LAWRENCE, KAN. — Dougherty Mortgage has provided a $3.4 million Fannie Mae loan for the refinancing of Rohan Ridge Apartments in Lawrence. The 72-unit multifamily property features one-, two- and three-bedroom units as well as a swimming pool and playground. The 10-year loan features a 30-year amortization schedule. Wenson-Bear Creek Westgate LLC was the borrower.
CHICAGO — Cushman & Wakefield has announced the pricing of its initial public offering (IPO) of 45 million of its ordinary shares at a price to the public of $17 per share. The shares will be listed on the New York Stock Exchange and will trade under the symbol “CWK” beginning today. In addition, Cushman & Wakefield has granted the underwriters a 30-day option to purchase up to an additional 6.75 million ordinary shares at the public offering price less underwriting discounts and commissions. The Chicago-based real estate firm expects to use the net proceeds from the ordinary shares to reduce outstanding indebtedness. In particular, the firm plans to repay its second-lien loan, to pay the outstanding amount of the deferred payment obligation related to its acquisition of Cassidy Turley and any remaining net proceeds for general corporate purposes. Cushman & Wakefield filed for its IPO in June. Underwriters include a group of banks led by Morgan Stanley, J.P. Morgan, Goldman Sachs and UBS Investment Bank.
MILWAUKEE — Colliers International has brokered the sale of a 750,300-square-foot Caterpillar manufacturing campus in South Milwaukee. The sales price was $13.3 million, according to the Milwaukee Business Journal. Caterpillar used the eight-building campus, located at 1022 and 1100 Milwaukee Ave., for its global mining operations. The company is in the process of vacating the property, but still has an ongoing lease. Tom Shepherd, Jennifer Huber-Bullock, Steve Sewart and Sal Strehlow of Colliers represented the seller, New York-based OLP JV Milwaukee LLC. Samuel M. Dickman Jr. and Samuel D. Dickman of The Dickman Company Inc./CORFAC International represented the buyer, New York-based 1100 Milwaukee Ave. LLC. Reich Brothers Holdings LLC was the managing partner for the buyer.
BLOOMINGTON, MINN. — Stan Johnson Co. has arranged the sale of Penn & American, a 58,531-square-foot retail center in Bloomington, for $19 million. Fresh Thyme Farmers Market anchors the center, which is located at 2100 W. 80th St. Tom Fritz, Brandon Duff, Matt Spangenberg and Mackenzie Wolfgram represented the seller, a Minneapolis-based developer. Wisconsin-based SARA Investment Real Estate was the buyer.
ST. LOUIS — Ridgehouse Capital has acquired PW Shoe Loft Apartments in midtown St. Louis for $8.4 million. The property features 34 lofts and is located at 3433 Locust St. adjacent to St. Louis University. The property is fully occupied. Bobby Mills, Mike Hanrahan and Paul Hilton of Cushman & Wakefield represented the seller, PW Shoe Lofts LP.
ROMEOVILLE, ILL. — Lee & Associates has brokered the sale of a 37,720-square-foot industrial building in Romeoville for $2.8 million. The property is located at 515 Anderson Drive. Ryan Earley, Jeff Galante and Terry Grapenthin of Lee & Associates represented the buyer, Venture One Real Estate. Earley, along with Caroline Dell, have been retained to market the building for lease. The seller was not disclosed.
DETROIT — The Detroit City Council has approved a development agreement for Bedrock and Woodborn Partners to develop a mixed-income residential development on the former Frederick Douglass public housing site. The 22-acre property has been vacant since public housing structures were demolished in 2014. Bedrock has selected architectural firm Rossetti to create the master plan for the $300 million project. The proposed neighborhood will consist of 913 housing units for rent and for sale, spread across six residential styles including townhomes, carriage homes, duplettes, flats, walk-ups and apartments. Other plans call for more than three acres of open parks and courtyard space, 19,000 square feet of retail space, more than 1,100 parking spaces, an early childhood education center and a 80-room hotel. Affordable housing developer Jonathan Rose Cos. will advise on the development of the affordable housing component of the project. Approximately 25 percent of the rental units will be designated as affordable. Proceeds from the $23 million sale of the site will enable the Detroit Housing Commission to invest in preservation and renovation of other affordable housing units throughout the city. Over the next several years, Bedrock plans to develop up to 3,500 residential rental units in Detroit. The developer’s …
CHICAGO — Ready Capital Structured Finance has provided a $7.9 million loan for the refinancing of a 38,000-square-foot office property in Chicago. The building, located on West Carroll Avenue in the Fulton Market neighborhood, was repositioned from an industrial warehouse into an office property. The non-recourse, floating-rate loan features a 36-month term. The borrower was not disclosed.
AURORA, ILL. — Essex Realty Group Inc. has brokered the sale of a single-tenant retail property occupied by Walgreens in Aurora for $7.5 million. The property is located at 1180 Farnsworth Ave. Walgreens has approximately 12 years left on its initial lease term. Steven Livaditis and Joe Scheck of Essex represented the buyer, CIMA Investors LLC, in the transaction. The seller was not disclosed.
ATKINSON, ILL. — Love’s Travel Stops has purchased a 13-acre site at the northwest corner of I-88 and South State Street in Atkinson in northwestern Illinois. The purchase price was not disclosed. Love’s plans to open a location at the property in 2019. Dave Schmidt and Linda Kost of Realty Metrix Commercial represented Love’s in the transaction. JMP Atkinson Petroleum Inc. was the seller.
