CHESTERFIELD TOWNSHIP, MICH. — Bernard Financial Group has arranged a $4.8 million loan for the refinancing of a 145,063-square-foot industrial property in Chesterfield Township, about 30 miles north of Detroit. An undisclosed tenant occupies the building. David Dismondy of Bernard arranged the loan on behalf of the borrower, 50625 RWB LLC. Genworth Life Insurance Co. provided the loan.
PALATINE, ILL. — Colliers International has brokered the sale of a former Jaguar car dealership in Palatine, located about 35 miles northwest of Chicago. The sales price was not disclosed, but the asking price was $3.3 million. Studio 41, a kitchen and bath plumbing fixtures manufacturer, purchased the 30,000-square-foot property with plans to convert it into a home design showroom. Upon completion, the property will be open to homeowners, contractors, designers and architects. Anne Dempsey of Colliers represented the seller, Morries Automotive Group.
PONTIAC, MICH. — Marmo Mecccanica NA has purchased a 13,519-square-foot industrial building in Pontiac for an undisclosed price. The company, which specializes in the manufacturing of edge polishing and bridge cutting machines used in granite fabrication, will relocate to the space at 1590 E. Highwood Blvd. Built in 1990, the building features overhead cranes and a flexible floor plan to accommodate expansion. Tom Jablonski of L. Mason Capitani CORFAC International represented Marmo Meccanica in the sales transaction. The seller was not disclosed.
WARREN, MICH. — Anytime Restoration Service Inc. has signed a 10,500-square-foot industrial lease in Warren. The disaster restoration company that specializes in both commercial and residential projects involving water, fire and mold cleanup will occupy the space at 6655 Chicago Road. Matthew Farrell and Kevin Tamer of CORE Partners represented the tenant in the five-year lease transaction. Brad Hitch of Deco Properties represented the undisclosed landlord.
EDINA, MINN. — CBRE Capital Markets has arranged the sale of Edinborough Corporate Center in Edina for $14.4 million. The seven-story, 101,568-square-foot office building was built in 1986 as part of a mixed-use development that includes Edina’s Edinborough Park, a one-acre indoor city park. The office building is also connected to the 135-room Marriott Residence Inn and Brookdale Edina, a 203-unit luxury senior apartment complex. The Class A building was 91 percent occupied at the time of sale. Ryan Watts, Sonja Dusil, Tom Holtz and Judd Welliver of CBRE represented the seller, EverWest Real Estate Partners. Altus Properties purchased the asset.
ORLAND PARK, ILL. — Pathway to Living and Caddis Healthcare Real Estate have opened Heartis Village of Orland Park, a 96-unit assisted living and memory care community. The 89,622-square-foot property is located at 7420 W. 159th St. The community’s 72 assisted living units range in size from 371 to 1,032 square feet, while the 24 memory care studios measure approximately 260 to 360 square feet. Amenities include a dining room, movie theater, chapel, salon and spa, fitness center, doctor’s suite and courtyard with a walking path. McShane Construction Co. was the general contractor.
JEFFERSONVILLE, IND. — NorthMarq Capital has arranged a $7.7 million construction loan for Jeffersonville Town Center in southern Indiana. The 64,855-square-foot retail property will be located at 1450 Veterans Parkway. The project is the first phase of a 160-acre mixed-use development. Randall Waddell of NorthMarq arranged the three-year loan with a local bank. The borrower was not disclosed.
EDWARDSVILLE, ILL. — Blueprint Healthcare Real Estate Advisors has brokered the sale of University Nursing and Rehabilitation Center and Edwardsville Nursing and Rehabilitation, both located in Edwardsville and totaling approximately 232 beds, for $5.5 million. The purchase price equates to approximately $24,000 per bed. The sale was prompted by the operator’s motivation to reduce its overall exposure to the state’s challenging reimbursement environment relating to delayed payments of Medicaid and its initial intention to not operate the facilities in the long term, according to a news release. Combined, the facilities were operating at approximately breakeven on nearly $12 million in total revenues. Josh Salzman, Michael Segal and Ben Firestone of Blueprint led the transaction. A St. Louis-based investor purchased the asset. A publicly traded REIT was the seller.
GREENWOOD, NEB. — Byrne & Jones Construction Co. has completed a new asphalt plant in Greenwood, about 20 miles northeast of Lincoln. CMI Roadbuilding Inc., an asphalt plant supplier, assisted with the project. The property is located on eight acres at 13801 238th St. with close proximity to the highway. The St. Louis-based civil site contractor opened an office in Gretna, Neb. in 2014 to provide asphalt and concrete paving services to commercial, retail and institutional customers. The office serves clients in Omaha, Lincoln, southeast Nebraska and surrounding areas. Within the past year, Bryne & Jones has completed a number of asphalt projects in Nebraska, including projects for CarMax, Lowe’s and Lincoln Crossing Shopping Center.
The pace of evolution in the retail sector is accelerating in a manner that few would have anticipated even five years ago. E-commerce has proven to be a very powerful disruptor, affecting both retailers and property owners alike. For some who have had the foresight and financial resources to adapt to this change, the disruption has brought opportunities for growth and increased market share. Clearly, not all have been able to adapt — some due to lack of execution and others seemingly caught in circumstances beyond their control. Despite the turbulence within the retail category, overall U.S. retail sales grew a very respectable 4.2 percent during 2017, according to the U.S. Department of Commerce. The growth is attributed to continuing gains in employment and a marked improvement in economic growth during the second half of the year. On the local level, the Omaha retail market exhibited moderate improvement during 2017, following a year of weak performance in 2016. The market absorbed just over 364,000 square feet during the year (see chart), slightly under the average annual rate of 378,000 square feet for the past five years. The overall vacancy rate decreased from 11.2 percent to 10.5 percent during the year as …