WOOSTER, OHIO — Minnesota Ltd. has signed a 9,384-square-foot industrial lease in Wooster, about 35 miles southwest of Akron. The 7.4-acre property is located at 460 W. Henry St. Minnesota Ltd. is the contractor for Kinder Morgan Utopia Pipeline. This is one of several Minnesota Ltd. facilities and laydown yards throughout the area, supporting the 215-mile pipeline of natural gas. Bryce Custer of NAI Spring represented all parties in the lease transaction.
CHICAGO — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has negotiated the sale of 18 skilled nursing facilities located throughout the Midwest for $82 million. The portfolio included nine properties in Kansas, six in Missouri, two in Iowa and one in Nebraska. The specific names and locations of the properties were not disclosed. The regional portfolio comprises 1,843 total licensed beds and generated approximately $110 million in revenue on a trailing basis at the time of sale. Most of the facilities are situated in suburban neighborhoods, while several of the centers were in secondary markets within driving distance from Kansas City. The seller, a publicly traded owner-operator, was looking to exit the Midwest region to create a tighter geographic density for its properties, as well as focus on hospital partnerships. The buyer is Illinois-based Cascade Capital Group, which went through several rounds of bidding. The sale includes an undisclosed level of HUD mortgage debt and two leased assets. The sales price equates to $45,000 per bed. Ben Firestone, Christopher Hyldahl and Michael Segal of Blueprint structured the transaction.
WALKER, MICH. — Monmouth Real Estate Investment Corp. has acquired a 343,483-square-foot industrial building in Walker, near Grand Rapids, for $32.1 million. The building is situated on 61 acres at 3466 Shippers Drive. The property is net leased to FedEx Ground Packaging System Inc. for 15 years.
RICHMOND HEIGHTS, MO. — Associated Bank has provided an $8 million loan for the redevelopment of the former Manhasset Village apartment complex in Richmond Heights, a suburb of St. Louis. The four-building property is located at 1351 McCutcheon Ave. The project, the second phase of redevelopment at the community, will update a total of 46 apartments including a mix of one-, two- and three-bedroom floor plans ranging in size from 762 to 1,465 square feet. Residents moved into the first phase of the project, EVO, in fall 2016. Phase II is slated for completion in late 2017 or early 2018. Edward Notz of Associated Bank managed the loan for the borrower, Draper and Kramer Inc./MV Two LLC.
BIG RAPIDS, MICH. — Signature Associates has arranged the sale of a 35,856-square-foot retail building in Big Rapids in central Michigan. The sales price was not disclosed. The building is located at 706 Perry Ave. Joe Rizqallah of Signature Associates represented the seller, Blackmer-Cosgrove LLC, and the purchaser, Cocca Development. The space will be leased to Dunham Sports.
ROCHESTER HILLS, MICH. — KJ Commercial has brokered the sale of Auburn Plaza in Rochester Hills, about 25 miles north of Detroit. The sales price was not disclosed. The 31,000-square-foot retail center is located at 240 E. Auburn Road. Kevin Jappaya of KJ Commercial represented the undisclosed buyer in the transaction. The buyer purchased the property in a 1031 exchange.
CHICAGO — Federal Realty Investment Trust has acquired Riverpoint Center in Chicago’s Lincoln Park for $107 million. The 211,000-square-foot grocery anchored shopping center sits on 17 acres at the corner of West Fullerton and North Clybourn avenues. Riverpoint Center is currently 97 percent occupied and is anchored by Jewel-Osco, Marshalls and Old Navy. Federal Realty anticipates increasing the value of the property over time through the re-leasing of space currently leased at below market rents and the potential to increase density at the infill site, according to a news release.
JOLIET, ILL. — The Opus Group has unveiled plans to construct a 1.2 million-square-foot industrial warehouse in Joliet within the I-80 submarket of Chicago. The 75-acre site is located near the intersection of U.S. Route 6 and Hollywood Road. Opus, which purchased the land from Ketone Partners, will develop the project in a joint venture with AEW Capital Management LP on behalf of one of its institutional separate account clients. The building will feature 36-foot clear heights, more than 200 loading docks, up to 450 trailer positions, parking for 225 cars and an ESFR sprinkler system. Construction of the speculative building will begin this spring with completion slated for summer 2018. Opus Development Co. will serve as developer, Opus Design Build will serve as design-builder and Opus AE Group will provide architectural and structural engineer services. Eric Tresslar and Steve Connolly of NAI Hiffman will market the property for lease.
COLUMBUS, OHIO — Serendipity Labs Coworking has signed two new leases for its coworking office space concept in Columbus. The first location is slated to open this summer in the Fifth Third Center at 21 E. State St. and consists of 14,000 square feet. The second location includes the new construction of 22,000 square feet at 900 N. High St. Renascent Hospitality, owned by Columbus natives Trevor Warner and Scott Somerville, will own and manage the Serendipity Labs in Columbus. Serendipity Labs provides members-only workplaces with meeting facilities at corporate standards, according to the company’s website. Membership to Serendipity Labs includes the use of dedicated private offices, team rooms, lab café and work lounge. Full-time, part-time and day passes are available.
MINNETONKA, MINN. — Venture Mortgage has provided a $5.5 million loan for the refinancing of a mixed-use building in Minnetonka. The 55,095-square-foot building includes tenants such as Edina Realty and Snap Fitness. The 10-year loan includes a 25-year amortization schedule. Erik Johnson of Venture Mortgage originated the loan for the undisclosed borrower.