OAK CREEK, WIS. — The Dickman Company Inc./CORFAC International has arranged the lease of 12,744 square feet of industrial space at 330 E. Mahn Court in Oak Creek. Waltco Inc. leased the space from Maggster LLC for an undisclosed price. Samuel Dickman Jr., Samuel Dickman and Cale Berg of The Dickman Company Inc. brokered the transaction.
JEFFERSONVILLE, IND. — GBT Realty Corp. has partnered with The Koetter Group to develop a $35 million regional retail center within Jeffersonville Town Center, a master-planned, mixed-use development in Jeffersonville in far southern Indiana. The companies are under contract to purchase 24.7 acres located immediately across from the Phase I Marketplace at Jeffersonville Town Center. The 240,000-square-foot shopping destination will feature two anchor tenants of 55,000 and 63,000 square feet; two junior anchor tenants of 28,000 and 22,000 square feet; and 30,000 square feet of small-shop space. Additionally, two buildings along Town Center Boulevard will feature 25,000 square feet of small-shop space for local and regional retail, dining and service provides. Site work is expected to begin immediately upon land acquisition, which is expected to close in December. The development is slated to open in the spring of 2017.
INDEPENDENCE, OHIO — The City of Independence has approved a series of area development plans and selected Cleveland, Ohio-based Fairmount Properties LLC as a development partner. The city, located about 12 miles south of Cleveland, plans to develop and redevelop various city-owned property in downtown Independence, including the former Independence Middle School, and a 33-acre site in the Northwest Quadrant of Rockside Road. The overall plan focuses on bringing much-needed residential, commercial and public amenities to the community, while the initial scope of the development planning will concentrate on adding new for-sale residential choices to the downtown market. Additionally, a complementary neighborhood retail component is included in the initial planning, which will expand housing options for young professionals, empty nesters and downsizers. The vision for the 33-acre, city-owned property is a mixed-use district with a corporate focus that also incorporates ancillary retail, restaurant, entertainment and residential uses within a compact and walkable street pattern. The city and Fairmount will immediately begin the pre-development process for the projects. The anticipated completion for the initial phases of development is scheduled for 2017.
CHICAGO — Marcus & Millichap has brokered the sale of an apartment building located at 5428-5430 N. Kimball Ave. in Chicago. The 14-unit property sold for $1.3 million. The property is located in the North Park neighborhood, which is home to Northeastern University and North Park University. Jacob Korman and Kyle Stengle of Marcus & Millichap’s downtown Chicago office represented the seller, a private investor, while Joseph Scheck and Steve Livaditis, also of Marcus & Millichap, represented the buyer, a limited liability company, in the transaction.
ROMEOVILLE, ILL. — Meridian Design Build has completed a 70,411-square-foot expansion to a 238,643-square-foot sorting and distribution center in Romeoville. The expansion increases the capacity of the facility with the addition of 95 interior van loading positions, 185 auto parking stalls, 69 trailer stalls and 3,442 square feet of office space. Site improvements include the construction of a 1,600-linear-foot retaining wall to facilitate expansion of the trailer area. Precept Design LLC served as project architect and Jacob & Hefner Associates provided civil engineering services for the project. Meridian constructed the original facility on a design-build basis in 2012 for Indianapolis-based Scannell Properties.
VALLEY VIEW, OHIO — A partnership has acquired a 17,500-square-foot mixed-use property located at 5345 Canal Road in Valley View, a suburb of Cleveland. A financial institution sold the asset for $610,000. At the time of closing, the property was more than 90 percent occupied. James McHale of Marcus & Millichap’s Cleveland office represented both parties in the transaction.
BIG RAPIDS, MICH. — Agree Realty Corp. has sold Ferris Commons, a shopping center located in Big Rapids, about 60 miles north of Grand Rapids. The 173,557-square-foot center sold for $5.8 million to an undisclosed buyer. Agree Realty Corp. originally developed the property, which was 99.5 percent occupied, in 1990. The company has increased its 2015 disposition guidance to a range of $40 million to $50 million, with anticipated dispositions of both non-core shopping centers as well as select net-lease assets. Including this sale, Agree Realty has disposed of approximately $15 million year-to-date.
POLAND, OHIO — RED Mortgage Capital has closed a $3.5 million FHA 232/241(a) loan for Woodlands at Hampton Woods, a skilled nursing and assisted living facility located in Poland near Youngstown. The loan will fund the addition of a new skilled nursing building to the existing 121-bed campus. The Rehabilitation Center at Hampton Woods will include 26 private beds designed for short-term rehabilitation care and a 5,000-square-foot therapy gym. The project is owned and operated by affiliates of Woodland LLC, a locally owned provider of senior care services.
CHICAGO — Marcus & Millichap has arranged the sale of an apartment building located at 926 W. George St. in Chicago. The 13-unit property sold for $3.8 million. Kyle Stengle of Marcus & Millichap’s Chicago office represented the buyer, a private investor, in the transaction. The name of the seller was not released.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of a former urgent care facility, located at 5378 Plainfield Ave. in Grand Rapids. Dr. Russ Curtis acquired the 5,000-square-foot facility from Spectrum Health for an undisclosed price. A portion of the facility has been renovated to serve as Northview Eye Care, while the remainder is available for lease. Doug Taatjes and Hillary Taatjes-Woznick represented the seller and buyer in the transaction.
