HOLLY, MICH. — Signature Associates has arranged the sale of a 27,420-square-foot industrial building in Holly, south of Flint. The sales price was not disclosed. The building is located at 4101 E. Baldwin Road. Zito Construction, a local construction company, was the buyer. Paul Saad and Joe Banyai of Signature Associates represented the seller, LN Real Estate LLC.
GRAND RAPIDS, MICH. — Marcus & Millichap has brokered the sale of the Women’s Health Center of West Michigan in Grand Rapids for $43.5 million. The four-story, 106,806-square-foot medical office building was built in 2008. The facility, which is 93 percent occupied, is anchored by Metro Health OAM Surgery Center and Grand Rapids Women’s Health. The University of Michigan recently acquired Metro Health. Haron and Ashish Vakhariya of Marcus & Millichap represented the seller, Pinnacle Construction Group. The team also procured the buyer, a private real estate investment trust. The transaction was the largest sale by dollar value for a medical office property in Michigan since 2014.
PEORIA, ILL. — Caddis has opened Heartis Village Peoria in Peoria, north of Springfield. The 108-unit, 97,000-square foot senior living community is located at 8201 N. Illinois Route 91. The community consists of two adjoined components: a single-story, 36-unit memory care residence and a three-story residence with a total of 72 assisted living apartments. Heartis Village Peoria offers a wide variety of amenities, including a salon and spa with a therapeutic tub, two interior courtyards, a large dining room and more. The community is owned by Caddis and managed by Pathway, a senior living operations management company headquartered in Chicago. Austin, Texas-based Katus LLC served as architect and Rosemont, Ill.-based McShane Construction served as general contractor.
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.