RICE LAKE, WIS. — Marcus & Millichap has brokered the sale of an 18,500-square-foot retail property in Rice Lake, approximately 60 miles north of Eau Claire, for $2.4 million. A limited liability company sold Rose Stone Plaza to an undisclosed buyer. The shopping center, located at 2300 S. Main St., is 100 percent occupied. Adam Prins, Cory Villaume, Matthew Hazelton, Todd Lindblom and Sean Doyle of Marcus & Millichap listed the property on behalf of the seller.
MOUNT PROSPECT, ILL. — Avison Young has completed a long-term, 73,000-square-foot lease renewal for Fromm International. The company, which markets supplies to the professional beauty industry, will occupy industrial space at 603 Demster St. in Mount Prospect, approximately 25 miles northwest of Chicago. The facility is located within the Briarwood Business Center, a two-building, 460,000-square-foot complex that is situated on 14 acres. Constructed in 2006, the buildings feature 30-foot clear heights, two drive-in doors each and 196 combined parking spaces. Brett Kroner, Keith Purtiz and Eric Fischer of Avison Young represented Fromm International in the transaction. Tom Rodeno and Matthew Stauber of Colliers International represented the landlord, Clarion Partners.
CHICAGO — MB Real Estate Services Inc. has arranged an 11,000-square-foot lease expansion at 205-225 N. Michigan Ave. in Chicago for Intouch Solutions. The company, a Kansas City-based pharmaceutical marketing agency, has occupied space at Michigan Plaza since 2012. This is the third expansion for Intouch Solutions within the building. Michigan Plaza is a Class A, two-building property that totals 2 million square feet. The plaza is 88 percent occupied. Fujikawa Johnson & Associates designed the complex, which is comprised of a 44-story tower and a 25-story tower. Building amenities include a 10,000-square-foot fitness center, a 4,000-square-foot conference center and an emergency child care facility. Kathleen Bertrand and Mark Buth of MB Real Estate Services represented the ownership in the transaction. Steven Joseph of CBIZ Gibraltar Real Estate Services LLC represented Intouch Solutions.
MILWAUKEE — Associated Bank (NYSE: ASB) has purchased the Milwaukee Center office building at 111 E. Kilbourn Ave. in downtown Milwaukee. The purchase price was not disclosed, but the Milwaukee Business Journal reported it was $60.5 million. Chicago-based Hub Milwaukee River Center Properties sold the 28-story downtown building to Milwaukee Center Management LLC, a Green Bay, Wis.-based affiliate of Associated. Reinhart Boerner Van Deuren represented Associated Bank in the transaction. Associated will occupy between one-fourth and one-third of the building when the lease on its current regional office expires in 2022. Around 320 Associated employees currently occupy 97,000 square feet of the Plaza East towers at 330 East Kilbourn Ave. “Our purchase of this iconic, city-center building aligns with our efforts to become the city’s hometown bank,” says Philip Flynn, president and CEO of Associated Bank, which is based in Green Bay. The Class A property was built in 1988 and is 426 feet tall, with a total size of 373,000 square feet. It was 81.7 percent leased at the time of sale. Milwaukee Center is attached to a 220-room InterContinental hotel, Milwaukee Rep Theaters and Pabst Theater. Amenities include three on-site dining options and an on-site fitness studio. Associated Bank’s stock …
CHICAGO — Sedgwick Properties has broken ground on a 60-unit luxury apartment building in Chicago’s Old Town neighborhood. The seven-story building is slated for completion in the spring of 2017. The apartment property will be located at 1325 N. Wells St. and offer one-, two- and three-bedroom units that will range from 601 square feet to 1,400 square feet. Unit amenities will include custom cabinetry, quartz countertops, stainless steel appliances, plank flooring, in-unit washers and dryers and private balconies. Apartment amenities will include a rooftop plaza and pool, outdoor kitchen, fire pit, fitness center, community room, demonstration kitchen, bicycle storage, heated parking and valet dry cleaning service. The development will also include 1,800 square feet of ground-floor retail space.
GLENDALE HEIGHTS, ILL. — Transwestern has brokered the purchase of a 105,000-square-foot industrial property in Glendale Heights, approximately 30 miles west of Chicago. Clear Heights Properties LLC purchased the property from a private investor for an undisclosed amount. This facility is located at 2000 Bloomingdale Road and was constructed in 1980. The buyer plans to upgrade the roof, building exterior and adjacent parking lot. An 8,343-square-foot space within the building is still vacant. Justin Lerner and Joe Karmin of Transwestern represented the buyer in the transaction.
CEDAR FALLS, IOWA — CareTrust REIT Inc. has acquired Cedar Falls Health Care Center, an 82-bed skilled nursing facility in Cedar Falls, for $5 million. CareTrust will lease the community to a subsidiary of Trillium Healthcare Group LLC on a triple-net basis. The purchase price includes estimated transaction costs. Initial annual rental revenue to CareTrust is approximately $483,000, and the master lease carries a remaining term of 14.5 years with two five-year renewal options and CPI-based rent escalators.
YPSILANTI, MICH. — Cohen Financial has arranged a $4.5 million non-recourse refinancing loan for Blue Heron Pointe Apartments. The 64-unit community is located at 6244 Trumpeter Lane in Ypsilanti, approximately 40 miles west of Detroit. The Class A property was built in 2014. Cathy Bronkema of Cohen Financial secured the 25-year, fixed-rate loan with a life insurance company. Unit amenities at Blue Heron Pointe Apartments include one-car garages, kitchen appliances, granite countertops, faux wood floors and washers and dryers.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has arranged two retail leases totaling 3,280 square feet in Grand Rapids. In the first deal, Jamaican Dave’s will be relocating to a 1,980-square-foot building at 530 S. Division Ave. The space is currently undergoing a renovation, and the restaurant is expected to open by late April. In the second transaction, Aureus Tree Financial Services is relocating from Leonard Street to a former Modern Nails store at 4057 Plainfield Ave. The 1,300-square-foot building is under renovation. Aureus Tree Financial Services has an anticipated move-in date of May 1. Bill Tyson of NAI Wisinski of West Michigan brokered both transactions.
GRAND RAPIDS, MICH. — Lancaster Pollard has provided an $11 million, HUD-insured refinancing for Vista Springs Northview, an 88-unit assisted living community in Grand Rapids. The loan refinanced the first mortgage, which was a variable-rate loan, as well as other subordinate debt used to expand the facility in 2014. In addition to the refinancing, the loan will provide approximately $730,000 for facility repairs. Brendan Healy led the transaction for Lancaster Pollard.