KANSAS CITY, MO. — Block & Co. Inc. Realtors has arranged the sale of Sherrydale Shopping Center in Kansas City for an undisclosed price. The 7,670-square-foot retail center is located on 1.3 acres at the southwest corner of 152 Highway and North Oak Trafficway. David M. Block and Jody Minder of Block & Co. arranged the sale on behalf of the sellers, Top 29 Sherydale LLC and North 152 Partners LLC. Rubenstein Real Estate Co. LLC represented the undisclosed buyer.
SOUTHFIELD, MICH. — Farbman Group has completed the renovation of Oakland Commons in Southfield that it owns and manages. A new fitness center and conference center were added to the two-building office property. The 24-hour fitness center includes elliptical machines, treadmills, weight machines, shower facilities and fitness classes for tenants. The conference center consists of mobile video screens, teleconferencing capabilities, a full kitchen for catered events and new office furniture. Other amenities at the property, located at 20700 and 20750 Civic Center Drive, include after-hours security with lobby attendant, a restaurant and onsite management.
As Chicago has emerged as one of the country’s top tech capitals, large parcels of land across the city -— many set aside for manufacturers that no longer do business there — have remained stuck in the past, serving as roadblocks to billions of dollars in new real estate development. That’s about to change thanks to a yearlong effort spearheaded by Mayor Rahm Emanuel and the city’s Department of Planning and Development, which recently approved recommendations for modernizing the first of 26 industrial corridors across the city. The recommendations are the result of a community engagement process that solicited feedback from various stakeholders, including our firm and other real estate developers. The plan will pave the way for new residential and commercial projects throughout the North Branch Industrial Corridor, which stretches from Kinzie Street to just north of Fullerton Avenue along the Chicago River. These investments, which include much-needed infrastructure and open space initiatives, will engage the adjacent riverfront and create mixed-use environments. The early years In the 1980s, the city of Chicago designated a series of industrial corridors and Planned Manufacturing Districts (PMDs) — many along waterways and railways — to protect the city’s industrial base from encroachment by …
ANKENY, IOWA — The Opus Group has broken ground on a 200,700-square-foot speculative industrial building in Ankeny, about 12 miles north of Des Moines. This is the second phase of development at Corporate Woods Industrial Park, a 50-acre site that consists of a fully leased 208,000-square-foot industrial warehouse and additional space for a third facility. The park offers immediate access to I-35 and I-80. The building will feature 32-foot clear heights, one drive-in door, up to 54 dock doors, ESFR sprinkler systems and 121 parking spaces. Completion is slated for May 2018. Opus Development Co. is the developer, Opus Design Build is the design-builder and Opus AE Group is the architect and engineer of record for the project. Marcus Pitts and Jeremy Spillman of JLL will market the property for lease.
ELKHART, IND. — Marcus & Millichap has arranged the sale of the Iron Gate Self-Storage Portfolio in Elkhart, 15 miles east of South Bend. The sales price was not disclosed. The six-property, 289,302-square-foot portfolio was 70 percent occupied at the time of sale. The facilities are located on a total of 37 acres. The properties include County Road 113 Self-Storage; County Road 9 Self-Storage; Johnson Street Self-Storage; Middleton Run Road Self-Storage; Bloomingdale Drive Self-Storage; and State Road 13 Self-Storage. Sean Delaney and Michael Mele of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company.
BEAVERCREEK, OHIO — Confluent Development and Harbor Retirement Associates (HRA) are developing HarborChase of Beavercreek, a 110-unit assisted living and memory care community in Beavercreek, a suburb of Dayton. Slated to open in summer 2018, the 122,000-square-foot community will be located at 4175 Indian Ripple Road on a seven-acre site. The property will feature 24-hour staff, full-service dining, a barber and beauty salon, library, fitness center, game room, walking path and gardens and transportation and housekeeping services. Confluent Development will own HarborChase of Beavercreek, while HRA will manage the property. This is the second partnership for the two companies.
ROSELLE, ILL. — Aeronet Worldwide Inc. has signed a 29,643-square-foot industrial lease in Roselle, about 30 miles northwest of Chicago. The property is located at 1055 Stevenson Court. The global logistics company is moving from an 8,000-square-foot space in Bensenville. Trinity Scurto of Brown Commercial Group represented Aeronet Worldwide in the lease transaction. Brian Kling and Ron Behm of Colliers International represented the building owner, James Campbell Co. LLC.
INDIANAPOLIS — CBRE has arranged a $6.6 million loan for the refinancing of Beech Grove Village Apartments in Indianapolis. The 10-year loan includes a 20-year amortization schedule. Jason Brown and Dan Gable of CBRE arranged the Freddie Mac loan on behalf of Community Reinvestment Foundation Inc., an Indianapolis-based non-profit group that focuses on providing affordable housing options.
DETROIT — Mission Point Management Services LLC, in partnership with Slavik Cos., Welbrook Senior Living and Pierre and Hany Boutros, has acquired the former St. Mary’s Adult Foster Care Residence in Detroit’s Lafayette Park. The purchase price was not disclosed, but Mission Point plans to invest $13 million to transform the 37,000-square-foot former foster care facility into a 59-bed skilled nursing and rehabilitation center. Focusing on short-term physical and occupational therapy, the center will serve patients in their transition between the hospital and home. The center, originally constructed by the Archdiocese of Detroit and operated by the Daughters of Divine Charity until 2013, will feature 54 private suites, as well as a full rehab center, private dining, recreation facilities and concierge services. Completion of the center, located at 2102 Orleans St., is slated for spring 2018.
KALAMAZOO, MICH. — Capital One has provided a $15.3 million Fannie Mae loan for the acquisition of Country Acres Village in Kalamazoo. The 320-space manufactured housing community (MHC) is restricted to residents 55 years of age and older. Built in three separate phases between 1976 and 1990, the community features amenities such as an indoor pool and spa, fitness center and community building. Damon Reed of Capital One originated the 10-year loan, which includes a 30-year amortization schedule. The sponsor is an investor that operates 10 MHC communities in Washington and Oregon.
