Midwest

Construction Begins on The Healthcare Resort of Topeka

by Amy Works June 12, 2015

TOPEKA, KAN. — Mainstreet has broken ground on The Healthcare Resort of Topeka. Located at 6202 SW 6th Ave. in Topeka, the 69,935-square-foot facility will feature 96 beds and provide short-stay rehabilitation and therapy care, as well as assisted living. On-site amenities will include a therapy gym, an outdoor rehabilitation courtyard, movie theater, game room, spa and on-site chef. Slated to open by spring 2016, the $16 million project will bring 225 construction jobs and 90 permanent jobs to the area. Carmel, Ind.-based Mainstreet develops, finances and jointly operates transitional care centers and long-term health care properties.

June 12, 2015

Midwest Ohio Retail

Marcus & Millichap Brokers $3.9M Sale of Ohio Retail Center

by Amy Works June 12, 2015

STRONGSVILLE, OHIO — Marcus & Millichap has brokered the sale of Strongsville Shopping Center, a 30,750-square-foot retail property in Strongsville, a suburb of Cleveland. The asset, which is anchored by Tutor Time, sold for $3.9 million. Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap represented the seller, a Florida- and Ohio-based joint venture, in the transaction.

June 12, 2015

Indiana Midwest Retail

Baum Realty Group Arranges $2.4M Sale of Retail Property in Indiana

by Amy Works June 12, 2015

LAFAYETTE, IND. — Chicago-based Baum Realty Group has arranged the sale of a single-tenant, net-leased Goodrich Quality Theaters property. Located at 3525 McCarty Lane in Lafayette, the property sold for $2.4 million. The 18,000-square-foot property has three years remaining on the original 20-year lease with two five-year extension options. Goodrich Quality Theaters is a Michigan-based operator with 30 theater locations across four states. Brad Teitelbaum and Patrick Forkin of Baum represented the undisclosed seller in the transaction. The buyer was a Michigan-based private investor.

June 12, 2015

Michigan Midwest Retail

Signature Associates Brokers Sale of 71,900 SF Self-Storage Facility in Michigan

by Amy Works June 12, 2015

LANSING, MICH. — Signature Associates, an independently owned and operated member of the Cushman & Wakefield Alliance, has brokered the sale of a self-storage facility, located at 4724 Creyts Road in Lansing. Storage Pros Acquisitions purchased the 71,900-square-foot property for an undisclosed price. Jack Johns of Cushman & Wakefield | Signature Associates represented the seller, Westland Storage LLC, in the transaction.

June 12, 2015

Illinois Midwest Multifamily

CBRE Arranges Two Multifamily Sales Totaling $38.2M

by Amy Works June 11, 2015

ST. CHARLES, ILL. — CBRE has brokered the sales of two multifamily properties in St. Charles totaling $38.2 million. In the first transaction, Shodeen Group sold Wessel Court to Axiom Properties Inc. for $20.8 million. Located at 1820 Wessel Court, the property includes 228 apartment units. In the second transaction, Kinzie Realty Corp. sold Fox Run to Windy City RE LLC for $17.4 million. Located at 145 Walnut Drive, the property features 220 apartment units. John Jaeger, Dan Cohen and MJ Zaring represented the sellers in both transactions.

June 11, 2015

Midwest Office Ohio

NGKF Brokers Sale of 1.4M SF Office Building in Cleveland

by Amy Works June 11, 2015

CLEVELAND, OHIO — Newmark Grubb Knight Frank (NGKF) has brokered the sale of the Huntington Building, located at 925 Euclid Ave. in Cleveland. Hudson Holdings LLC purchased the 1.4 million-square-foot office building for $22.5 million from Optima925 LLC. The buyer plans to redevelop the 22-story property. Terry Coybe and Richard Sheehan of NGKF represented the seller in the transaction. Additionally, NGKF will market the property, which is currently 8 percent occupied, for lease.

June 11, 2015

Loans Michigan Midwest Retail

Axilla Capital Secures $3.7M Refinance Loan for Shoppes at Park Place in Michigan

by Amy Works June 11, 2015

SOUTHFIELD, MICH. — Axilla Capital has arranged a $3.7 million loan for the refinancing of Shoppes at Park Place in Southfield. The 10-year loan features three years of interest-only payments and a 30-year amortization schedule. The 18,373-square-foot retail property is 93 percent occupied by several national tenants, including Fuddruckers, Tim Hortons, Subway and Qdoba. Joel Mazur of Axilla Capital originated the transaction and secured the financing for the undisclosed borrower.

June 11, 2015

Loans Midwest Retail Wisconsin

NorthMarq Capital Refinances Two Office Depot/Petco Properties for $6M

by Amy Works June 11, 2015

BROOKFIELD AND GREENFIELD, WIS. — NorthMarq Capital has arranged $6 million in refinancing for two retail properties, both occupied by Office Depot and Petco, in Wisconsin. Totaling 86,274 square feet, the properties are located at 16085-95 W. Bluemound Road in Brookfield and 4940-50 S. 76th St. in Greenfield. Jeff Frankel of NorthMarq’s Chicago office arranged the financing for the undisclosed borrower through NorthMarq’s correspondent relationship with a life insurance company.

June 11, 2015

Illinois Midwest Retail

Quantum Real Estate Advisors Arranges $1.8M Sale of Plainfield Marketplace

by Amy Works June 11, 2015

PLAINFIELD, ILL. — Quantum Real Estate Advisors has arranged the sale of Plainfield Marketplace, a retail building located at 11850 S Route 59 in Plainfield. An Illinois-based private investor acquired the 8,010-square-foot retail center for $1.8 million from a Minnesota-based developer. At the time of sale, the property was 100 percent occupied by Sherwin Williams, Edward Jones, Kumon and EDO Cleaners. Chad Firsel and Daniel Waszak of Quantum were the sole brokers in the transaction.

June 11, 2015

Illinois Midwest Multifamily Seniors Housing

Providence Life Services, Ryan Companies US Develop Seniors Housing Project in Illinois

by Amy Works June 10, 2015

LISLE, ILL. — Providence Life Services and Ryan Companies US Inc. are developing Arbor Place of Lisle, an 80-unit, age-restricted affordable senior living community in Lisle, located about 25 miles west of Chicago. The $20.6 million project features 60 one-bedroom/one-bath and 20 two-bedroom/two-bath units, ranging from 756 square feet to 1,008 square feet. On-site amenities include a living room and common kitchen, a multi-purpose room, a TV/library room, on-site laundry facilities, a private courtyard with gazebo and fitness center. Additionally, the facility features 94 exterior parking spaces. Pioneer Property Management will provide on-site property management services for the property, which is slated to open in July. Residents at Arbor Place of Lisle must be 55 or older.

June 10, 2015

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