INDIANAPOLIS — CBRE has arranged a $6.6 million loan for the refinancing of Beech Grove Village Apartments in Indianapolis. The 10-year loan includes a 20-year amortization schedule. Jason Brown and Dan Gable of CBRE arranged the Freddie Mac loan on behalf of Community Reinvestment Foundation Inc., an Indianapolis-based non-profit group that focuses on providing affordable housing options.
DETROIT — Mission Point Management Services LLC, in partnership with Slavik Cos., Welbrook Senior Living and Pierre and Hany Boutros, has acquired the former St. Mary’s Adult Foster Care Residence in Detroit’s Lafayette Park. The purchase price was not disclosed, but Mission Point plans to invest $13 million to transform the 37,000-square-foot former foster care facility into a 59-bed skilled nursing and rehabilitation center. Focusing on short-term physical and occupational therapy, the center will serve patients in their transition between the hospital and home. The center, originally constructed by the Archdiocese of Detroit and operated by the Daughters of Divine Charity until 2013, will feature 54 private suites, as well as a full rehab center, private dining, recreation facilities and concierge services. Completion of the center, located at 2102 Orleans St., is slated for spring 2018.
KALAMAZOO, MICH. — Capital One has provided a $15.3 million Fannie Mae loan for the acquisition of Country Acres Village in Kalamazoo. The 320-space manufactured housing community (MHC) is restricted to residents 55 years of age and older. Built in three separate phases between 1976 and 1990, the community features amenities such as an indoor pool and spa, fitness center and community building. Damon Reed of Capital One originated the 10-year loan, which includes a 30-year amortization schedule. The sponsor is an investor that operates 10 MHC communities in Washington and Oregon.
BELLEVILLE, ILL. — McGrath & Associates has completed construction of a new $4.8 million hybrid vascular operating room at Memorial Hospital Belleville in Belleville, about 17 miles east of St. Louis. The room incorporates advanced surgical, imaging and monitoring technology for endovascular surgical procedures. McGrath combined two existing operating rooms to accommodate the high-tech equipment, including a Siemens Artis Zeego robotic-arm imaging system and Storz monitoring equipment. McGrath also recently completed the renovation of Operating Room 6 at the hospital. Archimages served as architect for both projects.
CEDAR RAPIDS, IOWA — Mid-America Real Estate Corp. has brokered the sale of Northland Square in Cedar Rapids. The sales price was not disclosed. Built in 1994, the 187,068-square-foot shopping center is located at the southeast corner of Collins Road and C Avenue. Kohls and TJ Maxx anchor the center. Other tenants include Barnes & Noble, Office Max, Old Navy, Famous Footwear and Hallmark. Joe Girardi and Ben Wineman of Mid-America brokered the transaction on behalf of the seller, a public REIT. A private investment firm purchased the property.
CHICAGO — North Wells Capital, the investment management affiliate of Urban Innovations Ltd., has acquired a 45,359-square-foot mixed-use building and adjacent parking lot in Chicago’s River North neighborhood. The purchase price was not disclosed. Located at 308 W. Erie St., the seven-story building includes 36,859 square feet of office space and 8,500 square feet of retail space. Built in 1937 and renovated in 2015, the building is 100 percent leased to 13 tenants. The parking lot provides space for 38 cars. Urban Innovations will manage and lease the property.
BARTLETT, ILL. — CBRE has arranged the sale of a 300,608-square-foot industrial facility in Bartlett, about 35 miles northwest of Chicago. The sales price was not disclosed. The property is located at 1340 Brewster Creek Blvd. on a 16.5-acre site within the Brewster Creek Business Park. Built in 2008, the building features 30-foot clear heights, 4,160 square feet of office space, 65 car stalls and 64 exterior docks. Matt Mulvihill, Kevin Segerson and Cal Payne of CBRE represented the seller, Brewster Creek of Illinois LLC. Jeff Fischer of NAI Hiffman represented the buyer, Greco & Sons.
ST. LOUIS — Hilliker Corp. has brokered the sale of a 132,000-square-foot warehouse building in St. Louis. The sales price was not disclosed. Serioplast purchased the building with plans to convert it into a plastic bottle manufacturing plant. This will be the company’s first location in North America. Production is expected to begin in the first quarter of 2018. The building is located at 4400 Planned Industrial Drive near I-70. Chris Taff of Hilliker Corp. represented both Serioplast and the seller, Lineage Warehousing.
CHICAGO — Convene, an operator of full-service meeting and event venues, has signed a 55,000-square-foot office lease for the entire third floor of the 108-story Willis Tower in Chicago. This will be the largest location for the operator of full-service meeting and event venues. Convene provides companies with an outsourced real estate solution for housing large-scale conferences, town halls, corporate events, training sessions and board meetings. The company’s in-house architecture and design team will design the location in Willis Tower. Planned features include 11 flexible meeting and event spaces, as well as breakout space, reception space and two large private outdoor patios, all available for rent by building tenants and outside enterprise companies. The largest rooms will accommodate up to 600 participants. Todd Siegel, Phil Golding and Kim Wiskup of CBRE represented the landlord, Equity Office, in the lease transaction. Craig Coupe and Corey Siegrist of JLL represented Convene. The company plans to occupy the space by the third quarter of 2019.
ORLAND PARK, ILL. — Baum Realty Group LLC has arranged the sale of a two-tenant retail building in Orland Park for $2.3 million. The property is located at 24 Orland Square Drive. Blaze Pizza and Pearle Vision occupy the property. Patrick Forkin, Brad Teitelbaum and Graham Gold of Baum represented the seller, a local development group. A private West Coast investor was the buyer.
