DETROIT — Capital One Multifamily Finance has provided a $7.3 million fixed-rate, HUD 232/223(f) loan to refinance a 176-bed skilled nursing facility in Detroit. Joshua Rosen of Capital One originated the loan, which includes a 35-year term. Rosen leads Capital One’s agency healthcare lending from the company’s Chicago office. This is the second HUD-insured project that the borrowers, specialists in skilled nursing facilities, have closed with Capital One. The property consists of 90 one-, two-, and three-bed units, and the investors have undertaken a comprehensive renovation program since they acquired it in 2010.
TERRE HAUTE, IND. — Paramount Lodging Advisors has arranged the sale of Clarion Inn & Suites and Super 8 in Terre Haute. The 142-room Clarion Inn & Suites is located at 3053 S. U.S. Highway 41, and the adjacent 117-room Super 8 located at 3089 S. 1st St. PLA was engaged by the court appointed receiver as the exclusive representative in the sale of the Clarion Inn & Suites. Bennett Webster and Brent Clemens of PLA led the marketing efforts. In the second transaction, PLA’s Clemens and Webster exclusively represented Supertel Hospitality in the sale of the Super 8.
CHICAGO — Marcus & Millichap has brokered the $8.1 million sale of a five-story, 40,000-square foot, timber loft office property in the River North neighborhood of Chicago. The Class-B property is located at 153-157 W. Ohio St. near the intersection of LaSalle Street and Ohio Street. Stephen Lieberman of Marcus & Millichap’s Chicago Downtown office represented the undisclosed seller. A New Jersey-based private investor purchased the property.
CLARKSVILLE, IND. — Friedman Integrated Real Estate Solutions has arranged the sale of Veterans Parkway Plaza, a 39,835-square-foot retail center in Clarksville. The shopping center is located at the intersection of Veterans Parkway and I-65, and serves the Louisville metro area north of the Ohio River. Constructed in 2005 on a three-acre site, the asset is located across the street from a Walmart and Sam’s Club, and is adjacent to a Lowe’s. Barry Swatsenbarg and Richard Deptula of Friedman represented both the undisclosed seller and buyer.
GROVE CITY, OHIO — RED Mortgage Capital LLC has provided a $2.3 million, FHA insured 221(d)(4) mortgage loan for the rehabilitation of Harrisburg Station Apartments in Grove City. RED Mortgage Capital provided the loan for Colonial American Development Corp. as part of a complex financing package. The package included 9 percent Low Income Housing Tax Credits (LIHTCs) along with Flex and Housing Development Assistance Program (HDAP) loans provided by the Ohio Housing Financing Agency (OHFA). Harrisburg Station is a 60-unit, fully occupied Section-8 apartment complex that was originally built in 1972. More than $44,000 per unit will be spent on repairs and improvements. These improvements will include replacement of windows, doors, flooring, kitchen cabinets, countertops, vanities and appliances, as well as the installation of new Energy Star split-system heat pumps.
ROCHESTER, MINN. — Homewood Suites by Hilton Rochester Mayo Clinic Area/Saint Mary’s has opened in Rochester. The six-story hotel is located at 165 13th Ave. S.W., across from St. Mary’s Hospital and a short distance from the Mayo Clinic. Carpenter & Torgerson II LLC own the 108-room hotel. Guestrooms feature fully equipped kitchens and amenities at the hotel include a fitness center and an indoor swimming pool and a whirlpool Jacuzzi.
A blistering cold winter lingered into the late spring and left the commercial real estate market in the Grand Traverse region frozen. Businesses waited for the market and the temperatures to thaw, and a third-quarter surge has activity back on track. From Jan. 1 through Sept. 30, property sales totaled $10.3 million and 221,136 square feet, including 118,515 square feet of industrial/warehouse buildings, 79,463 square feet of professional/medical office space, and 23,158 square feet of retail/restaurant space. That‘s slightly ahead of last year’s pace. During the first three quarters of 2013, property sales totaled $9.9 million and 207,845 square feet, including 121,469 square feet of industrial/warehouse buildings, 44,160 square feet of professional/medical office space, and 42,216 square feet of retail/restaurant space. The office sector posted about a 9 percent increase in the average sales per square foot during the first three quarters of 2014, while the industrial warehouse market recorded an increase of approximately 5 percent. The retail/ restaurant sector saw a 9 percent drop in the average sales per square foot The reduction in the average sales price in the retail/restaurant market sector is mostly due to the lack of quality inventory. This lack of inventory in our market …
CHICAGO — Loja Real Estate has acquired a portfolio of four Chicago grocery store properties from a former unit of Safeway Inc. for $95 million. The single-tenant grocery store properties were purchased from Dominick’s Finer Foods LLC in a transaction that closed Nov. 13, according to Tom Engberg, CEO of Loja Real Estate. The acquisitions consist of a total of 238,462 square feet of leasable space on 12.4 acres. Mariano’s Fresh Market, which opened earlier this year, anchors three of the properties. A Whole Foods, which is expected to open in the spring of 2015, anchors the other property. Guy Ponticiello of JLL represented Safeway as the investment sale advisor in the transaction.
OMAHA, NEB. — Mid-America Real Estate Corp. has brokered the $10.2 million sale of Canfield Plaza in Omaha. An undisclosed buyer purchased the 185,094-square-foot shopping center in a 1031 tax-deffered exchange. Canfield Plaza is located at the southwest corner of 84th Street and West Center Road. Canfield’s Sporting Goods and Westlake Ace Hardware anchor the shopping center. Joe Girardi and Carly Gallagher of Mid-America and Brian Kuehl of Investors Realty Inc. represented the seller, a private family trust.
DES PLAINES, ILL. — McShane Construction Co. has completed the 112,065-square-foot renovation of an industrial building transforming it into a food preparation facility for DO & CO Chicago Catering Inc. The property is located at 2150 Frontage Road in Des Plaines. McShane enhanced the overall shell of the building to support new refrigeration components, kitchen equipment and upgraded building and safety systems. The facility’s office, warehouse and production areas were modernized with contemporary features to optimize operational efficiencies. Harris Architects Inc. provided architectural services for the project. DO & CO is a catering company based in Vienna, Austria, active in airline, train and international events catering. The foodservice firm has expanded its services to O’Hare International Airport.