FREEHOLD, N.J. — Freehold-based UMH Properties has acquired two housing communities in Ohio for $2.9 million. The properties include 165 housing sites on approximately 71 acres. At the time of closing, the properties were approximately 64 percent occupied. The communities are part of a five-community portfolio, all located in Ohio, with a total purchase price of $17 million. The full portfolio contains a total of 821 sites on approximately 342 acres. UMH expects to close on the remaining communities before year-end.
CHICAGO — Millennium Properties R/E has arranged the sale of a six-flat apartment building located at 5532 S. Kimbark Ave. in Chicago’s Hyde Park neighborhood. Antheus Capital acquired the property for $1.3 million. The 7,050-square-foot building features six two-bedroom, two-bath units, each with large living spaces and eat-in kitchens. At the time of sale, the building was fully leased. The name seller was not released. Brad Thompson of Millennium Properties arranged the transaction.
MINOT, N.D. — Investors Real Estate Trust, a publicly traded REIT based in Minot, has entered into six separate sales agreements with Edgewood Senior Living and its affiliates. The deals will result in Edgewood buying 26 IRET-owned seniors housing communities and one standard multifamily community for $236 million. Edgewood already operates 25 of the 26 seniors housing communities. The deal is expected to close before the end of the year. The six separate transactions are organized like so: IRET will sell five seniors housing properties containing 386 rentable units, located in Cheyenne, Casper, and Laramie, Wyo., for a total of $53 million. IRET will sell two seniors housing properties containing 256 rentable units, both located in Hermantown, Minn., forapproximately $36.8 million. IRET will sell four seniors housing properties containing 220 rentable units, located in Virginia, Minn.; Kalispell, Mont.; and Omaha and Hastings, Neb. For approximately $32.3 million. IRET will sell five seniors housing properties containing 514 rentable units, located in East Grand Forks and Brainerd, Minn.; Bismarck and Fargo, N.D.; and Rapid City, S.D., for approximately $71 million. IRET will sell nine seniors housing properties containing 278 rental units, located in North Dakota, South Dakota, Nebraska and Montana, for approximately $28.8 …
SAN CLEMENTE, CALIF. — Pillar has arranged a $172 million, fixed-rate loan for the acquisition of 11 manufactured home communities. The portfolio consists of 10 properties located in Michigan and one property located in Alabama. The 10 Michigan-based communities include a total of 5,352 sites with varying amenities and occupancy rates. All of the Michigan properties feature clubhouses/leasing offices and many offer swimming pools and fitness centers. Eight of the Michigan-based properties are located within 30 to 60 miles of Detroit. Arthur Tuverson of San Clemente-based Pillar, along with Yale Capital Advisors, arranged the Fannie Mae financing, which features a 10-year term.
MCCOOK AND HANOVER PARK, ILL. — Gramercy Property Trust has acquired two single-tenant industrial properties near Chicago for $60.2 million in separate transactions. In the first deal, Gramercy purchased a 147,923-square-foot, temperature-controlled facility in McCook, approximately 15 miles west of Chicago. The building, constructed in 2012, is leased to a global supplier for the food service industry. Gramercy also acquired a 238,423-square-foot distribution center in Hanover Park, approximately 35 miles west of Chicago. An international provider of information technology hardware, software and service solutions occupies the building, and the two tenants have a weighted average remaining lease term of 17.2 years. The sellers in the transactions were undisclosed.
NAPERVILLE, ILL. — Prime Property Investors Ltd. has sold a 281-unit apartment complex in Naperville, approximately 30 miles southwest of Chicago, for $60 million, or $214,000 per unit. The Arbors of Brookdale is a Class A community and was fully occupied at the time of sale. The complex, situated on 26 acres, consists of 35 buildings, a clubhouse and 138 private garages. Amenities at the property include an indoor and outdoor pool, hot tub, sauna, fitness center, business center, tennis courts and a playground. Dan Cohen, John Jaeger and MJ Zaring of CBRE represented Prime Property Investors in the transaction. The buyer was undisclosed.
KANSAS CITY, MO. — Cushman & Wakefield has brokered the $5.7 million sale of a 207,421-square-foot office building in downtown Kansas City. Stencil Group sold the Executive Plaza Office Building, more commonly known as The Flashcube, to Worcester Investments. HOK designed the facility, which was built in 1974. The buyer plans to convert the building into a 181-unit residential property, a project expected to cost $43 million. The property is located at 710-720 Main St., and the sale included an adjacent surface parking lot.
Dougherty Mortgage Closes $32.5M Acquisition Loan for 252-Unit Multifamily Property Near Minneapolis
MINNETONKA, MINN. — Dougherty Mortgage LLC has closed a $32.5 million Fannie Mae loan for the acquisition of a 252-unit apartment property in Minnetonka, approximately 23 miles southwest of Minneapolis. Woodlands of Minnetonka features amenities such as a clubhouse, media room, outdoor fireplace, swimming pool and grilling pavilion. The 12-year loan includes five years of interest-only payments and a 30-year amortization schedule. Heartland Minnetonka LLC was the borrower.
LEE’S SUMMIT, MO. — A joint venture between BIG Shopping Centers USA and RED Development has acquired Summit Fair, a 516,268-square-foot shopping center, for an undisclosed price. Located 25 miles southeast of Kansas City in Lee’s Summit, Summit Fair is anchored by Macy’s and JCPenney. Other tenants in the open-air lifestyle center include Victoria’s Secret, Chico’s, Francesca’s and LOFT. Summit Fair boasts approximately 50 tenants. Along with the news of the acquisition, the joint venture also announced a 50,000-square-foot DICK’S Sporting Goods and a 20,000-square-foot H&M will open at Summit Fair in spring 2017. DICK’S Sporting Goods will relocate to Summit Fair from its existing store currently open at RED’s sister property, SummitWoods Crossing. An additional 5,000 square feet of space is available in the H&M building. “Summit Fair is already a dynamic, high-performing retail property serving a vibrant market, and the addition of DICK’S Sporting Goods, H&M and other top-drawing retail concepts sets the stage for continued success,” says Mike Ebert, managing partner at RED Development. The joint venture, known as BIG RED Portfolio LLC, has a portfolio consisting of 10 retail assets totaling over 3.5 million square feet in four states. Within the joint venture, BIG USA, acts primarily as a co-investment …
VERNON HILLS, ILL. — Inland Private Capital Corp. has sold a Mariano’s Fresh Market in Vernon Hills, approximately 35 miles northwest of Chicago, for $36.4 million. The 71,248-square-foot grocery store, which is located on seven acres at 1820 N. Milwaukee Ave., was built in 2011. Inland completed the sale on behalf of one of its 1031 exchange investment programs. The buyer in the deal was undisclosed.