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Midwest

Riverwood-Apts-Lansing-IL
IllinoisMidwestMultifamily

354-Unit Riverwood Apartment Homes Sells for $23M in Lansing, Ill.

by Amy Works

LANSING, ILL. — Marcus & Millichap has brokered the sale of Riverwood Apartment Homes, an apartment complex located at 3647 173rd Court in Lansing, a southern suburb of Chicago. The 354-unit asset sold for $23 million, or $65,000 per unit. Built in 1974, the property features six 48-unit mid-rise building and three two-story buildings totaling 66 units. On-site amenities include a clubhouse with party room, an outdoor pool with sun deck, a fitness center, basketball court, sport court, dog walk area, on-site laundry and on-site storage. Eric Bell of Marcus & Millichap’s Chicago O’Hare office represented the seller and buyer, both of which were not disclosed, in the transaction.

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Center40-St-Louis-MO
LoansMidwestMissouriOffice

NorthMarq Capital Secures $10.5M Loan for St. Louis Office Building

by Amy Works

ST. LOUIS — NorthMarq Capital has secured $10.5 million for the refinancing of Center 40 Office Building in St. Louis. Located at 1600 Brentwood Blvd., the property offers 105,750 square feet of office space. Jeffrey Chaney of NorthMarq’s St. Louis office arranged the loan, which features a 15-year fixed rate on a 25-year amortization schedule, through NorthMarq’s correspondent relationship with a life insurance company.

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Mircotel-Inn-Appleton-WI
HospitalityMidwestWisconsin

HREC Arranges Sales of Microtel Inn & Suites in Wisconsin

by Amy Works

APPLETON, WIS. — HREC Investment Advisors has arranged the sale of Microtel Inn & Suites Hotel in Appleton, approximately 30 miles southwest of Green Bay, Wis. Wisconsin-based Rajshyamaji LLC acquired the 79-room hotel for an undisclosed price. The new owners plan to renovate the property. Ted Anka of HREC represented the seller, Inditel Property Management, in the transaction.

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Fisher-Building-Detroit-MI
MichiganMidwestOffice

Joint Venture Acquires Two Iconic Detroit Office Buildings for $12.2M

by Amy Works

DETROIT — HFZ Capital has partnered with Southfield, Mich.-based REDICO to acquire the 28-story Fisher Building and the 11-story Albert Kahn Building in Detroit for $12.2 million. The partnership plans to redevelop the properties into a mixed-use office, retail and residential complex, while maintaining the asset’s 2,000-seat Fisher Theatre. Albert Kahn designed both properties. Adam Feldman provided in-house representation for HFZ Group in the transaction. The name of the seller was not released.

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IndustrialMichiganMidwest

Colliers Brokers Sale of 175,280 SF Industrial Property in Michigan

by Amy Works

ROMULUS, MICH. — Colliers International has brokered the sale of an industrial property located at 8111 Middlebelt Road in Romulus. PackSpec, a custom packaging company, purchased the 175,280-square-foot property for an undisclosed price. The buyer plans to use the property to consolidate its Warren and Ecorse, Mich., facilities, while expanding its overall facility size. Gary Glotzhober and Jim Roberts of Colliers represented the buyer in the transaction. The name of the seller was not released.

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IowaLoansMidwestMultifamilyStudent Housing

Hunt Mortgage Secures $6.4M Acquisition Loan for Student Housing Property in Iowa

by Amy Works

AMES, IOWA — Hunt Mortgage Group has provided a $6.4 million Fannie Mae loan for the acquisition of a student housing property in Ames. Located on the campus of Iowa State University, South Meadow Apartments features 148 one-bedroom units, 15 two-bedroom units and 19 three-bedroom units. On-site amenities include common laundry areas, courtyards and parking. The property is 100 percent occupied and fully pre-leased for the 2015-2016 school year. South Meadow Co-Op Inc., backed by Daniel Joseph, Hagan Brown and David Raisner, was the borrower. The 7-year loan features a 30-year amortization schedule.

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642-S-Main-St-Wellington-OH
MidwestOhioRetail

Marcus & Millichap Arranges Sale of 9,014 SF Retail Property in Ohio

by Amy Works

WELLINGTON, OHIO — Marcus & Millichap has brokered the sale of a retail property located ta 642 S. Main St. in Wellington. The 9,014-square-foot asset sold for $770,000. Dollar General currently occupies the property. Dan Yozwiak and John Reehil of Marcus & Millichap’s Columbus office represented the seller, a limited liability company, while Justin Fenn, also of Marcus & Millichap Columbus, represented the buyer, a limited liability company, in the transaction.

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MichiganMidwestOffice

Friedman Brokers 9,550 SF Office Lease in Detroit

by Amy Works

DETROIT — Friedman Integrated Real Estate Solutions has brokered the lease of 9,550 square feet of office space in Detroit. Creative Breakthroughs, an IT advisory and network security services firm, will occupy the space, which is located at 1260 Library St. Steven Eisenshtadt and Josh Miller of Friedman represented the landlord, Cork Tusk Development, in the transaction.

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HospitalityMidwestMinnesota

Ashford Trust to Acquire The W Minneapolis, Le Meridien Minneapolis for $101M

by Amy Works

MINNEAPOLIS — Ashford Hospitality Trust Inc. has signed a definitive agreement to acquire two hotels in Minneapolis for a total of $101 million, or $349,000 per key. The hotels include the 229-room W Minneapolis Hotel – The Foshay and the 60-room Le Meridian Chambers Minneapolis. As part of the transaction, Ashford will assume approximately $56 million of mortgage debt on the W Minneapolis Hotel. The assumed debt matures in May 2023 and carries a fixed interest rate of 5.4 percent. After closing, both properties will continue to be managed by Starwood Hotels. W Minneapolis features 6,700 square feet of meeting space, the open-aired Foshay Tower Museum and Observation Deck, a FIT gym, 24-hour business center and Manny’s Steakhouse. Le Meridien Chambers Minneapolis offers 3,648 square foot of meeting space, a bar and restaurant, a fitness center, and more than 200 pieces of original contemporary artwork in the guestrooms and public areas.

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