WESTLAKE, OHIO — Berkadia has secured $92 million in financing for the new headquarters of American Greetings Corp. in the Cleveland suburb of Westlake. The borrower was Ohio-based H&L Property Co. The 10-year loan, which Bank of America Merrill Lynch provided, features a 4.8 percent fixed interest rate, 65 percent loan-to-value ratio and 25-year amortization schedule. The new headquarters is located on a 13.5-acre property at One American Road in Crocker Park, a 1.2 million-square-foot mixed-use development in Westlake.
KALAMAZOO, MICH. — Signature Associates has brokered two industrial sales totaling 22,350 square feet in Kalamazoo. In the first transaction, Hinkle Properties sold a 15,930-square-foot industrial property, located at 433 Ransom St., to WAI LLC for an undisclosed price. Jeff Chrystal of Signature Associates represented the seller in the deal. In the second transaction, Raitt Corp. sold a 6,420-square-foot industrial building, located at 3785 Franklin St., to Mikowski Holdings Co. for an undisclosed sum. Chrystal and Eric Holdorf of Signature Associates represented the seller in the transaction.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has arranged the acquisition of an office building located at 3330 Grand Ridge Drive NE in Grand Rapids. Redstone Homes, a West Michigan-based homebuilder, acquired the 4,800-square-foot building for an undisclosed sum. The buyer plans to consolidate its sales and operations offices at the property. Jeremy Veenstra of NAI Wisinski of West Michigan represented the buyer, while Anne Wisinski-Rosely and Joshua Jacobs, also of NAI Wisinski, represented the undisclosed seller in the transaction.
FORT WAYNE, IND. — Bradley Co. has arranged four leases for office and retail space in Fort Wayne. Kelly Castle of Bradley Co. represented the tenant in each transaction. Levitate LLC leased 2,709 square feet of office space at 803 S. Calhoun St.; Deck Factory LLC inked a deal for retail space at 1509 Goshen Road; Mad Anthony Investments LLC leased 2,393 square feet of retail space at 2701-2703 Broadway; and RITS Ltd. Brokers signed a lease for retail space at 6127 Stellhorn Road within Maplewood Plaza. The names of the landlords were not released.
FORT TOTTEN, N.D. — Fort Totten Public Schools is planning to build the first net-zero energy consumption school on tribal land in the country. A net-zero school is an energy-efficient building that produces more energy than it consumes every year. Located on the Spirit Lake Reservation, the school will be the first on tribal land and the first in North Dakota. Scheduled for completion in the 2017-2018 school year, the facility will feature classrooms, lab space for six teachers, bathrooms, storage areas and offices. Features contributing to the school’s net-zero status will include solar panels, a ground-source geothermal heating and cooling system, high-efficiency water-to-air heat pumps, energy recovery system for free heating and cooling, variable-speed fans and pumps to minimize excess energy use, occupancy sensors for demand-based lighting, LED lighting, solar tubes for free lighting, specially insulated walls and roofs, and triple pan windows. Construction is slated to begin this month, and the school will be located adjacent to the Four Winds Community School. DSGW is the architect for the project, Obermiller Nelson Engineering is providing mechanical and electrical engineering, and Shingobee Builders is the construction manager.
OAK BROOK, ILL. — Oak Brook-based Inland Real Estate Acquisitions, acting on behalf of an Inland affiliate, has arranged the acquisition of 24 newly developed CVS/pharmacy properties across 14 states for $116 million. Totaling 276,466 square feet, the properties are located in Arkansas, Georgia, Illinois, Kentucky, Louisiana, Michigan, Minnesota, New York, Ohio, Pennsylvania, South Carolina, Texas, Virginia and Wisconsin. Joe Cosenza of The Inland Real Estate Group and Inland Real Estate Acquisitions facilitated the acquisition for the buyer.
CHICAGO — HFF, acting on behalf of University of Chicago, has arranged the sale of a housing portfolio that includes 11 properties and five land sites in Chicago. Pioneer Acquisitions LLC acquired the 394-unit housing portfolio free and clear of existing debt for an undisclosed price. The portfolio includes six graduate student housing properties, four faculty/staff buildings, one retail property and five land sites. The properties have a total of 520 beds and approximately 272,593 square feet with residential units averaging 692 square feet. Located in Chicago’s Hyde Park, the properties are within walking distance of campus and six miles south of Chicago’s central business district. Michael Higgins and Brian Kelly of HFF represented the seller in the deal.
DETROIT — Motown Museum will undergo a $50 million expansion to increase the size of the museum to 50,000 square feet in Detroit. The expansion will be designed and built around the current museum space and the Hitsville U.S.A. house, the first headquarters for the legendary recording label. The new facility will feature interactive exhibits, a state-of-the-art performance theater, recording studios, an expanded retail area and meeting spaces. The project team includes Perkins + Will, Hamilton Anderson Associates, Brinker Group and Gallagher & Associates.
CHICAGO — American Street Capital has secured $6.6 million in acquisition financing for a seven-story, multifamily portion of a mixed-use property located in Chicago’s South Loop. Provided by a correspondent life insurance company lender, the non-recourse, 15-year loan includes a 30-year amortization schedule. The recently renovated property features 30 apartment units in a mix of one- and two-bedroom layouts. Igor Zhizhin of American Street Capital originated the loan for the undisclosed borrower.
NORMAL, ILL. — Podolsky|Circle CORFAC International has arranged the sale of College Plaza Shopping Center, a retail center located in Normal’s primary retail trade area near Bloomington. Phillips Edison acquired the property from Normal Properties of Illinois LLC for an undisclosed price. In 1999, the single-tenant property was redeveloped into a 100,000-square-foot multi-tenant retail center. Alissa Adler, John Homsher and Steven Tick of Podolsky|Circle CORFAC International represented the seller in the transaction.