WAUKESHA, WIS. — Siegel-Gallagher has arranged a 1,600-square-foot retail lease in Waukesha, approximately 20 miles west of Milwaukee. The Richards Group Inc., a branding agency, will occupy space at Meadowbrook Marketplace, located at 601-921 Meadowbrook Road. Meadowbrook Marketplace LLC is the landlord. Devin Tessmer of Siegel-Gallagher brokered the transaction.
ST. LOUIS, MO., BELLEVILLE, AND O’FALLON ILL. — Love Funding has arranged two loans totaling $7.4 million to refinance three apartment properties in Missouri and Illinois. In the first transaction, Kevin Kloster refinanced Mississippi Lofts, a 36-unit community in St. Louis. The apartment building is a fully rehabilitated former shoe factory. The second loan was used to refinance Bradford Place, a 68-unit garden-style complex in Belleville and Ansley Oaks a 69-unit garden-style community in O’Fallon. Fedcar LLP was the borrower. Harry Cheatham and Brian Robertson of Love Funding arranged the financing through HUD’s 223(f) program.
MADISON, WIS. — Colliers International has brokered the $5.8 million sale of a mixed-use development in Madison. Lokre Development Co. acquired City Center Junction from Outlook Development. The 26,261-square-foot property, located at 610 Junction Road, includes two floors of retail and office space. The building was 90 percent occupied at the time of sale by tenants such as HuHot Mongolian Grill and Dragonfly Hot Yoga. A 1.4-acre pad site was also included in the sale. Kyle Robb and Tom Shepherd of Colliers International represented the seller in the transaction.
CHICAGO — Lenox Hill Construction has broken ground on a six-story medical office building located at 710 N. Dearborn St. in the River North neighborhood of Chicago. The office will serve as an expansion for the Illinois Orthopedic Network and Wiesman Cosmetic Surgery & Wellness Institute. The building will be used primarily for administrative functions, but will also contain clinical space. Ron Kwaske designed the building, which will only be 20 feet wide. Construction of the building is scheduled to be completed by the end of the year.
CHETEK, WIS. — Atrium Health and Senior Living has acquired Knapp Haven Nursing Home and Pelican Place Assisted Living in Chetek, approximately 100 miles northwest of Minneapolis. The connected facilities were purchased for $3.1 million. The community includes 14 assisted living units and 97 skilled nursing beds, for a price per bed of $27,928. The 60,691-square-foot community is fully private-pay. Evans Senior Investments brokered the deal.
DUBLIN, OHIO — Crawford Hoying has arranged a 3,531-square-foot lease for 3 Palms Pizzeria and Bakery in Dublin, approximately 18 miles northwest of Columbus. 3 Palms is the latest tenant announced at Bridge Park, a $350 million, 30-acre mixed-use project. Other tenants include The Avenue, The RAM Restaurant and Brewery and Mesh Fitness. The Bridge Park restaurant will be 3 Palms’ third location and will be able to seat 100 guests.
HOFFMAN ESTATES, ILL. — Sears Holdings will close 68 Kmart and 10 Sears stores this summer, 23 of which are located in the Midwest. In February, the company, which is based in the Chicago suburb of Hoffman Estates, announced it would accelerate the closing of unprofitable stores. The majority of the store closings will take place in July. The closing Kmart and Sears stores will start their liquidation sales on May 12 and April 29, respectively. Associates impacted by these store closures will receive severance and will have the opportunity to apply for open positions at other area Kmart or Sears stores. Sears Holdings expects the store closures to generate a meaningful level of cash from the liquidation of store inventory and from the sale or sublease of some of the related real estate. A complete list of store closures can been found here.
DUBLIN, OHIO — The Cooper Commercial Investment Group has brokered the sale of a 30,493-square-foot retail property located in Dublin, approximately 17 miles northwest of Columbus, for $7.5 million. An private investment group from the East Coast sold Emerald Town Center to an undisclosed California-based buyer. Tenants at Emerald Town Center include Mango’s Place, NXStage Dialysis, The Gyro Shoppe, Ty Ginger, Jets Pizza, Snap Fitness, Rancho Alegre Mexican Restaurant, Michael Hendrick’s Veterinary Clinic and Ellie Nail Spa. Bob Havasi and Dan Cooper of Cooper Commercial represented the seller in the transaction.
MADISON, WIS. — Associated Bank has provided two loans totaling $6.7 million for an 80-unit multifamily property in Madison. The financing consisted of an affordable housing construction loan and a Low-Income Housing Tax Credit (LIHTC) bridge loan. Maple Grove Commons, which will located at 3204-3228 Golden Copper Lane, will consist of one-, two- and three-bedroom units, 68 of which will be reserved for tenants earning below 60 percent of the median income for the county. The project, situated on 3.2 acres, will be delivered next summer. Maple Grove Housing LLC is the borrower, and McGann Construction of Madison is the general contractor. Knothe & Bruce is the design architect of record, and Oakbrook Corp. and Movin’ Out Inc. are co-developing the project. Steve Sosnowski of Associated Bank originated the loan. Associated Bank provided the majority of the loan tax credit equity through a Boston Capital syndicated fund.
CHICAGO — American Street Capital has arranged a $5.5 million cash-out refinancing loan for an 18-unit multifamily property in Chicago. Amenities at the property include a heated indoor parking garage, elevator, fitness center, party room and rooftop deck. The building is comprised of nine three-bedroom/2.5-bathroom units and nine two-bedroom/two-bathroom units. The non-recourse loan features a five-year adjustable-rate mortgage, a 20-year term and 30-year amortization schedule. The loan was funded through the Freddie Mac Small Balance Program. Igor Zhizhin of American Street Capital originated the loan.