PALOS HILLS, ILL. — Dougherty Mortgage LLC has arranged a $17.3 million Fannie Mae loan for the refinance of Green Oaks Apartments, a 384-unit affordable housing property located in Palos Hills. Community amenities include laundry facilities, community room, playground and heated outdoor pool. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Austin, Texas office arranged the loan for the borrower Green Oaks at Palos Hills LP.
DEERFIELD AND WESTCHESTER, ILL. — Reed Construction has completed two build-outs for Arden Realty in the metro Chicago area. In the first project, Reed Construction completed a 2,500-square-foot renovation to the Star Lite Café within the Deerfield office property located at 520 Lake Cook Road. Construction featured the installation of a new ceiling and lighting as well as millwork cabinetry, point-of-sale stations and walk-in coolers. In the second project, Reed completed an interior build-out at Lifestart Fitness Center located at 2 Westbrook Corporate Center in Westchester. The project included a 1,100 square foot build-out of the existing space, which included the addition of a new locker room area with tile showers, solider surface vanities as well as new lockers. Reed’s Jason Gunderson was the principal and Jon Zawiski was the project manager for both Arden projects. Legat Architects provided architectural services for the projects.
COLUMBUS, OHIO — Aries Capital has arranged an $11.5 million, non-recourse, CMBS loan for a portfolio of three limited-service hotels in the Columbus, Ohio area. Borrower, Andy Vasani, CEO of Ohio-based Innvite Hospitality Group, used the proceeds to refinance two hotels with a total of 188-rooms, and to acquire a 79-room Hampton Inn. Rushi Shah of Aries Capital’s Chicago office arranged the loan for the borrower. The loan features a 10-year fixed rate and a 25-year amortization schedule.
DEERFIELD, ILL. — Newmark Grubb Knight Frank (NGKF) has arranged the lease of 14,500 square feet at 500 Lake Cook Road in Deerfield. Market6, a provider of web-based retail collaboration applications, will occupy space within Corporate 500, a four-building office complex that includes more than 700,000 square feet of Class A office space. Market6 relocated to this space from a property at 9 Parkway North Blvd. in Deerfield. The firm also maintains an office in Cincinnati, Ohio. NGKF’s Brian Reaney and Paul Buckingham represented Market6 in the lease.
OVERLAND PARK, KAN. — Carter Validus Mission Critical REIT II Inc. has acquired the Heartland Rehabilitation Hospital in Overland Park for $24.5 million. The newly built, 45-bed in-patient rehabilitation facility is located on more than four acres and measures approximately 54,568 square feet in net rentable area. The facility will provide physical, psychological, social and vocational rehabilitation services to patients. The property is fully leased to Heartland Rehabilitation Hospital LLC, which is a newly formed operating subsidiary of Post-Acute Medical LLC, an owner/operator of eight in-patient rehabilitation facilities and long-term acute care hospitals in Texas and Louisiana. PAM is an affiliate of Vibra Healthcare LLC.
SHEBOYGAN, WIS. — Siegel Gallagher Inc. has arranged the sale of Memorial Mall, a 367,147-square-foot shopping center in Sheboygan. Meijer Stores Limited Partnership, a subsidiary of Michigan-based grocer Meijer Inc., purchased the property for $10.7 million. NRFC Memorial Holdings LLC, a subsidiary of Northstar Realty Finance Corp., sold the property, which is located at 3347 and 3353 Kohler Memorial Drive. The transaction included the acquisition of the adjoining Sears Property, which was acquired by the seller in late 2014 from Sears Holding Corp. Sears has since vacated the property. Memorial Mall was developed by Simon in 1983. Tenants include Kohl’s Department Stores, Bed Bath and Beyond and Hobby Lobby. The property was acquired by the seller through foreclosure in 2011. Siegel Gallagher Management Co. was initially the court-appointed receiver and has managed the property for the seller since 2011. John Kuhn and Matt Chappell of Siefel Gallagher represented the seller. Michael Stratis of Intrepid Properties and Robert Flood of RFP Commercial represented the buyer.
LAKE FOREST, ILL. — Marcus & Millichap has arranged the $4.3 million sale of The Fresh Market, a 16,491-square foot net-leased property located in Lake Forest. The Fresh Market is located at 850 N. Western Ave. The property underwent renovations in 2008 and 2009. Dominic Sulo, Sean Sharko and Austin Weisenbeck of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor. Sharko, Weisenbeck and Adrian Mendoza, also of the firm’s Chicago Oak Brook office, represented the buyer, a limited liability company.
MILWAUKEE — Mortara Family Properties LLC, doing business as Mortara Instrument, has purchased an 8,020–square-foot industrial building in Milwaukee. Glenbeigh Properties LLC sold the asset located at 8585 W. Bradley Road for an undisclosed sales price. Mortara Instruments supplies electrocardiography products to healthcare providers. The company owns the lot next to this property and plans to combine the two properties and build a new facility. James Young of DTZ Barry represented Glenbeigh Properties. Michael DeMichele of DeMichele Co. represented Mortara Instrument.
BLAINE, MINN. — Transwestern’s Chicago office has brokered the sale of a 221,239-square-foot shopping center in Blaine. The Village of Blaine Shopping Center is located at 4345 – 4349 Pheasant Ridge Road. Pine Tree Commercial Realty LLC paid an undisclosed amount for the property. A Cub Foods grocery store anchors the shopping center. Other tenants in the 13-year-old center include Michaels, Applebee’s, Pier 1 Imports, DressBarn, Sprint, Maurices, Caribou Coffee, Bath & Body Works, GNC and Great Clips. Janice Sellis and Paul Barile of Transwestern represented the seller, MEPT, and its real estate advisor, Bentall Kennedy. Pine Tree Commercial Realty was represented internally in the transaction.
CLEVELAND HEIGHTS, OHIO — NAI Daus has arranged the $1.3 million sale of a 50-unit apartment complex in Cleveland Heights. The apartment property is located at 2734 Noble Road. Boston, Mass.-based Noble Summit Apartment Properties LLC purchased the property. Alec Pacella of NAI Daus represented the seller, Noble Summit I&II LLC.
