OMAHA — NorthMarq Capital has arranged a $1.8 million loan for the acquisition of Colonial Park Apartments in Omaha. The 42-unit apartment property is located at 3084 S. 40th St. Josh Larsen of NorthMarq arranged the loan with Readycap Commercial LLC via the Freddie Mac small balance loan program. The 10-year loan features a 30-year amortization schedule.
INDIANAPOLIS — Hillwood has purchased a four-property industrial portfolio in Indianapolis that contains a total of 1.1 million square feet. The purchase price was not disclosed. The Class A portfolio contains the 448,305-square-foot Airwest 12 and the 476,225-square-foot Airwest 14 at 2301 and 2201 Reeves Road (respectively) in Plainfield, as well as the Company Drive Commerce Center in Indianapolis. The Company Drive Commerce Center comprises two buildings featuring 60,480 square feet and 100,800 square feet. “We are proud to expand our footprint in the thriving Indianapolis market,” says Tom Fishman, executive vice president of acquisitions and dispositions for Hillwood. “These acquisitions are consistent with our strategy to acquire and develop high-quality, functional industrial real estate in major U.S. markets.” The Airwest properties were built in 2015. They contain modern, flow-through cross dock designs with 36-foot clear heights, deep truck courts and car and trailer parking. Airwest 12 and 14 are situated off Interstate 70, providing access to interstates 465, 65 and 74 in the southwest industrial submarket. These routes access Chicago, Columbus, Cincinnati, Louisville and St. Louis. They also position the Airwest properties within a single day’s drive to more than half of the U.S. and Canadian population. The Company …
CHICAGO — Heartland Bank & Trust Co. has provided a $26.5 million refinancing of 10 industrial and flex properties across metro Chicago. The portfolio of properties comprises the majority of the remaining assets within Midwest Industrial Funds’ MIF Value Fund LP. The portfolio totals over 800,000 square feet. The properties are occupied by more than 40 tenants with an overall occupancy rate in excess of 90 percent.
MADISON, WIS. — Colliers International has brokered the sale of an 87,975-square-foot mixed-use property in Madison for $7.9 million. The property, located at 2202 W. Beltline Highway, is 100 percent leased to SSM Health and Mattress Firm. Tom Shepherd of Colliers represented the seller, Orlando Partnership GP. An affiliate of Krausz Cos. Inc., WBLH Madison LLC, purchased the asset.
BARTLETT, ILL. — Animal Supply Co. has signed a 220,000-square-foot industrial lease in Bartlett, about 35 miles northwest of Chicago. The distributor of wholesale pet products will occupy the space at 1323 Brewster Creek Blvd. within the Brewster Creek Business Park. The property is a 421,401-square-foot warehouse newly constructed in the summer of 2017. The building features a clear height of 32 feet, 48 dock doors and 40 trailer spaces. Animal Supply will relocate from 6450 Muirfield Drive in Hanover Park. Adam Marshall, Brian Carroll and Mark Deady of Newmark Knight Frank (NKF) represented the tenant in the lease transaction. Jeffrey Janda and Steve Bass of Lee & Associates represented ownership.
DUBUQUE, IOWA — Phoenix Theatres has signed a lease to reopen the six movie screens at Kennedy Mall in Dubuque. Moviegoers will get to experience the upgrades to the theater in a grand opening, which is slated for March. Each auditorium will feature fully reclining chairs, premium sound, self-serve drink stations and online ticketing. Opened in 1970 and located at 555 J.F.K. Road, the 700,000-square-foot Kennedy Mall features retailers such as Younkers, Dick’s Sporting Goods, J.C. Penney, Best Buy, Books-A-Million, Planet Fitness and Ulta. Affiliated entities of Cafaro Co. own and manage the property. Michigan-based Phoenix Theatres also operates a location at the Mall of Monroe in Monroe, Mich.
WYOMING, MICH. — Marcus & Millichap has arranged the sale of Mini Storage Depot in Wyoming, five miles south of Grand Rapids. The sales price was not disclosed. The property, located at 4975 Clyde Park Ave., features 319 non-climate-controlled units and 211 climate-controlled units for a total of 530 units. Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the buyer, an out-of-state limited liability company.
LISLE, ILL. — A venture between GFH Financial Group BSC, Lincoln Property Co. and Crestlight Capital has acquired Central Park of Lisle I and II in Lisle. The sales price was $129 million, according to Crain’s Chicago Business. The two-building office property totals 693,546 square feet. Completed in 1991, Central Park of Lisle I is a seven-story building featuring 381,634 square feet. Central Park of Lisle II, built in 2001, features eight stories of office space totaling 311,912 square feet. Combined, the properties are 86 percent leased to tenants such as Armour-Eckrich Meats LLC, CA Technologies, Millward Brown (Kantar), EMC Corp. and Kone. Amenities include an on-site athletic club, childcare, cafeteria, conference facility and executive parking. The transaction included the 7.5-acre development parcel to the east of the site fronting I-88. Bryan Rosenberg, Patrick Shields, Jaime Fink, Jeff Bramson and Mark Katz of HFF marketed the property on behalf of the undisclosed seller and procured the buyer. Eric Tupler and Trent Niederberger of HFF arranged financing for the borrower through Citigroup.
DETROIT — City Club Apartments has broken ground on a 288-unit apartment property in Detroit. Located at the corner of Washington Boulevard and Park Avenue facing Grand Circus Park, the site was once home to the 18-floor, 800-room Statler Hotel, which was built in 1915. In addition to apartments and penthouses, the property, known as City Club Apartments-CBD, will also feature 13,000 square feet of street-level space, including a pet store, restaurant and gourmet market. Amenities will include wellness and exercise rooms, valet parking and concierge services. The first residents are expected to begin moving into the community in November 2018 with project completion set for the second quarter of 2019. Wolverine Building Group is the general contractor, while BKV Group and Damon Farber are providing architectural services. Huntington Bank, Bank of Ann Arbor and Comerica Bank provided construction financing for the $70 million project.
CHICAGO — Crate & Barrel has signed a 117,000-square-foot lease for office and production space at The Fields in Chicago. Crate & Barrel plans to use the space for photo and video production. The Fields is a 22-acre, 1.5 million-square-foot redevelopment of the former Marshall Field’s campus located at 4000 West Diversey St., and is part of the Logan Square neighborhood. In 1965, Marshall Field and Co. acquired the six-story loft building, which was constructed in 1928. After going vacant in 2008, 4K Diversey Partners LLC, a partnership of Louis Silver, Aaron Paris and Paul Fishbein, acquired the complex. Developer Merit Partners began a mixed-use redevelopment at the site in January 2014. The project now comprises 300,000 square feet of office space; 123 residential rental lofts; 100,000 square feet of retail space, including the flagship Cermak Fresh Market; a 125,000-square-foot Cubesmart Self Storage business; and a 400,000-square-foot warehouse anchored by Studio 41. Cushman & Wakefield’s Barbara Schenberg and Teddy Walsh represented ownership in the lease transaction, while Steve Schneider and Andy Heymann, also of Cushman & Wakefield, represented Crate & Barrel.
