CHAMPAIGN-URBANA, ILL. — Arrimus Capital has purchased 212 East, a 428-bed student housing property near the University of Illinois in Champaign-Urbana. XFD Real Estate Partners sold the asset for an undisclosed price. The property is located along Green Street in the heart of the Campustown district. Property amenities include a fitness center, community lounge, outdoor courtyard and study rooms. HFF represented the seller in the transaction.
CREVE COEUR, MO. — NAI Desco has brokered the sale of Ballas Place in Creve Coeur for $5.5 million. The 78,252-square-foot office building is located at 425 N. New Ballas Road. Constructed in 1980, the property is 74 percent occupied by tenants such as Central Bank of St. Louis, Trileaf Corp., Brookdale Senior Living and Povaddo. Bamboo Equity Partners, the buyer, plans to invest $4 million in building upgrades over the next year. Plans call for the transformation of the two-story atrium into shared collaborative space. Carl Conceller and Stephen Gwinnup of NAI Desco represented the undisclosed seller. Intelica Commercial Real Estate represented Bamboo.
OMAHA, NEB. — NorthMarq Capital has arranged a $3.1 million loan for the refinancing of Harney Place at Midtown, a 32-unit multifamily property in Omaha. The property is located at 3327 Harney St. Steve Ruff of NorthMarq arranged the 10-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan. The borrower was not disclosed.
CHICAGO — Broughton Hotels has completed the renovation of its three historic boutique hotels in Chicago, including The Majestic Hotel, The Willows Hotel and City Suites Chicago. Initially built during the 1920s, each property now features new lobby furnishings, enhanced lighting, window treatments, linens, carpeting and artwork. City Suites also features new guestrooms. Anthony Laurino of California-based design firm ALD Designs created the concepts for each hotel’s renovation. The Majestic Hotel, which includes 52 rooms, features a baseball theme. The property is within walking distance of Wrigley Field. The Willows Hotel, which is home to 55 rooms, features a new lobby inspired by Lincoln Park Zoo. The 45-room City Suites Chicago features vibrant décor and urban art. The guestrooms are reminiscent of modern Chicago apartments.
KALAMAZOO, MICH. — Berkadia has arranged the sale of 700 SoHo near Western Michigan University in Kalamazoo for $19 million. The 488-bed student housing property, located at 700 S. Howard St., consists of four-bedroom units. Amenities include a resort-style pool and renovated clubhouse. Kevin Larimer and Greg Gonzalez of Berkadia brokered the sale. A Pittsburgh-based real estate company acquired the asset.
LAKE ZURICH, ILL. — Entre Commercial Realty has brokered the sale-leaseback of a 122,048-square-foot industrial facility in Lake Zurich. Brian Bocci of Entre represented the buyer, Exeter Property Group. Kris Keller of Keller Williams represented the seller, 1300 Rose Road LLC. The seller plans to lease back approximately 65 percent of the building on a long-term lease. The remaining portion of the property has another tenant in place. Built in 2005, the property features a clear height of 28 feet.
EVANSTON, ILL. — Interra Realty has negotiated the $3.7 million deconversion sale of 122-130 Callan Ave. in Evanston. The undisclosed buyer plans to convert the building’s 25 condominiums back into apartment rental units. Built in 1923, the building includes 13 two-bedroom units and 12 one-bedroom units. Patrick Kennelly and Paul Waterloo of Interra represented both the buyer and the sellers, Evanstonian Condominium Association. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement.
NEW BERLIN, WIS. — Founders 3 Real Estate Services has brokered the sale of Western Racquet Club’s 58,320-square-foot industrial building in New Berlin for $1.7 million. An affiliate of Milwaukee investor LCM Funds Real Estate LLC purchased the property with plans to renovate and re-lease the building. UNITS Moving and Portable Storage will partially occupy the facility. Brett Deter of Founders 3 represented the buyer and lessee.
CHICAGO — Associated Bank has arranged a $50 million syndicated loan for the construction of a 261-unit multifamily project in Chicago’s South Loop. The project, under development by CMK Cos., will consist of two connected buildings located at 51 E. 14th St. and 1419 S. Wabash Ave. The complex will also include 10,410 square feet of retail space and 95 parking spaces. Construction is slated for completion in August 2019. As lead arranger, Associated Bank is holding $20 million of the loan, with the remainder syndicated to Great Southern Bank, United Community Bank and First Community Bank. Elizabeth Hozian of Associated Bank managed the loan.
DELAWARE, OHIO — Gladstone Commercial Corp. has acquired a single-tenant 157,810-square-foot industrial facility in the Columbus-area community of Delaware. The purchase price was not disclosed. The building serves as the headquarters and primary manufacturing facility for Acoust-A-Fiber, which manufactures acoustic, thermal management solutions for the automotive industry. The property is situated on 14.7 acres at 759 Pittsburgh Drive. Robin Stolberg, Kurt Sarbaugh, Nick Foster, Ken Martin and Sam Berry of HFF represented the seller, Agracel.
