CLEVELAND —Cleveland, Ohio-based KeyBank Real Estate Capital has provided a total of $11.7 million in first mortgage loans for multiple parking garages in Indiana and Missouri. MVP REIT sponsors the properties. KeyBank provided an $8.2 million loan for a portfolio consisting of City Park Garage and Surface Parking Lot, both located in the central business district of Indianapolis. KeyBank also provided an additional $3.5 million loan for three surface parking lots, two in St. Louis and one in Kansas City. Randy Martin of KeyBank arranged the CMBS, non-recourse loans.
NEW RICHMOND, WIS. — Marcus & Millichap has brokered the $1 million sale of a 19-unit apartment property in New Richmond, approximately 45 miles northeast of Minneapolis, Minn. Heritage Apartments consists of 15 two-bedroom and four three-bedroom units located in two buildings, which were built in 1986 and 1997. The property has undergone renovations over the last eight years that include new windows, vinyl siding and roofs. The seller was a limited liability company that sold the asset, located at 1380 Heritage Drive, to a private investor. The property traded at its full list price and had a cap rate below 7 percent. Evan Miller, Mox Gunderson, Matthew Fitzgerald and Dan Linnell of Marcus & Millichap listed the property on behalf of the seller and secured the buyer in the transaction.
INDIANAPOLIS, PLAINFIELD AND BROWNSBURG, IND. — An entity led by Biynah Industrial Partners and Olympus Ventures has acquired an eight-building industrial portfolio in Indianapolis for $167 million. The Class A portfolio totals nearly 4 million square feet and was purchased from an affiliate of Transpacific Development Co. (TDC). The transaction also includes 42 acres of vacant land in addition to the eight buildings. Each facility is located within a master-planned distribution center. The portfolio is 94 percent occupied. Four buildings, which total 1.5 million square feet, are located in the Airwest Industrial Park in Plainfield. Two buildings, each 281,580 square feet, are situated in the AmeriPlex development in Indianapolis. EaglePoint 3, located at 901 E. Northfield Drive in Brownsburg, totals 396,000 square feet and features 32-foot clear heights. The last property is located at 710 S. Girls School Road in Indianapolis and is 1.3 million square feet and 100 percent leased. John Huguenard, Sean Devaney and Ed Halaburt of JLL represented the seller in the transaction. The buyer was self-represented. HFF placed a $100.2 million 10-year, fixed-rate loan with an international life insurance company on behalf of the joint venture.
EDWARDSVILLE, ILL. — TRiSTAR Properties has broken ground on two new industrial buildings within the Gateway Commerce Center in Edwardsville, approximately 25 miles northeast of St. Louis. The two speculative distribution facilities will total 1.1 million square feet. Gateway Commerce Center is a 2,300-acre logistics and bulk distribution park. PCCP LLC is partnering with TRiSTAR to fund the $49 million project. The first building, Gateway East 618, will be situated on 53 acres and span 618,450 square feet. The facility will feature 36-foot clear heights, 68 dock doors and two drive-in doors. Gateway East 513 will be a 513,760-square-foot building that sits on a 46-acre site. This facility will include 32-foot clear heights, 58 dock doors and two drive-in doors. Both buildings are expandable by over 1 million square feet. Ed Lampitt of Cushman & Wakefield is the leasing agent for the two buildings, which are both slated for completion in the latter half of this year. Contegra Construction is serving as the project’s general contractor. Gray Design Group is the architect of record, and Stock & Associates Consulting Engineers Inc. is providing civil engineer services.
GRAYSLAKE, ILL. — Strategic Properties of North America (SPNA) has acquired a 396-unit multifamily complex in Grayslake, approximately halfway between Chicago and Milwaukee, for an undisclosed price. SPNA plans to make $3 million worth of improvements to Grays Pointe Apartments. SPNA enacted Section 15 of the Condo Act, effectively allowing the company to dissolve the condominium association and apply the current apartment cap rate to the net operating income. The seller in the transaction was undisclosed.
ASHTABULA, OHIO — The Cooper Commercial Investment Group has brokered the $1.9 million sale of a 16,820-square-foot retail center in Ashtabula, approximately 60 miles northeast of Cleveland. A Cleveland-based private investor sold AT&T Plaza to a Kansas buyer. Tenants at the shopping center include AT&T, Springleaf Financial, Best Cuts and Cashland. Dan Cooper of Cooper Commercial represented the seller in the transaction.
TROY, MICH. — Friedman Integrated Real Estate Solutions has arranged a 62,318-square-foot office lease in Troy, approximately 25 miles north of Detroit. Midland Credit Management Inc. will occupy space in Building B of Troy Officentre. Osprey-Troy Officentre LLC owns the building located at 320 E. Big Beaver Road. Glenn DesRosiers of Friedman Integrated Real Estate Solutions represented the landlord in the transaction. Midland Credit Management is a subsidiary of Encore Capital Group, an international specialty finance company that provides debt-recovery solutions for consumers and property owners.
NORTH CANTON, OHIO — Embassy Suites by Hilton has opened a new 150-room hotel in North Canton, approximately 55 miles south of Cleveland. CPX Canton Airport LLC owns the Embassy Suites by Hilton Akron Canton Airport, and Commonwealth Hotel Collection is managing the property. The hotel includes a heated indoor swimming pool, fitness facility, business center, gift shop and a complimentary shuttle service within a 10-mile radius. All suites are equipped with two 42-inch LCD TVs, microwave, refrigerator, wet bar and Wi-Fi service. The hotel also features a ballroom, conference room and professional boardroom, which collectively make up over 6,000 square feet and can accommodate up to 500 guests.
CHICAGO — National Cooperative Bank (NCB) has provided a $17.9 million loan for capital improvements to Gill Park Cooperative, an affordable housing cooperative. The 260-unit limited equity housing cooperative has operated as a 100 percent Section 8 project. Planned improvements at the co-op include a new plumbing and HVAC system, a redesigned lobby and laundry facilities, as well as a number of exterior improvements. All interior units will also be renovated with new kitchens, floors and wall finishes. Larry Mathe of NCB arranged the financing, in collaboration with the co-op board of directors and managing agent.
MINNEAPOLIS — Oppidan Investment Co. has sold the White Bear Marketplace in Minneapolis for an undisclosed price. Oppidan developed the 118,627-square-foot shopping center on a site previously occupied by Kmart. Cub Foods, Planet Fitness, Northern Tool and Starbucks co-anchor the newly constructed retail center. Jim Leary and Jeff Budish of CBRE represented Oppidan Investment Co. in the transaction. The buyer was a regional private investor.