MIDDLEBURG HEIGHTS, OHIO — Sunsine Inc. has opened a new Home2 Suites by Hilton in Middleburg Heights near Cleveland. The hotel features 111 suites with fully equipped kitchens. Other features include a laundry and fitness area, daily breakfast, indoor pool and outdoor grill area. Located at 7355 Engle Road, the hotel offers convenient access to Cleveland Hopkins International Airport. Kaival Hospitality Management LLC manages the hotel owned by Sunsine.
HOLLAND, MICH. — Cherry Republic, a Michigan-based retailer of cherry food creations, will open a 2,745-square-foot store in Holland this month. The store is located at 29 W. 8th St., about 28 miles southwest of Grand Rapids. This is the sixth location for Cherry Republic in Michigan. The company operates other locations in Glen Arbor, Traverse City, Charlevoix, Ann Arbor and Frankenmuth. Todd Leinberger of NAI Wisinski of West Michigan assisted Cherry Republic in securing the Holland location.
ST. PAUL, MINN. — Gander Mountain Co. and its subsidiaries have filed for Chapter 11 bankruptcy protection. The decision is the result of an in-depth review of the company’s strategic options undertaken in recent months to preserve the value of the company and position it for long-term success, according to a news release. St. Paul-based Gander Mountain, an outdoor retail network with stores across 26 states, will sell the company while continuing operations. An auction will be held in late April and the sale is expected to be complete by May 15. The company generally expects to conduct normal business operations during the restructuring period, but 32 underperforming retail locations will begin a shutdown process in the next several weeks. The company has obtained a committed debtor-in-possession (DIP) financing facility underwritten by Wells Fargo. Subject to court approval, this DIP financing, combined with cash from operations, is expected to provide sufficient liquidity to support the company’s continuing business operations and to minimize any disruption during the reorganization process. The petitions were filed in the U.S. Bankruptcy Court for the District of Minnesota. Houlihan Lokey Capital Inc. is serving as financial advisor and investment banker to Gander Moutain. Lighthouse Management Group …
DETROIT — The QLine, Detroit’s new streetcar system, will celebrate its grand opening on Friday, May 12 with a special event at the Penske Technical Center. The celebration will begin with a morning press conference featuring elected officials and dignitaries, and will be followed by an inaugural first ride down Woodward Avenue. The QLine will open to the public on Friday evening. Construction on the line began in July 2014. The QLine made its first test run on Woodward Avenue in December 2016 and the streetcar system has undergone over 1,000 tests in preparation for operations. The economic impact of transit-oriented development is expected to top $3.5 billion within a decade and include a mix of 10,000 new residential units, offices and commercial projects near Woodward Avenue, according to Crain’s Detroit Business. The three-piece cars are 66 feet long and carry 125 passengers on average. They travel 35 miles per hour and stop for traffic lights along the 3.3-mile-long line. The cars are powered by a 750-volt lithium ion battery, operating 60 percent off-wire, the highest percentage of any streetcar system in the United States, according to a news release. Walk-up fares are estimated at $1.50.
ORLAND PARK, ILL. — Marcus & Millichap has brokered the sale of a Mattress Firm regional mall outparcel center in Orland Park, a suburb of Chicago, for $6.4 million. The 10,000-square-foot retail property is located at 29 Orland Square Drive. Mattress Firm and State & Main Kitchen and Bar occupy the property. Austin Weisenbeck and Sean R. Sharko of Marcus & Millichap marketed the property on behalf of the seller, an out-of-state developer. The duo also secured and represented the buyer, a private investor.
RICHTON PARK, ILL. — The Philipsborn Co. has secured a $2.2 million loan for the refinancing of Sauk Trail Plaza in Richton Park, about 35 miles south of Chicago. The 30,267-square-foot center is located on the southwest corner of Sauk Trail and Central Park avenues. Constructed in phases during the 1960s and 1970s, the center is situated on 2.6 acres. The property is 98 percent leased and is anchored by Save-A-Lot. The fixed-rate loan was used to refinance the outstanding debt and provide funds for capital reserves. David Kubert of Philipsborn negotiated the transaction on behalf of all parties. ICA Investment Advisors provided the loan. The borrower was a limited liability company.
MINNEAPOLIS — CBRE has arranged a $1.3 million loan for the acquisition of a 20-unit apartment property in the Minneapolis neighborhood of Ventura Village. The two-story building is located at 1828 Park Ave. and consists of one-, two- and three-bedroom units. Originally built in 1916, the property was fully occupied at the time of closing. The 10-year loan was obtained through Freddie Mac’s small balance loan program and features a 30-year amortization schedule. Ben Bastian and Mark Roos of CBRE represented the borrower, Lotus Acres LLC, an affiliate of EIG Property Management.
KANSAS CITY, MO. — AutoAlert has signed a 48,839-square-foot office lease for its new headquarters in downtown Kansas City. AutoAlert will occupy four floors in the former Kansas City Railway building, which was built in 1935 and is located at 114 W. 11th St. The new location for the California-based tech firm and software provider for auto dealers will bring 300 jobs to the area. Bill Maas and Larry Larsen of Block & Co. Inc. Realtors negotiated the lease transaction on behalf of AutoAlert.
CHICAGO — ZWL Properties has purchased a 138,000-square-foot office and warehouse property in Chicago. The two-story building is situated on 5.1 acres at 5000 W. Bloomingdale Ave. ZWL plans to convert the building for multi-tenant use. Exterior remodeling will include new roofing, gutters, fencing and window replacement. Interior remodeling will involve the construction of new tenant spaces and restrooms in addition to new plumbing, heating and electrical systems. An adjacent 31,250-square-foot land parcel will be resurfaced for parking. Shai Romirowsky of Eastern Union Funding arranged $2.2 million in acquisition and renovation financing for the purchase.
GRAND RAPIDS, MICH. — Wolverine Building Group has partnered with Covenant House Michigan-Grand Rapids to build a homeless, runaway and at-risk youth home in downtown Grand Rapids. The 15,470-square-foot building will be located at 50 Antoine St. Southwest. The new youth home will be constructed adjacent to Covenant House Academy, a high school for at-risk students. The three-story building will include a multi-purpose room and office space on the first floor. The second and third floors will house residential space with 14 rooms on each floor. Each resident floor will include a small café and laundry facilities. Progressive AE provided design and engineering services.