ADRIAN, MICH. — Bernard Financial Group has arranged a $3.3 million, non-recourse CMBS loan for Southland Plaza in Adrian. The property includes approximately 72,600 square feet of retail space. The borrowing entity is Warwick Realty-Adrian LLC. Neil Gorosh of Bernard Financial originated the loan.
GLEN ELLYN, ILL. — Mid-America Real Estate Corp. has brokered the sale of a 2,500-square-foot Dunkin Donuts and a 1,400-square-foot Short Term Loans. The retail properties are two adjacent parcels located at 651 and 661 Roosevelt Road in Glen Ellyn. A private Illinois-based buyer purchased the property for full asking price of $1.7 million at a 6.75 percent cap rate.
BLOOMFIELD HILLS, MICH. — Agree Realty Corp. has acquired six retail properties for $35.4 million and sold a shopping center in Marshall, Mich. The properties include an H-E-B grocery store in Brenham, Texas; a 24 Hour Fitness in Fort Worth, Texas; a Golden Corral restaurant in Springfield, Ill.; and Advanced Auto Parts stores in Lorai, Ohio; Tallahassee, Fla. And Alabama; and a Dollar General in Blacksburg, S.C. In addition, the Bloomfield Hills, Mich.-based company has sold Marshall Plaza, a Kmart-anchored shopping center, for $5.5 million.
TAYLOR, MICH. — Brennan Investment Group, LLC, has acquired a Class-A, multi-tenant warehouse and distribution facility in Taylor for an undisclosed sales price. The 160,035-square-foot property is within the Trolley Industrial Park located at 21100 – 21110 Trolley Industrial Drive. Brennan Investment Group is a private real estate investment firm that acquires, develops and operates industrial properties on a national basis.
NEW PRAGUE, MINN. — Dougherty Mortgage LLC in partnership with the Minnesota Housing Finance Agency has arranged a $2 million HUD 223(f) loan for the refinance of Westgate Townhomes in New Prague. The 37-unit affordable multifamily rental property includes a Section 8 HAP Contract. The loan was underwritten by the Minnesota Housing Finance Agency for borrower New Prague Westgate Townhomes LLC and assigned to Dougherty Mortgage LLC to close and service the loan. The principal of the borrower entity is Southwest Minnesota Housing Partnership. Westgate Townhomes is a newly renovated, smoke-free property that features private entrances, neutral décor, off street parking and a playground.
COLUMBUS — KeyBank Real Estate Capital has secured a $22.1 million Freddie Mac loan for Polaris Place, a multifamily apartment community in Columbus. The community was built in 2014 and includes 11, three-story, garden-style apartment buildings, totaling 224 units. The property also includes 10 detached garage buildings, a leasing office and a clubhouse. Timothy Migchelbrink of Key’s Commercial Mortgage Group arranged the financing, which was used to pay off an existing KeyBank construction loan.
OAK LAWN, ILL. — The Boulder Group has arranged the $10.7 million sale of a new single-tenant, triple-net-leased Walgreens property in Oak Lawn. The property is located at the southwest corner of 95th Street and Southwest Highway. The 61,909-square-foot Walgreens property replaces a previous Walgreens store that lacked a drive-thru. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer and seller in the transaction. The seller was a Midwest-based developer and the buyer was a Northeast-based family office. The 20-year lease features 11 five-year renewal option periods.
CHICAGO — Waterton Associates LLC has acquired Pensacola Place, a 264-unit mixed-use property in Chicago’s Uptown neighborhood. The seller was undisclosed. Built in 1981, the Stanley Tigerman-designed building includes a mix of studio, one- and two-bedroom apartments, as well as 12 two-bedroom townhomes overlooking the property’s fourth-level sundeck. The property includes more than 81,000 square feet of retail space anchored by a recently renovated Jewel-Osco grocery store on the lower level of the building. Waterton will make upgrades to individual residences and also plans to update the community’s common areas. Waterton will serve as the manager for the property.
WEST ALLIS, WIS. — Siegel-Gallagher has arranged the $304,000 sale of a 2,366-square-foot retail building in West Allis. Forward Dental West Allis is located at 8801 W. National Ave. Zeon Properties LLC purchased the property from The Oliver E. Moths Estate LLC for an undisclosed sales price. Patrick Gallagher, Matson Holbrook and Max Schultz of Siegel-Gallagher represented the seller.
ELDORADO, ILL. — BARBERMurphy Group has arranged the sale of a 40,000-square-foot, 24-unit apartment complex in Eldorado. The asset is located at 1901 Organ St. BONLUKE Apartments purchased the property for an undisclosed sales price. Jerry Hunt of BARBERMurphy Group represented the buyer and the undisclosed seller.
