Midwest

Colliers Arranges $22.8M Sale of Office Property Near St. Louis

by Danielle Everson October 24, 2014

WEBSTER GROVES, MO. — Colliers International has arranged the $22.8 million sale of a single-tenant, triple-net-leased office property in Webster Groves, 11 miles southwest of St. Louis. The 90,000-square-foot research and development facility is located within the Owen Ridge Business Park at 381-385 Marshall Ave. Steve Tharpe, Gwen Knight and Spencer Toder of Colliers International represented the seller, Owen Ridge Associates LLC. The Kase Group, an affiliate of Sperry Van Ness based in northern California, represented the buyer, New York-based American Realty Capital.

October 24, 2014

Illinois Loans Midwest

Cohen Secures $9.5M Acquisition Loan for Retail Condominium Property

by Danielle Everson October 24, 2014

CHICAGO — Cohen Financial has secured $9.5 million in debt financing for the acquisition of a 37,415-square-foot retail condominium building in Chicago. The property is located at 2000-2056 Lincoln Park West and is fully leased to tenants including R.J. Grunts, a Lettuce Entertain You restaurant, PNC Bank and Starbucks. Dan Rosenberg of Cohen Financial’s Chicago office secured the $9.5 million acquisition loan with American Realty Capital, a full-service investment management firm. The borrower is LM Advisors, a San Diego- based affiliate of LM Capital Group, an investment management firm.

October 24, 2014

Midwest Ohio

Mark F. Taggart Co., Fed One Dublin Developing Art Office Warehouse Space

by Danielle Everson October 24, 2014

GAHANNA, OHIO — Mark F. Taggart Co. and Fed One Dublin will develop an art office warehouse space at the Eastgate Industrial Park in Gahanna, a suburb northeast of Columbus. The 80,000-square-foot facility, located at 1801-1831 Deffenbaugh Court will feature insulated concrete tilt up panels, a 26-foot clear height, ESFR fire suppression, trailer parking and two story glass entrance features. The project broke ground on Oct. 1 and is scheduled for completion in January 2015. Mark F. Taggart Co. purchased the nearly seven-acre lot for an undisclosed sales price. Project financing was made possible through a construction/permanent loan.

October 24, 2014

Loans Midwest Minnesota

Grandbridge Arranges $5.9M Financing for Student Housing Community

by Danielle Everson October 24, 2014

MINNEAPOLIS — Grandbridge Real Estate Capital has arranged a $5.9 million first mortgage loan for a 90-bed student-housing complex at the University of Minnesota in Minneapolis. The property, which was fully occupied at closing, features loft style units in a renovated warehouse at the heart of campus. Tony Carlson of Grandbridge’s Minneapolis office originated the refinancing for the undisclosed borrower.

October 24, 2014

Michigan Midwest Office

Friedman Brokers Sale of 187,000 SF Office Building in Troy, Mich.

by Danielle Everson October 23, 2014

TROY, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 187,000-square-foot, Class A office building in Troy. The property is located at 840 W. Long Lake Road in the Troy Corporate Center. Situated along I-75 at the corner of Long Lake and Crooks roads, the building is in close proximity to area hotels, restaurants, retail, and is located across from Lifetime Fitness. Barry Swatsenbarg and Rich Deptula of Friedman represented both the undisclosed buyer and seller in the transaction through Auction.com.

October 23, 2014

Loans Midwest Minnesota Multifamily

Grandbridge Arranges $4.8M Financing for Apartment Community in Eden Prairie, Minn.

by Danielle Everson October 23, 2014

EDEN PRAIRIE, MINN. — Grandbridge Real Estate Capital has arranged a $4.8 million first mortgage loan for a 75-unit apartment complex in Eden Prairie. The garden style community, which features a mix of one-, two- and three-bedroom units, was fully occupied at closing. Tony Carlson of Grandbridge originated the 10-year, fixed-rate loan, which includes a 20-year amortization schedule, through a life insurance company. The undisclosed borrower utilized loan proceeds to retire existing recourse debt.

October 23, 2014

Michigan Midwest Retail

Mid-America Brokers Sale of Fraser Shopping Center in Fraser, Mich.

by Danielle Everson October 23, 2014

FRASER, MICH. — Mid-America Real Estate has brokered the sale of a 68,326-square-foot shopping center in Fraser. Fraser Shopping Center is located at the triple intersection of Groesbeck Highway, 13 Mile Road and Utica Road. Oakridge Supervalu and Family Dollar anchor the center. A private investor purchased the property for an undisclosed sales price. Sterling Heights, Mich.-based Showcase One Real Estate Group represented the buyer. Ben Wineman of Mid-America Real Estate Corp., and Daniel Stern of Mid-America Real Estate – Michigan Inc., represented the seller, Farmington Hills, Mich.-based Ramco-Gershenson Properties Trust.

October 23, 2014

Illinois Midwest

M&M Arranges $1.8M Sale of 3,845 SF Retail Property

by Danielle Everson October 23, 2014

CHICAGO — Marcus & Millichap has arranged the $1.8 million sale of a 3,845-square-foot retail property in Chicago. Starbucks Anchored Retail | Lincoln Park is located at 1700 West Diversey Parkway on the northwest corner of West Diversey Parkway and North Paulina Street. The property is fully occupied with three long-term tenants Starbucks Coffee, No. 1 Nail Salon and Physicians Plus. Austin Weisenbeck, Adrian Mendoza and Sean Sharko of Marcus & Millichap’s Chicago Oak Brook office, and Kyle Stengle of the firm’s Chicago downtown office represented the seller, a limited liability company. Mendoza, Sharko and Weisenbeck also represented the buyer, a private investor.

October 23, 2014

Indiana Midwest

Quantum Brokers $5.7M Sale of 17,790 SF Shopping Center Near Indiana University

by Danielle Everson October 22, 2014

BLOOMINGTON, IND. — Quantum Real Estate Advisors Inc. has brokered the $5.7 million sale of a 17,790-square-foot shopping center in Bloomington. University Square is located at 115 S. Highway 46 Bypass near Indiana University. The shopping center was fully occupied at the time of sale to tenants such as American Mattress, Great Clips, Starbucks and other local and regional tenants. Chad Firsel of Quantum represented the buyer, an Indianapolis-based investor, and the seller, a Chicago-based development group, which developed University Square.

October 22, 2014

Illinois Midwest

Principle Construction Corp. to Build Cooler/Freezer Building in Monee, Ill.

by Danielle Everson October 22, 2014

MONEE, ILL. — Principle Construction Corp. has broken ground on a new 46,500-square-foot freezer/cooler building for Budreck Truck Lines in Monee. The site for the new facility is located at 6053 W. Industrial Drive. Principle will build 7,000 square feet of corporate offices, 4,000 square feet of truck driver lounge/warehouse support areas, 6,000 square feet of trailer maintenance and repair bays, 6,700 square feet of cooler space, 10,000 square feet of freezer space and 12,800 square feet of refrigerated dock space. Cooler and freezer spaces will boast 24-foot clear height ceilings and a “dry” type fire sprinkler system. The Principle Construction Corp. construction team consists of Mark Augustyn, Ken Lattanzi and Doug Brucato. Partners in Design’s Werner Briske designed the building. Jamie Putnam of Kimley-Horn is providing civil engineering services for the project. NAI Hiffman’s Chris Gary represented Budreck in the purchase of the site.

October 22, 2014

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