WEST CHESTER, OHIO — Marcus & Millichap has brokered the $6.2 million sale of a Comfort Inn & Suites in West Chester, about 20 miles north of Cincinnati. The 92-room hotel is located at 5944 W. Chester Road. Alexandre Duong and Andrew Bankhurst of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also represented the buyer, a limited liability company.
CLINTON, IOWA — Dougherty Mortgage LLC has provided a $5.7 million HUD-insured loan for the refinancing of Village Cooperative of Clinton. The 44-unit seniors housing property was constructed in 2013. All units are restricted to persons age 62 and older. The HUD 213/223(a)(7) loan is fully amortized over 40 years. The refinancing lowered the interest rate and resulted in reduced annual debt-service payments for the borrower, according to Dougherty.
GARDEN CITY, MICH. — Signature Associates has arranged the sale of a 46,200-square-foot industrial building in Garden City, about 20 miles west of Detroit. The sales price was not disclosed. The property is located at 32330 Ford Road. Brad Viergever and Steve Kozak of Signature Associates represented the seller, First Parker Realty Inc., as well as the buyer, WMES.
APPLE VALLEY, MINN. — Dominium has completed development of The Legends of Apple Valley, a 163-unit affordable seniors housing property located 20 miles south of Minneapolis. Residents who are 55 and older and who earn up to 60 percent of the area median income are eligible to live at the property. Amenities include a fitness center, community room, theater room and a beauty salon. Eagle Building Co. was the general contractor. Dominium’s Legends portfolio comprises 2,100 units of affordable senior apartments across the metro area.
CHICAGO — Chicago Trading Co. (CTC) has signed a 114,186-square-foot office lease renewal and expansion at 425 Financial Place in Chicago. CTC, a derivatives trading firm, has expanded its lease by 26,768 square feet. Mark Keebler and Brad Serot of CBRE represented CTC in the lease transaction. Mike Curran of JLL represented the undisclosed landlord. Owner CIM Group has committed to investing significantly in the property, formerly known as 440 S. LaSalle St., to upgrade amenities and improve common areas.
PALOS HEIGHTS, ILL. — The Boulder Group has arranged the $15.5 million sale of a single-tenant property net leased to Jewel-Osco in Palos Heights, about 25 miles southwest of Chicago. The 57,685-square-foot building is located on a nearly 10-acre parcel at 12803 Harlem Ave. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a Southwest-based private real estate investment company. A Midwest-based family partnership purchased the asset.
SOUTH ST. PAUL, MINN. — Marcus & Millichap has brokered the sale of The Hillcrest Apartments in South St. Paul for $4.5 million. The 53-unit apartment property is located at 219 3rd Ave. The seven-building property features a mix of studios, one- and two-bedroom units. The property was fully occupied and had been under the same ownership and management since the 1960s. Evan Miller of Marcus & Millichap marketed the property on behalf of the undisclosed seller. A private investor purchased the asset.
TAYLOR, MICH. — Colliers International has negotiated the lease of a 70,186-square-foot industrial warehouse in Taylor. The property is located at 8555-8625 Inkster Road. Sheridan Burton of Colliers represented the tenant, Production Management One. This will be the first Michigan location for the traveling concert staging company, which has three locations nationwide. The company will occupy the space on Sept. 1. Paul Choukourian, Peter E. Kepic and Peter J. Kepic of Colliers represented the undisclosed landlord.
KANSAS CITY, MO. — Lingerfelt CommonWealth Partners LLC, in a joint venture with CrossHarbor Capital Partners LLC, has acquired a 28-story, 538,741-square-foot office tower in Kansas City. The purchase price was not disclosed. The seller was Franklin Street Partners, according to the Kansas City Business Journal. Gina Anderson, Gary Carr, Robert Hill and Russell Ingrum of CBRE arranged the transaction on behalf of the seller. The Class A property, located at 2345 Grand Blvd., includes a parking garage and an adjacent four-story annex building. Architect Mies van der Rohe designed the property, which was developed by Shorenstein Co. in 1977. Anchored by law firm Lathrop Gage, the tower is approximately 73 percent occupied. Lingerfelt plans to make a capital investment in the building with a renovation of the lobby and common areas, as well as a reconfiguration and renovation of the ground-floor retail portion of the annex building. Upgrades are planned for the fitness center, locker room, conference center and tenant lounge. Commonwealth Commercial Partners, the company’s property management affiliate, will handle all aspects of the day-to-day asset and property management. Miles McCune, Jeff Winters and Travis Helgeson of Cushman & Wakefield will handle the leasing and marketing of the building’s available …
ST. PAUL, MINN. — Dougherty Mortgage LLC has provided a $34 million HUD-insured loan for the construction of The Legends at Berry Senior in St. Paul. The 241-unit affordable seniors housing property will be situated on the former Weyerhaesuer Lumber site. All of the units will be restricted to persons age 62 and older who earn 60 percent or less of the area median income. Amenities will include a beauty salon, craft room, community room, fitness room, theater room, courtyard and patio. The FHA 221(d)(4) loan guaranteed by HUD is fully amortized over 40 years. Financing also involves 4 percent low-income housing tax credits. St. Paul Leased Housing Associates IX LLLP was the borrower.
