. Stephen Lieberman and Kyle Stengle of Marcus & Millichap represented the seller, a local developer. A private Chicago-based investor was the buyer.

January 25, 2018

Midwest Missouri Ohio Retail

Hanley Investment Group Arranges $4.2M Sale of Properties Occupied by 7-Eleven in Missouri and Ohio

by Kristin Harlow January 25, 2018

VALLEY PARK, MO. AND LAKEWOOD, OHIO — Hanley Investment Group Real Estate Advisors has arranged the sale of three properties occupied by 7-Eleven for $4.2 million. One of the properties, a 2,193-square-foot building and gas station located in Valley Park, Mo., sold for $1.9 million. The property was built in 1998. Jeremy McChesney of Hanley represented the seller, Equitas Investments. Matt Lemon and Suheil Sahouria of The Trafton Group represented the buyer, a private investor. Built in 1975, the second building features 2,410 square feet and is located in Lakewood, Ohio. The property sold for $885,000. McChesney again represented the seller, Equitas Investments. Matt Waterman of Pegasus Investments represented the buyer, a private investor based in California. The sales transaction also included a third property located in Florida.

January 25, 2018

Loans Midwest Ohio Retail

Uber Capital Group Arranges $15M Acquisition Financing for Shopping Center in Maumee, Ohio

by Kristin Harlow January 24, 2018

MAUMEE, OHIO — Uber Capital Group LLC has arranged a $15 million loan for the $21 million acquisition of The Shops at Fallen Timbers in Maumee, located about 10 miles southwest of Toledo. A private commercial real estate group purchased the property from GGP Inc. Joel J. Gorjian of Uber sourced the loan with a regional bank based in Ohio. Built in 2007, The Shops at Fallen Timbers is a 1 million-square-foot shopping center located on a 110-acre site at 3100 Main St. Approximately 60 tenants occupy the center, including anchors J.C. Penney, Dillard’s, Barnes & Noble and Rave Cinemas.

January 24, 2018

Illinois Midwest Office

SVN Arranges $15.2M Sale of City Block in Chicago’s Fulton Market

by Kristin Harlow January 24, 2018

CHICAGO — SVN | Chicago Commercial has arranged the sale of an entire city block located at 400 N. May St. in Chicago’s Fulton Market. The block is comprised of a 75,000-square-foot timber and beam office building and 43,000 square feet of land currently being used as a parking lot. Stephen Cusano, Chad Schroedl, Drew Dillon and James Mead of SVN represented the seller, May St. Investments LLC, which owned the property for over 30 years. MCZ Development purchased the property.

January 24, 2018

Loans Michigan Midwest Multifamily

Hunt Mortgage Group Provides $13.6M Loan for Refinancing of Multifamily Property in Kalamazoo, Michigan

by Kristin Harlow January 24, 2018

KALAMAZOO, MICH. — Hunt Mortgage Group has provided a $13.6 million loan for the refinancing of Lakeview Apartments in Kalamazoo. The 280-unit multifamily property was built in 1967. Amenities include a fitness center and health club discount, laundry facilities, package service and a clubhouse. The property is currently 93 percent occupied. The borrower, PR Lakeview LLC, acquired the property in March 2011 and invested $2 million in renovations. The 10-year loan features a 30-year amortization schedule.

January 24, 2018

Illinois Midwest Multifamily

Summit Design + Build Completes Conversion and Renovation of Apartment Building in Chicago

by Kristin Harlow January 24, 2018

CHICAGO — Summit Design + Build LLC has completed the conversion of an 18-story mixed-use building into apartments in Chicago’s Uptown neighborhood. Montrose Apartments, formerly known as Pensacola Place, underwent a phased conversion and renovation of floors one through three, which were vacant offices and retail space. Developer Waterton Associates purchased the property in 2015 with plans to modernize and refresh the building. Summit started construction in the summer of 2016, beginning with the conversion and new construction of 23 studio and one-bedroom apartments. Summit also renovated the lobby and first-floor leasing center, and added new tenant amenity spaces including a fitness center and third-floor urban lounge. Summit completed construction while the building was fully operational and occupied. Chicago-based Brininstool + Lynch provided architectural services for the project.

January 24, 2018

Illinois Industrial Midwest

Merit Partners Brokers Sale-Leaseback of 38,543 SF Industrial Building in Mundelein, Illinois

by Kristin Harlow January 24, 2018

MUNDELEIN, ILL. — Merit Partners LLC has brokered the sale-leaseback of a 38,543-square-foot industrial building in Mundelein. Venture One Real Estate acquired the property through its acquisition fund, VK Industrial IV LP, which is a partnership between Venture One and Kovitz Investment Group. The building is situated on three acres at 939 Tower Road. The sale-leaseback was completed with American Marketing Services & Consultants Inc. (AMSC) David Liebman of Merit Partners brokered the sale-leaseback. He also represented AMSC in the original site acquisition and build-to-suit transaction. The property features a clear height of 24 feet, four exterior docks, one drive-in door and 6,281 square feet of office space.

January 24, 2018

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