WEST ALLIS, WIS. — The Dickman Co./CORFAC International completed the sale of a 55,588-square-foot industrial building in West Allis, approximately six miles west of Milwaukee, for an undisclosed price. RONK 2030 LLC purchased the building located at 2030 S. 116th St. from Anton & Shirley Stricker Trust Number One. Samuel M. Dickman Jr., Samuel D. Dickman and Anthony Huenerbein of the Dickman Co. represented the seller in the transaction. Gary Kohlenberg represented the buyer.
O’FALLON, MO. — Blueprint Healthcare Real Estate Advisors has arranged the $54 million sale of Park Place Senior Living at WingHaven, a 206-unit independent living and assisted living community in the St. Louis suburb of O’Fallon. Blueprint represented the seller, AEW Capital Management, which sold the property on behalf of AEW Senior Housing Investors to CNL Healthcare Properties. Originally built in 2006, a joint venture of AEW and First Capitol Group acquired Park Place in 2011. The venture expanded the community with the addition of assisted living units and by converting units to memory care. Blueprint’s Ben Firestone was lead advisor on the transaction.
ALLENTOWN, PA. — Allentown-based CrossAmerica Partners LP has agreed to acquire 31 franchised Holiday convenience stores located in Wisconsin and Minnesota from SSG Corp. for $48.5 million. Of the 31 company-operated stores, 28 are located in Wisconsin and three are located in Minnesota. The acquisition is subject to customary conditions to closing and is expected to close in the first quarter of this year.
INDIANAPOLIS — Thorofare Capital has provided an affiliate of Arciterra Group LLC with a $32.5 million acquisition loan for a retail property in Indianapolis. Castleton Square & Commons is a 256,582-square-foot power center located on Castleton Corner Drive. Tenants at the property include REI, Golfsmith, Dave & Busters, Haverty’s Furniture, Buffalo Wild Wings and DXL Casual Male. The property was 94 percent leased at the time of sale. The seller was an affiliate of Ann Arbor, Mich.-based McKinley Inc. The non-recourse, floating-rate loan is for a period of two years and includes two six-month extension options, a flexible prepayment structure and was priced at a competitive spread over LIBOR.
TOLEDO, OHIO — Marcus & Millichap has brokered the sale of a 200-unit apartment community for $15.3 million. Quail Hollow at the Lake is located in Toledo. Quail Hollow was built in 1999 and features a combination of one-, two- and three-bedroom units. Units include a private entrance, 9-foot ceilings, fully furnished kitchens, walk-in closets, washers and dryers and a private balcony or patio. Community amenities include a clubhouse with fitness center, outdoor pool with sundeck and Jacuzzi, a playground and a dog park. Michael Barron, Daniel Burkons and Joshua Wintermute of Marcus & Millichap listed the property on behalf of the seller and procured the buyer.
GREENFIELD, IND. — Resource Commercial Real Estate has arranged the sale of a 142-unit apartment property in Greenfield, approximately 25 miles east of Indianapolis, for an undisclosed price. Broadway Village Apartments was built in three phases with the last phase commencing in 2001. The community is comprised of one-, two- and three-bedroom units. Unit amenities include attached garages, vaulted ceilings, full-size washers and dryers and full-size appliances. The buyer was Broadway Village Apartment Partners LLC, and the seller was Fource LLC. Michael Wernke of Resource Commercial Real Estate brokered the transaction.
EAST LANSING, MICH. — EdR will build an off-campus student housing development in East Lansing under a joint-venture agreement with RISE: A Real Estate Company (formerly Ambling University Development Group). EdR will develop, construct and manage a mixed-use student community located within walking distance of the Michigan State University campus. EdR will own 90 percent of the $90 million development, serve as managing partner, and be responsible for leasing and management of the community. Construction began recently on the unnamed wrap-style project of 824 beds in a mix of one-, two- and four-bedroom apartments. The development will also feature more than 4,000 square feet of retail space. Apartments will include private bedrooms and baths, washers and dryers, furnishings and granite countertops. Community amenities will include a covered parking garage, computer center, study room, fitness center, and two courtyards with grilling stations, televisions and volleyball courts. The property is scheduled to open in the summer of 2017.
INDIANAPOLIS — The Cooper Commercial Investment Group has arranged the sale of Indian Creek Shopping Commons in Indianapolis for $8.5 million. The 59,789-square-foot center was built in 2003 and is shadow anchored by Walmart Supercenter. Tenants at the property include Dollar Tree, Buffalo Wild Wings, Sally Beauty, Pet Supplies Plus, FedEx, World Finance Company, GameStop and Rally’s Hamburgers. Dan Cooper of The Cooper Commercial Investment Group brokered the transaction. The seller was a private investment group, and the East Coast buyer was undisclosed.
FINDLAY AND SPRINGFIELD, OHIO — Senior Living Investment Brokerage has arranged the sale of Fox Run Manor in Findlay, about 50 miles south of Toledo, and a second unnamed community in Springfield, about 50 miles west of Columbus, for $6.4 million. A private owner based in Kentucky purchased the assisted living communities, which have a combined 147 units, from an undisclosed seller. Fox Run was built in 1984, and comprises 52,591 square feet on approximately four acres. Occupancy at the time of sale was 78 percent. The Springfield community was built in 1989 and comprises 53,382 square feet on 5.4 acres. Occupancy at the time of sale was 82 percent. Ryan Saul led the SLIB team in the transaction.
CHICAGO— Gilbane Development Co. has begun construction on 30 East, a new apartment community in Chicago’s South Loop. The site is located one block west of Grant Park and is near seven colleges and universities comprising more than 26,000 students. The 16-story, 150,000-square-foot building, designed by Chicago-based architect Solomon Cordwell Buenz, will feature 255 beds within 134 apartment units. It will be completed for occupancy by August 2017. Residents will have access to building amenities including a club room, café, tech hub, fitness center, lounge areas, gaming areas, study rooms and indoor bicycle storage. Outdoor terraces will feature gas grills, a fire pit, large screen outdoor TV, indoor/outdoor fireplace and several seating areas for social interaction. High-speed Internet and Wi-Fi will be available throughout the building. Additionally, 8,000 square feet of retail space will be located on the ground floor. Apartments will be fully furnished with private bedrooms and bathrooms, floor-to-ceiling windows, in-unit washers and dryers, walk-in closets, fully equipped kitchen and a flat-screen TV. Floor plans include studio, convertible, two-, three-, and four-bedroom units. 30 East will be professionally managed and feature individual leases by the bed.