BLOOMINGTON, ILL. — Core Acquisitions LLC has acquired Bloomington Commons shopping center in Bloomington for an undisclosed price. The 188,250-square-foot center is located at the intersection of Veterans Highway and Empire Street. Schnucks grocery store anchors the property. Other tenants include Olive Garden, Chuck E. Cheese’s, Barnes & Noble and Jo-Ann Fabrics. May Real Estate represented the seller, an affiliate of Kimco Realty Corp. Old National Bank financed the acquisition.
WESTMONT, ILL. — Pathway to Living has opened Aspired Living of Westmont in suburban Chicago. The 107-unit assisted living and memory care community is located on a three-acre site at 407 W. 63rd St. Aspired Living of Westmont is the first seniors housing community in the United States to provide residents with Spark of Life, a dementia care and support program. The property features 73 independent and assisted living apartments, including studio, one- and two-bedroom units ranging in size from 400 to 1,180 square feet, as well as 34 memory care studios. The community’s common areas include a restaurant and bistro, resident lounge with demonstration kitchen, cocktail lounge, library, technology center, movie theater, art studio, salon and spa. Residents also have access to fitness options including a yoga studio, gym with personal trainers and outdoor walking paths. In addition, an on-site therapy gym offers physical, occupational and speech therapy.
EAGAN, MINN. — Dougherty Mortgage LLC has arranged a $13.7 million Fannie Mae loan for the refinancing of Aspenwoods Apartments in Eagan. The 162-unit apartment property features one- and two-bedroom units. Amenities include an outdoor pool, grilling area, 24-hour fitness center and tennis court. The 12-year loan features a 30-year amortization schedule. Eagan Apartment Associates LLP was the borrower.
WINNETKA, ILL. — Essex Realty Group Inc. has brokered the sale of 454 Winnetka Ave. in Winnetka, 16 miles north of Chicago, for $7.2 million. The 52-unit apartment building includes two studios, 16 one-bedroom and 7 two-bedroom units. The property also features 6,000 square feet of office suites on the first floor. The building was renovated 10 years ago. Matt Welke of Essex brokered the transaction. Neither the buyer nor the seller was disclosed.
MINNEAPOLIS — HRI Properties LLC has completed a $3.5 million renovation of DoubleTree Suites by Hilton Hotel Minneapolis. The 229-suite hotel underwent renovations to the guestrooms, lobby, restaurant, business center and meeting space. All guestrooms received sectional sofas, new carpeting, 50-inch televisions and contemporary artwork and lighting. Other highlights include upgraded elevators, a complete remodel of the full-service Starbucks onsite and a revamp of the hotel’s restaurant, Lot 57. Studio 11 Design provided design guidance.
BRISBANE, AUSTRALIA AND CLEVELAND — QIC, an Australian institutional investment management firm, has agreed to purchase Forest City Realty Trust Inc.’s (NYSE: FCE.A) interest in a 10-property regional mall portfolio. The overall transaction values the portfolio at approximately $3.18 billion, or $1.55 billion for Forest City’s share. The assets include: The Shops at Northfield Stapleton in Denver; Westchester’s Ridge Hill in Yonkers, N.Y.; The Shops at Wiregrass in Tampa, Fla.; Mall at Robinson in Pittsburgh; Antelope Valley Mall in Palmdale, Calif.; South Bay Galleria in Redondo Beach, Calif.; Victoria Gardens in Rancho Cucamonga, Calif.; Galleria at Sunset in Henderson, Nev.; Promenade Temecula in Temecula, Calif.; and Short Pump Town Centre in Richmond, Va. One additional mall, Charleston Town Center in Charleston, W.Va,, was originally part of the negotiations, but QIC subsequently made the decision not to acquire Forest City’s ownership interest. “This transaction is a win-win for all parties, as we continue to focus our business on urban residential, office and mixed-use assets, and QIC acquires full ownership of a U.S. retail presence with high-quality regional malls in strong markets,” says David LaRue, president and CEO of Forest City. Forest City provided $150 million of seller financing to QIC for a …
STOW, OHIO — Monmouth Real Estate Investment Corp. (NYSE: MNR) has acquired a 219,765-square-foot industrial building in Stow, about eight miles north of Akron, for $19.5 million. The property is located at 4651 Prosper Drive. The building is situated on 15.4 acres and is expandable by 50,000 square feet. The property is net leased to Mickey Thompson Performance Tires and Wheels for 10 years. The seller was not disclosed.
TINLEY PARK, ILL. — CBRE Hotels has arranged the sale of the Hilton Garden Inn Chicago South in Tinley Park, a southern suburb of Chicago. The sales price was not disclosed. The 117-room hotel is located at 18335 S. LaGrange Road. The property is located near the Tinley Park Convention Center and Hollywood Casino Amphitheater. Nate Sahn and Douglas Johnson of CBRE represented the sellers, Tinley Inn LLC and Tinley Gardens LLC.
BINGHAM FARMS, MICH. — Farbman Group is renovating its Bingham Office Center in Bingham Farms, about 20 miles northwest of Detroit. Farbman Group owns and manages the 500,000-square-foot property, which is located at 30600, 30700 and 30800 Telegraph Road. Renovations include new lobbies with new floors, furniture, lighting and an updated lounge area. Additional updates throughout the property will include freshly painted corridors, upgraded Wi-Fi and an updated seating area. The renovation project is slated for completion in December.
ELK GROVE VILLAGE, ILL. — Brown Commercial Group has brokered the sale-leaseback of a 32,000-square-foot industrial building in Elk Grove Village. The sales price was not disclosed. The property is located at 1200 Pratt Blvd. Dan Brown of Brown Commercial represented the seller, Andrews Paperboard Inc. Jim Pietrarosso, also of Brown Commercial, represented the buyer, a private investor. Brown Commercial negotiated a 10-year lease.
