AUBURN HILLS, MICH. — Bernard Financial Group has arranged a $7.3 million refinancing loan for Five Point Medical Office Building in Auburn Hills, approximately 33 miles northwest of Detroit, and is 53,000 square feet. Five Points Professional Office Building LLC is the borrowing entity. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the CMBS loan.
FRANKLIN, IND. — May Realty Advisors has arranged the $1.1 million sale of a freestanding building net leased to Starbucks in Franklin, approximately 25 miles south of Indianapolis. Thomas Levin, a private investor, purchased the building from Elias and Anthony Rantisi. The building, which was constructed in 2004 and spans 1,850 square feet, is located at 2279 N. Morton St., in a shopping center anchored by Lowe’s and Costco. Starbucks has signed a 10-year lease. Matthew May and Richard Huelsman of May Realty Advisors represented the buyer in the transaction. Frank Swiss of Swiss Company Real Estate represented the seller.
CHICAGO — Spirit Bascom Ventures LLC, a partnership between The Bascom Group LLC and Spirit Investment Partners LLC, has acquired a mixed-use property in Chicago for $21.6 million. The eight-story building, located at 5200 N. Sheridan Road, contains 223 apartment units. The property also includes 9,000 square feet of retail space on the ground floor. The venture plans on turning the property into a Class A luxury rental building. The major repositioning will include the repair or replacement of major mechanical systems, windows and elevators. The renovated apartments will feature open floor plans with all new kitchens, bathrooms and kitchens with stone countertops, stainless steel appliances, refinished hardwood floors and contemporary urban fixtures and finishes. Plans also call for a new tenant lounge, fitness center and rooftop deck. The property is located two blocks from the Berwyn Street stop on the Chicago Transit Authority’s Red Line. Todd Stofflet of KIG CRE LLC represented the undisclosed seller in the transaction. Andy Feinberg, Marc Schulder and David Harte of Ackman-Ziff arranged the debt financing provided by MidCap Financial LLC.
MAPLEWOOD, MINN. — Evans Senior Investments has arranged the $30 million sale of The Shores of Lake Phalen, a seniors housing community located in the Twin Cities suburb of Maplewood. A non-traded REIT purchased the property at a price of $285,714 per unit. The Shores of Lake Phalen features 22 independent living units, 51 assisted living units and 32 memory care units. Constructed in 2011, the Class A community is adjacent to the Gateway State Trail for walking or biking. The new owner plans to lease the facility to a national operator. The final capitalization rate was 6.3 percent based on a 2015 budgeted net operating income of $1.9 million. Evans Senior Investments is a Chicago-based seniors housing investment banking firm.
MAYFIELD HEIGHTS, OHIO — Marcus & Millichap has arranged the $17.1 million sale of a retail building triple-net leased to Walmart in Mayfield Heights, located about 20 miles east of Cleveland. Walmart has seven years remaining on its 20-year lease at the building constructed in 2002. Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap represented the seller, a Cleveland-based investor. The trio also procured the buyer, a Midwest-based investor in a 1031 exchange.
REYNOLDSBURG, OHIO — KeyBank Real Estate Capital has provided $9.3 million in Freddie Mac financing for a multifamily property in Reynoldsburg, an eastern suburb of Columbus. Eden at Caleb’s Crossing is a 360-unit complex that was constructed between 1971 and 1982. Tim Migchelbrink of KeyBank arranged the adjustable rate financing, which was used to refinance an existing KeyBank loan.
ROCHESTER HILLS, MICH. — Colliers International has arranged a 26,280-square-foot flex lease in Rochester Hills, approximately 30 miles north of Detroit. Nichols Paper & Supply Co. leased the space from ADCO Investments LLC and will use the property as a warehouse for distributing paper and janitorial supplies. Gary Glotzhober of Colliers International represented the tenant in the transaction. The property is located at 1685 Northfield Drive.
OMAHA, NEB. — Carter Validus Mission Critical REIT II Inc. has acquired Old Mill Rehabilitation in Omaha for $13 million. The property is a 40,402-square-foot skilled nursing facility that was built in 2014. Old Mill offers 44 private rooms with in-suite bathrooms and showers. Amenities include 24-hour room service and a full-service salon. Rehabilitation services at the facility include physical, occupational and speech therapy, IV therapy, medication management and wound care. Carter Validus Mission Critical REIT II is a non-traded real estate investment trust.
CHICAGO —Presence Saint Joseph Hospital, part of Presence Health, has opened a new outpatient facility in Chicago’s Lincoln Park neighborhood. The Presence Center for Advanced Care is a 10-story lakefront medical facility developed by Hammes Co., a healthcare consulting firm. The building is located at the intersection of Surf Street and Sheridan Road. Services at the new facility include advanced diagnostics capabilities, ambulatory surgery, a full endoscopy center, laboratory services, physical therapy and rehabilitation, and specialty services such as bariatrics, orthopedics and comprehensive oncology. The facility features three floors of physician office suites, three levels of indoor parking, and the building connects directly to the hospital via a glass sky bridge. Hammes Partners provided development capital for the project and retains ownership of the facility. RTKL Associates Inc. completed the architecture for the project and Power Construction served as the construction manager. Hammes Co. will also be in charge of leasing up the facility.
URBANA, OHIO — Marcus & Millichap has brokered the $1.3 million sale of a net-leased retail property in Urbana, approximately 40 miles northeast of Dayton. The 9,000-square-foot building, located at 1620 E. U.S. Highway 36, is leased by Dollar Tree, which recently signed a 10-year lease. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap listed the property on behalf of the seller, an Indiana-based developer. The trio, along with Dustin Javitch of Marcus & Millichap, also procured and represented the buyer, a California-based investor.