HOLLAND, MICH. AND GOSHEN, IND. — Marcus & Millichap has brokered the sale of two Midwest retail properties for $36 million. In the first deal, the buyer purchased Felch Street Shopping Center, a 164,181-square-foot property in Holland, Mich. The Felch Street Shopping Center is shadow-anchored by Lowe’s. Other tenants include Barnes & Noble, Bed Bath & Beyond, Office Max, Old Navy, Party City, Shoe Carnival, T.J. Maxx, JoAnn Fabrics, Ulta and Jonathan Stevens Mattress. In the second deal, Willow Lakes Plaza was sold. The 139,141-square-foot center is located in Goshen, Ind. Willow Lakes Plaza is situated on a 14.8-acre site and features tenants such as Bath & Body Works, Kohl’s, Michaels, OfficeMax and Rue21. The center is shadow-anchored by Target. Simon Jonna and Raymond Jonna of Marcus & Millichap represented the seller in the transactions. The buyers and sellers in both transactions were undisclosed.
FLINT, MICH. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired a portfolio of four assisted living and memory care communities in the greater Flint area for a total of $30.8 million. Flint is located approximately 70 miles northwest of Detroit. The four properties include The Pines of Clarkston, a 46-unit community in Clarkston; The Pines of Goodrich, a recently completed, 40-unit community in Goodrich; The Pines of Burton, a 62-unit community in Burton; and The Pines of Lapeer, a 40-unit community in Lapeer. Premier Senior Living LLC took over operations of all four communities effective June 1. The communities were added to an existing master lease with CareTrust, which already included two recently acquired communities in North Carolina. The $30.8 million purchase price included transaction costs. The communities produce approximately $2.7 million per year under the terms of the lease. CareTrust funded the acquisition with proceeds from its recent 8.5 million-share equity offering in March.
CHICAGO — Capital One has provided a $20.9 million fixed-rate HUD 232/223(f) loan to refinance a 318-bed skilled nursing facility in Chicago. The loan features a 35-year term. The facility was built in 1975 and offers on-site dialysis and can accommodate patients with a diagnosis of dementia. Joshua Rosen of Capital originated the transaction.
CHICAGO — Pembrook Capital Management LLC, through its third commercial real estate debt fund, has provided a $16.6 million loan to The NHP Foundation for the acquisition of 152 affordable housing units. The Mark Twain Hotel is a single-room occupancy property in the Gold Coast neighborhood of Chicago. The NHP Foundation will maintain the property, located at North Clark and West Division streets, as affordable units. The 58,000-square-foot Mark Twain Hotel was built in 1932 as a residential hotel and features over 9,000 square feet of ground-floor retail space. The NHP Foundation plans to add kitchens to each unit and community space to the property. The renovation is anticipated to begin in 2017. The property will be included in the National Register’s proposed Residential Hotels in Chicago, 1900–1930 group designation, which recognizes this class of accommodation from this era as historically significant. The Chicago Community Loan Fund, Bellwether Enterprise Real Estate Capital, US Bank and the City of Chicago Department of Planning and Development also contributed financial resources to the acquisition and renovation of the property.
VERNON HILLS, WIS. — The Barre Code, a women’s fitness center, has signed a five-year, 2,300-square-foot lease for space at Hawthorn Center in Vernon Hills. Joe Padorr of Seneca Real Estate arranged the transaction for The Barre Code, which will be located at the northwest corner of Milwaukee Avenue and Townline Road. Hawthorn Center is a 55,000-square-foot former office building that has been converted into a mixed-use property. Other tenants at the property include Northwestern Medicine, Uncle Julio’s Mexican Restaurant and T-Mobile.
INDIANAPOLIS — LaSalle Hotel Properties has entered into a definitive contract to sell the 622-room Marriott Indianapolis Downtown to affiliates of White Lodging Services Corp. and REI Investments for $165 million. LaSalle acquired the property in 2004 for $106 million and expects the transaction to close in the third quarter of this year. The transaction is subject to customary closing conditions, and proceeds from the deal will be used to reduce borrowings on LaSalle’s senior unsecured credit facility. The hotel features amenities such as a restaurant and bar, indoor pool, fitness center, on-site Starbucks, safe deposit boxes, business center, room service, on-site laundry and 40,000 square feet of meeting space.
CHICAGO — The University of Chicago has tapped HFF to market for sale a portfolio consisting of 11 properties and six land sites in Chicago. The portfolio consists of six graduate student housing properties, four faculty and staff buildings, one retail property and six land sites. The residential properties are 95.9 percent occupied overall, and comprise a total of 520 beds and approximately 272,593 square feet. The portfolio is located in Hyde Park within walking distance to campus, six miles south of Chicago’s central business district. The university will only accept offers for the portfolio in its entirety. Brian Kelly and Michael Higgins will lead the HFF investment sales team representing the University of Chicago.
LINCOLN, NEB. — Q10 | Daisley Ruff Financial has arranged a $6.2 million refinancing loan for South Ridge Shopping Center, a 100,000-square-foot shopping center in Lincoln. A Nebraska-based developer was the borrowing entity. The fully occupied South Ridge Shopping Center, which was built in 1999, includes tenants such as Super Saver, HuHot Mongolian Grill, Five Guys Burgers & Fries and Platos Closet. Steve Ruff and Eric Petersen arranged the fixed-rate, fully amortizing loan through a national life insurance company.
OAKBROOK TERRACE, ILL. — Marcus & Millichap has brokered the sale of a 91,844-square-foot office property in Oakbrook Terrace, approximately 20 miles west of Chicago, for over $5 million. Summit Oaks Office is located at 1S450 Summit Ave. John Abuja of Marcus & Millichap listed the property on behalf of the seller, a partnership. Abuja also secured and represented the buyer, a limited liability company.
ELK RIVER, MINN. — Stahl Construction has broken ground on a 23,000-square-foot expansion for Elk River High School in Elk River, approximately 35 miles northwest of Minneapolis. The project includes the addition of multiple gymnasiums and special education classrooms and the relocation and remodeling of interior administrative and classroom space. Elk River High School will also receive improvements to the mechanical systems and a new roof. Wold Architects and Engineers designed the project, which is slated for completion by the end of this year.