ROYAL OAK, MICH. — Bernard Financial Group has secured a $15 million loan for the refinancing of a 73,000-square-foot office building in Royal Oak. The multi-tenant building was completed this summer. The loan, provided by RGA Recap, will be used to refinance a construction loan. Dennis Bernard arranged the loan on behalf of the borrower, Innovo Royal Oak LLC.
BLOOMINGTON, MINN. AND MILFORD, OHIO — Four Springs Capital Trust (FSCT) has acquired two automotive service centers for an undisclosed price. One of the properties is a collision repair center leased to ABRA Auto Body & Glass in Bloomington, Minn. The other is a tire and service center occupied by AAA in Milford, Ohio. Sellers of the properties were not disclosed. New Jersey-based FSCT is an internally managed, private real estate investment trust focused on acquiring a portfolio of net leased retail, industrial and healthcare properties.
CLAYTON, MO. — Pinnacle Real Estate Advisors LLC has arranged the sale of a 3,600-square-foot property occupied by Qdoba, a fast-casual Mexican restaurant, in Clayton for $1.8 million. The single-tenant building is located at 6701 Clayton Road across the street from a Schnuck’s grocery store. Qdoba has operated at the location since 2016. Zach Wright, Rob Edwards and Tom Ethington of Pinnacle represented the buyer, a Texas-based investor. A local real estate company was the seller.
CICERO, ILL. — Bridge Development Partners has sold Bridge Point 290 Business Park in Cicero for an undisclosed price. Cabot Properties purchased the industrial development, a large portion of which is currently under construction. When completed, the development will total 899,278 square feet across three buildings. In March, Bridge delivered the 323,343-square-foot Building 1, which is fully leased to Royal Box Group. Buildings 2 and 3 are slated for completion in August 2019. Michael Caprile, Ryan Bain and Zach Graham of CBRE represented Bridge and its joint venture partner, Banner Oak Capital Partners LP, in the sale. Steve Connolly and Mark Moran of NAI Hiffman are marketing Buildings 2 and 3 for lease.
MILWAUKEE — MBH Investment Real Estate LLC has brokered the sale of the historic Sentinel Building in downtown Milwaukee. Sentinel Suites LLC purchased the 31,848-square-foot office property, located at 225 E. Mason St., for an undisclosed price. The 10-story building was 51 percent occupied at the time of sale. The Milwaukee Journal Sentinel originally occupied a three-story building on the site beginning in 1864. As the newspaper grew in circulation, the current 10-story building was constructed in 1893 to replace the smaller building. The newspaper continued to operate at the site until 1930. The new owner plans to rebrand the office building as Sentinel Suites. Matson Holbrook of MBH marketed the property on behalf of the seller, 225 East Mason Property LLC.
TAYLOR, MICH. — Crunch Fitness has signed a lease to occupy a 29,200-square-foot building for its fourth Michigan location. The property is located at 21592 Ecorse Road in Taylor, a southwest suburb of Detroit. Michele Rosenblum of Dominion Real Estate Advisors and Alan Stern of Friedman Real Estate negotiated the lease on behalf of Crunch. The landlord was not disclosed. Crunch expects to expand to additional Michigan locations in the coming months, according to Dominion.
WHEELING, ILL. — Two new restaurants have signed leases at Wheeling Town Center, which is slated to open in early 2019. Meat and Potato Eatery and Eggsperience will occupy 4,000 square feet each and provide outdoor seating for patrons. Both restaurants have other locations in the Chicagoland area. The retail portion of Wheeling Town Center is now 83 percent leased. Previously signed tenants include City Works Eatery and Pour House, Mia’s Cantina, Starbucks, Inland Bank, CMX Cinemas, 312 Nails & Spa and The Learning Experience. The Lynmark Group is the developer for the mixed-use project.
UNIVERSITY PARK, ILL. — The Philipsborn Company has arranged a $1.2 million loan for the refinancing of Burnham Oaks in University Park, about 30 miles south of Chicago. The 59-unit apartment building is situated on 2.2 acres at 745 Red Oak Lane. Constructed in 1975, the property is fully leased and managed by Lincoln Way Management. Andrew Philipsborn arranged the loan on behalf of the borrower, an Illinois limited partnership that has owned the property since 1981. Innovative Capital Advisors provided the loan.
It has been a banner year thus far for the St. Louis industrial market with yet another milestone achieved. Mid-year absorption totaled 2.5 million square feet of space, a number more closely suited for the entire year versus the halfway point. Fueled by continued absorption, the market has more than 5 million square feet of space under construction with vacancy of approximately 4.9 percent. The continued success is no surprise. But economic incentives, often overlooked and underappreciated, are the unsung heroes behind each industrial development around town. Gaining knowledge Economic incentives have been a prerequisite in attracting or retaining businesses like Amazon, World Wide Technologies and Best Buy. But they do not just benefit large corporations; local and regional users are able to enjoy new Class A real estate in these developments as well. Why? Incentives help bridge the gap for the developer and the user to account for being in a low-rent, high-construction cost market, which is not a great recipe for new development. Yes, St. Louis boasts some of the lowest asking rents in the Midwest, currently averaging $4.70 per square foot for available industrial space. One would think that businesses would flock here because of the low …
SIKESTON, MO. — Midas Hospitality has opened a new Hampton Inn hotel in Sikeston in southeastern Missouri. The $11 million project spans 57,000 square feet and four stories. The 92-room hotel features an indoor swimming pool, fitness center, business center and meeting rooms. The hotel is located within the 100-acre Cotton Ridge development, which will include restaurants, a movie theater and other retail tenants. Midas Hospitality will own and manage the hotel. Sister company MC Hotel Construction was the general contractor for the project. Gray Design served as the architect. Bank of Missouri financed the project. Hampton Inn is part of the Hilton chain of hotels.