CLINTON TOWNSHIP, MICH. — L. Mason Capitani CORFAC International has arranged the sale of a 32,280-square-foot industrial building located at 19000 Fifteen Mile Road in Clinton Township. Pneumatic Feed Service purchased the property for an undisclosed sales price. Pneumatic Feed Service is a manufacturer of coil handling and press feed equipment. Jason Capitani and Joe DePonio of L. Mason Capitani represented the buyer in the transaction.
BUCYRUS, OHIO — NorthMarq Capital has arranged $2.7 million in acquisition financing for the purchase of a Holiday Inn Express & Suites in Bucyrus. The 40,380-square-foot hospitality property is located at 1575 N. Sandusky Ave. The 10-year loan includes a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender. Matt Marshall of NorthMarq Capital’s Boston regional office arranged the loan for the undisclosed borrower.
VINCENNES, IND. — Flaherty & Collins Properties and Myszak + Palmer will host a grand opening ceremony for Clark’s Crossing, a senior living center in Vincennes on March 18. The property is located at 300 N. 6th St. Clark’s Crossing features 47 one- and two-bedroom apartment homes, which include fully equipped kitchens with energy efficient appliances, hardwood flooring, oversized closets, and washers and dryers. The project is an adaptive reuse of two historic buildings. The development used the sale of historic tax credits and rental housing tax credits to turn the two buildings into a senior living facility. A collaborative effort between Myszak + Palmer, Flaherty & Collins Properties, Vincennes Community School Corporation (VCSC), The Vincennes Education Foundation and Vision Communities, the project involved the reuse of the old Clark Middle School and Adams Coliseum. Part of the project included the restoration of Adams Coliseum, which included the addition of new, brighter lighting, painted bleachers and new windows at the historic gym. Adams Coliseum will be run by The Vincennes Education Foundation, and will include programming that will encourage resident and community interaction. Kuhl & Grant LLP provided legal services and McKinley Development LLC provided consulting services on the project. …
MILWAUKEE — Dufek Realty has arranged the $1.4 million sale of a 206,200-square-foot industrial building, located at 4041 N. Richards St. in Milwaukee. The building, formerly owned by Stag II Glendale LLC, was sold to an affiliate of Phoenix Investors LLC. The buyer plans to redevelop the property and lease the building’s industrial portions to new tenants. Robert Dufek of Dufek Realty, and Jim Larkin of Colliers brokered the sale.
CHICAGO — Reed Construction has completed two build-outs at 303 E. Wacker Drive for Chicago Venture Partners (CVP) and Smithfield Foods. In the first build-out, CVP, a private equity investment firm, relocated its offices from the 12th floor to the 10th floor of this property. Reed Construction completed the 12,000-square-foot renovation, which included the addition of new open office areas with exposed painted deck ceilings, large meeting rooms, a break room and lounge area. In the Smithfield Foods build-out, the food company is relocating its Chicago offices to the 28-story East Loop property from its previous location at 111 E. Wacker Drive. Reed Construction completed the 6,000-square-foot renovation, which included adding new open office areas, large meeting rooms and perimeter offices. Reed Construction’s Jack Hennessy was the project executive and Jon Zawiski was the project manager for the projects. Eastlake Studio provided architectural services. Hines represented building ownership for both projects.
BEDFORD PARK, ILL. — Paine/Wetzel TCN Worldwide has arranged a 17,000-square-foot industrial lease in Bedford Park, a suburb of Chicago. Midway Window and Door will occupy space located at 5123 W. 65th St. The door and window manufacturer recently expanded into this second Bedford Park location. Midway Window and Door selected the location for its proximity to its main plant located at 6750 S. Belt Circle Road in Bedford Park. Bill Kerrins of Paine/Wetzel represented the tenant. Mumford Property, the building’s landlord, was self-represented.
BUFFALO GROVE, ILL. — Molto Properties has acquired 351 Hastings, a 68,735-square-foot industrial building in Buffalo Grove. This is the first existing asset acquisition for its newly launched Molto Properties Fund II. JLL’s Kurt Sarbaugh and Robin Stolberg sourced the opportunity and approached Molto Properties with the transaction. A private investor was the seller. The property is located in the Chevy Chase Business Park north of Lake Cook Road and west of Milwaukee Avenue near the Chevy Chase Country Club. The industrial property features a 24-foot ceiling height, ample car parking, six exterior docks and five drive-in doors.
SOUTHFIELD, MICH. — Fourmidable Real Estate Services, a Bingham Farms-based national Commercial and Residential Real Estate Brokerage division, has brokered sale of Solaire Active Adult Community in Southfield for $20 million. Solaire, which was built in 1970, features 382 one-, two- and three-bedroom apartment units. The community is for the 55-year-old-plus senior population. Solaire is located less than a mile from Southfield’s Providence Hospital and Medical Center. Fourmidable will provide complete management services to the residents of Solaire.
MINNEAPOLIS — Dougherty Funding LLC has arranged a $12.7 million tax credit equity bridge loan as part of Aeon’s Minneapolis Portfolio Preservation Project. The borrower will utilize 4 percent low income tax credits (LIHTCs) as well as federal and state historic tax credits as a portion of the equity required for the acquisition and renovation of the property portfolio. The loan will provide bridge financing until receipt of the capital contributions from the sale of the LIHTCs and the Federal HTCs, as well as the receipt of State HTC proceeds. The project includes substantial renovation of ten affordable projects located in the Elliot Park and Loring Park neighborhoods of downtown Minneapolis. As part of the project, 566 existing units will be renovated and 16 new units will be constructed. Dougherty Funding LLC serves as lead lender and servicer for the loan, arranged for Aeon.
CHICAGO — Marcus & Millichap has brokered the $4.9 million sale of a 9,217-square-foot retail property in Chicago. The property is located at 1250 S. Michigan Ave. Located in Chicago’s South Loop, the multi-tenant retail property is situated on the ground floor of a 29-story condominium tower. Sean Sharko, Alan Katamanin and Austin Weisenbeck of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a limited liability company, and the buyer, another limited liability company.