ELK GROVE VILLAGE, ILL. — Midwest Industrial Funds has acquired a 59,000-square-foot industrial space located on over four acres of land at 700 Chase in Elk Grove Village, about 25 miles northwest of Chicago. The property was purchased from a private investor and is fully leased to Acme Industries. Midwest was represented in-house by Sergio Chapa and Michael Prost. Rick Delisle of RD Strategic represented the seller in the transaction.
FLINT, MICH. — Bernard Financial Group has arranged a $2.8 million loan for Carriage House Apartments, a 120-unit multifamily complex located in Flint. Carriage House Limited Partnership was the borrower in the transaction. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan.
CLINTON TOWNSHIP, MICH. — Signature Associates has negotiated the sale of 20,660 square feet of industrial space located at 21481 Carlo Drive in Clinton Township, northeast of Detroit. The buyer in the transaction was Carlo Investments LLC. Ben Wilkiemeyer and Paul Saad of Signature represented the seller, M + L Industrial Properties. Signature Associates is an independently owned and operated member of the Cushman & Wakefield Alliance.
COLUMBUS, OHIO — Kaufman Development plans to redevelop 78 residential units in the top 24 floors of LeVeque Tower in Columbus. Tower 10, a local investment group principally owned by Don Casto and Robert Meyers, purchased the 46-story building in 2011 and began immediate renovation work on the lower floors and exterior including facility upgrades, a lobby redesign and streetscape improvements. Kaufman’s residential units will include marble flooring, updated appliance packages, stone and quartz countertops, spa-like bathrooms, high-efficiency home technology and large closets with extensive shelving. Residents will also have access to a full floor of storage. The rental units will offer one-bedroom options ranging from 750 to 1,150 square feet, and two bedroom options ranging from 1,250 to 2,400 square feet. The condominiums will include both flat and duplex units. Occupancy is set to begin in the spring-summer season of 2016
MADISON, WIS. — Pillar has arranged a $7.5 million refinance loan with Freddie Mac for Swan Creek Apartments, a 95-unit multifamily property in Madison. Lancelot Lie and Brooke Jackson of Pillar originated the fixed-rate, 10-year term loan with a 30-year amortization schedule. H.A. Langer & Associates was the borrower in the transaction. Pillar is an affiliate of Guggenheim Partners.
PORTAGE, IND. — Quantum Real Estate Advisors Inc. has arranged the sale of a dual-tenant retail building located at US Highway 6 and Willowcreek Road in Portage for $3 million. The property is shadow anchored by Meijer and is leased to Chipotle and Sleepy’s. The property was sold by a real estate developer based in Lake Forest, Illinois to a private real estate office based in Wisconsin. Chad Firsel, president of Quantum, was a broker in the transaction.
ANTIOCH, ILL. — Marcus & Millichap has arranged the sale of a 7,000-square-foot retail property located in Antioch for $2.6 million. The property, located at 515 East II Route 173, is occupied by Sherwin Williams and Sleepy’s, and is situated as an outlot to a Walmart Supercenter. Sean Sharko and Austin Weisenstock of Marcus & Millichap worked on behalf of the seller, a limited liability company. The buyer of the property was undisclosed.
OAK CREEK, WIS. — The Dickman Company Inc./CORFAC International has arranged a lease renewal between landlord Bigs Mortgage LLC and tenant AIM Distribution Services for a 112,140-square-foot industrial space in Oak Creek. The building is located at 525 W Marquette Ave. Samuel M. Dickman Jr. and Samuel D. Dickman brokered the transaction.
DEARBORN, MICH. — Savills Studley has been chosen to market the sale of the Royal Dearborn hotel and convention center in Dearborn. The 773-room, 854,000-square-foot hotel, located on 32 acres at 600 Town Center Drive, is across the street from the world headquarters of Ford Motor Co. The Royal Dearborn is the second largest hotel in Michigan. The hotel features 55,602 square feet of meeting and exhibition space comprised of a 17,000-square-foot grand ballroom, a rotunda and numerous meeting and breakout rooms. The hotel also offers two food and beverage outlets, an indoor swimming pool and fitness center, business center, gift shop and expansive outdoor parking. “There are numerous repositioning options for the property, including splitting the asset into two smaller hotels, or even reducing the size of the hotel component by converting the top floors to residential use and transforming parts of the ground-level space into retail,” says Marc Magazine, executive managing director of Savills Studley’s U.S. Capital Markets Hotel Group.
CEDAR RAPIDS, IOWA — NorthMarq Capital has arranged the $5 million refinancing of Stonegate Apartments, a 108-unit multifamily property located at 4200 Armar Drive SE in Cedar Rapids. Jason Kinnison of NorthMarq arranged the fully amortizing, 23-year loan on behalf of the borrower through an undisclosed life insurance company. Stonegate Apartments was built in 2003 and offers two-bedroom/two-bath units.