LIBERTY, MO. — Senior Living Investment Brokerage has arranged the $2 million sale of an undisclosed skilled nursing facility in the Kansas City suburb of Liberty. The facility is currently vacant, having been closed by the Centers for Medicare & Medicaid Services in 2015. It was built in 1992 and features 143 beds. The buyer is a private equity group that partnered with a regional operator. Matthew Alley, Patrick Byrne and Toby Seifert of Senior Living Investment Brokerage arranged the transaction.
DEARBORN, MICH. — Mid-America Real Estate-Michigan Inc. has arranged a 1,388-square-foot retail lease for J-Bees in Dearborn, approximately 10 miles west of Detroit. J-Bees will open a new high-end specialty apparel concept called SIZE at Fairlane Town Center, a 125-store shopping center located at 18900 Michigan Ave. SIZE, which will open by the end of the year, carries designers such as Balmain, Rock Revival, UGG Australia, Salvatore Ferragamo, Adidas, Ralph Lauren, Cole Haan and Kanye West’s fashion line Yeezy. This store will be J-Bees’ first SIZE location in Michigan. Brad Rosenberg and Aleyciuss Al-Ali of Mid-America represented the tenant in the transaction.
FARMINGTON HILLS, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of an 8,084-square-foot industrial building in Farmington Hills, approximately 25 miles northwest of Detroit, for an undisclosed price. Sebastian & Sam Land Development Company LLC sold the property, located at 32945 Folsom Road, to Excalibur Managements and Investments LLC. The facility was previously occupied by a tow truck manufacturing company and was used as a truck repair shop for a waste management company before that. The new buyers will use the facility to store construction equipment and materials. Robert Frank of Friedman Integrated Real Estate Solutions represented the seller in the transaction.
CLEVELAND — KeyBank Real Estate Capital, the commercial real estate business of KeyCorp, has expanded its platform and leadership team following the merger of KeyCorp and First Niagara Financial Group. The extended platform includes over 50 new bankers, portfolio managers and servicing officers from First Niagara that will begin working in KeyBank’s income property, community development lending, healthcare and servicing groups. First Niagara also has over $6 billion of commercial real estate loan commitments that will become part of Cleveland-based KeyBank’s extended platform. New leadership team for the income property group and the community development lending group includes Greg Gilroy, Russ Gentner, Doug MacLean, Chris Terlizzi and Craig Burton.
CLEVELAND — KeyBank Real Estate Capital has arranged $858 million in debt financing for YES! Communities LLC, an owner and operator of manufactured housing communities that is managed by Stockbridge Capital Group LLC. The financing consisted of one Fannie Mae and one Freddie Mac credit facility totaling $733 million and a $125 million syndicated, corporate-level revolving credit facility. Wells Fargo also arranged a credit facility for the company, which announced earlier this week that it sold 71 percent equity interest to two global investors, including GIC, a sovereign wealth fund from Singapore. In connection with the transaction, YES! Communities’ three manufactured home portfolios will be consolidated into a single entity. Chris Black of Cleveland-based KeyBank arranged the agency financing.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of two office buildings in Grand Rapids. The properties, 2504 Ardmore and 2505 Burton, are located near the Brenton Village Mall corridor. Mark Morrow Properties LLC sold the buildings to a local investor, Tony Pearson, who intends to make minor renovations and begin marketing the property for lease this September. Each building totals 5,835 square feet and was built in 1971. Hillary Woznick and Doug Taatjes of NAI Wisinski represented the seller in the transaction.
KENOSHA, WIS. — The Dickman Company Inc./CORFAC International has negotiated the sale of a 272,000-square-foot industrial building in Kenosha, approximately 35 miles south of Milwaukee, for an undisclosed price. Phoenix Kenosha LLC purchased the building, which is located at 3122 14th Ave., from Walnut & Vine Properties II LLC. Nick Keys of The Dickman Company represented the buyer in the transaction, and Brad Thompson of Millennium Properties represented the seller.
NEW LENOX, ILL. — A Chicago-based private real estate investor in a 1031 exchange has purchased a 4,000-square-foot retail building in New Lenox, approximately 40 miles southwest of Chicago, for $1.5 million. A California-based development company sold the property, which is leased to American Mattress. The property is located at 751 E. Lincoln Highway and was built in 2015. The building is situated on an outparcel to the New Lenox Town Center, a development anchored by Walmart Supercenter and featuring other tenants such as Ross Dress for Less, T.J. Maxx, Goodwill, Aldi, AutoZone, Discount Tire, PepBoys, Chase Bank and Physicians Immediate Care. The New Lenox Town Center was built in 2010. The 10-year lease for American Mattress expires in 2025. Chad Firsel of Quantum Real Estate Advisors Inc. represented the buyer in the transaction. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller.
CHICAGO — Amazon is set to open a staffed pickup location on the University of Illinois at Chicago’s campus. The 2,300-square-foot Amazon@UIC will be located in the Student Center East and will provide a place for the campus community to pick up and return Amazon orders. The store is scheduled to open before the end of the year. Amazon Prime members will receive free same-day pickup for orders placed by noon and free one-day pickup for orders placed by 10 p.m. Amazon also plans to open a staffed pickup location at the University of Illinois at Urbana-Champaign by the end of the year.
The Madison office market finally emerged from its post-recession stupor in 2015 and chalked up its best performance since the early 2000s. The 430,000 square feet of positive net absorption recorded last year exceeded the combined total of the previous three years. This strong trend continues in 2016. Nearly 150,000 square feet of office space was leased during the first quarter, driving the vacancy rate down to 10.2 percent. The Madison office market was slow to recover from the Great Recession. As recently as 2014, office vacancies increased, and only 67,000 square feet of net positive absorption was tallied that year. As the state capital and home to the University of Wisconsin, the local economy depends on government and education as base industries — sectors where employment and spending had been retreating until recently. Insurance, financial services, medical services, research, information technology and software development are also important and growing sectors in Madison, accounting for a lot of new office leasing activity. Who’s taking space? Among the large lease deals in recent months: Arrowhead Research inked a deal to occupy 68,000 square feet in University Research Park; M3 Insurance completed and moved into its building at 828 John Nolen Drive; …