APPLETON, WIS. — CBRE has brokered the sale of a 226-room hotel property in Appleton, approximately 30 miles southwest of Green Bay, for an undisclosed price. Bridge Investments sold the Holiday Inn to Batra Hospitality Group Inc. The buyer plans to renovate the property, which is located at 150 S. Nicolet Road. Brian Silberman, Nate Sahn, Stanley Wang and Scott Miller of CBRE represented the seller in the transaction.
KANSAS CITY, MO. — Real Estate Equities Development, a Minnesota-based development and management firm, has announced plans for The Village Cooperative of Verona Hills, a 63-unit seniors housing cooperative in Kansas City. Cooperatives are a type of active adult community that allows residents to share the costs of common amenities. The three-story community is age restricted for residents 62 and older. The amenities include a community room with kitchen, guest suite, club room, reading areas, outdoor gardening beds, workshop, fitness center, an on-site manager and heated underground parking. Units range from 876 to 1,602 square feet.
CARTER LAKE, IOWA — Capital One has provided a $6 million adjustable-rate Fannie Mae loan to refinance a 329-space manufactured housing community in Carter Lake, approximately six miles northeast of Omaha, Neb. The undisclosed borrower will use the loan proceeds to retire an existing loan, complete capital improvements and purchase new homes. Lakeside Mobile Home Community was constructed in 1973 and 1974 and features a swimming pool, playground, clubhouse, outdoor basketball court and a storm shelter. The loan features a seven-year term and 30-year amortization schedule. Damon Reed of Capital One originated the transaction.
ELGIN, ILL. — Morgan/Harbour Construction will build a 257,344-square-foot distribution facility in Elgin, approximately 40 miles northwest of Chicago. The speculative development will be located on a 16.8-acre site at 2650 Automall Drive. Morgan/Harbour is expected to break ground on the project this May and complete the facility by the end of the year. Features will include 32-foot clear heights, an ESFR sprinkler system, 24 exterior docks, four drive-in doors and parking. Zilber Property Group is the developer, and Cornerstone Architects Ltd. will provide the architectural services. Pinnacle Engineering Group LLC will provide civil design services.
GRAND RAPIDS, MICH. — Gentiva Hospice has signed a lease to occupy 5,740 square feet at a medical office property in Grand Rapids. The property, located at 625 Kenmoor Ave. SE, is currently being built out and is expected to open this July. The new lease is serving as a relocation and is Gentiva’s third location in west Michigan. Mary Anne Wisinski-Rosely of NAI Wisinski of West Michigan represented Gentiva Hospice in the transaction. Rachel Sal of Realvesco represented the landlord. Gentiva Hospice has over 490 locations nationwide.
GARFIELD HEIGHTS, OHIO — Lancaster Pollard has arranged $28.3 million in financing for Sisters of the Holy Spirit, a faith-based nonprofit operator based in the Cleveland suburb of Garfield Heights. The financing is arranged as two loans. The first was a $12.6 million nonrecourse HUD loan that replaces existing bonds on Jennings Center for Older Adults, a 438-unit independent living, assisted living, skilled nursing and adult daycare community in Garfield Heights. The second transaction was $15.7 million in tax-exempt bond financing for the construction of a 74-unit assisted living community, to be named Jennings at Brecksville, in nearby Brecksville. The transactions were also structured around the creation of a new real estate company, which will allow Sisters of the Holy Spirit to distribute excess funds from the Garfield Heights community to the Brecksville community without penalty. Kass Matt led the transaction for Lancaster Pollard.
WEST ALLIS, WIS. — The Barry Company has brokered the sale of a 49,330-square-foot industrial warehouse in West Allis, approximately seven miles west of Milwaukee, for an undisclosed price. Wisconsin Storage Corp. purchased the property, located at 232 S. Curtis Road, from an undisclosed seller. The buyer plans to make renovations to the building including a new front façade, replacing the drive-in doors with windows and upgrading the landscaping. Kurt Van Dyke and James Young of The Barry Company brokered the transaction.
CHICAGO — Banana Republic has signed a 6,078-square-foot lease to occupy a two-story retail building under construction in the Lincoln Park neighborhood of Chicago. Centrum Partners is the developer of the project, located at 2720 N. Clark St., which is slated for completion in October. The 22,000-square-foot building will replace The Edge Bar and Grill. Alt School has preleased 13,199 square feet of space and will occupy the entire second floor. Meredith Oliver and Brendan Reedy of Cushman & Wakefield represented Banana Republic in the lease transaction.
TROY, MICH. — Friedman Integrated Real Estate Solutions has arranged a 19,723-square-foot office lease in Troy, approximately 25 miles north of Detroit. Allegis Global Solutions will occupy the space at the North Troy Corporate Park located at 700 Tower Drive. Allegis Global Solutions currently occupies suite 700 and 800 in the building and is expanding its space on the fourth floor. The landlord is 700 NTCC LLC. David Friedman and Robert Gagniuk of Friedman Integrated Real Estate Solutions represented the landlord in the transaction.
PEORIA, ILL. — Locally owned boutique Blue has preleased 1,600 square feet of retail space at Plaza at Grand Prairie. Cullinan Properties is developing the 7,200-square-foot shopping center that is located at the intersection of War Memorial Drive and American Prairie Road in Peoria. Blue, along with retailers Massage Envy and Great Clips, will open this summer. This location will be Blue’s second store. Plaza at Grand Prairie is part of Grand Prairie Developments, a 200-acre mixed-use project. Components of Grand Prairie Developments include Plaza at Grand Prairie, Shoppes at Grand Prairie, Plaza West, Prairie Place, Shoppes West, Apartments at Grand Prairie and a Carmike Cinemas. Plaza at Grand Prairie is co-anchored by Hy-Vee and Gordmans. Other tenants include Longhorn Steakhouse, Famous Dave’s BBQ, Steak ‘n Shake and Starbucks.
