BROOKFIELD, WIS. — The Dickman Company Inc./CORFAC International has brokered the sale of a 25,520-square-foot industrial building in Brookfield, 13 miles west of Milwaukee. Theomax Real Estate LLC purchased the building from LPM Group LLC for an undisclosed price. The facility is located at 3280 Gateway Road. Samuel M. Dickman Jr., Samuel D. Dickman and Roger Siegel of The Dickman Company brokered the transaction.
SHAKOPEE, MINN. — New York Life Real Estate Investors has arranged a $33.4 million acquisition loan for a 290-unit apartment property in Shakopee, approximately 25 miles southwest of Minneapolis. A joint venture between White Oak Partners and affiliates of The Hartford is the borrower. The Addison Apartments is a Class A property that features amenities such as a swimming pool, fitness center, business center, clubhouse, courtyard, dog park, walking trails and cyber café with coffee bar. Apartment amenities include in-unit washers and dryers, walk-in closets, kitchen appliances and patios or balconies. The property, built in 2005, offers one-, two- and three-bedroom units. Buildings at The Addison Apartments are three stories. The fixed-rate loan features a six-year term.
ANN ARBOR, MICH. — Oxford Cos. has acquired an 80,755-square-foot office property in Ann Arbor for $9.7 million. 555 Briarwood Circle is situated on 5.8 acres and features tenants such as financial services firm Rehmann, Real Estate One and Power Engineers. Oxford plans to invest over $700,000 in the property, including improvements such as a new roof, parking lot, landscaping, signage and lighting. The seller in the transaction was undisclosed.
COLBY, KAN. — Marcus & Millichap has brokered the sale of a 67-room hotel in Colby, located in northwest Kansas, for an undisclosed price. A limited liability company sold the Sleep Inn & Suites Colby, located at 2075 Sewell Ave., to a private investor. The three-story hotel was built in 2010. Steve Swenholt, Allan Miller and Chris Gomes of Marcus & Millichap listed the property on behalf of the seller and also represented the buyer in the transaction.
NEW ALBANY, IND. — NorthMarq Capital has arranged a $1.4 million loan to refinance the Silver Run Center in New Albany, approximately five miles northwest of Louisville, Ky. The 11,355-square-foot property, located at 2860-2880 Charlestown Road, is shadow anchored by Kroger. The financing features a fixed-rate, three-year term and 20-year amortization schedule. Randall Waddell of NorthMarq Capital placed the loan with a local bank.
NEW BERLIN, WIS. — The Dickman Company Inc./CORFAC International has arranged the sale of a 44,262-square-foot industrial building in New Berlin, approximately 15 miles southwest of Milwaukee. AQ Matic Real Estate purchased the facility, which is located at 16605-16685 W. Victor Road, from K.G. Stevens Holdings LLC for an undisclosed price. Anthony Huenerbein of The Dickman Company represented the seller in the transaction. Stephen Provancher and Mitchell Starczynski of NAI MLG Commercial represented the buyer.
Kansas City’s industrial market is experiencing an incredible construction boom that is both market-driven and not limited to just one area or particular deal. In the past two years, multiple, diverse industries and tenant categories have shown interest in a variety of options around the area. The buildings going up and the tenants filling them cannot be pigeonholed into any single, narrow category. It’s encouraging that the entire market is doing well, not just one particular segment or submarket. The success of the market is widespread across the region. New buildings have gone up in Johnson County, Jackson County and Wyandotte County in the past few years. Projects also are moving forward in Platte County, up by Kansas City International Airport, and also in Executive and Northland Park. Additionally, Kansas City is providing options to companies of all sizes, from giant, bulk users to smaller users seeking the features associated with new development. New buildings such as Westlink Industrial Park in Johnson County and Kaw Point in Wyandotte County have offered tenants looking for 50,000 to 100,000 square feet the opportunity to access the amenities and features of modern construction that are associated with new bulk development. Both of those …
MILWAUKEE — Farbman Group has acquired the 22-story Chase Tower in Milwaukee for $30.5 million. Situated on the corner of East Wisconsin Avenue and North Water Street, the Chase Tower includes 480,000 square feet of office space and a 746-space parking structure. Farbman plans to upgrade the first and second floors, which host the building’s amenities. Tenants at the office tower include JPMorgan Chase, Infinity Healthcare, WUWM Public Radio and law firm O’Neil, Cannon, Hollman, DeJong & Laing. Brookfield Real Estate Opportunity Fund was the seller.
WESTLAND, MICH. — Cohen Financial has arranged an $11.2 million CMBS loan to refinance Westland Colonial Village Apartments in Westland, approximately 25 miles west of Detroit. The Class B property, located at 8181 N. Wayne Road, was built in the 1960s and features 304 units. Cathy Bronkema of Cohen Financial placed the fixed-rate, 10-year loan with Morgan Stanley. The borrower was undisclosed.
INDIANAPOLIS — Dougherty Mortgage LLC has closed an $8.3 million Fannie Mae loan for the acquisition of a 192-unit apartment property in Indianapolis. Amenities at Madison Village include a clubhouse, laundry facilities, grilling stations, swimming pool with sundeck, technology lounge and fitness center. Oak Hills Village LLC was the borrower. The loan features one year of interest-only payments and a 30-year amortization schedule.