CLEVELAND, OHIO — HREC Investment Advisors has arranged the sale of the 242-room Sheraton Cleveland Airport Hotel at 5300 Riverside Drive for an undisclosed price. Ted Anka, vice president in HREC Investment Advisors’ Chicago and Miami offices, advised the buyer, Lakshmi Narayan Hospitality Group LLC. Anka also advised the seller, Hopkins Partners. The property contains over 16,000 square feet of meeting and banquet space.
CHESTERFIELD, MO. — Transwestern has brokered the sale of Corporate Plaza, a five-story office building located at 14528 S. Outer 40 Road in Chesterfield, a suburb of St. Louis. Griffin-American Healthcare REIT III Inc. acquired the 210,409-square-foot property for $36 million from an affiliate of Westport Capital Partners LLC. Completed in 1989, the building was 98 percent leased at the time of sale. The property serves as the executive and administrative headquarters of Mercy Health, a private, nonprofit healthcare provider that operates 35 hospitals and has $4.4 billion in revenue. Gary Nussbaum, Mike Donovan and David Matheis of Transwestern represented the seller in the transaction.
CHICAGO — Angelic Real Estate and CGA Capital have completed a $21.5 million financing for portions of the new Presence St. Joseph Ambulatory Care Center in Chicago’s Lincoln Park neighborhood. The new facility is currently being built by Milwaukee-based Hammes Co. Upon its completion this fall, the facility will house additional Presence St. Joseph operations, other medical and related tenants, and parking. New York City-based Angelic Real Estate is an investment banking and brokerage firm with more than $6 billion in experience nationally and internationally. CGA Capital is a source for real estate net lease and credit-based financing nationwide.
SOUTHFIELD, MICH. — Marcus & Millichap has brokered the sale of Country Corner Apartments, a multifamily property located at 30300 Southfield Road in Southfield. The 211-unit apartment community sold for $17 million, or $80,970 per unit. Built in 1966 on 16.6 acres, the property consists of 29 buildings and features an outdoor pool with sundeck, clubhouse, fitness center, carports and laundry facilities. The community features seven apartment- and townhouse-style floor plans ranging in size from 1,100- and 1,200-square-foot one-bedroom/one-bath units to 1,800-square-foot two-bedroom/2.5-bath townhomes with full basements. Simon Jonna and Ryan Cockerill of Marcus & Millichap represented the seller, while Earl Elliott, Chris Futo and Gordan Navarre, also of Marcus & Millichap, represented the buyer. The names of the seller and buyer were not released.
ST. LOUIS — Dominium, a Minneapolis-based owner, developer and manager of apartment communities, has opened leasing for Arcade Apartments, which is currently under renovation in downtown St. Louis. Leasing is available to the general public for both artist and market-rate suites in the landmark property, with expected move-in dates to begin in early December. The property features 80 market-rate luxury apartments, as well as apartment suites for artists who meet certain income and other requirements. Arcade Apartments will feature more than 11,000 square feet of artist studio spaces, including a performance studio; painting, drawing and photography studios; music practice rooms; sound attenuated music and multi-media studios; and a flex studio with a pottery kiln. Additional on-site residential amenities include fitness centers, indoor bike storage, controlled entry access, rooftop indoor clubroom and terrace, and a theater. Monthly rates range from $563 for working artist apartments to nearly $3,000 per month for two-level, upper-end units.
PLYMOUTH, MICH. — Bernard Financial Group has arranged a $3.3 million loan for Plymouth Commerce Center in Plymouth. The property features 76,500 square feet of office space. Neil Gorosh of Bernard Financial secured the financing for the borrower, Plymouth Commerce Center LP. The lender, Advantus, is an exclusive correspondent of Bernard Financial Group, and will fully service the loan.
WARRENVILLE, ILL. — CPA:18 – Global has acquired an office building in Warrenville for $34.8 million, excluding acquisition fees, from The Northwestern Mutual Life Insurance Co. Warrenville is 34 miles west of Chicago. Constructed as a build-to-suit in 2001, the five-story building offers 146,800 square feet of Class A office space. The property features flexible office space with exterior offices and interior conference rooms and cubicles, parking spaces, a conference center and a fitness center. Exelon Generation has triple-net leased the property on a long-term basis. CPA:18 – Global is one of W. P. Carey Inc.’s managed non-traded REITs.
DETROIT — Bernard Financial Group has arranged a $30.4 million 221 D(4) FHA loan for the development of DuCharme Place in Detroit’s Lafayette Park neighborhood. Being constructed on a vacant lot, the four-building multifamily property will consist of 185 apartment units. Dave Dismondy of Bernard Financial originated the loan for the undisclosed borrower.
MANHATTAN, KAN. — Condor Hospitality Trust Inc. has completed the disposition of a Super 8 property located at 200 Tuttle Creek Blvd. in Manhattan. The 85-room hotel sold for $3.2 million to an undisclosed buyer. Condor will use the net proceeds of the sale for general corporate purposes, including future acquisitions.
SPRING LAKE AND GRAND RAPIDS, MICH. — NAI Wisinksi of West Michigan has brokered two leases totaling 4,552 square feet in Michigan. In the first transaction, Kevin B. Megley leased 1,452 square feet of office space at 723 E. Savidge St. in Spring Lake. Megley is relocating his law office to the space. Jason Makowski and Tim Platt of NAI Wisinski represented both the lessee and lessor in the five-year lease transaction. In the second deal, Craft Retail Inc. leased 3,100 square feet of retail space at 678 Front St. SW in Grand Rapids. The United Kingdom-based company plans to use the space to expand its operations. Mary Anne Wisinski of NAI Wisinski represented the tenant, while Makowski represented the undisclosed landlord in the five-year lease transaction.