ROYAL OAK, MICH. — Bernard Financial has arranged a $10 million Fannie Mae DUS loan for a mixed-use building in Royal Oak. Kevin Kovachevich of Bernard Financial Group secured the financing for the borrower, Eight55 South Main Apartments LLC. The five-story building features 48 apartments and 5,509 square feet of ground-floor retail space.
KALAMAZOO, MICH. — Cohen Financial has arranged a $10 million HUD 223(f) fixed-rate loan through Pillar’s lending program for Landing Apartments in Kalamazoo. The 35-year loan will refinance the original short-term bank loan that Cohen Financial secured for the acquisition of the property. The borrower, Trillium Ventures MSV, acquired the 180-unit multifamily property in 2015. Cathy Bronkema of Cohen Financial arranged the financing for the borrower.
BLOOMINGDALE, ILL. — Brown Commercial Group represented Korpack in the lease of a 56,269-square-foot of industrial space at 290 Madsen Drive, Suite 101, in Bloomingdale. Korpack is a single-source supplier of standard and custom packaging, as well as packaging machinery and automation solutions. Additionally, the company subleased its original 18,252-square-foot headquarters at 1232 Hardt Circle in Bartlett, Ill., to an undisclosed subtenant. Dan Brown and Jim Peitrarosso of Elk Grove Village, Ill.-based Brown Commercial represented Korpack in the lease and sublease, respectively. Al Caruana of Cushman & Wakefield and Aaron Rosdal of Prologis represented the landlord, ProLogis, in the new headquarters lease.
GROVEPORT, OHIO — Hillwood has acquired Rickenbacker 717, a Class A distribution center located at 3099 Rohr Road in Groveport, south of Columbus, for an undisclosed price. Situated on 35 acres, the 717,717-square-foot building features 32-foot clear heights, a cross-dock configuration, 70 dock doors (expandable to 139), an ESFR fire protection system, 135-foot truck court depths, 50-by-60-foot column spacing, ample auto parking and 68 trailer stalls with land available for an additional 86 stalls. Additionally, the facility is in close proximity to Rickenbacker International Airport, Port Columbus International Airport, the Norfolk Southern intermodal yard and interstates 270, 70 and 71. The name of the seller was not released.
FENTON, MO. — St. Louis-based KP Development has broken ground on a $10 million speculative industrial building at the former Chrysler Assembly Plant within Fenton Logistics Park in Fenton. Situated on 12 acres, the 160,000-square-foot building will feature 16 truck docks, with expansion to 18, and be suitable for office, warehouse and multifunction use. The facility will be served by existing BNSF rail facilities and offers access to I-44 via the future Fenton Logistics Parkway. M&H Architects is serving as architect for the building, while Paric is serving as general contractor. Construction is slated for completion by late summer 2017. At build-out, Fenton Logistics Park will be a $222 million, 2.1 million-square-foot business park.
BRIGHTON, MICH. — Marcus & Millichap has brokered the sale of The Shoppes at Green Oak, a regional power center located at 6650 Whitmore Lake Road in Brighton. A private investor acquired the property for $13.1 million, or $127 per square foot. Built in 2005 on nearly 11 acres, the 103,231-square-foot center is occupied by Kohl’s, TGI Fridays, Fifth Third Bank, Wendy’s, Olive Garden and Discount Tire. Simon Jonna and Mike James of Marcus & Millichap represented the undisclosed seller, while Ashish Vakhariya, also of Marcus & Millichap, represented the buyer. Steven Chaben is Marcus & Millichap’s broker of record in Michigan for the deal.
CLEVELAND — KeyBank’s community development lending and investing group will provide $9.6 million in the form of Low-Income Housing Tax Credit (LIHTC) equity to help finance Emerald Alliance IX in Cleveland’s Union Miles neighborhood. Upon completion, the project will be renamed Inez Killingsworth Place and offer 66 units of permanent supportive housing, as well as supportive services, to chronically homeless individuals making less than 30, 50 or 60 percent of the area median income. The project is the ninth permanent supportive housing effort co-developed under the Cuyahoga County Housing First Initiative by the Cleveland Housing Network and Emerald Development and Economic Network. The Housing First model, endorsed by the National Association to End Homelessness, prioritizes securing housing for homeless individuals as quickly as possible. Ryan Olman of KeyBank closed the transaction.
RAYTOWN, MO. — Block & Company Realtors has brokered the sale of a 1.28-acre pad site located at the southeast corner of 75th Street and Raytown Road in Raytown, a suburb of Kansas City. Freddy’s Frozen Custard and Steakburgers acquired the site for an undisclosed price. The buyer plans to construct a restaurant on the site, with completion scheduled for early 2017. David Block and Phil Peck of Block & Company Realtors negotiated the transaction. The name of the seller was not released.
WHEATON, ILL. — Mid-America Real Estate Corp. has brokered the sale of Danada Square East, a retail center located at the corner of Butterfield and Naperville roads in Wheaton. LaSalle Investment Management purchased the property for $63.2 million. Whole Foods, Sierra Trading Post, Charter Fitness and Petco anchor the 199,080-square-foot center. Joe Girardi and Ben Wineman of Mid-America Real Estate Corp. represented the seller, Chicago-based Newport Capital Partners, in the deal.
LENEXA, KAN., AND KANSAS CITY, MO. — Equus Capital Partners has sold a three-property multifamily portfolio, located in Lenexa and South Kansas City, to Denver-based Monarch Investment and Management Group for $35 million. At the time of sale, the 483-unit portfolio was 97 percent occupied. The portfolio comprises Madison Woodridge and Madison Mill Creek, totaling 367 units in Lenexa, and the 116-unit Madison Woodlands in South Kansas City. Jeff Stingley of CBRE represented the seller in the transaction.
