CLARKSTON, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of 54 approved lots located at 5470 Waldon Road in Clarkston. Julie Taylor sold the assets to Pinnacle North Ridge for an undisclosed price. Robert Hibbert of Friedman represented both the seller and buyer in the transaction.
COLUMBUS, OHIO — Alterra Real Estate Advisors, with a group of investors, has acquired an industrial building located at 711 Distribution Drive in Columbus. Situated on nine acres, the 208,000-square-foot property sold for $2 million, or $9.76 per square foot. Alterra will lease and manage the property, which is currently 50 percent occupied by Quad Graphics. The property was acquired at auction.
ROMEOVILLE, ILL. — Holladay Properties has partnered with WoodSpring Suites, formerly Value Place, to develop the first WoodSpring Suites hotel in Romeoville, located west of Chicago. Located at 1093 Windham Parkway, the four-story hotel will feature 116 rooms with in-room kitchens, free high-speed Internet and guest laundry facilities. The hotel is slated to open in April 2016.
DES MOINES, IOWA — Dougherty Mortgage LLC has closed a $7.7 million HUD 213 loan for the construction financing of Vintage Park Cooperative of Beaverdale, a senior cooperative property in Des Moines. The 40-year HUD 213 loan was arranged for borrower Vintage Park Cooperative of Beaverdale. The property will feature 54 market-rate units with one-level floor plans with nine-foot ceilings, outdoor decks or patios and large walk-in closets. Additionally, the property will feature a fitness center, workshop, multi-purpose room, clubroom and garden plots for gardening.
PAPILLION, NEB. — Inland Real Estate Income Trust Inc. has acquired The Shoppes at Market Pointe in Papillion. Located at 8650 71st Plaza, the 253,903-square-foot property was constructed in 2006. The property is 99.4 percent occupied by Lowe’s Home Improvement Warehouse, Kohl’s, Panera Bread, America’s Best Contacts & Eyeglasses, Payless ShoeSource, Qdoba, Arby’s and Five Guys Burgers & Fries.
NEWARK, OHIO — Marcus & Millichap has arranged the sale of Spring Valley, an apartment complex located at 269 Quail Creek Drive in Newark. The asset sold for $2.5 million. Built in 1992, the property features 76 two-bedroom townhome units. Michael Barron, Daniel Burkons, Joshua Wintermute, Richard Lattro and Jordan Marshal of Marcus & Millichap represented the seller, a private investor, and the buyer, a local investment group that specializes in properties located within tertiary markets throughout Central Ohio, in the transaction.
MINNEAPOLIS — HFF has secured $25 million in refinancing for the DoubleTree Suites by Hilton Hotel Minneapolis, a 12-story hotel located in downtown Minneapolis. HFF arranged the three-year, floating-rate loan with two optional one-year extensions through BBVA Compass Bank for the borrower, Wheelock Street Capital LLC. Proceeds of the loans will be used to refinance a loan, which was assumed by the borrower upon its acquisition of the property in 2012. Located at 1101 LaSalle Ave., the 150,752-square-foot property was renovated in 2013 and features 229 suites, 1,162 square feet of meeting space, a second-floor merchandising suite, parking garage, 24-hour business and fitness centers, in-house Starbucks Coffee and Lot 57, a full-service restaurant and lounge. Steven Klein and Sam Nidenberg of HFF represented the borrower in the financing.
SHAKOPEE, MINN. — The Opus Group and AmerisourceBergen, a global healthcare solutions provider, have partnered to develop a build-to-suit distribution center within Valley Park Business Center in Shakopee. Opus’ design-build capabilities will allow for a quick turnkey building customized for AmerisourceBergen’s needs. The facility will include warehouse space and two stories of office space. Construction is slated to begin in July with a scheduled completion in 18 to 24 months. Opus Development Co. will be the developer, Opus Design Build will be the design-builder and Opus AE Group will be the architect and engineer of record.
CRAWFORDSVILLE, IND. — Flaherty & Collins Properties will break ground on Historic Whitlock Place, an apartment project located at 306 Binford St. in downtown Crawfordsville, a city northwest of Indianapolis, on Monday, June 8. An adaptive reuse of Culver Union Hospital, the project will offer 56 studio, one- and two-bedroom apartment units. Community amenities will include a community atrium, a community room with a television, a computer room with free Internet access and an exercise room with equipment. Completion is slated for late summer 2016. The project is a collaborative effort between Sustainable Solutions, Vision Communities, Flaherty & Collins, the City of Crawfordsville, Palma Architects and McKinley Development.
GRIMES, IOWA — R&R Realty Group has completed the development of Prairie Business Park I, a 260,000-square-foot Class A industrial facility in Grimes. Situated at the southeast corner of S. James Street and SE 37th Street, the facility features ESFR sprinklers and 32-foot clear heights, which increase pallet capacity by 20 to 25 percent compared with 26-foot clear height facilities. Plans for a second warehouse facility in Prairie Business Park are underway. Realty Marketing Group is serving as the listing agent for the business park.