NOVI, MICH. — Friedman Integrated Real Estate Solutions has negotiated the sale of a 24,898-square-foot industrial property for $1.6 million. Sigma Phi Properties Inc. acquired the asset, located at 46555 Humboldt Drive Road in Novi, approximately 30 miles northwest of Detroit, from BACM 2006-2 Novi industrial LLC. The property was 100 percent occupied by three tenants at the time of sale. Rich Deptula of Friedman Integrated Real Estate Solutions represented both parties in the transaction.
ELM GROVE, WIS. — Siegel-Gallagher has arranged a 1,400-square-foot office lease in Elm Grove, approximately 10 miles west of Milwaukee. ABR Employment Services will occupy space at The Tradesman Building. Building Trades United Pension Trust Fund owns the property located at 500 Elm Grove Road. John Dulmes and Dan Walsh of Siegel-Gallagher brokered the transaction.
OAK BROOK, ILL. — Ryan Cos. has acquired 11 acres of land in Oak Brook, approximately 20 miles west of Chicago, for a future office and medical campus development. Ryan Cos. acquired the land from Convergent Capital Partners for an undisclosed price. The cost of the development — including the medical and office buildings, various amenities and structured parking — is estimated at $70 million. Ryan Cos. will build and own the project and will also provide real estate management services. Wright Heerema Architects will provide the architectural services. The site currently contains an industrial building with surrounding parking lots that will be razed this summer when construction is set to begin.
CHICAGO — Associated Bank, serving as lead arranger, has provided a $45.8 million construction loan for the development of a multifamily property in the Logan Square neighborhood of Chicago. Henry Street Partners and 2293 NMA LLC were the borrowers. The transit-oriented development, to be located at 2293 N. Milwaukee Ave., will consist of two buildings that will be 11 and 12 stories. The 217-unit project will also include 8,373 square feet of ground floor retail. Krista Casper of Associated Bank arranged the loan.
ORLAND PARK AND NAPERVILLE, ILL. — The Missner Group will construct two retail spaces totaling 14,000 square feet in suburban Chicago. In the first project, The Missner Group will build a 10,000-square-foot facility in Orland Park, about 26 miles southwest of Chicago. Two existing buildings will be demolished to make room for the new building, which will house a Mattress Firm store and restaurant State & Main. The center, which will be located at 29 E. Orland Square Drive, will be an outlot of Orland Square Mall. Ireland Architects is serving as the architect for the project. In the second project, The Missner Group will demolish an existing building in Naperville, about 35 miles southwest of Chicago, to construct a 4,000-square-foot, freestanding building for a Mattress Firm. Oliveri Architects is providing the architectural services for this project. The Missner Group will also construct a parking lot and complete landscaping and utilities for both projects. United Growth is the developer for the retail properties, which will be completed this spring.
DOWNERS GROVE, ILL. — SVN | Chicago Commercial has brokered the $1.6 million sale of an 11,919-square-foot retail property in Downers Grove, approximately 23 miles west of Chicago. Drendel Commons, built in 2008, is located at 2561-2593 Ogden Ave. and features tenants such as Hertz, National Guard, Downers Grove Chiropractic & Acupuncture and NY Pizza Pie. Tim Franz of SVN | Chicago Commercial was the sole broker in the transaction. Both the buyer and seller in the deal were undisclosed.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has arranged the sale of a 10,000-square-foot office building in Grand Rapids for an undisclosed price. Refined Marketers Inc. purchased the asset, located at 5360 Cascade Road SE, from Aardema Whitelaw PLLC. The purchase was done as part of a 1031 exchange. Kurt Kunst of NAI represented the buyer in the transaction, and Scott Morgan of Colliers International represented the seller.
CHICAGO — Love Funding has arranged a $12.3 million HUD loan for the construction of Montclare Senior Residences of Lawndale, a 120-unit supportive living community in Chicago. The two-story community will be built on a 2.5-acre lot in an urban neighborhood less than six miles from downtown Chicago. Supportive living is a subset of assisted living that is an alternative to skilled nursing for low-income seniors. It combines apartment-style housing with care services. Bruce Gerhart of Love Funding secured the financing. The HUD program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term. Funding was also provided by low-income housing tax credits through the Illinois Housing Development Authority (IHDA), a Chicago Department of Housing loan, a TIF grant and an Illinois Department of Commerce & Economic Opportunity grant. Philip Mappa, the managing member and founder of MR Properties LLC, is leading the community’s development. Cinnaire, a nonprofit real estate investment firm formerly known as Great Lakes Capital Fund, is purchasing the tax credits.
YPSILANTI, MICH. — KeyBank Real Estate Capital has provided an $8.5 million refinancing loan through Freddie Mac for a multifamily property in Ypsilanti, about 10 miles southeast of Ann Arbor. Fairway Trails Apartment Homes is a 231-unit, garden-style apartment complex that was constructed in 1972. Dirk Falardeau of KeyBank Real Estate Capital arranged the financing for the undisclosed borrower.
OAK PARK AND CICERO, ILL. — Interra Realty has brokered the $1.8 million sale of two multifamily properties in the suburbs of Chicago. A property at 428 S. Scoville Ave. in Oak Park sold for $1 million at a capitalization rate of 5.8 percent. The 10-unit property consists of eight one-bedroom units and two two-bedroom units. The property also includes 15 parking spaces. Patrick Kennelly of Interra Realty represented both parties in the transaction. In the second deal, a property at 1900 S. 51st Ave. in Cicero sold for approximately $800,000 at a capitalization rate of 10.7 percent. The building included six two-bedroom units, four one-bedroom units and nine studio apartments for a total of 19 units. Kennelly, along with James Clough and Joe Smazal of Interra Realty, brokered the transaction. All parties in both transactions are undisclosed locals.