ST. CLOUD, MINN. — Dougherty Mortgage LLC has provided Apartments on 12th LLC with a $2.5 Fannie Mae loan for the refinancing of Charlamain & Montaje Apartment Homes. Located at 505 12th St., the 36-unit student housing property along the Mississippi River provides residency for students at St. Cloud State University. Dougherty’s Minneapolis office arranged the fully amortizing 20-year loan.
CHICAGO — Hostmark Hospitality Group has been selected to operate a Hilton dual-branded hotel in Chicago’s West Loop neighborhood at 118 N. Jefferson St. The 210-room Hampton Inn and 126-room Homewood Suites, which are currently under construction, will open in the fall of 2016. Each hotel will have its own lobby. The Hampton Inn/Homewood Suites will be within close distance of the Illinois Medical District and offers easy access to I-90/94.
ST. PAUL, MINN. — Kraus Anderson Construction Co. has broken ground on a new 130,000-square-foot neuroscience building for HealthPartners in St. Paul. The medical center will be the largest freestanding neuroscience facility in the Upper Midwest, according to Kraus-Anderson. Located at 295 Phalen Blvd. near I-35E, the four-story medical building will include administration offices and a four-story, 298,000-square-foot parking ramp. Architectural firm BWBR is designing the building to accommodate future expansion. The neuroscience building is expected to be complete in early 2017.
MILFORD, OHIO — Marcus & Millichap has brokered the sale of Day Heights Self-Storage located in Milford, about 16 miles northeast of downtown Cincinnati. The 64,896-square-foot facility sold for $1.7 million. The facility includes 470 units, ranging from 25 square feet to 720 square feet. Brett Hatcher of Marcus & Millichap’s Columbus office represented the seller, a limited liability company. The buyer, also a limited liability company, was a local self-storage operator.
MILWAUKEE, WIS. — The Dickman Company/CORFAC International has brokered the sale of a 5,000-square-foot industrial building located at 6014 West Beloit Road in West Allis, approximately six miles west of downtown Milwaukee. Anthony Huenerbein of The Dickman Company represented the undisclosed buyer and Mitchell Starczynski of NAI MLG Commercial represented the seller, Able Equipment Co.
STERLING HEIGHTS and SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions will be auctioning off two properties on July 20-22. The properties are Forum at Gateways in Sterling Heights, and Nine Mile Crossing in Southfield. Barry Swatsenbarg and Rich Deputa will represent Friedman at the auction. Bidding starts at $1.4 million with a $10,000 bid deposit. The Forum at Gateways is located at 44575-44833 and totals 258,105 square feet on approximately 55 acres. The power center is currently 77 percent occupied and is anchored by a Walmart and LA Fitness. Nine Mile Crossing is a 142,295-square-foot, Class B office building located at 17515 West Nine Mile Road. The 12-story building was constructed in 1969 and renovated in 2012. For auction-related questions, contact Jeff Book at jbook@auction.com.
INDIANAPOLIS — Group RMC has acquired Castleton Park, a 1.1 million-square-foot suburban office park in Indianapolis. The purchase price and seller were undisclosed. The office park is located in an affluent area of Indianapolis between I-465 and I-69. Castleton Park sits on 120 acres of land and is comprised of 31 office buildings. During the last two years, tenants signed leases totaling more than 176,000 square feet at the property, which is currently 79 percent occupied. Group RMC also recently purchased Park Fletcher, a two-building business park in Indianapolis, and Summit, a four-building office park in Cleveland Ohio. A representative of Group RMC emphasized the Midwest is “the backbone of America.” Andy Banister and Dan Richardson, who are part of CBRE’s investment property group in Indianapolis, represented the seller in the transaction.
ELMWOOD PARK, ILL. — Marcus & Millichap has brokered the sale of an apartment building located at 2646-50 N. Harlem Ave. in Elmwood Park. The 12-unit property sold for $850,000. The property consists of two one-bedroom/one-bath units, two two-bedroom/one-bath units and eight two-bedroom/one-bath units. Andrean Angelov, Ryan Engle and Jordan Gilbert of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, and secured the buyer, a limited liability company, in the transaction.
CHESTERFIELD, MO. — St. Louis-based Hilliker Corp. has arranged a 5,250-square-foot lease for B&G Industries, a material handling solution provider. The company relocated to 717 Crown Industrial Court from 744 Spirit of St. Louis Blvd. in Chesterfield. The new location offers 1,500 square feet of office space and 3,750 square feet of warehouse storage space. Will Aschinger of Hilliker represented the tenant, while Scott Properties represented the landlord, Scott Family Properties, in the transaction.
RIVER FOREST, ILL. — Mid-America Asset Management Inc. has brokered a 28,220-square-foot retail lease at 7501 W. North Ave. in River Forest. Fresh Thyme Farmers Market, a natural grocer, will occupy the space, a former Dominick’s supermarket location. Mike George and Richard Spinell of Mid-America represented the landlord, while Andy Robbins and Al Rodenbostel of ARCORE Real Estate Group represented the tenant in the lease transaction.
