WILLOWBROOK, ILL. — Dougherty Mortgage LLC has closed a $9.4 Fannie Mae loan to refinance Willowbrook Apartment Homes, approximately 25 miles west of Chicago. The apartment property features 140 market-rate apartments. Amenities at Willowbrook Apartment Homes includes walk-in closets, walk-through kitchens, separate dining areas and private balconies or patios. The five-year interest-only loan features a 10-year term and 30-year amortization schedule. Heartland Willowbrook LLC was the borrower.
MILWAUKEE — Physicians Realty Trust, a healthcare REIT, has executed a series of purchase and sales agreements, as well as a letter of intent, to acquire 52 medical office facilities from the Catholic Health Initiatives (CHI) for $724.9 million. The CHI portfolio is 94 percent leased and contains 3.1 million square feet of space across 10 states. Approximately 93 percent of the in-place net operating income during the first year will stem from new 10-year lease agreements. The portfolio purchase price includes $32.9 million of future capital improvements, most of which will be completed in the next five years. Physicians Realty Trust expects to close the acquisition in two tranches, the first of which will close this month and cost $202 million. The acquisitions are subject to customary closing conditions, which include the Vatican’s approval to purchase 35 facilities. Catholic Health Initiatives, the fifth largest non-profit health system in the United States, owns over 103 hospitals.
NOVI, MICH. — Novi-based The Kroger Co. of Michigan will invest $180 million in Michigan’s grocery sector during 2016 by adding three Kroger Marketplaces stores and six new fuel centers. The grocer will also increase its ClickList online shopping service to 22 locations and remodel 11 existing stores. The new stores will be located at 12 Mile Road and Stephenson Highway in Royal Oak, M-59 and Elizabeth Lake Road in White Lake Township and at 26 Mile Road and Van Dyke Avenue in Shelby Township. The Kroger Co. of Michigan includes 129 Kroger stores, 69 fuel centers and 103 pharmacies. Kroger Marketplace stores average 110,000 square feet and are multi-department stores that offer full-service grocery, pharmacy, outdoor living products, electronics, home goods and toys.
ST. JOSEPH, MICH. — NorthPoint Capital Funding has arranged the $7 million refinancing of The Whitcomb Senior Living Community, a 134-unit community in St. Joseph, located in the southwest corner of the state along the banks of Lake Michigan. Originally constructed as a hotel in 1928, the property was converted to seniors housing in 1973. NorthPoint Capital Funding is a subsidiary of NorthPoint Capital Group, a lender based in Chicago.
CHICAGO — Interra Realty has arranged the sale of a 36-unit property in Chicago’s Edgewater neighborhood for $3.5 million. Horizon Realty purchased the building from an undisclosed out-of-state entity. The property, located at 5910 N. Sheridan Road, consists of six two-bedroom units, 18 one-bedroom units and 12 studio apartments. Two dozen of the units feature unobstructed lake views, and the building includes 18 parking spaces. The new owner plans to upgrade the building’s exterior as well as interior units. Craig Martin of Interra Realty represented both entities in the transaction.
WESTMONT, ILL. — The Missner Group will complete a large-scale renovation for McGrath Acura in Westmont, approximately 23 miles west of Chicago. Construction will include the addition of a 9,100-square-foot showroom with glass-enclosed offices, see-through fireplaces and coffered ceilings. The Missner Group will also remodel the delivery area and 4,000-square-foot service space. Services will also include updating the building exterior, parking lot and landscaping. Defilippis + Associates Inc. is the architect of record. Construction is slated for completion this summer.
OMAHA — Investors Real Estate Trust has sold the Nebraska Orthopaedic Hospital in Omaha for $24.3 million to the in-place tenant. The 61,758-square-foot facility is located at 2808 S. 143rd Plaza. The hospital provides services such as physical therapy, diagnostic imaging, surgery and rheumatology. The facility also features an infusion clinic. Investors Real Estate Trust primarily invests in income-producing medical office and apartment properties located in the upper Midwest.
INDIANAPOLIS — Brookdale Senior Living, the largest owner and operator of seniors housing in the United States, has completed a three-story building on the campus of Robin Run Village, a continuing care retirement community in Indianapolis. The $11 million project is part of a capital investment and community management joint venture between Brookdale and Health Care Properties (HCP). The new building’s top floor offers 25 new memory care apartments. The first and second floors offer 43 assisted living apartments and amenities. With completion of the project, Robin Run Village can now accommodate approximately 700 residents on its 86-acre campus.
CHICAGO — Thor Equities has acquired a 6,500-square-foot mixed-use building in Chicago. West Loop Orthopedics sold the property, located at 1229 W. Randolph St. in the Fulton Market district, for $1.9 million. The two-story building consists of 3,250 square feet of vacant ground-floor retail space and 3,250 square feet of loft office space occupied by West Loop Orthopedics. The building was constructed in 1883. Joseph Goodman of Terraco Co. represented all parties in the transaction.
BOURBONNAIS, ILL. — The Silver Group has arranged the sale of a retail building net leased to Jiffy Lube in Bourbonnais, approximately 60 miles southwest of Chicago, for an undisclosed price. McRanCo LLC sold the property to a private limited liability company completing a 1033 tax-deferred exchange. Heartland Automotive Services, the largest Jiffy Lube operator in the nation, manages the 2,000-square-foot property located at 598 William Latham Drive. The tenant has occupied the building for over 15 years and recently signed an additional 15-year, triple net lease. The Silver Group was the sole broker in the exchange.
