NILES, ILL. — Baum Realty Group has arranged the sale of Oak Mill Plaza, a grocery-anchored retail property located at 7900 N. Milwaukee Ave. in the Chicago suburb of Niles. Major Realty Group sold the center to an affiliate of Phillips Edison & Co. for an undisclosed price. The 164,000-square-foot property is anchored by Jewel-Osco. Greg Dietz and Danny Spitz of Baum Realty Group represented the seller in the deal.
WIXOM, MICH. — Signature Associates has negotiated the investment sale of a high-tech space located at 51229 Century Court in Wixom, a northwest suburb of Detroit. Synergy Investments acquired the 39,262-square-foot space from CRS for an undisclosed sum. Jim Montgomery and John Fricke of Signature Associates represented the seller, while Montgomery also represented the buyer in the deal.
COLUMBUS, IND. — Namdar Realty Group has acquired State and Mapleton Plaza, a neighborhood retail center located at 2150 State St. in Columbus, about 40 miles south of Indianapolis. A private investor sold the property for a little more than $1 million. At the time of acquisition, the 19,425-square-foot property was fully occupied with CVS/pharmacy and Dollar General as anchor tenants. Joel J. Gorjian of Namdar Realty completed the all-cash, off-market transaction for the company.
BELLEVUE, WIS. — Cohen Financial has secured $9.4 million in acquisition financing for Bellevue Town Center, a retail center located in Bellevue near Green Bay. Dan Rosenberg and Matt Terpstra of Cohen arranged fixed-rate, 10-year loan for the borrower, Midland Atlantic Properties. The 75,000-square-foot retail center is anchored by a Pick ’n Save grocery store.
PINCKNEY, MICH. — Colliers International has arranged the sale of a multifamily property located at 10592 Whitewood Drive in Pinckney. Whitewood Duplex LLC sold the 14-unit property to an undisclosed buyer. Situated on 8.7 acres, the 10,896-square-foot complex features seven duplexes. Jim Chaconas of Colliers represented the seller in the transaction. The acquisition price was not released.
AURORA, Ill. — Evergreen Real Estate Group, a Chicago-based developer of market-rate multifamily properties, is nearing completion of its St. Charles Senior Living independent living development. The 60-unit, $24 million project is a redevelopment of St. Charles Hospital, a historic Art Deco building in the Chicago suburb of Aurora. The renovations began in February, and move-ins are scheduled to begin in December. Designed by Wybe J. Van der Meer, the former hospital was completed in 1932, with additional renovations made to the interior of the structure in the decades that followed. Until the redevelopment, the building had stood vacant since 2010, the year it was named to the National Register of Historic Places. Evergreen Real Estate Group collaborated with Invest Aurora, the Northern Lights Development Corp., the City of Aurora, the Illinois Housing Development Authority (IHDA) and the Illinois Department of Commerce and Economic Opportunity, along with several private lenders and investors, to secure the financing and tax credits needed to fund the rehabilitation. Approximately $3 million was obtained through the River Edge Redevelopment Zone program, created in 2006 to incentivize riverfront development in several Illinois cities. The balance of the project’s development cost was covered by a combination of …
TROY, MICH. — Vista Capital Co. has closed $16 million in refinancing for the Homewood Suites located in Troy, a northern Detroit suburb. Part of the 10-year loan will be used to fund renovations over the next five years. The financing was awarded to a European-based investment bank. Opened in 2002, the Homewood Suites in Troy features 150 suites, an indoor heated pool, fitness center, executive business center and approximately 1,200 square feet of meeting space.
YPSILANTI, MICH. — Colliers International has arranged the sale of Arbor Square Plaza, a retail center located at 4003 Carpenter Road in Ypsilanti. Arbor Square Plaza LLC sold the 27,816-square-foot property to VDG Arbor Square LLC for an undisclosed sum. The property is occupied by Subway, Sprint, The Bread Basket, UPS and State Farm. Jim Chaconas of Colliers represented the seller.
DETROIT — Pillar has originated an $11.8 million Fannie Mae DUS loan for Detroit Savings Bank Apartments in downtown Detroit. The 10-year term loan features a 30-year amortization schedule. David Wilkins of Pillar originated the financing for Capitol Park Partnership. Built in 1895, the 12-story building features 56 market-rate apartment units on the top seven floors and The Archdiocese of Detroit on the first five floors.
PLEASANT HILL, IOWA — NorthMarq Capital has closed a $6.2 million refinancing for Golf View Apartments, a multifamily property located in Pleasant Hill near Des Moines. Jason Kinnison of NorthMarq’s Omaha office arranged the financing for the undisclosed borrower. The multifamily property features 84 apartment units.
