PRINCETON, IND. — Capital One has provided a $5.9 million fixed-rate loan to refinance a skilled nursing facility in Princeton, approximately 150 miles southwest of Indianapolis. Joshua Rosen of Capital One originated the 35-year HUD 232/223(f) financing. The Waters of Princeton consists of 45 semi-private and five private rooms. The facility was built in 1968 with an addition completed in 1974. The borrower in the transaction was undisclosed.
WESTLAKE, OHIO — Newmark Grubb Knight Frank (NGKF) has brokered the purchase of an industrial property in Westlake, approximately 15 miles southwest of Cleveland, for $4.5 million. The property, located at 1006-1008 Crocker Road, features 23,000 square feet of office space and 147,000 square feet of warehouse and manufacturing space. The facility, situated on 18.7 acres, also includes a retention pond and running trails. Chris Haas, president and CEO of All Pro Trucking/All Pro Freight Systems, purchased the facility under 1006-1008 Crocker Road LLC. Bonne Bell, which was formerly headquartered in the building, was the seller. Mike Petrigan of NGKF represented the buyer in the transaction, and Kevin Kelly of Cushman & Wakefield/CRESCO represented the seller.
GLENVIEW, ILL. — The Missner Group has completed a medical office build-out for Illinois Bone & Joint Institute (IBJI) OrthoAccess. The property, located at 2401 Ravine Way in Glenview approximately 20 miles northwest of Chicago, is a walk-in clinic designed to treat sports injuries and minor auto accident injuries. The build-out included the addition of an entire floor of exam rooms, nursing stations and three waiting areas. The new space for IBJI also features an on-site X-ray suite and renovated reception area. Stephen Rankin Associates provided the architectural services for the project.
For the Dayton office market, it’s all about timing. In one of Miami Valley’s largest office leases in recent memory, CareSource early this year signed a five-year lease to occupy 50,000 square feet on two floors at the 486,000-square-foot Kettering Tower downtown. The nonprofit managed healthcare plan is the largest Medicaid plan in Ohio and the second largest in the United States. CareSource said it will assess current and future business needs and redistribute business units from corporate headquarters and offices at 40 W. Second St. to Kettering Tower. In addition, some staff hired during the first quarter of this year also will be placed at the new location. The CareSource location at Kettering Tower increases the company’s footprint to nearly 600,000 square feet in downtown Dayton. The four downtown Dayton locations — including CareSource’s corporate headquarters at 230 N. Main St., Ballpark Village at 220 E. Monument Ave., offices at 40 W. Second St. and Kettering Tower will support 2,200 staff. The $6 million build-out of the multi-tenant Kettering Tower is specifically designed to accommodate CareSource. Tower Partners LLC, an entity whose investors include New York businessman Albert Macanian, owns the building. But the deal bringing 300 new jobs …
ROCHESTER HILLS, MICH. — Bernard Financial Group has closed a $12.4 million refinancing loan for Hampton Plaza Shopping Center, a 122,484-square-foot retail property in Rochester Hills, approximately 27 miles north of Detroit. Hampton Plaza LLC was the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan through OneAmerica. Bernard Financial will service the loan and is a mortgage banking firm representing life insurance companies, CMBS lenders and Strategic Alliance Mortgage.
CHICAGO — Sedgwick Properties has completed the development of a 43,000-square-foot LA Fitness in Chicago’s Gage Park neighborhood. The building is located at 55th Street and Kedzie Avenue. Other retailers in the surrounding area include Walgreens, Wendy’s, Marquette Bank, Pete’s Fresh Market, T-Mobile, McDonald’s and a Bank of America branch. This LA Fitness facility features free weights, a cardio center, swimming pool, basketball court, fitness studios, indoor cycling, a childcare service and locker rooms with saunas and whirlpool spas. The project is located near the Chicago Transit Authority’s Orange Line and is the retailer’s 13th location in Chicago. Sedgwick served as the designer, developer and general contractor for the facility.
HODGKINS, ILL. — Transwestern has brokered the acquisition of a 52,962-square-foot industrial building in Hodgkins, approximately 20 miles southwest of Chicago. Bear Real Estate LLC acquired the property, which is located at 7515 Santa Fe Drive, from Shamrock Real Estate LLC for an undisclosed amount. Event Equipment Sales, an affiliate of Bear Real Estate, will occupy the building. Built in 1998, the facility features 18-foot ceilings, four drive-in doors, two loading docks and parking for over 25 vehicles. Improvements to the facility are underway and include a new concrete floor, improved lighting system and updates to 8,100 square feet of office space. Jeff Locascio and Scott Mueller of Transwestern represented Bear Real Estate in the transaction.
DWIGHT, ILL. — The Boulder Group has arranged the $2.1 million sale of a building net leased to Shopko Hometown in Dwight, approximately 80 miles southwest of Chicago. A Midwest-based private investor sold the 26,254-square-foot property, located at 110 Watters Drive, to an individual based on the East Coast in a 1031 exchange. Shopko Hometown’s lease expires in May 2024 and features three five-year renewal options. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. Shopko Hometown offers housewares, apparel, toys and electronics
ANN ARBOR, MICH. — Brixmor Property Group has added three new anchor tenants to Maple Village shopping center in Ann Arbor. Stein Mart, Sierra Trading Post and HomeGoods are set to occupy 76,232 square feet of space previously occupied by Kmart. Stein Mart will open a 33,582-square-foot location; Sierra Trading Post will open a 22,250-square-foot location; and HomeGoods will open a 20,400-square-foot location. All stores are expected to open in the third quarter of this year.
NOVI, MICH. — Capital One has provided a $4.7 million fixed-rate Fannie Mae loan to refinance a 309-space manufactured housing community in Novi, approximately 30 miles northwest of Detroit. Country Cousin Manufactured Home Community was constructed in two phases. Phase I consisted of 212 sites built in 1966, and Phase II added 97 sites in 1996. The 10-year, fixed-rate loan has 9.5 years of yield maintenance and a 30-year amortization schedule. Damon Reed of Capital One originated the financing.