SOUTHFIELD, MICH. — Arriba Capital has negotiated a $17.3 million bridge loan for the refinancing of Metro Office Complex in Southfield. Built in the late 1980’s, the four-building, 565,000-square-foot office complex will undergo comprehensive capital improvements by the borrower, a Toronto-based real estate investor. Nick Barbaria of Arriba Capital negotiated the fixed-rate, bridge loan.
INDIANAPOLIS — Deerwood Real Estate Capital has arranged a $3.6 million loan for the acquisition of Washington Place in Indianapolis. The 100,000-square-foot retail property is located at 10105 E. Washington St. Tenants include HHGregg, Big Lots and Lumber Liquidators. Jeff Berger of Deerwood negotiated the 10-year, non-recourse loan on behalf of the borrower, ABS Management.
GLENVIEW, ILL. — Baum Realty Group LLC has brokered the sale of a retail building in Glenview, a suburb of Chicago, for $1 million. The 4,150-square-foot building is located at 1107 Waukegan Road. Danny Spitz and Greg Dietz of Baum represented the undisclosed seller. A Chicago-based investment group purchased the property in a 1031 exchange.
WOODBURY, MINN. — Elion Partners and The Davis Group have entered into a joint venture to develop a Class A medical office building at CityPlace in Woodbury, approximately 19 miles east of Minneapolis. The new medical office building is the second to be developed, and is part of the 100-acre planned development off Radio Drive and I-94. The two-story, 50,000-square-foot medical office building will be located between the retail space and Residence Inn by Marriott. Tria Orthopedics will occupy the other 75,000-square-foot office at the site beginning this summer.
NORMAL, ILL. — A joint venture between ALTO Real Estate Funds and M & J Wilkow Ltd. has acquired The Shoppes and Plaza at College Hills located in Normal, just north of Bloomington. The 441,995-square-foot, open-air shopping center was 95 percent leased at the time of sale to tenants including Gordmans, Hobby Lobby, Francesca’s, Chico’s, J.Jill and White House/Black Market. M & J Wilkow will manage the shopping center, and The Pollard Group will serve as leasing agent. HFF arranged $13.4 million in acquisition financing for The Shoppes. Benefit Street Partners LLC provided the 10-year, fixed-rate loan. HFF also marketed the property on behalf of the seller, Miller Capital.
CINCINNATI — Bellwether Enterprise has arranged a $22.7 million loan for the acquisition of Vantage Pointe West Apartments in Cincinnati. The complex consists of 775 one-, two- and three-bedroom units across 11 residential buildings. Of the 775 units, 500 are reserved for very low-income tenants. The building underwent a $5 million renovation in 2014. Elmer B. Cole Jr. of Bellwether Enterprise arranged the 12-year, fixed-rate loan for the borrower, Four Towers Apartments LLC.
ELK GROVE VILLAGE, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of an industrial building in Elk Grove Village, adjacent to O’Hare International Airport, for $2.2 million. The 34,856-square-foot, single-tenant property is located at 1331 Greenleaf Ave. Jason Caplan of Quantum represented the buyer, a Chicago-based, private real estate investor. An investment group based in the northern suburbs was the seller.
BOARDMAN TOWNSHIP, OHIO — Marcus & Millichap has arranged the sale of a net-leased medical office building in northeastern Ohio for $1.1 million. U.S. Oncology Inc. is located at 835 Southwestern Run. The 10,140-sqaure-foot building was upgraded in 2007. Ryan E. Moore, Paul Kerber and Christopher Mitchel marketed the property on behalf of the seller, a developer. The buyer was not disclosed.
Without a doubt, 2016 was a year to remember for the Kansas City apartment market. Employers, builders, operators and investors all had an eye on the flourishing metropolitan area and contributed to its ongoing strength, leading to a 20-year high for apartment occupancy. But in order to assess if 2017 will be as fruitful, a review of how each of these groups fared in 2016 and an analysis of the current economic climate should be taken into account. Employers A healthy economy underscored by an active employment market generates a cyclical effect whereby employers seek talent, talent seeks housing, and developers seek residents. According to Moody’s Analytics, total nonfarm payroll employment in the Kansas City metropolitan area in 2016 expanded by 1.5 percent following a 1.3 percent increase in 2015. Virgin Mobile USA, to name one active area employer, relocated its corporate headquarters from Warren, N.J., to downtown Kansas City as part of the company’s re-launch of its new brand under Sprint. The long-term location for the new headquarters is undetermined, but temporarily at least 50 new employees now work out of the One Kansas City Place building at 12th and Main streets. By year-end 2017, Berkadia Research projects total …
EVANSTON, ILL. — Marcus & Millichap has arranged the sale of The Chandler’s Building in Evanston, 12 miles north of Chicago, for $5.7 million. The building is located at 630 Davis St. near Northwestern University. The mixed-use property features office space and 23,929 square feet of ground-floor retail space. The property was built in 1910 with renovations completed in 2010. The building was 70 percent occupied at the time of sale. The buyer was a private real estate investor satisfying a 1031 exchange. The seller was 630 Davis Street LLC. Stephen Lieberman and Kyle Stengle of Marcus & Millichap represented the sale on behalf of ownership.