WAYLAND, MICH. — Integra Real Estate Capital has secured a $5.6 million acquisition loan for Chambers Corners, a neighborhood shopping center located at Reno Drive off Highway 131 in Wayland, approximately 21 miles south of Grand Rapids. Meyer Perlman of Integra Real Estate Capital negotiated the 10-year, non-recourse loan provided by an undisclosed lender. Built in 2000, the 99,600-square-foot Chambers Corners is anchored by Harding’s Market and Family Dollar.
CHICAGO —Marcus & Millichap brokered the sale of a 4,050-square-foot plot located in Lincoln Park at 738 W. Schubert Ave. in Chicago. The property sold for nearly $1.1 million. The lot is 25 feet wide by 162 feet deep and has RT-4 zoning (three flat, townhouses). The buyer plans on demolishing a vacant building currently on the land. Kyle Stengle of Marcus & Millichap’s Chicago office had the listing to market the property on behalf of the seller, a private investor. Stengle also secured the buyer, a local developer.
KANSAS CITY, MO. — The Marcus Corporation has agreed to sell the historic Hotel Phillips in Kansas City to an affiliate of Chicago-based Arbor Lodging Partners, a national owner and manager of hotels. Terms of the transaction were not disclosed. The Marcus Corporation has owned and managed the 217-room Hotel Phillips for 14 years. The hotel, which dates back to 1929, offers over 11,000 square feet of meeting and function space, as well as a restaurant and lounge. The official sale and transition of management will take place Sept. 1.
COON RAPIDS, MINN. — Fairbridge Properties has unveiled plans for the development of an 86,764-square-foot build-to-suite office and industrial building located at 8840 Evergreen Blvd. NW in Coon Rapids, approximately 15 miles north of Minneapolis. The project costs were undisclosed. The project will take place on the same property that is occupied by a 261,805-square-foot building that is 100 percent leased and owned by Fairbridge. Honeywell Aerospace and Boston Scientific are tenants of the existing property. The space is used for research, development and light manufacturing. The new building will be equipped with several 9-by-10-foot insulated loading dock doors and manual dock levelers and dock seals. Construction is scheduled to begin late this year. Dan Friedner and Jay Chmieleski of Colliers International’s Minneapolis-St. Paul office were retained to market the building to prospective tenants.
ELMHURST, ILL. — Marcus & Millichap has brokered the sale of a net-leased 6,780-square-foot medical facility in Elmhurst, approximately 20 miles west of Chicago. Elmhurst Memorial Medical sold for $1.98 million, 97 percent of its original listing price, and is located at 429 N. York St. The recent merger of Elmhurst Memorial Healthcare and Edward Hospital & Health Services created one of Illinois’ largest integrated health systems with 50 locations. Combined, the health system’s total revenue equals $1 billion. In addition to the 50 locations, Elmhurst Medical has three hospitals, 7,700 employees and 1,680 staff physicians. Austin Weisenbeck, Sean Sharko and Adrian Mendoza of Marcus & Millichap’s Chicago office had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a private South Dakota-based investor, was also secured by Sharko, Weisenbeck and Mendoza.
MENOMONEE FALLS, WIS. — The Dickman Company Inc./CORFAC International has brokered the sale of a 52,820-square-foot building located at Megal Drive in Menomonee Falls, 20 miles northwest of Milwaukee. Terms of the transaction were undisclosed. Jablonka Investments LLP purchased the building from the Jerona LLC. Samuel Dickman Jr., Samuel Dickman and Nick Keys represented the seller. Trent Poole of CBRE represented the buyer in this transaction.
DEARBORN, MICH. — KJ Commercial Real Estate Advisors represented Real Estate 1000 LLC in the acquisition of a 13,433-square-foot mixed-use building located at 22085-22091 Michigan Ave. in Dearborn, a western suburb of Detroit. The seller was undisclosed. The property sold for $950,000 and was 100 percent occupied at the time of purchase. Tenants include Bailey’s Sports Grille, Salon West Dearborn, and a Don Yeyo Cigar Factory. Kevin Jappaya of KJ Commercial represented the buyer in the transaction.
KANSAS CITY, MO. — Trammell Crow Co. (TCC), in partnership with Clarion Partners, has broken ground on a 432,640-square-foot distribution center on a speculative basis at the KCI Intermodal Business Centre. LogisticsCentre IV will consist of light manufacturing, warehouse and distribution space situated on approximately 26 acres. According to Trammell Crow, demand for industrial space in the Kansas City metro area continues to be driven by a strong automotive manufacturing commitment from General Motors Co. and Ford Motor Co., plus significant investments in rail intermodal facilities. The total cost of the development is projected to exceed $216 million. The project, which is slated for completion in March 2016, is located at the crossroads of I-29 and I-435.
PEORIA, ILL. — Healthcare real estate firm Caddis has partnered with Pathway Senior Living LLC to develop a senior living community in Peoria. Heartis Peoria will be a 94-unit assisted living and memory care facility encompassing 97,000 square feet. Among the amenities at Heartis Peoria will be two interior courtyards, a large dining room and private dining room, an arts and crafts room and a media room. Construction is slated for completion in the fall of 2016. Caddis will own the property and Pathway Senior Living will manage the facility. The architect for the project is Austin, Texas-based KATUS, and the general contractor is McShane Construction Co. LLC, which is headquartered in Rosemont, Ill. Bank of Texas is providing construction financing.
WEST DES MOINES, IOWA — R&R Realty Group has completed the development of Sierra Pointe Apartments, a luxury community located at 7171 Woodland Ave. in West Des Moines. Sierra Pointe features an on-site saltwater pool, walk-in closets, underground heated parking, plus free Internet access. The 127-unit, three-story building is located in a convenient area near hospitals, churches, medical offices and Jordan Creek Town Center, a regional mall.
