Midwest

Carlyle Realty Partners V Sells Centennial Shops for $32M in Edina, Minnesota

by Kristin Harlow October 28, 2016

EDINA, MINN. — Carlyle Realty Partners V LP has sold Centennial Shops in Edina to Farmington Hills, Mich.-based Ramco-Gershenson Properties Trust for $32 million. The sale of the shopping center, located along France Avenue at 3825 Gallagher Drive, is the largest transaction by dollar amount for a retail property in the Minneapolis-St. Paul market so far this year. The 85,200-square-foot lifestyle center was 100 percent leased at the time of sale and includes tenants such as West Elm and the Container Store. George Good, executive vice president in CBRE’s Chicago office, and Jim Leary, senior vice president in Minneapolis, marketed the property for sale.

October 28, 2016

Hospitality Indiana Midwest Ohio

Walker & Dunlop Closes $15.5M Loan for Extended-Stay Hotel Portfolio in Ohio, Indiana

by Kristin Harlow October 28, 2016

CINCINNATI AND COLUMBUS, OHIO AND FORT WAYNE, IND. — Walker & Dunlop has closed a $15.5 million loan for the acquisition of four extended-stay properties in Ohio and Indiana by Sandpiper Hospitality. The financing is a three-year, interest-only bridge loan to allow Sandpiper to complete the acquisition while the properties are stabilized. Walker & Dunlop’s Stephen Farnsworth and Geoff Smith led the lending team. Two of the properties were recently constructed and have not yet achieved stabilization, and three of the four will undergo a rebranding from a Value Place to a WoodSpring Suites this quarter. The Value Place franchise is currently in the process of rebranding all of its properties to the new WoodSpring Suites. Extended-stay properties within the portfolio include WoodSpring Suites Easton and Value Place Worthington in Columbus, Value Place Fairfield in Cincinnati, and Value Place Fort Wayne in Fort Wayne.

October 28, 2016

Michigan Midwest

Dan Gilbert’s $15M Donation to Michigan State University Will Support Renovation of Breslin Center

by Kristin Harlow October 28, 2016

EAST LANSING, MICH. — Michigan State University alumni Dan and Jennifer Gilbert are donating $15 million from their family foundation to support a new addition and renovation of the Breslin Center at MSU. The renovation will enhance the fan experience for the more than 500,000 people who attend basketball games and other events at the arena each year. The gift will also support two MSU programs: the Detroit Scholars Program (DSP) and the Resource Center for Persons with Disabilities (RCPD). The donation is one of the largest in MSU’s Empower Extraordinary campaign, which has raised more than $1.26 billion since 2011 to support global problem-solving research, endowed faculty positions, enhanced facilities and student opportunities. Dan Gilbert is founder and chairman of Quicken Loans Inc. and Rock Ventures LLC, the umbrella entity for Gilbert’s portfolio of companies and investments, including his commercial real estate holdings. He is also majority owner of the Cleveland Cavaliers. His wife, Jennifer, is founder and CEO of Amber Engine, a business-to-business cloud-based platform that seeks to transform the way manufacturers and retailers of home furnishings and décor conduct business.

October 28, 2016

Healthcare Midwest Ohio

Marcus & Millichap Arranges $3.3M Sale of Health Center in Aurora, Ohio

by Kristin Harlow October 28, 2016

AURORA, OHIO — Marcus & Millichap has arranged the sale of the UH Walden Health Center, an 11,000-square-foot property located in Aurora, about 28 miles northeast of Akron. The one-story medical center, built in 2003, sold for $3.3 million. The building is leased on a triple-net basis to Robinson Memorial Hospital with just over seven years of base term remaining. Community Healthcare Trust, headquartered in Franklin, Tenn., purchased the asset. Christopher Mitchel, Gino Lollio, Scott Niedergang and Ryan E. Moore, investment specialists in Marcus & Millichap’s Cleveland and downtown Chicago offices, had the exclusive listing to market the property on behalf of the seller, a local developer.

October 28, 2016

Midwest Retail Wisconsin

The Boulder Group Arranges $1.6M Sale of Building Net Leased to Dollar Tree in Green Bay, Wisconsin

by Kristin Harlow October 28, 2016

GREEN BAY, WIS. — The Boulder Group has completed the sale of a newly constructed single-tenant building occupied by Dollar Tree at 1940 Main St. in Green Bay for $1.6 million. Dollar Tree is leasing the 10,000-square-foot property for 10 years with three five-year renewal options. The seller was a Midwest-based real estate development company and the buyer was a Midwest-based real estate investment firm. Randy Blankstein and John Feeney of The Boulder Group represented both parties in the transaction.

October 28, 2016

Industrial Midwest Ohio

Schueler Group Nears Completion of Shell Construction for Bank’s Operations Center in Lebanon, Ohio

by Kristin Harlow October 27, 2016

LEBANON, OHIO — Schueler Group has nearly completed the shell construction of a $13 million build-to-suit corporate operations center for LCNB National Bank in Lebanon. Located at 105 North Broadway, halfway between Cincinnati and Dayton, the three-story building will measure 47,000 square feet. Construction began in February 2016 and is expected to be complete by late February 2017. LCNB National Bank serves customers and communities in southwest and south central Ohio.

October 27, 2016

Hospitality Loans Michigan Midwest

Axilla Capital Closes $6M Non-Recourse Loan for TownePlace Suites Detroit Auburn Hills

by Kristin Harlow October 27, 2016

AUBURN HILLS, MICH. — Axilla Capital has arranged a $6 million CMBS loan to refinance the TownePlace Suites Detroit Auburn Hills. The 10-year loan features a fixed interest rate of 4.25 percent. TownePlace Suites Detroit Auburn Hills is a three-story, 82-room, extended-stay lodging facility built in 2015. The property is located on the southwest corner of Great Lakes Crossing Outlets, an enclosed, super-regional shopping mall in Auburn Hills. Joel Mazur, managing principal of Axilla Capital, originated the transaction and secured the financing.

October 27, 2016

Midwest Retail Wisconsin

Anthony Vince’ Nail Joins Growing Tenant Roster at Corners of Brookfield in Wisconsin

by Kristin Harlow October 27, 2016

BROOKFIELD, WIS. — The Corners of Brookfield, a 750,000-square-foot lifestyle center under development in suburban Milwaukee, has added Anthony Vince’ Nail to its tenant roster. The full-service nail salon, which also offers facials and body waxing, is the fifth first-to-Wisconsin tenant to lease space at the lifestyle center. The 3,425-square-foot salon and spa will cater to all ages with premium services for adults, including an array of manicure and pedicure offerings, relaxation massages, facials and more. The grand opening of The Corners of Brookfield is slated for spring 2017. Confirmed retailers include Anthropologie, L.L.Bean, Von Maur and others. Located at I-94 and Barker Road in the town of Brookfield, The Corners of Brookfield is a development undertaken by Brookfield Corners LLC, an affiliate of IM Properties and Bradford Real Estate. When complete, the development will be comprised of 400,000-square-feet of retail and restaurant space anchored by a 140,000-square-foot Von Maur Department Store and a 30,000-square-foot Sendik’s Food Market. The complex will also include 244 luxury apartment homes and parking for more than 1,700 cars.

October 27, 2016

Illinois Industrial Midwest

Meridian Starts Construction on 421,403 SF Speculative Industrial Project in Bartlett, Illinois

by Kristin Harlow October 27, 2016

BARTLETT, ILL. — Meridian Design Build has started construction on a new 421,403-square-foot speculative industrial building for Exeter Property Group in Bartlett, a northwest suburb of Chicago. The new facility will be located on a 34-acre site within Brewster Creek Business Park. The multi-tenant building, which features a 32-foot clear height, is designed to accommodate up to four tenants, 117 loading docks, four drive-in doors, 449 auto parking stalls and 110 exterior trailer stalls. Harris Architects is providing architectural services, while V3 Cos. is completing civil engineering work.

October 27, 2016

Illinois Midwest Retail

EXP Realty Arranges $34M Sale of Building Leased to Mariano’s in Bronzeville, Illinois

by Kristin Harlow October 27, 2016

BRONZEVILLE, ILL. — EXP Realty Advisors, Inc. has arranged a $34 million sale of a building occupied by grocer Mariano’s in Bronzeville. The 74,000-square-foot building is located at 3857 S. Martin Luther King Drive, five miles south of Chicago. The building is triple net leased to Mariano’s, a division of Kroger. The buyer was a New York City-based real estate investor seeking a high-quality, well-positioned asset. Andrew Greenberg of EXP Realty Advisors represented the buyer.

October 27, 2016

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