ST. MICHAEL, MINN. — Marcus & Millichap has brokered the sale of a 13,765-square-foot office property for $1.8 million. The Cornerstone is located at 1 Central Ave. W. in St. Michael, approximately 30 miles northwest of Minneapolis. A developer sold the asset to a private investor. Cory Villaume, Sean Doyle, Matthew Hazelton and Adam Prins of Marcus & Millichap listed the property on behalf of the seller and represented the buyer.
OAK BROOK, ILL. — CBRE has arranged an 11,195-square-foot office lease in Oak Brook, approximately 20 miles west of Chicago. Command Alkon Inc. will occupy the space at Oak Brook 22. The property, purchased by Golub Co. in 2014, has recently undergone renovations such as a redesigned lobby and lounge area, a new fitness center and a new conference center. The Class A building, located at 1211-1315 W. 22nd St., is 95 percent leased. Pete Adamo, Bill Elwood and Tara Torbik of CBRE represented Golub in the transaction. Jon Azulay of Savills Studley represented Command Alkon.
CHICAGO — CA Residential LLC has broken ground on a 26-story, 102-unit luxury apartment tower in Chicago’s Gold Coast neighborhood. The building, which will be located on the northeast corner of State and Huron streets, is scheduled for completion next October. Designed by Valerio Dewalt Train Associates, the tower will include a mix of studio, one-, two- and three-bedroom apartments. Units will include floor-to-ceiling windows, wood plank flooring, quartz countertops, stainless steel appliances and in-unit washers and dryers. The building will feature 8,000 square feet of amenity space on the 24th floor which will include an infinity-edge pool, sundeck, grilling stations, demonstration kitchen, resident lounge, media room, fitness center with yoga studio, pet spa and dog run.
GREEN AND SYLVANIA, OHIO — Bellwether Enterprise Real Estate Capital LLC has closed two loans totaling $11.5 million for multifamily properties in Ohio. In the first transaction, Bellwether arranged a $9.3 million HUD loan to refinance Greenview Senior Assisted Living, a 99-unit seniors housing facility in Green, approximately 50 miles south of Cleveland. The facility, built in 2002, features a dining room, café, chapel, activity area, patio and lounges. The Inn at Green Limited LLC was the borrower. The non-recourse loan features a 35-year term. Barbara Sullivan and Jim Doyle of Bellwether arranged the financing. In the second deal, M&D McCord Road Holdings LLC refinanced The Colony, an apartment property approximately 15 miles west of Toledo. The Colony, built in 2015, consists of four single-story buildings and one two-story building, which contain a total of 34 units. All units are two-bedroom/two-bathroom. DJ Effler of Bellwether arranged the 15-year loan, which features five years of interest-only payments.
BEDFORD, OHIO — Greystone’s Real Estate Advisors group has arranged the sale of Woodside Village, a 211-unit assisted living and memory care community in the Cleveland suburb of Bedford, for $6.5 million. Pritok Capital purchased the property from a public healthcare REIT. MB Financial served as the lender on the transaction. Woodside Village was built in 1988 and sits on 20 acres. The facility is 164,920 square feet.
DES PLAINES, ILL. — Marcus & Millichap has brokered the sale of an office property in Des Plaines, approximately 20 miles northwest of Chicago, for $5.3 million. Touhy Office Plaza, located at 1400 E. Touhy Ave., was built in 1972 and renovated in 2013. J. Emil Anderson & Son Inc. sold the four-story, 126,088-square-foot building. The company will continue to occupy space within the building. The buyer was a Chicago-based private investment group. Stephen Lieberman of Marcus & Millichap represented the seller in the transaction.
LIVONIA, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 155,433-square-foot industrial facility for an undisclosed price. EWI sold the building, which is located at 13211 Merriman Road in Livonia, approximately 20 miles northwest of Detroit. Alta Equipment Co., a Midwest forklift and heavy construction equipment provider, purchased the property. David Friedman and Phil Konopitski of Friedman Integrated Real Estate Solutions represented both parties in the transaction.
DETROIT — Image Capital LLC has purchased two out of three buildings belonging to the luxury Riverfront Towers property in Detroit for $79.5 million, according to Crain’s Detroit. Riverfront Tower Holding LLC was the seller. Tower 100, built in 1992, is 26 stories and contains 271 units. Tower 200, built in 1983, is 29 stories and contains 282 units. Tower 300, which was converted into 285 condominiums between 2005 and 2007, is not included in the sale. The property is situated on 11.7 acres and totals 571,831 square feet. Amenities include a fitness center, tennis and volleyball courts, a running track, indoor pool and spa, a dog run, jogging trails, a restaurant, picnic and grilling areas and a 722-space parking deck. Riverfront Towers offers a mix of one- and two-bedroom units that average 1,034 square feet. Apartment Management Professionals Residential will manage the property. Rick Vidrio and Rick Brace of Berkadia brokered the transaction.
CHICAGO — Harrison Street Real Estate Capital LLC, a private equity firm, has purchased the “Nellie Black” property at the former Children’s Memorial Hospital in the Lincoln Park neighborhood of Chicago. Harrison Street plans to partner with operator Belmont Village Senior Living to convert the property into a seniors housing facility named Belmont Village Lincoln Park. The new community will feature 160 assisted living and memory care units and will be part of the larger Lincoln Common mixed-use development. Co-developed by McCaffery Interests and Hines, when completed Lincoln Commons will consist of two 19-story luxury apartment buildings with a total of 540 units, up to 60 low-rise condominiums, and approximately 160,000 square feet of retail and commercial space. The developers plan to break ground on Belmont Village Lincoln Park in early 2017. The project is set for completion in 2018.
GRIMES, IOWA — The Opus Group has completed the construction of the Gateway Industrial Center, an 182,000-square-foot industrial warehouse and office facility in Grimes, approximately 15 miles northwest of Des Moines. The speculative facility is already 100 percent leased to tenants such as Owens & Minor, American Contract Systems and Laser Resources. Gateway Industrial Center, which is situated on 16 acres, features an ESFR sprinkler system, 23 dock doors, two drive-in doors and 32-foot clear heights. Opus Development Co. and Founders Properties LLC own the Gateway Industrial Center.
