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.
TERRE HAUTE, IND. — AMS Health Care Mortgage Corp., Piper Jaffray & Co. and JLL Capital Markets have closed on the funding of a $266.6 million FHA/GNMA-insured mortgage loan for Union Hospital in Terre Haute. Founded in 1892, Union Health provides care for the 277,657 residents of west central Indiana and eastern Illinois. The regional healthcare system is comprised of the flagship Union Hospital (Terre Haute), a 347-bed acute care hospital; Union Hospital Clinton, a 25-bed critical access hospital; and two rural health clinics (Clay City, Ind., and Marshall, Ill.), employing a total of 2,878 physicians and staff. The loan refinancing, insured under HUD’s Section 242 Mortgage Insurance for Hospitals program, significantly reduces the system’s annual debt service, saving Union Health and its patients approximately $148 million over the life of the loan. AMS is an FHA-approved mortgage lender that specializes in obtaining financing for hospitals. Piper Jaffray, an investment bank specializing in healthcare finance, worked closely with AMS in structuring the transaction, assisting Union Health in defeasing its existing tax-exempt debt and placing the GNMA securities with end investors. JLL, working closely with AMS and Piper Jaffray, is the FHA mortgagee of record and will service the loan over …
DEARBORN, MICH. — Mid-America Real Estate Corp.’s investment sales team has arranged the sale of Fairlane Meadows, a retail center located at the corner of Ford Road and Mercury Drive in Dearborn. Times Equities acquired the property from Ramco-Gerhenson Properties Trust for $20.6 million. The 157,225-square-foot center is occupied by Best Buy, Citi Trends, David’s Bridal, Five Below and Dollar Tree. Ben Wineman and Daniel Stern of Mid-America represented the seller in the deal.
APPLETON, WIS. — Colliers International has brokered the sale of Concord Town Center, a multi-tenant retail center located at W31921 County Road KK in Appleton. Oasis Family Holding acquired the property from River Valley One for $4.5 million, or $185 per square foot. At the time of sale, the 24,287-square-foot property was 100 percent occupied. Mark Pucci of Colliers International | Wisconsin represented the seller in the transaction.
ST. LOUIS — Intelica CRE has arranged the sale of an office and warehouse facility located at 2316 Schuetz Road in St. Louis. Pohlman Metal Seal Precision acquired the property from Davidson Surface Air for $3.6 million. Situated on 6.7 acres, the property totals 97,000 square feet. Gary Parker and Dan Merlo of Intelica CRE brokered the transaction.
CHICAGO — Essex Realty Group has brokered the sale of an apartment building located at 53 W. Burton Place in Chicago’s Gold Coast. An undisclosed buyer acquired the property for $2 million. The six-unit building features four one-bedroom/one-bath units, one two-bedroom/one-bath unit and one three-bedroom/one-bath unit. Doug Fisher of Essex represented the undisclosed seller, while Jordan Gottlieb, also of Essex, represented the buyer.
ARLINGTON HEIGHTS, ILL. — Quantum Real Estate Advisors has arranged the sale of a multi-tenant retail property located at 2-18 S. Dunton Ave. in Arlington Heights, a northwest suburb of Chicago. An international real estate investment fund acquired the property from a Chicago-based investment group for $1.3 million. Built in 2006, the 8,195-square-foot street-level retail property is part of a 55-unit condo building. At the time of sale, the retail property was 100 percent occupied. Daniel Waszak of Quantum represented the seller in the deal.
It is a fascinating time for the Detroit office market. Downtown neighborhoods and suburban markets alike are being transformed thanks to years of positive economic trends marked by healthy job growth and the desire of several companies to locate in the city. Landlords, tenants and investors are looking to consolidate gains and position themselves for success in an evolving marketplace. On the leasing front, we are still seeing activity in Detroit proper with small to mid-sized firms, punctuated by a handful of larger deals that have taken place. The higher profile moves include Detroit-based auto lender and bank holding company Ally Financial taking approximately 320,0000 square feet on 13 floors at One Detroit Center, now known as the Ally Detroit Center. A number of law firms have inked leasing deals. For example, longtime Detroit tenant Miller, Canfield, Paddock and Stone PLC renewed its lease at 150 W. Jefferson, a 25-story skyscraper formerly known as the Madden Building, where the law firm occupies approximately 97,000 square feet. Southfield, Mich.-based Redico LLC recently acquired the 500,000-square-foot tower, built in 1989, from Piedmont Office Realty Trust for $81.5 million. While leasing activity is strong in the central business district (CBD) — driven in …