INDIANAPOLIS — Resource Commercial Real Estate has ended its affiliation with Colliers International and is now the largest independent commercial real estate brokerage group in Central Indiana. The firm will now operate as a 100 percent locally owned entity led by its existing executive team. Resource was founded in 2005 and specializes in tenant/buyer and landlord/seller representation. “Our group was founded more than a decade ago as an independent entity and we are excited to return to our entrepreneurial roots,” says Sam Smith, principal and chairman of Resource Commercial Real Estate. “We saw a market opportunity to distinguish our firm from the noise and mega merger mania spreading throughout our industry, and operating independently enables us to seize that opportunity. As an independent group, our primary focus is serving clients on Main Street, not investors on Wall Street.”
TWINSBURG, OHIO — Meridian Design Build has completed the construction of two industrial buildings for developer Scannell Properties. The buildings, which total 510,722 square feet, are located in Twinsburg, approximately 20 miles southeast of Cleveland. The new facilities consist of a 303,888-square-foot build-to-suit building and a 207,360-square-foot speculative building. The assets are located on 59 acres of land within the Cornerstone Business Park. The build-to-suit project features 99 loading docks, 236 interior van loading positions, 509 exterior trailer stalls and 15,434 square feet of office space. The multi-tenant speculative building includes 171 auto parking stalls, five tenant entrances and 26 loading docks. Precept Design LLC provided the architectural services for the projects, and Weber Engineering Services provided the civil engineering work.
CHICAGO — SVN | Chicago Commercial has completed the $9.5 million sale of a four-property multifamily portfolio in Chicago’s South Shore neighborhood. Drexel Properties sold the portfolio to an undisclosed out-of-state buyer. The four properties have a total of 181 units and are located at 6715 S. Paxton Ave., 6755 S. Paxton Ave., 6701 S. Merrill Ave. and 6920 S. Ogelsby Ave. The buyer plans to complete major renovations of all properties. Jeff Baasch of SVN | Chicago Commercial represented the seller in the transaction and was the sole broker.
CHICAGO — Associated Bank has provided a $7.5 million construction loan to Three Corners Development and Madison Construction. The developer and general contractor will use the capital to build three mixed-use residential apartment buildings in Chicago. The projects will span three stories and will each feature 22 units and approximately 12,000 square feet of ground-floor retail space. The buildings will be located at 1301 W. Devon Ave., 6359 N. Wayne Ave. and 1244 W. Devon Ave.
CICERO, ILL. — Baum Realty Group LLC has arranged the $3.4 million sale of a retail property net-leased to Planet Fitness in metro Chicago. The property is located at 2300 S. Cicero Ave. in Cicero, a western suburb of Chicago. The fitness center is situated on 1.3 acres and includes 110 parking spaces. The building was renovated in 2010. Planet Fitness still has more than 10 years remaining on its lease with rental increases every five years. Brad Teitelbaum and Patrick Forkin of Baum Realty represented the seller in the transaction, a private local investor. The buyer was a private West Coast investor.
PLYMOUTH, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 22,252-square-foot industrial building for an undisclosed price. The property is located at 46301 Port St. in Plymouth, approximately 27 miles west of Detroit. Venture Aerospace LLC sold the building to E Group LLC, which will occupy the space along with Regional General Contracting LLC. Phil Konopitski of Friedman represented the buyer in the transaction.
AMES, IOWA — Pierce Education Properties (PEP) LP has purchased South Duff Community Park, an off-campus student housing community serving Iowa State University students in Ames, for $21.3 million. The seller was undisclosed. KeyBank Real Estate Capital provided debt financing of $11.4 million. South Duff Community Park is a 490-bed, 192-unit mixed-use community located just south of the Iowa State campus with studio, one-, two-, three-, four- and five-bedroom units, each with bed-to-bath parity, full-size appliances including washers and dryers in every unit, balconies and open green space with an adjoining 10-acre pet park. PEP plans to add large, flat-screen TVs and designer furniture packages in every unit. PEP will also introduce a shuttle service to and from campus. Community amenities include enclosed garage stalls, a 24-hour fitness center, basketball courts, free tanning salon and high-speed Internet. Iowa State University, which enrolls more than 34,400 students, has experienced a 23 percent growth in enrollment over the past five years.
SUNSET HILLS, MO. — A joint venture between Sansone Group and AIMS Real Estate has purchased two retail centers in Sunset Hills, a southwestern suburb of St. Louis, for an undisclosed price. The Plaza at Sunset Hills and Shoppes at Sunset Hills are both located at the intersection of South Lindberg Boulevard and Watson Road and total 450,000 square feet. Sansone Group originally developed the properties, which were completed in 1996 and 1997. DDR Corp. purchased the centers in 1998 and recently sold them to the joint venture. Tenants at Plaza at Sunset Hills include Home Depot, Bed Bath & Beyond, Marshalls, Party City, Stein Mart, Old Navy, PetSmart, David’s Bridal, Panera Bread, Chick-fil-A, Five Below and Dobb’s Tire & Auto. Tenants at the Shoppes at Sunset Hills include Toys “R” Us, Ross Dress for Less, The Tile Shop and Longhorn Steakhouse. Sansone Group will manage and lease the centers. AIMS Real Estate is a business unit within Goldman Sachs Asset Management. Both parties were self-represented in the transaction.
LAKE COUNTY, ILL. — NorthPoint Capital Funding Inc. has originated a $2.1 million refinancing loan for a 36-unit multifamily property in Lake County, approximately 40 miles north of Chicago. The loan features a 10-year term and 30-year amortization schedule with loan proceeds in excess of the existing balance. Rick Rodriguez and Kevan Briscoe of NorthPoint originated the loan. The name of the borrower was not disclosed.
CHICAGO — Marcus & Millichap has brokered the $3 million sale of a 12-unit apartment property in Chicago. The property is located at 855 W. Grace St. and is near Wrigleyville, home of the Chicago Cubs. Kyle Stengle listed the property on behalf of the seller, an undisclosed private investor. Stengle also represented the buyer, a limited liability company.