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Midwest

MichiganMidwestRetail

Friedman Brokers Sale of 91,264 SF Retail Center in Three Rivers, Michigan

by Christina Cannon

THREE RIVERS, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 91,264-square-foot shopping center in Three Rivers, approximately 30 miles south of Kalamazoo. Carson Equities LLC sold the building to Stockbridge Northridge LLC for an undisclosed price. The Three Rivers Shopping Center, located at 1320 W. Broadway St., is situated on 11.7 acres and is 81 percent occupied. Tenants at the center include Peebles, Dunham’s Sports and Family Farm & Home. The property is shadow anchored by Home Depot and Meijer. Rich Deptula of Friedman represented both parties in the transaction.

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IllinoisMidwestMultifamilySeniors Housing

Illinois St. Andrew Society Adds 20-Unit Memory Care Facility to Community Near Chicago

by Christina Cannon

NORTH RIVERSIDE, ILL. — The Illinois St. Andrew Society has completed construction of The Caledonian House, a 20-unit memory care building in the Chicago suburb of North Riverside. The St. Andrew Society is the nonprofit operator of The Scottish Home assisted living and skilled nursing community. The Caledonian House is located on the community’s five-acre campus and will offer the first memory care services at the community.

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IllinoisMidwestMultifamily

Marcus & Millichap Brokers $1.6M Sale of Apartment Property in Downtown Chicago

by Christina Cannon

CHICAGO — Marcus & Millichap has brokered the sale of a seven-unit apartment building in downtown Chicago for $1.6 million. A private owner sold the asset, which is located at 1953 N. Cleveland Ave., to Laramar Group. The property features hardwood floors, French doors, porches and a new water heater and boiler. Kyle Stengle and Joseph Bergman of Marcus & Millichap listed the property on behalf of the seller and procured the buyer.

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IndustrialMidwestOfficeWisconsin

The Dickman Company Arranges 20,242 SF Industrial, Office Lease Near Milwaukee

by Christina Cannon

PEWAUKEE, WIS. — The Dickman Company Inc./CORFAC International has arranged a 20,242-square-foot office and industrial lease in Pewaukee, approximately 20 miles west of Milwaukee. TF Final Mile LLC will occupy Suite 200 in the building, which is located at W233 N2800 Roundy Circle W. Byrne Family Limited Partnership & 3RP LLC is the landlord. Samuel M. Dickman Jr. and Samuel D. Dickman of The Dickman Company represented the landlord in the transaction. Bill Langhoff of Colliers International represented the tenant.

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LoansMidwestOhioRetail

New York Life Provides $48M Loan for Crocker Park Near Cleveland

by Christina Cannon

WESTLAKE, OHIO — New York Life Real Estate Investors has provided a $48 million refinancing loan for The Promenade at Crocker Park in Westlake, approximately 15 miles southwest of Cleveland. The Promenade at Crocker Park is a 276,000-square-foot, Class A retail property. The shopping center features over 95 tenants including Apple, Trader Joe’s, DSW Shoe Warehouse and Dick’s Sporting Goods. The borrower, Stark Enterprises, is the original developer and has owned and managed the property since 1993. The fixed-rate loan features a 15-year term.

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IllinoisMidwest

Cushman & Wakefield Negotiates 25,170 SF Lease for Montessori School in Chicago Suburb

by Christina Cannon

NAPERVILLE, ILL. — Cushman & Wakefield has arranged a 25,170-square-foot lease for DuPage Montessori School in Naperville, approximately 35 miles southwest of Chicago. Calamos Investments owns a vacant office building that will be redeveloped into a Pre-K – 8th grade school complete with an outdoor playground and a turf sports field. Construction will start this summer and is slated for completion by the 2017-2018 school year. The building, located at 111 E. Warrenville Road, is situated on 1.9 acres. The school will occupy the first two floors of the 38,425-square-foot, three-story building, which was the former headquarters for Calamos Investments. Over 220 students are expected to enroll in the private, non-profit school next year. Adam McCostlin and Brian Duffy of Cushman & Wakefield represented the DuPage Montessori School in the transaction.

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IndianaMidwestMultifamily

RESOURCE Commercial Brokers Sale of 72-Unit Apartment Community in Anderson, Indiana

by Christina Cannon

ANDERSON, IND. — RESOURCE Commercial Real Estate has brokered the sale of a 72-unit multifamily community in Anderson, approximately 40 miles northeast of Indianapolis. Broadway Park Apartments consists of one-, two- and three-bedroom apartments that range from 550 to 950 square feet. Consolidated Lots LLC sold the property to DWRES LLC for an undisclosed price. Amenities at Broadway Park Apartments, built in 1964, include a courtyard, laundry facility, on-site parking and a playground. Michael Wernke of RESOURCE Commercial Real Estate brokered the transaction.

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IndustrialMidwestMinnesota

Valley Natural Foods to Open $2M Meat Processing Facility in Minnesota

by Christina Cannon

NORTHFIELD, MINN. — Valley Natural Foods has unveiled plans to open a $2 million wholesale meat processing plant in Northfield, approximately 45 miles south of Minneapolis. Valley Natural Meats Inc., situated on 16 acres, will include a 4,400-square-foot processing plant and a 4,000-square-foot holding barn. The company also has plans to add two 30-by-70 foot buildings at a later date that will be used to grow plants, herbs and flowers. The facility, located at 1595 57th St. W., will be MDA (Minnesota Department of Agriculture) and organic-certified. The building is expected to be operational by this November. Valley Natural Foods has a goal of becoming USDA certified and plans to process deer, bison, lamb and goat by 2018.

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MidwestMultifamilyOhio

Marcus & Millichap Brokers $1.2M Sale of Apartment Property in Columbus

by Christina Cannon

COLUMBUS — Marcus & Millichap has brokered the sale of a 16-unit apartment property in Columbus for $1.2 million. Moreland Drive Apartments, located at 4831-4873 W. Moreland Drive, is comprised entirely of two-bedroom/1.5-bathroom townhomes. Units feature private patios, eat-in kitchens, full basements and washer and dryer connections. Both the buyer and the seller in the transaction were undisclosed limited liability companies. Jordan Marshall, Richard Lattro, Michael Barron, Dan Burkons and Josh Wintermute of Marcus & Millichap listed the property on behalf of the seller and procured the buyer.

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IllinoisIndustrialLoansMidwestOhio

New York Life Provides $120M Loan for 15-Property Industrial Portfolio

by Christina Cannon

CHICAGO AND CINCINNATI — New York Life Real Estate Investors has provided a $120 million mortgage loan secured by a 15-property industrial portfolio. The Class A buildings, which total 3.3 million square feet, are located in the Chicago, Cincinnati and Memphis metro areas. An affiliate of Industrial Property Trust Inc. is the borrower that received the eight-year, fixed-rate loan.

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