Midwest

Cooper Commercial Brokers Sale of 14,545 SF Retail Plaza in Akron

by Amy Works June 2, 2015

AKRON, OHIO — Cooper Commercial Investment Group has brokered the sale of Chapel Center, a retail plaza located in the Chapel Hill shopping district of Akron. A New York-based private investment group bought the 14,545-square-foot property for $2.4 million, which was 97 percent of the original list price. The center is tenanted by Men’s Wearhouse, Sprint, H&R Block, Mattress Warehouse and Check n’ Go. Bob Havasi and Dan Cooper of Cooper Commercial represented the seller, a private Ohio-based investment group, and the buyer in the transaction.

June 2, 2015

Industrial Loans Michigan Midwest Office

Bernard Financial Arranges $5.7M Loan for Office/Industrial Property in Michigan

by Amy Works June 2, 2015

LAKE ORION, MICH. — Bernard Financial Group has arranged a $5.7 million non-recourse loan for BKG Orion, a 115,545-square-foot office and industrial property located in Lake Orion. The borrower is BKGE Orion LLC. Dennis Bernard and Kevin Kovachevich of Bernard Financial, which will service the loan, arranged the financing, which was provided by a national CMBS lender.

June 2, 2015

Illinois Industrial Midwest

LG Electronics Extends 377,630 SF Lease in Bolingbrook, Ill.

by Amy Works June 2, 2015

BOLINGBROOK, ILL. — LG Electronics has extended its lease of 377,630 square feet at 1251 115th St. in Bolingbrook. The property is located within Highland Corporate Center and owned by ML Realty Partners. James Frank and Jason West of Cushman & Wakefield represented the tenant in the transaction. Terms of the lease were not released.

June 2, 2015

Illinois Midwest Multifamily

Marcus & Millichap Brokers Sale of 12-Unit Apartment Building in Illinois

by Amy Works June 2, 2015

TINLEY PARK, ILL. — Marcus & Millichap has brokered the sale of an apartment building located at 7351 Sandalwood Drive in Tinley Park. The 12-unit property sold for $845,000. The property comprises four one-bedroom/one-bath units, measuring 600 square feet, and eight two-bedroom/one-bath units, measuring approximately 875 square feet. Each unit has storage, a dishwasher, access to on-site laundry and a balcony or patio. Jordan Gilbert, Andrean Angelov and Ryan Engle 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.

June 2, 2015

Michigan Midwest Office

NAI Farbman Group Buys 275,000 SF Office Property in Michigan

by Amy Works June 1, 2015

FARMINGTON HILLS, MICH. — Southfield, Mich.-based NAI Farbman Group has acquired an office building located at 27777 Inkster Road in Farmington Hills for an undisclosed price. Situated on 35 acres, the property offers 275,000 square feet of Class A office space and ample parking. The former owner, TD Auto Finance, will continue to lease 155,000 square feet of the building.

June 1, 2015

Illinois Industrial Midwest

PREMIER Design + Build Group Selected To Construct Bridge Point North

by Amy Works June 1, 2015

WAUKEGAN, ILL. — Bridge Development Co. has selected PREMIER Design + Build Group to construct Bridge Point North, a 240-acre business park redevelopment within McGaw Park in Waukegan. The first phase of the project includes more than 17 million cubic feet of demolition and reconfiguration of existing roadways and infrastructure and the construction of a 625,000-square-foot building and a 400,000-square-foot building. Additionally, the first phase will include the installation of a new heating system and sanitary sewers in a few of the existing structures. Plans for the second phase are currently underway and include up to seven buildings, totaling 1.1 million additional square feet. Cornerstone Architects LTD is providing architectural services and Manhard Consulting LTD is providing civil engineering services.

June 1, 2015

Healthcare Illinois Midwest

Reed Construction Begins Renovations at Illinois Behavioral Health Hospital

by Amy Works June 1, 2015

DES PLAINES, ILL. — Reed Construction has started a renovation project at the former Maryville Behavioral Health Hospital, located at 555 Wilson Lane in Des Plaines. US HealthVest acquired the facility in the fourth quarter of 2014 and renamed the property to Chicago Behavioral Hospital. The improvement program includes 22,000 square feet of internal renovations to the facility’s architectural components on the third and fourth floors, including new patient rooms and large group therapy rooms. Additional renovation includes upgrades to various mechanical, electrical and plumping components, as well as the nurse calling and fire alarm systems. Originally founded in 1883, the faith-based, 125-bed facility provides a range of inpatient and day hospital care for adolescents, including a general psychiatric unit and an intensive care unit. Following the renovations, the facility will expand to include services for adults. Miro Petrovic of US HealthVest is providing architectural services for the project. Construction of the renovated space is slated for completion this November.

June 1, 2015

Midwest Ohio Retail

WesBanco Joins Shoppes at Wedgewood in Ohio

by Amy Works June 1, 2015

POWELL, OHIO — Fortress Real Estate Cos. has inked a deal for WesBanco to join the retail roster at Shoppes at Wedgewood in Powell, a city in central Ohio. Construction is underway for a 5,000-square-foot building, including three drive-thru lanes with drive-up ATM and night depository service, for the new tenant. WesBanco is scheduled to take occupancy in October. Located at the corner of Sawmill Parkway and Branford Court, Shoppes at Wedgewood is anchored by a 130,000-square-foot Target. Jack Tzagournis, principal of Fortress Real Estate Cos., announced the new tenant.

June 1, 2015

Loans Louisiana Midwest Multifamily Ohio Seniors Housing Southeast

Lancaster Pollard Arranges Seniors Housing Refinancing in Louisiana, Ohio

by John Nelson June 1, 2015

MONROE, LA. AND GARFIELD HEIGHTS, OHIO — Lancaster Pollard has arranged the refinancing of two seniors housing communities: one for Paramount Healthcare Consultants (PHC) in Monroe for $20.2 million and another for The Jennings Center for Older Adults in Garfield Heights for $12.6 million. The PHC refinancing is a HUD loan for three facilities — Avalon Place, a 115-bed skilled nursing facility (SNF); Leslie Lakes, a 150-bed SNF and 19-unit independent living facility; and Princeton Place, a 112-bed SNF. Scott Blount, healthcare banker out of Austin, Texas, led the transaction for Lancaster Pollard. Lancaster Pollard also assisted PHC with a corporate restructuring to ensure compliance with HUD’s single asset entity and master lease requirements. The existing indebtedness and swap termination fee were completely funded through the FHA Sec. 232/223(f) loans and no equity was required from PHC. The Jennings Center is a nonprofit community featuring 174 private suites of skilled nursing, 54 units of assisted living, 10 independent living units, adult day services, child day care, a wellness center, transportation services and community programs. The main campus was founded in 1942 and is sponsored by the Sisters of the Holy Spirit. Lancaster Pollard arranged the refinance Jennings’ 2009 bonds using …

June 1, 2015

Loans Midwest Multifamily Nebraska

NorthMarq Capital Secures $4.7M in Refinancing for Two Multifamily Properties

by Amy Works May 29, 2015

OMAHA, NEB. — NorthMarq Capital has secured a $4.7 million loan for the refinancing of two multifamily properties in Omaha. The properties are Four Seasons Apartments and South Park Apartments. Jason Kinnison of NorthMarq Capital’s Omaha office arranged the financing for the undisclosed borrower through NorthMarq’s seller-servicer relationship with Freddie Mac.

May 29, 2015

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