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LoansMidwestMultifamily

NorthMarq Arranges Two Apartment Loans Totaling Nearly $10M in Ohio

by Christina Cannon

KETTERING AND CHILLICOTHE, OHIO — NorthMarq Capital has arranged nearly $10 million in refinancing for two multifamily properties in Ohio in separate transactions. In the first arrangement, PLK Communities LLC obtained a $7.7 million refinancing loan through Fannie Mae for Thirty43 by the Greene in Kettering, a southern suburb of Dayton. The 120-unit property is located at 3043 Fountain Circle. The loan features a 10-year term and 30-year amortization schedule. Susan Branscome of NorthMarq arranged the financing. In the second transaction, Noah Juran of NorthMarq arranged a $2.2 million refinancing loan for University Hilltop Apartments, an 84-unit property located at 590-600 W. Fifth St. in Chillicothe, approximately 45 miles south of Columbus. The non-recourse loan features a fixed rate and 20-year amortization schedule. NorthMarq arranged the financing for the undisclosed buyer through its correspondent relationship with a life insurance company.

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IndianaMidwestMultifamily

CBRE Brokers Sale of 400-Unit Multifamily Complex in Carmel, Indiana

by Christina Cannon

CARMEL, IND. — CBRE Group Inc. has brokered the sale of a 400-unit multifamily community in Carmel, a northern suburb of Indianapolis. The Village on Spring Mill, located at 14637 Handel Drive, is a Class A complex that was purchased by Monarch Investment for an undisclosed price. Monarch Investment was acting on behalf of a private investor based on the West Coast. The buyer plans to upgrade unit interiors with new appliances, lighting, hardware and countertops. Steve LaMotte Jr. and Dane Wilson of CBRE’s Central Midwest Multifamily team represented the seller, Meridian Realty Investments. Monarch Investment was self-represented.

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IllinoisMidwest

Sunil Puri, Dan Arnold Donate 15,500 SF Building to YMCA in Rockford, Illinois

by Christina Cannon

ROCKFORD, ILL. — Sunil Puri and business partner Dan Arnold have donated a 15,500-square-foot building to the YMCA. The building will be the site of the new YMCA Rockford branch, approximately 88 miles west of Chicago. The existing building is being renovated to incorporate cardio and weight training rooms, fitness classes, personal trainers, wellness coaches, senior social clubs, childcare and youth and sports programs and is slated to open in early 2016. The facility has an estimated value of $2.2 million and will be renamed the Puri Family YMCA. Sunil Puri is an international real estate entrepreneur and the founder of First Midwest Group, a full-service real estate development company based in Rockford.

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IllinoisMidwestOffice

GlenStar Properties Acquires 420,613 SF Office Complex in Bannockburn, Illinois

by Christina Cannon

BANNOCKBURN, ILL. — GlenStar Properties has acquired a 420,613-square-foot office complex in Bannockburn, approximately 30 miles northwest of Chicago, for an undisclosed amount. Bannockburn Lakes is a Class A complex that is comprised of four buildings that are located at 2333, 2345, 2355 and 2201 Waukegan Road. The complex was previously owned by two different entities. Wells Fargo Bank sold buildings I, II and IV. Lonestar sold building III. GlenStar has plans for a $10 million capital improvement plan that includes renovating restrooms and common areas, repaving the parking lots, adding new signage and enhancing landscaping. GlenStar will also build a new amenity center that will feature food service, a tenant lounge, fitness center and conference center.

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MidwestMinnesotaMultifamily

Marcus & Millichap Arranges $2.1M Sale of Multifamily Property in St. Paul Suburb

by Christina Cannon

COTTAGE GROVE, MINN. — Marcus & Millichap has arranged the sale of a 24-unit apartment property in Cottage Grove, a southeastern suburb of St. Paul. Cottage Grove Estates sold for $2.1 million and is located at 7505 79th St. South. The property consists entirely of three-bedroom / two-bathroom units. Each unit has an attached tuck under garage and two balconies. The complex was built in 1986 and was 100 percent occupied at the time of sale. Mox Gunderson, Dan Linnell and Annie Arneberg of Marcus & Millichap represented the seller, a private investor. Gunderson and Linnell also secured and represented the buyer, also a private investor.

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MidwestOhioRetail

CBRE Brokers Sale of Net-Leased Retail Building in Metro Cincinnati for $1.9M

by Christina Cannon

NORTHGATE, OHIO — CBRE Group has arranged the sale of a long-term, net-leased Burger King restaurant in Northgate, 20 miles northwest of Cincinnati. The purchase price was $1.9 million. The 2,600-square-foot property is situated on an outparcel within the Northgate Mall development. Mall tenants include ULTA, Marshalls, Michaels, XScape Cinemas, hhgregg and Burlington Coat Factory. Hank Davis of CBRE represented the seller, Tabani Group. Barry Silver of Silver Group represented the undisclosed buyer. GPS Hospitality operates the Burger King.

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IndustrialMidwestOfficeWisconsin

Siegel-Gallagher Arranges Sales of Two Properties in Southern Wisconsin

by Christina Cannon

MILWAUKEE AND OCONOMOWOC, WIS. — Siegel-Gallagher has completed the sale of two properties in separate transactions in Wisconsin. In the first transaction, Worthington Properties LLP purchased a 52,250-square-foot industrial property from Brandt/Quirk Realty Co. for an undisclosed price. The property is located at 1880 Executive Drive in Oconomowoc, approximately 35 miles west of Milwaukee. In the second deal, Andover Portland Avenue Associates LLC acquired the Riverfront Plaza, a 108,718-square-foot office building. RFP Office LLC sold the property located at 1110 N. Old World Third St. for an undisclosed price. Patrick Gallagher, Matson Holbrook and Max Schultz of Siegel-Gallagher brokered both transactions.

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IndustrialMidwestWisconsin

The Dickman Co. Arranges 19,646 SF Industrial Lease South of Milwaukee

by Christina Cannon

OAK CREEK, WIS. — The Dickman Company Inc./CORFAC International has arranged a 19,646-square-foot industrial lease for LTL Service of Wisconsin Inc. in Oak Creek, about 12 miles south of Milwaukee. LTL offers nationwide shipping of climate sensitive freight. The property is located at 330 E. Mahn Court. Maggster LLC is the landlord. Samuel M. Dickman Jr., Samuel D. Dickman and Cale Berg of Dickman were the sole brokers in the transaction.

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MidwestMissouriOffice

Rabo Agrifinance Signs Lease to Occupy 62,500 SF of Office Space at Delmar Gardens III Near St. Louis

by Christina Cannon

CHESTERFIELD, MO. — Rabo AgriFinance has signed a lease to occupy 62,500 square feet of office space at Delmar Gardens III in Chesterfield, Mo., once the building is completed in the summer of 2017. The five-story, 125,000-square-foot Class A office building is currently under construction along I-64/Highway 40 in the heart of St. Louis County. Delmar Gardens III is the first Class A, multitenant office building to be constructed in West St. Louis County since 2008. Rabo AgriFinance, a financial services provider for agricultural producers and agribusinesses, will relocate its headquarters from Creve Coeur Pointe to Delmar Gardens III. The building will include a fitness center, café and free covered garage parking. David Kelpe and Hassan Jadali of Cushman & Wakefield represented Delmar Gardens, the building owner, in the transaction. Kevin Bittmann of CBRE represented Rabo AgriFinance.  

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MidwestOhioRetail

Marcus & Millichap Brokers $2.7M Sale of Net-Leased Retail Property South of Dayton

by Christina Cannon

CENTERVILLE, OHIO — Marcus & Millichap has brokered the sale of a 19,722-square-foot retail property in Centerville, a southern suburb of Dayton, for $2.7 million. Cross Pointe IV is located at 199 E. Alex Bell Road and is fully occupied. Tenants include Firestone and AT&T. The property is an outparcel to a larger retail center that is anchored by Marshalls, Earth Fare, Petco and Bed Bath & Beyond. C.J. Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap represented the seller, a private investor. The team also secured and represented the buyer, an out-of-state private investor.

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