HILLIARD, OHIO — Hunt Mortgage Group has provided a $17 million loan for the refinancing of One Mill Run in Hilliard, about 15 miles northwest of Columbus. Constructed in 1989, the nine-story office property spans 174,323 square feet and nine stories. The property is 95 percent leased. MSF Real Estate Capital Inc. arranged the loan. IMC Real Estate Management was the borrower. Over the past two years, the borrower implemented a number of capital improvements, including resurfacing of the main parking lot, upgrades to the LEED, security cameras and HVAC system, replacement of common area carpeting and renovations to each tenant space.
KALAMAZOO, MICH. — KeyBank Real Estate Capital has provided a $14.4 million Freddie Mac loan for the acquisition of Pavilion Estates in Kalamazoo. The 531-pad manufactured housing community was built in 1965 and is situated on 74.3 acres of land. Tim Weldon of KeyBank originated the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.
CHICAGO — Colliers International has arranged the sale of a 221,522-square-foot industrial building in Chicago for an undisclosed price. The property sits on 7.3 acres at 3355 W. 31st St. The building features a clear height of 32 feet and 14 crane bays. Steve Kohn and Mike Senner of Colliers represented the seller, Crown Steel Sales. Ed Wabick of Paine Wetzel represented the buyer, Cinespace Chicago Film Studios. Cinespace specializes in the development, management and operation of studio facilities.
CHICAGO — Fifield Realty Corp. and Terraco Real Estate have begun development of Logan’s Crossing, a mixed-use project in Chicago’s Logan Square neighborhood. Located at 2500 N. Milwaukee Ave., the development will include 220 apartment units and 62,000 square feet of retail space, including a 27,000-square-foot Target store. The property will span two buildings connected by a sky bridge. Amenities for apartment residents will include a sun terrace, pool, dog run, bocce ball court, fitness center, coffee bar and conference center. The project is being constructed on the site of the former Mega Mall indoor flea market, which was demolished in January 2017. Move-ins are slated for November 2019, with Target’s opening expected in summer 2020. Antunovich Associates is the project architect and Focus Construction is the general contractor.
CHICAGO — Pembrook Capital Management LLC has provided a $20.3 million bridge loan for the acquisition and renovation of a 325-unit multifamily portfolio in southwest Chicago. Icarus Investment Group was the borrower. The portfolio, formerly owned by Cano Properties, consists of 23 Naturally Occurring Affordable Rental Housing (NOAH) properties. NOAH properties are generally considered to be affordable to families earning less than 80 percent of the area median income. HUD deems rents to be affordable if they are at or below 30 percent of a household’s median income. Icarus intends to complete improvements at the buildings and has agreed to continue to operate the properties as NOAH throughout the term of Pembrook’s loan. The properties feature ground-floor retail spaces. Currently the residential portion is 94.2 percent occupied.
ST. PETERS, MO. — GBT Realty Corp. has unveiled new tenants at the Shoppes of Mid Rivers in the suburban St. Louis community of St. Peters. Outback Steakhouse is currently under construction and a Blaze Fast Fire’d Pizza is slated to join the tenant lineup. Other new leases include Nail Lounge, SSM Physical Therapy and Uptown Cheapskate. These tenants are expected to open later this year. Current tenants at the 270,000-square-foot retail center include Academy Sports + Outdoor, HomeGoods, Ross Dress for Less, Marshalls and Ulta Beauty. The property is currently 92 percent leased.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of a 1.5-acre development site located at 745 Stocking Ave. in Grand Rapids. The sales price was not disclosed. The buyer, Woda Cooper Cos., plans to tear down the current building onsite and develop a four-story, 50-unit apartment complex. Known as Seven45, the property will feature affordable apartments intended for those who make 30 to 60 percent of the area median income. The unit mix will include one-, two- and three-bedroom units. Stan Wisinski of NAI Wisinski represented the buyer and the seller, John VanTongeren, president of Ferris Nut & Coffee.
KEARNEY, MO. — A Dairy Queen Grill & Chill franchisee has purchased 33,685 square feet of land for $775,000 to build a new ground-up Dairy Queen in Kearney, about 25 miles north of Kansas City. The property is located on the southeast corner of I-35 and Highway 92. The Dairy Queen is slated to open in September. Tony DeTommaso of Block & Co. Inc. Realtors represented the buyer. The seller was not disclosed.
MINNEAPOLIS — A joint venture between TriCoastal Group and The Davis Companies has acquired Renaissance Square in Minneapolis for an undisclosed price. The companies plan to renovate the 140,000-square-foot office building and rename it The Andrus in homage to the building’s first owner, John Emory Andrus. The scope of the renovation includes a new street-level façade and retail space, a new tenant lounge, upgraded lobby and conference facility. RSP Architects will manage the design and renovation work for the 11-story building. Construction is expected to begin this summer and be completed by early 2019. Cushman & Wakefield is providing leasing, property management, engineering and construction management services. WSP, Sedgwick, Cue Inc., Genus Technologies, Fastbridge, CBX and DLR Group currently occupy the property, which first opened in 1898.
ST. CHARLES, MO. — Tru by Hilton has opened in St. Charles, a suburb of St. Louis. The five-story, limited-service hotel features 87 rooms. St. Charles Hotel Associates owns the property, while Kinseth Hospitality Cos. is managing the hotel. Amenities include complimentary breakfast, Wi-Fi and a fitness center. An open lobby features four areas where guests can work, lounge or eat. The hotel is part of The Streets of St. Charles, a mixed-use community comprised of retail, dining, entertainment, hospitality, residential and office space. Cullinan Properties is the developer and owner of the 27-acre development.