MICHIGAN CITY, IND. — SVN | Property Investment Advisors LLC has arranged the $1.9 million sale of a 117-room hotel property in Michigan City, approximately 35 miles west of South Bend. Raj Patel and partners purchased the Clarion Inn & Suites from R&K Investment Corp. Robert Pliska of SVN| Property Investment Advisors brokered the sale.
GAHANNA, OHIO — Mainfreight USA Inc. has signed a 20,000-square-foot industrial lease at the Eastgate Business Center in Gahanna, approximately 10 miles northeast of Columbus. The 80,000-square-foot Eastgate Business Center is located within the Eastgate Industrial Park. Mainfreight, a global supply chain support and logistics service company, brings the building to full occupancy with its lease. Other tenants in the facility include HF Group, CORT Furniture Solutions and Distributor Wire & Cable. Mark F. Taggart Co. and Fed One Dublin are the landlords. Jeff Lyons of CBRE represented the tenant in the transaction.
KNOXVILLE, IOWA — Associated Bank has provided a $6.5 million construction loan for a Veterans Administration Primary Care Clinic in Iowa. Knoxville VA LLC was the borrower. The 16,731-square-foot clinic will be located at 1607 N. Lincoln St. in Knoxville, approximately 40 miles southeast of Des Moines. The single-story, build-to-suit facility is scheduled for completion by the end of the year. Knoxville VA LLC is an affiliate of W.D. Schorsch LLC, which specializes in the development and management of build-to-suit projects for the United States General Services Administration.
CHICAGO — Reed Construction will build a 52,000-square-foot mixed-use building in Chicago’s Fulton Market Building. MAB Capital Management is developing the five-story building located at 450 N. Morgan St. The project will feature a mix of office and retail space, as well as 50 parking spots. Construction is slated to start in the second quarter and commence in early 2017. Pappageorge Haymes Partners is providing the architectural services.
HILLSIDE, ILL. — Metro Commons Hospitality has sold a 135-room hotel property to a private buyer for an undisclosed price. The Holiday Inn Express & Suites Chicago West is located at 200 S. Mannheim Road in Hillside, approximately 15 miles west of Chicago. The buyer plans to renovate the property to meet the new InterContinental Hotel Group standards. Nate Sahn, Brian Silberman, Stanley Wang and Scott Miller of CBRE represented the seller in the transaction.
LOCKPORT, ILL. — UPS has leased a 273,640-square-foot building within Panattoni Development Co.’s recently delivered 355 Corporate Center in Lockport, approximately 35 miles southwest of Chicago. The facility features 65 docks, four drive-in doors and parking for 268 cars. UPS leased the first of two buildings delivered within the industrial park. The second building is 228,690 square feet and includes 65 docks, four drive-in doors and parking for 240 cars. Both buildings also feature 32-foot clear heights and ESFR sprinkler systems. Frank and Matt Minik of Jupiter Realty Services represented UPS in the transaction. Mark Barbato and Adam Stokes of Nicolson, Porter & List represented Panattoni Development Co.
ORLAND PARK, ILL. — Owner and operator Heritage Enterprises and Michuda Construction have opened Evergreen Senior Living at Parkview Campus, an assisted living and memory care community in Orland Park, approximately 25 miles southwest of Chicago. The community features 76 assisted living apartments and 40 memory care apartments. Heritage, based in Central Illinois, developed and will operate the community. Chicago-based Michuda oversaw the design and construction. Worn Jerabek Wiltz Architects PC of Chicago provided architectural services.
KANSAS CITY, MO. — Cain Brothers has arranged $51.8 million in bond financing for Kingswood Senior Living Community, a continuing care retirement community in Kansas City. The bonds will fund the repositioning of the community, which Life Care Services operates. The campus was built in 1982. LCS Development has formulated a turnaround plan that includes converting the obsolete independent living units to new assisted living and memory care units. Renovations will also be performed throughout the remaining units, common areas and amenities. In addition to the 35-year, non-rated, fixed-rate bonds, Cain Brothers arranged $2 million of mezzanine financing to execute the development plan.
INDIANAPOLIS — HEARN and equity partner CrossHarbor Capital Partners have purchased the BMO Plaza in downtown Indianapolis for $40 million. True North Management Group sold the 440,000-square-foot, 28-story office building. Located at 135 N. Pennsylvania St., BMO Plaza is the sixth tallest building in Indianapolis and houses tenants such as BMO Harris Bank, the U.S. Department of Defense, General Electric and law firms Rubin & Levin and Quarles & Brady. James Hanson, Erik Foster, Bill Ehret and Nancy Merritt of Avison Young represented the seller in the transaction.
FARGO, N.D. — Marcus & Millichap has arranged the $30 million sale of a two-property hospitality portfolio in Fargo. The hotels are comprised of 387 rooms collectively and are located on the same site at the intersection of I-29 and 13th Avenue South. The purchase price equates to more than $77,500 per room. A Los Angeles-based private equity group sold the Holiday Inn and Holiday Inn Express to an undisclosed local investor. The Holiday Inn has completed more than $10 million in renovations since 2000, including a complete remodeling of the guest rooms in 2006, and The Holiday Inn Express was fully renovated in 2014. Both hotels come with 15-year branding licenses that expire in 2030. Shane Skubis of Marcus & Millichap represented the seller in the transaction and procured the buyer.