MARYSVILLE, OHIO — Marcus & Millichap has arranged the sale of a 13,026-square-foot retail center in Marysville, approximately 33 miles northwest of Columbus, for $1.6 million. Millcreek Center was 84 percent occupied at the time of sale, and tenants include Subway, Anytime Fitness, All Smiles Family Dental Care and TK Nails. A private, out-of-state investor sold the asset, located at 15590 U.S. Route 36, to a local investor. C.J. Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap listed the property on behalf of the seller.
KALAMAZOO, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 96-unit apartment building in Kalamazoo for an undisclosed price. Ravine Apartments LLC sold the building to Ravine Apartment Limited Partnership and Princeton Enterprises. The property is located at 3510 N. Drake Road. Rick Tabbi of Friedman represented both parties in the transaction.
Berkeley Point Capital Provides $15M Refinancing Loan for 231-Unit Seniors Housing Complex in Dayton
DAYTON, OHIO — Berkeley Point Capital has provided a $15 million refinancing loan through Freddie Mac for a seniors housing complex in Dayton. Wilmington Place is a 231-unit facility that was constructed in the 1850s. The building was previously used as an insane asylum and then converted into the Dayton State Hospital, which closed in 1978. The building was added to the National Historic Register the following year. Wilmington Place is situated on 24 acres and consists of 22 memory care units, 58 assisted living units and 151 independent living units that provide over 30 different floor plans. The property is licensed for 90 Alzheimer’s beds with the Ohio Department of Health. The fixed-rate loan features a 20-year term.
WEST DES MOINES, IOWA — KeyBank Real Estate Capital has provided a $6.5 million non-recourse first mortgage CMBS loan for a mobile home park in West Des Moines. Western Village Mobile Home Park is a mobile home community for persons aged 55 and older. The park consists of 271 pad sites situated on 46 acres. The community also includes a leasing office, clubhouse and a one or two car garage on most lots. Todd Linehan of KeyBank Real Estate Capital secured the financing.
CHICAGO — CBRE has arranged the purchase of a 15,000-square-foot office building for $5 million in Chicago. Strategic Assets Associates LLC has acquired the property, located at 1132-1140 W. Fulton Market, with intentions of repurposing the building for retail use. The asset is located several blocks from the Chicago Transit Authority’s Morgan stop. The seller in transaction was undisclosed. Keely Polczynski of CBRE represented the buyer.
GALESBURG, ILL. — Marcus & Millichap has brokered the sale of a 61-room Country Inn & Suites in Galesburg, 45 miles northwest of Peoria, for $2.4 million. Both the buyer and seller in the transaction were undisclosed limited liability companies. The Country Inn & Suites is located at 2284 Promenade Court and within proximity to Sandburg Mall, Carl Sandburg College and the Galesburg historic district. Lili Gewargis and Scott Brash of Marcus & Millichap listed the property on behalf of the seller and secured the buyer.
CHICAGO — Interra Realty has negotiated the sale of a multifamily property in Chicago for $1.8 million. Kinsch Family Trust sold the asset, located at 7427-39 N. Winchester Ave., to an undisclosed buyer. Located in the Rogers Park neighborhood, the 20-unit building sold at a capitalization rate of 6 percent. The asset is comprised of 14 two-bedroom units and six one-bedroom units and includes 17 parking spaces. The buyer plans to make unit and operational improvements. Craig Martin of Interra represented both parties in the transaction.
ELMHURST, ILL. — Welbic LLC has purchased 15 industrial buildings in the Midwest for approximately $50 million. Venture One Real Estate sold the assets, which total 900,000 square feet. There are 22 tenants that occupy the 15 buildings, which are located in Wisconsin and Illinois. Matthew Lewandowski of Darwin Realty worked with Venture One Real Estate on the purchase. Erin Cibula and Matthew Lewandowski of Darwin Realty also worked with Gabriel Silverstein of Angelic Real Estate LLC to secure an approximate $100 million loan which covered the 15 Venture One buildings plus 26 industrial properties already owned by Welbic.
CHICAGO — Chicago-based Cohen Financial has arranged $28.2 million in acquisition financing for LLJ Ventures LLC. The California-based buyer has purchased several properties in the state of Illinois and Wisconsin. In the first transaction, Dan Rosenberg of Cohen Financial arranged an $11 million loan with a 10-year term for The Armitage Collection, a portfolio of five retail buildings in the Lincoln Park neighborhood of Chicago. The buildings in the portfolio are 100 percent leased. In the second transaction, Rosenberg arranged a $17.2 million, 10-year CMBS loan for a 57,000-square-foot medical office, Racine Dental, in Racine, Wis.
PRINCETON, MINN. — Lancaster Pollard has arranged a $6 million FHA loan to refinance Sterling Pointe Senior Living, a 57-unit independent living, assisted living and memory care community in Princeton, approximately 50 miles north of Minneapolis. The community was originally built in 2011. Ownership wanted to refinance its existing debt using FHA/HUD in order to benefit from the long-term low interest rates and nonrecourse feature, as well as pay off a TIF (tax increment financing) loan. Quintin Harris, senior vice president with Lancaster Pollard in Minneapolis, led the transaction.