Midwest

CBRE Arranges $56M Loan for Refinancing of Mixed-Use Property in Minneapolis Suburb

by Kristin Harlow January 13, 2017

EDINA, MINN. — CBRE has arranged a $56 million loan for the refinancing of 71 France Apartments in Edina, a southwest suburb of Minneapolis. The mixed-use property consists of 241 luxury apartment units and 21,000 square feet of street-level retail space. The property was completed in the second quarter of 2016 and the residential portion is now 95 percent leased. Northwestern Mutual Life Insurance Co. provided the 10-year loan. Joel Torborg of CBRE arranged the transaction on behalf of the borrowers, IRET and Schafer Richardson.

January 13, 2017

Indiana Industrial Midwest

Cushman & Wakefield Brokers Sale of 148,977 SF Industrial Portfolio in Indianapolis

by Kristin Harlow January 13, 2017

INDIANAPOLIS — Cushman & Wakefield has brokered the sale of Georgetown Commerce Park in Indianapolis. The sales price was not disclosed. The property consists of two buildings located at 7301 Georgetown Road. The property is 83 percent occupied by 19 tenants. Jeff Castell of Cushman & Wakefield represented the sellers, Mann Properties and GCP Investments. Todd Vannatta and Kevin Archer of Cushman & Wakefield will manage the leasing of 25,000 square feet of vacant space. Cushman & Wakefield will also manage both buildings, comprising 148,977 square feet. Congaree River LLC was the buyer.

January 13, 2017

Indiana Midwest Retail

Rafinia Acquires 50,000 SF Shopping Center in Southern Indiana

by Kristin Harlow January 13, 2017

SALEM, IND. — Rafinia Property Group has acquired Riverside Shops of Salem in southern Indiana for $3 million. The shopping center is located at 403-405 S. Main St. in Salem. Built in 2008, the center is currently 96 percent occupied and is anchored by Dollar Tree and Goody’s. Indiana-based Equity Investment Group was the seller. Steve Anevski of Marcus & Millichap represented both the buyer and seller in the transaction.

January 13, 2017

Iowa Midwest Retail

NAI United Arranges Sale of 40,000 SF Retail Building in Sioux City, Iowa

by Kristin Harlow January 13, 2017

SIOUX CITY, IOWA — NAI United LLC has arranged the sale of the Z Building in the Lakeport Commons power center in Sioux City. The sales price was not disclosed. The 40,000-square-foot structure is one of the buildings that makes up Lakeport Commons. Tenants at the shopping center include GAP Outlet, Buffalo Wild Wings, Maurices, Portrait Innovations, David’s Bridal, Regis, Peachwave, Game Lair and A La Mode. Dick Salem of NAI United brokered the transaction on behalf of the seller, Z Building LLC. Sam’s Property LLC purchased the center and hired NAI United Management to manage the Z Building.

January 13, 2017

Indiana Loans Midwest Multifamily

Pillar Originates $4.5M Freddie Mac Loan for Refinancing of Multifamily Property in Indianapolis

by Kristin Harlow January 13, 2017

INDIANAPOLIS — Pillar has originated a $4.5 million Freddie Mac loan for the refinancing of 9000 Westfield Apartments in Indianapolis. Originally built in 1972, the multifamily property is located just inside the I-465 beltway circling Indianapolis. The property consists of 98 garden-style units and was 95 percent occupied at the time the deal closed. The fixed-rate, 10-year loan includes a 30-year amortization schedule. Joe Markech of Pillar originated the loan. The borrower was a family-owned commercial real estate investment group. Mike Dury of PR Mortgage arranged the transaction.

January 13, 2017

Illinois Midwest Multifamily

Kiser Group Arranges $15.3M Sale of Multifamily Portfolio in Chicago

by Kristin Harlow January 12, 2017

CHICAGO — Kiser Group has brokered the sale of a multifamily portfolio in Chicago’s Edgewater neighborhood for $15.3 million. The portfolio consists of three apartment buildings totaling 109 units. The vintage buildings are located at at 6100 N. Winthrop, 6101 N. Winthrop and 6110 N. Winthrop. Sal Becovic of Becovic Properties was the buyer. Rae Ann and Bob Cecrle of B&R Developments were the sellers. Lee Kiser, Michael Feldstein, Luke Lesniewski and Steven Haen of Kiser Group brokered the transaction.

January 12, 2017

Midwest North Dakota Retail

Mid-America Brokers Sale of 114,102 SF Retail Center in Bismarck, North Dakota

by Kristin Harlow January 12, 2017

BISMARCK, N.D. — Mid-America Real Estate Corp. has brokered the sale of Pinehurst Square East in Bismarck. The sales price was not disclosed. The 114,102-square-foot shopping center is located at the northeast quadrant of Interstate 94 and Tyler Parkway. Tenants include TJ Maxx, Old Navy and Shoe Carnival. Fargo, N.D.-based Dakota REIT purchased the property. Joe Girardi of Mid-America and Jill Dumeland of Dumelands Commercial Real Estate brokered the transaction on behalf of the undisclosed seller.

January 12, 2017

Illinois Industrial Midwest

Conor Commercial Finalizes Tenants at New Industrial Business Park in Bolingbrook, Illinois

by Kristin Harlow January 12, 2017

BOLINGBROOK, ILL. — Black Horse Carriers and Trane U.S. Inc. have signed leases at Conor Commercial’s new Fountain Square Commerce Center. The 70-acre industrial business park is located at Remington Boulevard and South Schmidt Road in Bolingbrook, a suburb of Chicago. Black Horse Carriers, a provider of dedicated fleet and private fleet replacement services for companies that require specialized trucks and equipment, has leased all 109,354 square feet in Building 1. Trane U.S., which specializes in air-conditioning systems, has leased 44,179 square feet within Building 3. The building totals 162,394 square feet. George Pappas of Hartford Associates represented Black Horse Carriers in the lease transaction, while Jim Cummings and Brian Carroll of Newmark Grubb Knight Frank and Jim Estus and David Bercu of Colliers International represented the owner. Mike Magliano of Cushman & Wakefield represented Trane U.S., while Bercu and Estus represented Conor Commercial. McShane Construction Co. and Ware Malcomb, the original design/build team for the industrial business park, will complete the interior build-outs on behalf of both tenants.

January 12, 2017

Industrial Midwest Minnesota

Meritex Acquires 101,600 SF Industrial Building Near Minneapolis

by Kristin Harlow January 12, 2017

FRIDLEY, MINN. — Meritex has acquired Osborne Commerce Center in Fridley, approximately 10 miles north of Minneapolis. The purchase price was $5.5 million. The 101,600-square-foot industrial building is located at 197 Osborne Road. The Class A property is 100 percent leased. Steve Dorff of Meritex will manage the property. Meritex is a private real estate investment and management company.

January 12, 2017

Illinois Loans Midwest Mixed-Use

ASC Arranges $4.1M Acquisition Loan for Mixed-Use Property in Chicago

by Kristin Harlow January 12, 2017

CHICAGO — American Street Capital has arranged a $4.1 million loan for the acquisition of a mixed-use property in Chicago’s Lincoln Park. Originally built in 1889, the building was recently renovated and consists of one ground-floor retail unit and eight residential units. The 20-year loan includes a 30-year amortization schedule and was funded through the Freddie Mac small balance program. Igor Zhizhin of ASC originated the loan.

January 12, 2017

Newer Posts

Older Posts