Midwest

NewcrestImage Buys 375,000 SF Office Complex in Cincinnati

by Christina Cannon January 14, 2016

CINCINNATI — NewcrestImage has purchased a three-building office complex in Cincinnati for an undisclosed price. Fourth & Walnut Centre is comprised of a 19-story tower built in 1903, a four-story building built in 1937 and a six-story building that was constructed in 1961. Amenities at the property include two restaurants, a business center and a parking garage. The three assets total 375,000 square feet and are currently 56 percent occupied. NewcrestImage plans to enhance and re-configure the office space in an effort to appeal to the millennial mindset. The seller is undisclosed.

January 14, 2016

Industrial Midwest Ohio

CBRE Arranges $3.8M Sale of 179,509 SF Manufacturing Facility in Ohio

by Christina Cannon January 14, 2016

WEST CARROLLTON, OHIO — CBRE Group Inc. has arranged the $3.8 million sale of a 179,509-square-foot manufacturing property in West Carrollton, approximately 8 miles southwest of Dayton. NuVasive, a medical device company, purchased the facility, which is located at 805 Liberty Lane, from Stag II Dayton LLC. Doug Whitten, Mike Lowe, Tim Schenke and Jeremy Kraus of CBRE represented the seller in the transaction.

January 14, 2016

Loans Midwest Multifamily Ohio

NorthMarq Capital Arranges $3M Refinancing for Multifamily Property in Cincinnati

by Christina Cannon January 14, 2016

CINCINNATI — NorthMarq Capital has arranged a $3 million refinancing for a 156-unit multifamily property in Cincinnati. Ferguson Woods Apartments is located at 2890 Four Towers Drive. The transaction was structured with a fully amortizing 20-year term. The borrower is undisclosed.

January 14, 2016

Industrial Midwest Wisconsin

The Dickman Co. Completes Sale of 55,588 SF Industrial Property Near Milwaukee

by Christina Cannon January 14, 2016

WEST ALLIS, WIS. — The Dickman Co./CORFAC International completed the sale of a 55,588-square-foot industrial building in West Allis, approximately six miles west of Milwaukee, for an undisclosed price. RONK 2030 LLC purchased the building located at 2030 S. 116th St. from Anton & Shirley Stricker Trust Number One. Samuel M. Dickman Jr., Samuel D. Dickman and Anthony Huenerbein of the Dickman Co. represented the seller in the transaction. Gary Kohlenberg represented the buyer.

January 14, 2016

Midwest Missouri Multifamily Seniors Housing

Blueprint Brokers $54M Sale of 206-Unit Seniors Housing Community Near St. Louis

by Christina Cannon January 13, 2016

O’FALLON, MO. — Blueprint Healthcare Real Estate Advisors has arranged the $54 million sale of Park Place Senior Living at WingHaven, a 206-unit independent living and assisted living community in the St. Louis suburb of O’Fallon. Blueprint represented the seller, AEW Capital Management, which sold the property on behalf of AEW Senior Housing Investors to CNL Healthcare Properties. Originally built in 2006, a joint venture of AEW and First Capitol Group acquired Park Place in 2011. The venture expanded the community with the addition of assisted living units and by converting units to memory care. Blueprint’s Ben Firestone was lead advisor on the transaction.

January 13, 2016

Midwest Minnesota Retail Wisconsin

CrossAmerica to Acquire 31 Holiday Stores in Wisconsin and Minnesota for $48.5M

by Christina Cannon January 13, 2016

ALLENTOWN, PA. — Allentown-based CrossAmerica Partners LP has agreed to acquire 31 franchised Holiday convenience stores located in Wisconsin and Minnesota from SSG Corp. for $48.5 million. Of the 31 company-operated stores, 28 are located in Wisconsin and three are located in Minnesota. The acquisition is subject to customary conditions to closing and is expected to close in the first quarter of this year.

January 13, 2016

Indiana Loans Midwest Retail

Thorofare Capital Provides $32.5M Acquisition Loan for Retail Property in Indianapolis

by Christina Cannon January 13, 2016

INDIANAPOLIS — Thorofare Capital has provided an affiliate of Arciterra Group LLC with a $32.5 million acquisition loan for a retail property in Indianapolis. Castleton Square & Commons is a 256,582-square-foot power center located on Castleton Corner Drive. Tenants at the property include REI, Golfsmith, Dave & Busters, Haverty’s Furniture, Buffalo Wild Wings and DXL Casual Male. The property was 94 percent leased at the time of sale. The seller was an affiliate of Ann Arbor, Mich.-based McKinley Inc. The non-recourse, floating-rate loan is for a period of two years and includes two six-month extension options, a flexible prepayment structure and was priced at a competitive spread over LIBOR.

January 13, 2016

Midwest Multifamily Ohio

Marcus & Millichap Brokers $15.3M Sale of Apartment Complex in Toledo, Ohio

by Christina Cannon January 13, 2016

TOLEDO, OHIO — Marcus & Millichap has brokered the sale of a 200-unit apartment community for $15.3 million. Quail Hollow at the Lake is located in Toledo. Quail Hollow was built in 1999 and features a combination of one-, two- and three-bedroom units. Units include a private entrance, 9-foot ceilings, fully furnished kitchens, walk-in closets, washers and dryers and a private balcony or patio. Community amenities include a clubhouse with fitness center, outdoor pool with sundeck and Jacuzzi, a playground and a dog park. Michael Barron, Daniel Burkons and Joshua Wintermute of Marcus & Millichap listed the property on behalf of the seller and procured the buyer.

January 13, 2016

Indiana Midwest Multifamily

Resource Commercial Real Estate Arranges Sale of 142-Unit Apartment Property in Greenfield, Indiana

by Christina Cannon January 13, 2016

GREENFIELD, IND. — Resource Commercial Real Estate has arranged the sale of a 142-unit apartment property in Greenfield, approximately 25 miles east of Indianapolis, for an undisclosed price. Broadway Village Apartments was built in three phases with the last phase commencing in 2001. The community is comprised of one-, two- and three-bedroom units. Unit amenities include attached garages, vaulted ceilings, full-size washers and dryers and full-size appliances. The buyer was Broadway Village Apartment Partners LLC, and the seller was Fource LLC. Michael Wernke of Resource Commercial Real Estate brokered the transaction.

January 13, 2016

Michigan Midwest Multifamily Student Housing

EdR to Build $90M Off-Campus Student Housing Near Michigan State

by Christina Cannon January 12, 2016

EAST LANSING, MICH. — EdR will build an off-campus student housing development in East Lansing under a joint-venture agreement with RISE: A Real Estate Company (formerly Ambling University Development Group). EdR will develop, construct and manage a mixed-use student community located within walking distance of the Michigan State University campus. EdR will own 90 percent of the $90 million development, serve as managing partner, and be responsible for leasing and management of the community. Construction began recently on the unnamed wrap-style project of 824 beds in a mix of one-, two- and four-bedroom apartments. The development will also feature more than 4,000 square feet of retail space. Apartments will include private bedrooms and baths, washers and dryers, furnishings and granite countertops. Community amenities will include a covered parking garage, computer center, study room, fitness center, and two courtyards with grilling stations, televisions and volleyball courts. The property is scheduled to open in the summer of 2017.

January 12, 2016

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