LAKEWOOD, OHIO — Phillips Edison Grocery Center REIT II Inc. has acquired Lakewood City Center, a 67,280-square-foot shopping center located in the Cleveland suburb of Lakewood, for an undisclosed price. A 39,400-square-foot Marc’s grocery store anchors the center, which is also home to tenants such as Gamestop, Best Cuts, Pet Supplies Plus, the UPS Store, Boston Market, Marco’s Pizza, Ace Cash Express, T-Mobile, Palm Beach Tan and Chipotle Mexican Grill.
WAUKESHA, WIS. — PREMIER Design + Build LLC will construct a 214,533-square-foot industrial distribution warehouse in Waukesha, approximately 20 miles west of Milwaukee. The speculative facility, situated on 11.8 acres, will feature 32-foot clear heights, 28 truck dock positions, four drive-in doors, 52 trailer stalls and 91 car parking spaces. The Class A building will be located at 901 Northview Road. Partners in Design Inc. is the architect for the project, and Pinnacle Engineering Group is providing civil engineering services. HSA Commercial Real Estate is the building developer, Roger Siegel of JLL will market the building for lease.
CORALVILLE, IOWA — Dougherty Mortgage LLC has closed a $9.8 million HUD 213 loan for the construction of a 59-unit market-rate seniors cooperative in Coralville, five miles northwest of Iowa City. The loan term is for 40 years. Vintage Cooperative of Coralville will include amenities such as a fitness center, workshop, garden plots, café and clubroom. Vintage Cooperative of Coralville was the borrower.
GURNEE, ILL. — Avison Young has arranged a 213,000-square-foot lease for Handi-foil in Gurnee, approximately 40 miles northwest of Chicago. The building, located at 5650 CenterPoint Court, sits inside the Grand Tri-State Business Park. Built in 2005, the property features 32-foot clear heights and 9,800 square feet of office space. The building will be an expansion for Handi-foil, a manufacturer of recyclable aluminum products, based in Wheeling, Ill. Brett Kroner, Keith Puritz and Eric Fischer of Avison Young represented the tenant in the transaction. Ryan Bain and Zach Graham of CBRE represented the landlord, CenterPoint Properties.
KENTWOOD, MICH. — NAI Wisinski of West Michigan has negotiated the sale of a 9,000-square-foot building in Kentwood, approximately 10 miles southeast of Grand Rapids, for an undisclosed price. Mattson Financial Services LLC purchased the property from Chulam Malin. Mattson Financial Services will be relocating from its current facility at 1507 Plainfield Ave. in Grand Rapids following the renovation of the building, to be completed this spring. Mattson Financial Services specializes in financial planning, investment management and tax planning. Cameron Timmer of NAI Wisinski represented Mattson Financial Services. Jason Makowski and Mary Anne Wisinski of NAI Wisinski represented the seller.
CLEVELAND — Namdar Realty Group has acquired a 6,600-square-foot retail property in Cleveland for an undisclosed price. KeyBank currently occupies the one-story building located at 5900 St. Claire Ave. CRESCO Real Estate represented the seller, a private investment fund, in the off-market transaction. The KeyBank branch renewed its lease six months prior to the transaction. Joel Gorjian of Namdar Realty Group represented the company in the deal.
ITASCA, ILL. — M&R Development has entered into a joint venture with Hamilton Partners and Murphy O’Brien to develop a 297-unit luxury rental community in Itasca, approximately 28 miles northwest of Chicago. The Residences at Hamilton Lakes will be situated adjacent to the Hamilton Lakes Business Park. The project will offer a mix of studio, one- and two-bedroom apartments. The Residences at Hamilton Lakes will consist of three four-story buildings on 10.7 acres. The joint venture will break ground on the project this spring and complete the development in the fall of 2017. Amenities at the complex will include a clubhouse, outdoor pool, steam and sauna room, media room, fitness facility, business center and event space.
INDIANAPOLIS — CBRE has arranged the sale of The Park at Eagle Creek, a 240-unit apartment community on the west side of Indianapolis. CBRE acted on behalf of Meridian Realty Investments, the asset manager for the property’s ownership group. Block Funds and Block Multifamily Group purchased the property for an undisclosed price. The Park at Eagle Creek was 91 percent occupied at the time of sale. Units at the property have an average size of 973 square feet.
WEST CHICAGO, ILL. — CenterPoint Properties will develop a 250,575-sqaure-foot expansion for DS Containers Inc. at the DuPage Business Center in West Chicago. The expansion will bring the building to 550,853 square feet. The build-to-suit project will increase the building office space to 25,183 square feet and create 22 exterior dock doors and 139 car parking spaces across 25 acres. The new space will house DS Containers’ manufacturing operations. Rich Brolly and Gerard Keating represented DS Containers in the transaction, and Dominic Carbonari and Frank Griffin of JLL represented CenterPoint.
LIBERTY TOWNSHIP, OHIO — BMC Capital has arranged a $3.6 million acquisition loan for a property net leased to Walgreens in Liberty Township, approximately 30 miles north of Cincinnati. The 10-year, interest-only loan features a fixed rate of 5.23 percent and a 30-year amortization schedule. Jada Jordan of BMC Capital arranged the loan for the undisclosed borrower through a CMBS lender.